SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K
                                        -

                      ANNUAL REPORT PURSUANT TO SECTION 13
                           OR 15 (d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                   For the fiscal year ended December 31, 2000
                        Commission file number 000-16757

                          CONCORD MILESTONE PLUS, L.P.
                         ------------------------------
             (Exact name of registrant as specified in its charter)

DELAWARE                                                       52-1494615
(State  or  other   jurisdiction  of
incorporation  or organization)                (IRS Employer Identification No.)

150 EAST PALMETTO PARK ROAD, 4TH FLOOR
               BOCA RATON, FLORIDA                              33432
-------------------------------------------------  ----------------------------
     (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code      (561) 394-9260
                                                   ------------------------

Securities registered pursuant to Section 12(b) of the Act:           None

Securities registered pursuant to Section 12(g) of the Act:

Class A Interests  ("Class A  Interests"),  each such interest  representing  an
assignment of one Class A Limited  Partnership  Interest held by CMP  Beneficial
Corp., a Delaware  corporation (the "Assignor"),  under the Amended and Restated
Agreement  of  Limited  Partnership  (the  "Partnership  Agreement")  of Concord
Milestone Plus, L.P.
                                                          (Title of Class)

Class B Interests  ("Class B  Interests"),  each such interest  representing  an
assignment  of one Class B Limited  Partnership  Interest  held by the  Assignor
under the Partnership Agreement.
                                                          (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

Yes  X    No
    ----     ----

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X

As of March 1, 2001,  1,518,800 Class A Interests and 2,111,072 Class B Interest
were outstanding.

The Class A and Class B  Interests  are not  traded  on any  established  public
trading market.

DOCUMENTS INCORPORATED BY REFERENCE                                    NONE


<PAGE>

                                                               PART I

                This  Form  10-K  and  any  documents   incorporated  herein  by
reference,  if any,  contain  forward-  looking  statements  that have been made
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section  21E  of  the  Securities  Exchange  Act  of  1934,  as  amended.   Such
forward-looking  statements  are based on current  expectations,  estimates  and
projections  about the  Partnership's  (as defined below)  industry,  management
beliefs,  and  certain  assumptions  made by the  Partnership's  management  and
involve known and unknown risks,  uncertainties and other factors.  Such factors
include,  among other  things,  the  following:  general  economic  and business
conditions,  which  will,  affect the demand for retail  space or retail  goods,
availability and  creditworthiness of prospective  tenants,  lease rents and the
terms and  availability  of  financing;  risks of real  estate  development  and
acquisition;  governmental actions and initiatives; and environmental and safety
requirements.  These statements are not guarantees of future performance and are
subject to certain risks,  uncertainties  and assumptions  that are difficult to
predict; therefore, actual results may differ materially from those expressed or
forecasted in any such forward-looking  statements.  Unless required by law, the
Partnership  undertakes  no obligation  to update  publicly any  forward-looking
statements, whether as a result of new information, future events or otherwise.

 Item 1.        Business.

                (a)        General Development of Business.

                Concord Milestone Plus, L.P. (the  "Partnership")  was organized
as a Delaware limited partnership on December 12, 1986 with CM Plus Corporation,
a Delaware  corporation (the "General  Partner"),  as its general  partner.  The
General Partner is wholly owned by Concord Assets Group, Inc.  ("Concord").  The
Partnership  is engaged in the business of owning and operating  three  shopping
centers.  CMP  Beneficial  Corp.,  a wholly  owned  subsidiary  of Concord,  was
organized  under  Delaware law in December  1986 for the sole purpose of holding
limited  partnership  interests in the Partnership for the benefit of holders of
the Class A  Interests  and Class B  Interests  and has  engaged in no  business
activities other than fulfilling its obligations  under the Amended and Restated
Agreement  of  Limited   Partnership  of  the  Partnership   (the   "Partnership
Agreement").

                (b)  Industry Segment Information.

                The Partnership has only one industry  segment,  commercial real
estate.  See Item 6, "Selected  Financial Data", of this report for a summary of
the Partnership's operations for the last five fiscal years.

                (c)        Narrative Description of Business.

                The  Partnership  was formed for the  purpose  of  investing  in
existing  income-producing  commercial  and  industrial  real  estate,  such  as
shopping  centers,   office  buildings,   free-standing   commercial  buildings,
warehouses and distribution centers. The Partnership currently owns and operates
three shopping centers, one located in Searcy, Arkansas (the "Searcy Property"),
one located in Valencia, California (the "Valencia Property") and one located in
Green Valley, Arizona (the "Green Valley Property").

                The amount of revenues attributable to the Searcy Property,  the
Valencia Property and the Green Valley Property (collectively, the "Properties")
from tenants not affiliated with the  Partnership was (i) $415,505,  $1,336,478,
$1,299,161  respectively,  for the fiscal  year  ended  December  31,  2000 (ii)
$441,946,  $1,299,922 and  $1,228,007,  respectively,  for the fiscal year ended
December 31, 1999; and (iii) $438,026, $1,347,971 and $1,296,987,  respectively,
for the fiscal year ended December 31, 1998. There are no affiliated tenants.


                                                                -1-

<PAGE>



                See  Item  2,  "Properties",   of  this  Report  for  additional
information as to the  Properties,  including a description  of the  competitive
conditions affecting them.

