SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 23, 2013
CORNERSTONE CORE PROPERTIES
(Exact name of registrant as specified in its charter)
1920 Main Street, Suite 400
Irvine, California 92614
(Address of principal executive offices)
(Registrant’s telephone number, including area code)
(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.
As reported in our Current Report on Form 8-K dated January 4, 2013, we became obligated under a purchase and sale agreement (the “Agreement”) on December 31, 2012 in connection with the sale of the 20100 Western Avenue property (the “Property”) by MMB Management, LLC (“Buyer”), a non-related third party, for a sale price of approximately $17.6 million. The Property, located at 20100 Western Avenue, Torrance, California, is a 116,433 square feet industrial building acquired in December 2006. The Western transaction was completed on January 23, 2013.
If the Property was sold on January 1, 2012, our 2012 consolidated revenue and expenses would have been reduced by approximately $0.7 million and $0.6 million, respectively. As of December 31, 2012, total assets and total liabilities would be reduced by $5.0 million and $9.3 million, respectively, as a result of the transaction. Total liabilities include $8.9 million of mortgage debt secured by the Property. The Company anticipates using the proceeds from the sale of the Property to acquire assets with a greater revenue and net income contribution to the Company.
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.