SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) OCTOBER 21, 1998
PROPERTY RESOURCES EQUITY TRUST
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(Exact Name of Registrant as Specified in its Charter)
CALIFORNIA 0-15880 95-3859770
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State or other jurisdiction Commission File IRS Employer
of incorporation Number Identification Number
1800 GATEWAY DRIVE, SAN MATEO, CA 94404
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (650) 312-3000
ITEM 2: DISPOSITION OF ASSETS.
Good Guys Plaza Shopping Center
Santa Rosa, California
On October 21, 1998, pursuant to a contract entered into on July 10, 1998,
Property Resources Equity Trust (the "Registrant") sold the Good Guys Plaza
Shopping Center, located in Santa Rosa (the "Property").
The Property was sold for all cash at a gross price of $5,108,000. The
unaffiliated purchaser was Sami Khoury and Suad Khoury, trustees of the Sami
Khoury and Suad Khoury Living Trust dated 5/21/92 ("Buyer"). A real estate
brokerage commission of $102,000.00 was paid to Keegan & Coppin Company, an
unaffiliated real estate broker retained by the Registrant under a listing
agreement dated May 12, 1998 and $102,000 was paid to Arikat Real Estate &
Finance, Inc., as agent for the Buyer. The Registrant purchased the Property
in July of 1988. The total all cash cost of the Property (including closing
costs and acquisition fees) was $5,834,000.
THE PROCEEDS TO THE REGISTRANT FROM THE SALE ARE AS FOLLOWS:
Sales Price $5,108,000
Less:
Brokerage Commissions 204,000
Closing Costs 21,000
Secured First Mortgage 2,803,000
Closing Pro-rations 56,000
Net Cash Proceeds to $2,024,000
the Registrant
There was no material relationship between the Buyer and the Registrant or
any of the affiliates, directors or officers of the Registrant or the Advisor
or any associate of any director or officer of the Registrant or the Advisor.
ITEM 7: PRO FORMA FINANCIAL INFORMATION
Pro Forma Financial Information is not included in this report, and will be
filed by amendment within sixty (60) days from the date of this report.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned heretofore duly authorized.
Dated: November 5, 1998 PROPERTY RESOURCES EQUITY TRUST
BY: /S/ DAVID P. GOSS
David P. Goss
President