Attached files
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EX-99.1 - Summit Healthcare REIT, Inc | v193100_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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):
August
5, 2010
CORNERSTONE
CORE PROPERTIES
REIT,
INC.
(Exact
name of registrant as specified in its charter)
Maryland
|
000-52566
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73-1721791
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification Number)
|
1920
Main Street, Suite 400
Irvine,
California 92614
(Address
of principal executive offices)
(949)
852-1007
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions.
o
|
Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14d-2(b)
|
o
|
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)
|
o
|
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)
|
Item
8.01 Other Events
On August
5, 2010, we purchased an industrial building known as 1830 Santa Fe, located
in Santa Ana, CA from Mr. Charles F. Pribus and Suffolk Holding Company, two
non-related parties, for approximately $1.3 million, excluding closing costs
(which are not fully determinable at this time). The purchase price
of the property was funded with net proceeds raised from our public offering. As
of June 30 2010, we had raised aggregate proceeds of approximately $167 million
in our public equity offerings.
1830
Santa Fe is a 13,200 square foot free-standing industrial building, situated on
approximately one acre of land, located in a planned industrial area of Santa
Ana, California. The property is centrally located in the Santa Ana submarket of
Orange County and is close to both the I-5 and Costa Mesa freeways providing
easy access to important freight and logistics transportation
corridors. The Orange County industrial market boasts a strategic
location, modern infrastructure, outstanding quality of life and a highly
trained workforce. 1830 Santa Fe is currently 100% leased to a local commercial
diesel repair company and wood manufacturer. Additionally, there is 1,000 square
feet of vaulted storage space available for data storage.
In
evaluating 1830 Santa Fe as a potential acquisition and determining the
appropriate amount of consideration to be paid, we considered a variety of
factors including overall valuation of net rental income, location,
demographics, physical condition, tenant mix, quality of tenants, length of
leases, price per square foot and occupancy and analyzed how the properties
compare to comparable properties in the market.
We do not
intend to make significant renovations or improvements to the 1830 Santa Fe. Our
management believes that 1830 Santa Fe is adequately insured.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
99.1
Press Release dated August 10, 2010
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORNERSTONE
CORE PROPERTIES REIT, INC.
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Dated: August
10, 2010
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By:
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/s/
Sharon C. Kaiser
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Sharon
C. Kaiser,
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Chief
Financial Officer
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