The office property, which is located on Century Park Court in Kearny Mesa, is expected to trade hands in the second quarter of 2003. Once seller Century Park I Joint Venture disposes of the asset, it will use $20 million of the net proceeds to pay the lender. The lien will then be released on the property, pursuant to the terms of the loan obtained by Shelbourne Properties I, Shelbourne Properties II and Shelbourne Properties III Inc.

According to a statement released by the companies, "the board of directors and shareholders of each of the Shelbourne REITs has previously approved a plan of liquidation for each REIT." The REITS hold what were formerly the limited partnership property interests of High Equity Partners LP-Series 86, which was converted to a REIT structure in May 2001. The LP was converted to a REIT as part of an August 1999 settlement of a class action lawsuit against High Equity Partners, which was approved by the California Supreme Court.

Shelbourne Properties I still holds a shopping center in Towson, MD; a 50% ownership interest in a Seattle, WA office facility and the 50% interest in Century Park. Shelbourne Properties II's current holdings include two retail properties, which are located in Matthews, NC and Melrose Park, IL, and a Richmond, VA office facility. In addition, Shelbourne Properties II has a 20.66% ownership interest in two Columbus, OH industrial buildings, a 50% interest in a Seattle, WA office facility and the 50% ownership interest in Century Park.