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MPMT ANNOUNCES SALE OF FIVE PIER 1 STORES AND NORTHROP FORECLOSURE

MPMT ANNOUNCES SALE OF FIVE PIER 1 STORES AND NORTHROP FORECLOSURE
 /Editors: Mellon/McMahan Real Estate Advisors, Inc., a subsidiary of Mellon Bank Corporation (NYSE: MEL), acts as advisor to the trust. The trust's assets are not assets of Mellon Bank Corporation and the trust's financial results are not included in the financial results of Mellon Bank Corporation./
 SAN FRANCISCO, June 30 /PRNewswire/ -- Mellon Participating Mortgage Trust, Commercial Properties Series 85/10 (NASDAQ: MPMTS), today announced that it has completed the sale of five Pier 1 stores to Pier 1 Imports on June 18, 1992.
 The stores were sold pursuant to the exercise of an option by the trust in April 1992. The option was exercised to improve the overall return from the trust's remaining interest in 33 Pier 1 stores located throughout the United States.
 The sale of these five stores resulted in the recognition of a gain of approximately $100,000 during the second quarter. The trust's share of the sale proceeds was approximately $2.2 million.
 The trust intends to delay the distribution of the proceeds from the sale until it can assess the financial consequences of the Carson Pirie Scott bankruptcy. Unless a further extension is granted by the bankruptcy court, Carson Pirie Scott has until Sept. 15, 1992, to accept or reject their existing lease obligations.
 The trust also announced that it recently received title to a research and development facility in Hawthorne, Calif., through a foreclosure sale. The mortgage secured by the facility has been in default since January 1992.
 The facility is a 210,000-square-foot building leased to the Northrop Corporation. Northrop Corporation is current on all rent payments under a lease agreement which expires in January 1994.
 As the new owner of the Northrop Research and Development Facility, the trust has begun evaluating the options/uses for the property including extending its existing lease with the Northrop Corporation.
 Mellon Participating Mortgage Trust, Commercial Properties Series 85/10, is a finite-life real estate investment trust, fully invested in participating, shared appreciation, convertible and fixed-rate mortgages and joint venture financing secured by office, retail and research development facilities throughout the United States.
 -0- 6/30/92
 /CONTACT: Brian Zywiciel of Mellon/McMahan Real Estate Advisors, Inc., 415-433-7770/
 (MEL MPMTS) CO: Mellon Participating Mortgage Trust; Mellon Bank Corporation ST: California IN: FIN SU:


PT -- PG008 -- 5302 06/30/92 16:05 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:397
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