                (d)        Employees

                The Partnership  employs six people at the Green Valley Property
who provide  general  maintenance  and  security  services.  Milestone  Property
Management,  Inc., an affiliate of the General Partner,  provides all management
services for the  Partnership  and is reimbursed for its cost of  administrative
services provided to the Partnership,  including the pro rata cost of personnel.
Aside from its  officers,  the General  Partner has no  employees.  See Item 11,
"Compensation", of this Report.

 Item 2.        Properties.

     The Properties consist of three shopping centers: the Searcy Property,  the
Valencia  Property  and the Green  Valley  Property.  For the  purposes  of this
section, the following is a glossary of terms:

                a.  Occupancy  rate - The rate of the actual leased area (square
                    footage) to gross leaseable area (square  footage) as of the
                    end of the fiscal year (December 31).

                b.  Leasable area - The area (square footage) for which rent is
                         charged.

                c.  Average  effective  annual  rental  per  square  foot  - The
                    average rental rate received per square foot of leased space
                    taking rental concessions and discounts into consideration.

                d.  Total rent - Minimum annual base rent plus percentage rental
                         revenue.

Mortgage Loans

                As of September 30, 1997, the Partnership closed on new mortgage
loans (the  "Mortgage  Loans") for the  Properties in the amounts of $2,865,000,
$8,445,000 and $5,400,000, respectively. All three Mortgage Loans are secured by
first mortgages.  Prior to September 30, 1997, the Properties were encumbered by
mortgages  granted  by the  Partnership  to  the  holders  of the  Partnership's
Escalating  Rate  Collateralized  Mortgage  Bonds  due  November  30,  1997 (the
"Bonds").  The Partnership used the proceeds of the Mortgage Loans and available
cash to redeem all of the outstanding Bonds.

     The  Mortgage  Loans  and  related  terms  at  December  31,  2000  for the
Properties are summarized as follows:
                      Principal                    Monthly
                     Balance at                  Payments of
                     December      Interest       Principal
Property/Location     31, 2000       Rate %     and Interest
-----------------  --------------    ------     ------------
Searcy, AR          $2,780,475      8.125          $21,640
Valencia, CA         8,105,294      8.125           65,881
Green Valley, AZ     5,244,964      8.250           41,252
                   -----------                      ------
Total              $16,130,733                    $128,773
                   ===========                     =======



                                                -2-

<PAGE>



                The Mortgage  Loans  require  payments of principal and interest
through and  including  September  1, 2007.  On October 1, 2007,  the balance of
principal and interest is estimated to be $2,505,981,  $7,003,227 and $4,738,096
for the Searcy, Valencia and Green Valley Properties,  respectively, and will be
due and payable.  Subsequent to October 31, 2003 and prior to May 31, 2007, each
Mortgage Loan may be prepaid in whole but not in part on any payment date with a
prepayment  penalty equal to the greater of (i) 1% of the outstanding  principal
balance at such time,  or (ii) the excess,  if any, of the present  value of the
remaining  scheduled  principal  and interest  payments  (including  any balloon
payment), discounted at the Discount Rate (as defined below), over the amount of
principal  being prepaid.  The Mortgage Loans may be prepaid  without penalty on
any payment date after May 31, 2007.  The Discount Rate is a rate  determined as
of the week ending prior to the  prepayment  date and is based on the  published
rates of U.S. Government securities having maturities approximating the maturity
date of the  Mortgage  Loans.  The  Mortgage  Loans  are each  secured  by first
mortgages on all three of the  Partnership's  Properties and a default under any
of the Mortgage Loans  constitutes a default on all of the Mortgage Loans.  Each
mortgage may be released at the  Partnership's  option  after the  corresponding
Mortgage Loan is fully paid  provided that no event of default  exists under any
of the Mortgage Loans, the mortgagee has not given the Partnership notice of any
event which, with the passage of time, would constitute an event of default, and
certain other conditions are satisfied.

                In  connection   with  the  Green  Valley   Mortgage  Loan,  the
Partnership  has deposited  $150,000  into an escrow  account (the "Green Valley
Escrow  Account")  with the Lender.  The funds held in the Green  Valley  Escrow
Account may be released  upon the  execution of a new lease for the major tenant
space,  with a termination  date of July 31, 2004 or later, and the satisfaction
of certain other conditions.

                CM Plus  Corporation,  the general  partner of the  Partnership,
guarantees certain limited recourse obligations under the Mortgage Loans.

The Searcy Property
Searcy, Arkansas

                Location.  The Searcy  Property is  situated  on an  irregularly
shaped parcel of approximately  10.78 acres,  which has frontages on Race Avenue
and Frontage Road in the City of Searcy,  Arkansas.  Searcy,  the county seat of
White  County,  is located  in the  central  portion  of the State of  Arkansas,
approximately 50 miles northeast of Little Rock,  Arkansas.  The Searcy Property
is part of a two-mile stretch of commercial  development  along Race Avenue that
is the main shopping area for the city, county and surrounding  areas.  Searcy's
marketing  area  includes  all of  White  County  and  portions  of  surrounding
counties.

                The Searcy Property is part of a larger  shopping  complex known
as the Town and Country Plaza. In addition to the Searcy Property,  the Town and
Country Plaza consists of an approximately  seven acre parcel (formerly the site
of a free-standing  Wal-Mart department store which is now sub-divided into four
retail stores) and five adjacent out parcels totaling 3.86 acres.

