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LINCOLN N.C. REALTY FUND SIGNS AGREEMENT WITH CALPERS

 LINCOLN N.C. REALTY FUND SIGNS AGREEMENT WITH CALPERS
 PALO ALTO, Calif., July 23 /PRNewswire/ -- LINCOLN N.C. Realty Fund Inc. (AMEX: LRF) announced today the signing of a definitive Purchase and Sale Agreement with State of California Public Employees' Retirement System, a unit of the Consumer Services Agency of the State of California, (the Buyer) for the sale of the company's Wrigley Creek property for $11,850,000. The Wrigley Creek property consists of a distribution/warehouse building and a manufacturing/research and development building (two buildings with a combined capacity of 259,600 square feet, which are 100 percent leased) on 14.8 acres in Milpitas, Calif.
 The sale is contingent upon satisfaction of several conditions including approval by the Buyer of the results of certain due diligence investigations and approval of the Purchase and Sale Agreement by the company's stockholders. The company intends to distribute the proceeds of the sale to the stockholders.
 The company is a real estate investment trust. Its securities are listed on the American and Pacific Stock Exchanges. The company's principal executive offices are located at 310 University Ave., Suite 200, Palo Alto, CA 94301, and its telephone number is 415-329-8867.
 -0- 7/23/92
 /CONTACT: William F. Garlock of Lincoln N.C. Realty Fund, 415-329-8867/
 (LRF) CO: Lincoln N.C. Realty Fund; CalPERS ST: California IN: FIN SU: CON


RM-MM -- SJ006 -- 2678 07/23/92 15:35 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:236
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