UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
June 7, 2011
Date of Report (Date of earliest event reported)
CORNERSTONE REALTY FUND, LLC
(Exact name of registrant as specified in its charter)
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California
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000-51868
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33-0827161 |
(State of Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification Number) |
1920 Main Street, Suite 400
Irvine, California 92614
(Address of principal executive offices)
(949) 852-1007
(Registrants 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©
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 7, 2011, we, through a wholly-owned subsidiary, became obligated under a purchase and
sale agreement (the Agreement) in connection with the sale of all the real estate properties of Cornerstone Realty Fund (the
Portfolio), by Birtcher Anderson Realty, LLC (Buyer), a non-related party, for a purchase price
of approximately $26.4 million. Except with respect to specific contingencies, the Buyer does not
have the right to terminate the agreement without our consent.
The material terms of the Agreement provide for: (i) an initial deposit from the Buyer in the
amount of $500,000 that funded immediately upon execution of the Agreement and shall be credited to
the purchase price of the property and is non-refundable except in limited circumstances; (ii) a
property inspection period that expires thirty days after the execution date of the Agreement
during which time the Buyer can terminate the Agreement at any time within the period by delivering
written notice to us; (iii) a closing date for the sale of the property that shall occur on or
before August 1, 2011. The Agreement also contains additional covenants, representations and
warranties that are customary of real estate purchase and sale agreements.
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.
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CORNERSTONE REALTY FUND, LLC
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By: |
CORNERSTONE INDUSTRIAL PROPERTIES, LLC Its Managing Member
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By: |
CORNERSTONE VENTURES, INC. Its Manager
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By: |
/s/ Sharon C. Kaiser
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Sharon C. Kaiser, Chief Financial Officer |
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Dated: June 9, 2011