     Description.  The Searcy  Property,  which was completed in July 1985, is a
one-story  masonry and steel building  whose exterior is painted  concrete block
with masonry,  brick and glass fronts. The Searcy Property contains 78,436 gross
leasable  square feet  divided  into eleven  units.  The entire Town and Country
Plaza has parking  for 970 cars of which  approximately  570 parking  spaces are
allocated to the Searcy  Property.  In the opinion of the General  Partner,  the
Searcy Property is adequately insured.





                                                                -3-

<PAGE>



                Taxes. The  Partnership's  adjusted federal income tax basis for
the Searcy Property is approximately  $2,983,000, of which $430,000 is allocated
to land and $2,553,000 to the building and improvements. For financial statement
purposes,  the Partnership  depreciates the cost of the building over 31.5 years
and  improvements  over 5 to 10 years  using  the  straight-line  method of cost
recovery.

                Competition.  There are three shopping  centers within two miles
to the west of the Town and Country  Plaza on Race  Avenue.  The first  shopping
center consists of a Goody's  department store and a vacant furniture store. The
second shopping center consists of a Fred's discount store,  Warehouse  Foods, a
Sears  catalog store and two satellite  stores.  The third center  consists of a
Kroger food store and a Revco  drugstore.  Directly  across the highway from the
Searcy Property is a Wal-Mart superstore. This Wal-Mart, relocated from the Town
and Country Plaza in 1992.  Books-A-Million,  Big Lots,  Hibetts  Sports and TSC
Tractor Supply currently occupy  Wal-Mart's former space in the Town and Country
Plaza.

                Operating  and Tenant  Information.  As of March 1, 2001,  there
were ten tenants,  including two anchor  tenants,  at the Searcy  Property.  The
anchor tenants are J.C. Penney  department  store and Dunlap Co. The other eight
tenants  provide a variety of goods and services.  The occupancy rate was 78.8%,
95.5% and 95.5% as of December 31,  2000,  1999 and 1998,  respectively.  Dunlap
entered into a lease of a 15,600 square foot store space,  raising the occupancy
rate to 98.7% as of March 1, 2001.

                The  tables  on pages 7 and 8  further  describe  and  summarize
certain  operating data and tenant  information  for the Property as of December
31, 2000.

Old Orchard Shopping Center
Valencia, California

                Location.  The Valencia Property is situated on an approximately
9.94-acre  parcel that has frontages on Lyons Avenue and Orchard Village Road in
the town of  Valencia,  California.  Valencia  is located  in the Santa  Clarita
Valley in Los Angeles County,  approximately 35 miles north of Los Angeles.  Old
Orchard  Shopping Center is located on the northwest  corner of Lyons Avenue and
Orchard Village Road in a heavily  developed  commercial  area.  Lyons Avenue is
improved with shopping centers, fast food restaurants,  housing developments and
free standing convenience stores. The surrounding area is densely populated with
apartments, condominiums and single family residences.

                Description.  Old Orchard  Shopping center is an eight building,
one-story  masonry  and  steel  shopping  center  complex  that  was  originally
constructed in 1965.  During 1985 and 1986 the shopping center was renovated and
enlarged  to  103,413   square  feet  of  gross   leasable  area.  The  exterior
construction  is  pre-cast  concrete,  fluted  block and  decorative  tile.  The
shopping  center has over 500  parking  spaces.  In the  opinion of the  General
Partner, the Valencia Property is adequately insured.

                Taxes. The  Partnership's  adjusted federal income tax basis for
the Valencia  Property is $10,628,000,  of which $6,500,000 is allocated to land
and  $4,128,000 is allocated to the buildings  and  improvements.  For financial
statement  purposes the  Partnership  depreciates the cost of the buildings over
31.5 years and improvements over 5 to 10 years using the straight-line method of
cost recovery.

                Competition.  In 1996,  a 78,000  square  foot  shopping  center
opened on Old Orchard  Street  across from the  Valencia  Property.  This center
includes  a  46,000  square  foot  Ralph's  Supermarket,  a 16,000  square  foot
drugstore and 16,000 square feet of smaller stores. This shopping center has had
an adverse impact on tenant sales but it has not materially  adversely  affected
the occupancy rate at the Valencia Property.


                                                                -4-

<PAGE>



Within  two  miles  of  the  Valencia  Property  there  are  competing  shopping
facilities  at Newhall  Plaza with a Von's Food Store and 10  satellite  stores,
Granary  Square with a Hughes Food  Market,  Long's  Drugstore  and 26 satellite
stores, a Safeway Supermarket  complimented by 14 satellite stores and the Alpha
Beta Center  with Alpha Beta Food stores and 16  satellite  stores.  In 1992,  a
strip center  anchored by a Ralph's  Foods opened  within a mile of the Valencia
Property.

                Operating  and Tenant  Information.  As of March 1, 2001,  there
were 22 tenants, including two anchor tenants, at the Valencia Property. The two
anchor  tenants are a Lucky Store grocery and a Rite Aid pharmacy.  The other 20
tenants provide a variety of goods and services.  The occupancy rate was 99.50%,
96.9%, and 96.6% in 2000, 1999, and 1998, respectively.

