SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) December 2, 1996
BALCOR PENSION INVESTORS-III
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Exact Name of Registrant
Illinois 0-11129
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State or other jurisdiction Commission file number
2355 Waukegan Road
Suite A200
Bannockburn, Illinois 36-3164211
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Address of principal I.R.S. Employer
executive offices Identification
Number
60015
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Zip Code
Registrant's telephone number, including area code:
(847) 267-1600
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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Perimeter 400 Center
In 1983, the Partnership and three affiliates (the "Participants") funded a
$37,000,000 first mortgage loan collateralized by the Perimeter 400 Center,
Fulton County, Georgia. The Partnership's share of the loan was $4,692,683 for
a participating percentage of 12.68%. In 1991, in exchange for a release of
its obligations under the loan, the borrower conveyed title to the property to
a general partnership consisting of the Participants (the "General
Partnership") in which each Participant holds an interest equal to its
participating percentage in the loan.
On December 2, 1996, the General Partnership contracted to sell the property
for a sale price of $40,700,000 to an unaffiliated party, Devon Properties,
Inc., a New York corporation. The purchaser has deposited $750,000 into an
escrow account as earnest money. The remainder of the sale price will be
payable in cash at closing, scheduled for December 19, 1996. From the proceeds
of the sale, the General Partnership will pay $814,000 as a brokerage
commission to an affiliate of the third party providing property management
services for the property and will receive the remaining proceeds of
approximately $39,886,000. Of such proceeds, $1,750,000 will be retained by
the General Partnership and will not be available for use or distribution by
the General Partnership until nine months after the closing. The Partnership's
share of the total proceeds will be approximately $5,100,000, less the
Partnership's share of closing costs. Neither the General Partner nor any
affiliate will receive a brokerage commission in connection with the sale of
the property. The General Partner will be reimbursed by the General
Partnership for actual expenses incurred in connection with the sale.
The closing is subject to the satisfaction of numerous terms and conditions.
There can be no assurance that all of the terms and conditions will be complied
with and, therefore, it is possible the sale of the property may not occur.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(A) FINANCIAL STATEMENTS AND EXHIBITS:
None
(B) PRO FORMA FINANCIAL INFORMATION:
None
(C) EXHIBITS:
(2) Agreement of Sale and attachment thereto relating to the sale of
Perimeter 400 Center, Fulton County, Georgia.
No information is required under Items 1, 3, 4, 5, 6 and 8 and these items
have, therefore, been omitted.
Signature
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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 hereunto duly authorized.
BALCOR PENSION INVESTORS-III
By: Balcor Mortgage Advisors-II, an Illinois
general partnership, its general partner
By: RGF-Balcor Associates-II, an Illinois general
partnership, a partner
By: The Balcor Company, a Delaware corporation,
a partner
By: /s/ Jerry M. Ogle
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Jerry M. Ogle, Vice President
and Secretary
Dated: December 17, 1996
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