                The  tables  on pages 7 and 8  further  describe  and  summarize
certain  operating data and tenant  information  for the Property as of December
31, 2000.

Green Valley Mall
Green Valley, Arizona

                Location. The Green Valley Property, a mall complex known as the
Green Valley Mall, is situated on an approximately 21.31-acre parcel in the Town
of Green Valley,  Arizona.  Green Valley is a planned adult community located in
Pima  County in the Santa  Cruz River  Valley  approximately  25 miles  south of
Tucson.  Green Valley has two hotels and a number of office  buildings,  several
community  centers and six 18 hole golf  courses.  The Green Valley  Property is
located at intersection  65 of Interstate 19 and Esperenza  Boulevard and serves
Pima County,  as well as Santa Cruz County to the south with  additional  access
from La Canada Road.

                Description.  Green Valley Mall is an open-air  shopping complex
originally  built in the 1960's and  expanded at various  times  throughout  the
1970's and  1980's.  The  shopping  center is  comprised  of several  buildings,
including some that are free standing,  totaling  194,750 gross leasable  square
feet (adjusted by 1,800 square feet representing the mall office).  The exterior
construction  is a  combination  of adobe  block,  split face block and  painted
concrete block. The mall has approximately 975 parking spaces. In the opinion of
the General Partner, the Green Valley Property is adequately insured.

                Taxes. The  Partnership's  adjusted federal income tax basis for
the Green Valley  Property is  $9,174,000,  of which  $5,100,000 is allocated to
land and $4,074,000 to the buildings and improvements.  For financial  statement
purposes, the Partnership  depreciates the cost of the buildings over 31.5 years
and  improvements  over 5 to 10 years  using  the  straight-line  method of cost
recovery.

                Competition.  The Green Valley Property  competes  directly with
the 142,500 square foot  Continental  Shopping Plaza located at Continental Road
and Interstate 19 approximately one mile south of the Green Valley Property. The
Continental  Shopping  Plaza is  anchored by a Safeway  Supermarket.  There is a
shopping center located 3 miles to the north of the Green Valley Property in the
newly  incorporated  town of Sahuarita.  This shopping  center includes a 65,000
square foot  Wal-Mart  Department  Store and a 42,000  square foot  Bashas' Food
Store as anchor  tenants  plus 25,000  square  feet of space for local  tenants.
Another center located to the north of the Green Valley Property,  closed during
1995 and was  anchored by a 45,000  square foot Kmart and 10,000  square feet of
space for local  tenants.  In mid summer  2000, a six screen  multiplex  theater
opened adjacent to Kmart.  Since the  incorporation of this town,  several large
areas have been rezoned for  commercial  development.  One shopping area located
2.5 miles north of Green Valley, called "The Quorum", opened within the last two
years.  Also in 2002 a Safeway  Supermarket is planned to be built 2 miles north
of the Green Valley property.


                                                                -5-

<PAGE>



                Operating  and Tenant  Information.  As of March 1, 2001,  there
were 71 tenants, including two anchor tenants, at the Green Valley Property. The
two anchor tenants include a Beall's outlet store and an Ace Hardware store. The
third anchor tenant space is currently unoccupied.  The other 69 tenants provide
a variety of goods and services. The occupancy rate was 70.73%, 70.7%, and 86.5%
in 2000, 1999, and 1998, respectively.

                During February 1999, the Partnership received notice from Abco,
the principal anchor tenant at the Green Valley Property, that Abco would not be
renewing its lease at the expiration of its term on July 31, 1999.  Abco vacated
its space in May,  1999. The  Partnership  retained a large regional real estate
brokerage  firm to help market the space.  Such  brokerage  firm was replaced in
2000 by another large regional  brokerage firm. Each of the brokerage firms have
shown the space to several qualified  prospective tenants. No replacement tenant
has yet been identified.  The plan to build Safeway Supermarket in the year 2002
near Green Valley Mall will also have an adverse  effect on subleasing  the Abco
space.  Many of the tenants at the Green Valley Property have short term leases.
It is not possible to determine the long-term effects of the vacancy of the Abco
space. Currently, however, the vacancy of the Abco space did not have a material
adverse  effect on the results of  operations  at the Green  Valley  Property by
impairing  the  Partnership's  ability to retain other tenants or to renew their
leases on favorable  terms,  by reducing  traffic at the Property and negatively
affecting percentage rents. In addition,  the Partnership will incur expenses in
releasing  the Abco space and cannot  predict how soon such space will be leased
and the  terms of such  new  lease.  Currently,  approximately  $150,000  of the
Partnership's  working  capital is being held in escrow in  connection  with the
refinancing  by the holder of the first  mortgage on the Green  Valley  Property
(the "Lender")  pending the resolution of the vacancy in this unoccupied  anchor
tenant space.

                The  tables  on pages 7 and 8  further  describe  and  summarize
certain  operating data and tenant  information  for the Property as of December
31, 2000.



                                                                -6-

<PAGE>


<TABLE>
<CAPTION>

Table 1.  Summary of Operating and Tenant Information
                                     Tenant Occupying                                     Percentage
                                     >10% of GLA /       Square Occupancy   Base Rent     Rent &                 Lease        Annual
 Location   Property                 Nature of Business  Feet    Rate       R/E TaxesFt.  Other                 Expiration R/E Taxes
----------- ---------------------    ------------------- ------ ---------- ------------- ------------           ---------- ---------
<S>                                                      <C>     <C>          <C>   <C>                                      <C>
Searcy, AR  Town & Country Plaza                         78,436  78.82%       $6.87 (1)                                      $27,915


                                     J.C. Penney         39,396               $5.22      1.5% of Sales in excess  8/31/2007
                                     Department Store                                    of $11,820,004.Pro-rata
                                                                                         reimbursement for real
                                                                                         estate taxes over the
                                                                                         base year amount.
                                                                                         Common area maintenance
                                                                                         reimbursed at fixed
                                                                                         intervals over the lease
                                                                                         term.


Valencia,   Old Orchard Shopping Ctr.                    103,413  99.50%      $11.85 (1)                                    $132,460
 CA
                                    Lucky Stores          31,842               $9.42     1.25% of Sales in excess  6/30/2006
                                    Full Service Grocer                                  of $38,000,000 less amounts
                                                                                         paid for property taxes,
                                                                                         assessments and insurance
                                                                                         premiums.  (2)

                                    Rite Aid              18,125               $2.48    Rent is payable in an amount 5/31/2005
                                    Pharmacy                                            equal to 3% of the tenant's
                                                                                        gross sales for the previous month,
                                                                                        but not less than $45,000 annually.
                                                                                        Pays no reimbursed expenses.

Green Valley,  Green Valley Mall   None (3)               194,750 70.73%       $7.30 (1)                                    $222,632
  AZ

(1) Represents the average rental rate including base and percentage rent per square foot of leased space taking
        rental concessions and discounts into consideration.
(2) Pro-rata reimbursement for real estate taxes, common area maintenance and insurance.
(3) The sole space greater than 10% of GLA is currently vacant.  Abco vacated this space in May, 1999.

                                                                -7-
</TABLE>

<PAGE>



Table 2.  Summary of Lease Expirations

<TABLE>
<CAPTION>

                                          Year of         Number of      Gross Leasable    Annual       % of Total Annual
Location               Property     Lease Expiration   Leases Expiring   Area Expiring     Minimum Rent    Minimum Rent
------------- ---------------------------------------  ---------------   -------------     ------------    ------------


<S>           <S>                         <S>              <C>           <C>              <C>                    <C>
Searcy, AR    Town & Country Plaza        M-T-M             2             2,760            $18,120                4.7%
                                          2001              2             7,547            $73,900               19.0%
                                          2002              1             2,000            $18,000                4.6%
                                          2003              1             1,600            $14,400                3.7%
                                          2004              2             8,528            $58,110               15.0%
                                          2007              1            39,396           $205,600               53.0%
                                        Vacancies           2            16,605            -                    -
                                                            -            ------         ----------        -----------
                                         Total             11            78,436           $388,130              100.0%
                                         =====             ==            ======            =======              ======



Valencia,     Old Orchard Shopping        2001              3             4,680            $75,794                6.6%
 CA           Center                     2002              5              9,867           $197,685               17.3%
                                          2003              7            20,572           $265,771               23.4%
                                          2004              2             5,100            $78,830                6.8%
                                          2005              3            27,429           $173,938               15.2%
                                          2006              2            35,242           $351,000               30.7%
                                        Vacancies           1               523            -                    -
                                                           --          --------         ----------        -----------
                                         Total             23           103,413         $1,143,018              100.0%
                                         =====             ==           =======          =========              ======



Green Valley, Green Valley Mall           2001             27            37,990           $262,257               26.7%
 AZ                                       2002             19            37,168           $276,290               28.1%
                                          2003             16            29,897           $256,439               26.1%
                                          2004              4             4,775            $48,349                4.9%
                                          2005              3            15,595           $124,635               12.7%
                                           2006              1               600            $5,400                0.5%
                                           2008              1            11,425            $9,600                1.0%
                                         Vacancies          12            57,300            -                    -
                                                            --           -------        -----------        -----------
                                          Total             83           194,750           $982,970             100.0%
                                          =====             ==           =======            =======            ======

</TABLE>

                                                                -8-

<PAGE>



Commitments and Contingencies

                Investments   in  real   property   create   a   potential   for
environmental  liability on the part of the owner, operator or developer of such
real property.  If hazardous  substances are discovered on or emanating from any
of the Properties, the Partnership and/or others may be held strictly liable for
all costs and liabilities relating to the clean-up of such hazardous substances,
even if the problem was caused by another party or a tenant.  The Partnership is
not aware of any  existing  environmental  conditions  that will have a material
effect on the financial statements.

Item 3.         Legal Proceedings

                None

Item 4.         Submission of Matters to a Vote of Security Holders.
                ---------------------------------------------------

                None


                                                                -9-

<PAGE>



                                                              PART II

 Item 5.     Market for Registrant's Units and Related Security Holders Matters.
             ------------------------------------------------------------------

                (a)  Class  A and  Class  B  Interests  are  not  traded  on any
established  public trading market and no organized market has developed for the
interests in the  Partnership.  Sales of the Class A and Class B Interests occur
from time to time  through  independent  broker-dealers,  but to the best of the
Partnership's knowledge, there are no market makers for the interests.  Recently
published  information relating to other real estate limited partnerships (which
may or may not be analogous to the Partnership)  indicates that sales of limited
partnership  interests in those partnerships occur at substantial discounts from
the amounts of the original investments.

                (b) As of March 1, 2001,  the  1,518,800  Class A Interests  and
2,111,072 Class B Interests  outstanding  were held by  approximately  1,140 and
1,216 holders, respectively.

                (c) The Partnership is a limited  partnership and,  accordingly,
does  not  pay  dividends.  Quarterly  distributions  of  cash  are  made to its
partners,  from time to time, depending upon distributable cash flow and certain
other conditions. The table on page 11 lists cash distributions.

                Pursuant to the Partnership  Agreement,  distributable cash flow
(as defined),  if any, for each fiscal quarter is  distributed  as follows:  (i)
first,  99% to the  holders  of the Class A  Interests  as a group and 1% to the
General  Partner  until the  holders of the Class A Interests  have  received an
amount of  cumulative  distributions  necessary  to provide  such holders with a
non-compounded 10.5% cumulative annual return (determined in accordance with the
Partnership  Agreement);  (ii) next, 90% to the holders of the Class A Interests
and 10% to the General  Partner until the holders of the Class A Interests  have
received  distributions of distributable capital proceeds (i.e., net proceeds of
a sale or  other  disposition  or a  refinancing  of  Properties  available  for
distribution) and uninvested  offering proceeds equal to $10.00 for each Class A
Interest  plus an amount of cumulative  distributions  necessary to provide such
holders with a cumulative,  non-compounded  12.5% annual return  (determined  in
accordance with the Partnership Agreement on their Adjusted Priority Base Amount
as defined in the Partnership  Agreement) (a "12.5% Priority Return"); and (iii)
thereafter,  85% to the holders of the Class B  Interests,  5% to the holders of
the Class A Interests and 10% to the General Partner.

                Pursuant to the  Partnership  Agreement,  distributable  capital
proceeds are distributed as follows: (i) first, 100% to the holders of the Class
A Interests as a group until they have received  distributions  of distributable
capital proceeds and uninvested offering proceeds equal to $10.00 for each Class
A Interest plus an amount of cumulative  distributions necessary to provide such
holders with a 12.5% Priority Return; and (ii) thereafter, 85% to the holders of
the Class B Interests and 15% to the General Partner.

                Distributable   cash  flow,   as  defined  in  the   Partnership
Agreement,  means, with respect to any period,  (i) revenues and payments (which
do not include refundable deposits or unearned rent) of the Partnership received
in cash during such period,  and reserves set aside out of revenues during prior
periods and no longer needed for the Partnership's  business,  but not including
cash proceeds attributable to a capital transaction (as defined),  Bond proceeds
or capital contributions (as defined),  less (ii) the sum of (A) amounts paid in
cash by the  Partnership  during  such  period  for  operating  expenses  of the
Partnership  (excluding  amounts paid from reserves or funds provided by capital
contributions  or loans),  for debt payments,  and for other fees or payments to
the General Partner,  (B) any capital  expenditures  with respect to Properties,
and (C) any  amount  set aside for the  restoration,  increase  or  creation  of
reserves.  Distributable cash flow is deemed to include the amount of any income
tax withheld with respect to revenues that are includable in distributable  cash
flow.


                                                                -10-

<PAGE>



                During its two most recent fiscal  years,  the  Partnership  has
made the following cash distributions with respect to the Class A Interests:

                                 Amount of                    Portion
      Distribution              Distribution                Representing
     With Respect             Per 100 Class                a Return of
To Quarter Ended:           A Interests (1)                 Capital (1)
-----------------           ---------------               --------------
March 31, 2000 (1)                         $0                            $0
June 30, 2000 (1)                          $0                            $0
September 30, 2000 (1)                     $0                            $0
December 31, 2000 (1)                      $0                            $0

March 31, 1999                          $3.29                         $3.29
June 30, 1999                           $1.32                         $1.32
September 30, 1999 (1)                     $0                            $0
December 31, 1999 (1)                      $0                            $0

---------------------------------

              (1)   The Partnership suspended making distributions subsequent to
                    the  second   quarter  of  1999   after   determining   that
                    unrestricted  working  capital levels were inadequate due to
                    (1) Abco vacating its space at the Green Valley  Property in
                    May, 1999 (2) several  capital outlays for work performed at
                    the  Properties,  and  (3)  the  bankruptcy  and  subsequent
                    vacancy of its 15,600  square feet store space by one of the
                    major tenants at the Searcy Property.

There have been no distributions with respect to the Class B Interests.

                In general,  profits are allocated annually among the holders of
Class A Interests  and Class B Interests and the General  Partner,  first in the
ratio and to the extent that they receive  distributions of  distributable  cash
flow.  Profits will next be allocated 100% to holders of Class A Interests until
their capital accounts equal the greater of zero or their Adjusted Priority Base
Amounts  (as defined in the  Partnership  Agreement)  plus their 12.5%  Priority
Return.  Any  additional  profits  will be  allocated  to the holders of Class B
Interests and the General Partner to increase their capital  accounts to reflect
the manner in which they are expected to share in further distributions.

                Gain  arising  upon  the  sale of a  Property  or  otherwise  is
allocated  first to holders of Class A Interests  and Class B Interests  and the
General Partner to eliminate any deficits in their capital accounts, and then to
the  holders of the Class A  Interests  and Class B  Interests  and the  General
Partner to increase  their capital  accounts to reflect the manner in which they
are expected to share in further distributions.

                In general, losses are allocated first to the holders of Class B
Interests and the General Partner in the ratio and to the extent of any positive
balances in their capital accounts; then, to the holders of Class A Interests to
the extent of any positive balances in their capital accounts; and finally, 100%
to the General Partner.



                                                                -11-

<PAGE>



Item 6.         Selected Financial Data.

                The  following  page  sets  forth  a  summary  of  the  selected
financial information for the Partnership.  The information below should be read
in conjunction  with the audited  financial  statements and with the information
presented in Item 7, Management's  Discussion & Analysis of Financial  Condition
and Results of Operations.

Notes to Selected Financial Data Schedule:

                (a) All  income  allocated  with  respect  to  Equity  Units was
allocated with respect to the 100 Class A Interests in each such unit. No income
was allocated with respect to Class B Interests.

                (b) The net  (loss)  income per 100 Class A  Interests  has been
calculated  by  dividing  the net (loss)  income  for the period by the  average
number of Class A  Interests  outstanding  for the period and  multiplying  that
quotient by 100.

                (c) Distributions  have been allocated based upon the dates that
Class A Interests were issued. Distributions with respect to each fiscal quarter
of the Partnership are paid 60 days following the end of that fiscal quarter. No
distributions were paid with respect to Class B Interests.

                (d)        Return of Capital is defined as distributions in
excess of cumulative net income.



                                                                -12-

<PAGE>

<TABLE>
<CAPTION>
                                                   CONCORD MILESTONE PLUS, L.P.
                                                      (A Limited Partnership)
                                                      Selected Financial Data


                                  For Year Ended    For Year Ended    For Year Ended    For Year Ended    For Year Ended
                                 December 31, 2000 December 31, 1999 December 31, 1998 December 31, 1997 December 31, 1996
                                 ----------------- ----------------- ----------------- ----------------- -----------------
Operating Statement Data:
<S>                                    <C>                <C>              <C>               <C>               <C>
Revenue                                $3,079,207         $2,986,502       $3,103,638        $3,046,796        $3,009,663
Net (loss) income                        (134,495)          (84,307)           31,270          (271,920)         (238,119)

Balance Sheet Data:
Total assets                           21,081,573         21,423,375       21,841,605        22,051,864        22,086,775
Long term debt                         16,130,734         16,327,881       16,513,054        16,683,574        16,473,060
Total liabilities                      16,553,325         16,760,632       16,974,551        17,216,080        16,877,282

Statement of Partners'
 (Deficit) Capital:
     General Partner                      (77,282)          (75,937)          (73,894)          (74,207)          (70,470)
     Class A Interests                  4,605,530          4,738,680        4,940,948         4,909,991         5,279,963
     Class B Interests                          0                  0                0                 0                 0
     Total                              4,528,248          4,662,743        4,867,054         4,835,784         5,209,493

Per 100 Class A Interests (a):

     Net (loss) income, basic
        & diluted (b):                      (8.86)            (5.55)             2.06            (17.90)           (15.68)

     Distributions (c):                         0              4.61              3.29              3.29             12.94

     Return of Capital (d):                     0              4.61              3.29              3.29             12.94


</TABLE>



                                     See Notes to Selected Financial Data

                                                                -13-

<PAGE>



Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

                Certain   statements   made  in  this   report  may   constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. See Part I.

                The  following   discussion  and  analysis  should  be  read  in
conjunction  with the  Financial  Statements  of the  Partnership  and the notes
thereto appearing in Item 14 of this report.

General

                The Partnership  commenced a public offering of Equity Units and
Bond  Units  (together,  "Units")  on  April  8,  1987  in  order  to  fund  the
Partnership's real property acquisitions.  The Partnership terminated the public
offering of Units on April 2, 1988. On April 14, 1988, the Partnership  held its
final closing on the sale of Units. The Partnership was fully subscribed to with
a total of 16,452 Bond Units and 15,188 Equity Units from which the  Partnership
received aggregate net proceeds (after deduction of sales commissions, discounts
and selling agent's expense  otherwise  required to be reimbursed to the General
Partner and its  Affiliates) of  $29,285,960.  The  Partnership  purchased three
shopping centers with the proceeds from this offering.  No further  acquisitions
are planned and the Partnership has no plans to raise additional capital.

                On September 30, 1997, the  Partnership  closed three fixed rate
first mortgage loans in the amounts of $2,865,000, $8,445,000 and $5,400,000, on
the  Searcy,  Valencia  and Green  Valley  Properties,  respectively.  All three
Mortgage  Loans are secured by first  mortgages on each of the  Properties.  The
Partnership used the proceeds of the Mortgage Loans and available cash to redeem
all of the outstanding Bonds. The Mortgage Loans are described in further detail
in Item 2. Properties Section.

                The  Partnership  has  an  agreement  with  Milestone   Property
Management,  Inc.  ("MPMI"),  an  affiliate of the General  Partner,  to provide
management  services to the  Properties.  In addition,  MPMI is responsible  for
leasing space at the  properties  and actively  monitors all vacancies to ensure
the highest  occupancy rate  possible.  All leasing is performed by MPMI and the
terms of the leases are negotiated on a lease by lease basis.

Competition

                Rental property owned by the Partnership  will have  substantial
competition  from similar  properties  in the vicinity in which such property is
located. Such competition is generally for the retention of existing tenants and
for new tenants upon space becoming  vacant.  Competition for tenants may result
in the Partnership being unable to quickly re-lease space resulting in a decline
in cash flows.  The Partnership  believes that the  profitability of each of the
Properties is based, in part, upon its geographic  location,  the operations and
identity of the property's tenants,  the performance of the property and leasing
managers,  the maintenance and appearance of the property, the ease of access to
the property and the adequacy of property  related  facilities.  The Partnership
also  believes  that general  economic  circumstances  and trends as well as the
character and quality of new and existing properties which may be located in the
vicinity  of the  Properties  are  factors  that may  affect the  operation  and
competitiveness of the property.


                                                                -14-

<PAGE>



Results of Operations

Comparison of Year Ended December 31, 2000 to 1999.

Revenues of the Partnership  increased  $92,705,  or 3.1%, to $3,079,207 in 2000
from $2,986,502 in 1999 primarily due to the net effect of the following:

                (1)        Rent - An increase in base rent of $51,411, or 2.04%,
                           to $2,560,747 in 2000 from  $2,509,336 in 1999 is due
                           to a decrease  in  vacancies  and an increase in base
                           rent at the Valencia and Green Valley properties.

                (2)        Reimbursed  Expenses  -  An  increase  in  reimbursed
                           expenses  of $29,858,  or 6.03%,  to $490,397 in 2000
                           from $460,539 in 1999 primarily due to an increase in
                           the  recovery on both common area  expenses  and real
                           estate taxes at the Green Valley Property.

                Management and property expenses increased $102,609,  or 11.90%,
to $958,610 in 2000 from $856,001 in 1999 due to increases in real estate taxes,
insurance and common area expenses at the Properties.

                Administrative  and management fees to a related party increased
by  $44,264  or  28.76% to  $198,169  in 2000  from  $153,905  in 1999 due to an
additional  professional  fee payable to  Milestone  Property  Management,  Inc.
("MPMI").

Comparison of Year Ended December 31, 1999 to 1998.

Revenues of the Partnership  decreased $117,136, or 3.77%, to $2,986,502 in 1999
from $3,103,638 in 1998 primarily due to the net effect of the following:

                (1)        Rent - A decrease in base rent of $78,776,  or 3.04%,
                           to $2,509,336 in 1999 from  $2,588,112 in 1998 caused
                           by (i) a decrease  in base rent and  percentage  rent
                           revenues at the Green Valley  Property due to Abco, a
                           principal  anchor  tenant,  vacating its space during
                           the  year  and (ii)  two  vacancies  at the  Valencia
                           Property.

                (2)        Reimbursed   Expenses  -  A  decrease  in  reimbursed
                           expenses  of $33,879,  or 6.85%,  to $460,539 in 1999
                           from $494,418 in 1998  primarily due to a decrease in
                           the  recovery on both common area  expenses  and real
                           estate taxes at the Green Valley Property due to Abco
                           vacating its space during the year.

                Management and property expenses increased $60,047, or 7.54%, to
$856,001 in 1999 from  $795,954 in 1998 due to increases  in real estate  taxes,
insurance and common area expenses at the Properties.

                Professional  fees and  other  expenses  decreased  $27,910,  or
28.13%, to $71,317 in 1999 from $99,227 in 1998,  primarily due to a decrease in
accounting fees due to a change of audit firms in 1998.

                Administrative  and management fees to a related party decreased
by $3,004 or 1.91% to $153,905 in 1999 from $156,909 in 1998 due to decreases in
both rent revenue and recovery of reimbursed expenses.

                Depreciation  and amortization  expense  decreased  $15,937,  or
2.46%,  to $630,782  in 1999 from  $646,719  in 1998,  primarily  due to certain
assets reaching the end of their depreciable lives.


                                                                -15-

<PAGE>



Liquidity and Capital Resources

                The General  Partner  believes that the  Partnership's  expected
revenue and working capital is sufficient to meet the Partnership's  current and
future  operating  requirements.  Nevertheless,  because the cash  revenues  and
expenses  of the  Partnership  will  depend  on future  facts and  circumstances
relating to the Partnership's properties, as well as market and other conditions
beyond the  control of the  Partnership,  a  possibility  exists  that cash flow
deficiencies may occur.

                During February 1999, the Partnership received notice from Abco,
a principal anchor tenant at the Green Valley  Property,  that Abco would not be
renewing its lease at the expiration of its current term on July 31, 1999.  Abco
vacated its space in May, 1999. The  Partnership  retained a large regional real
estate brokerage firm to help market the space. Such brokerage firm was replaced
during 2000 by another large regional  brokerage firm. No replacement tenant has
yet been identified. Each of the brokerage firms have shown the space to several
qualified  prospective  tenants.  Many of the other  tenants at the Green Valley
Property  have short term leases.  It is not possible to determine the long-term
effects of the vacancy of the Abco space. Currently, however, the vacancy of the
Abco space did not have a material  adverse  effect on the results of operations
at the Green Valley  Property by impairing the  Partnership's  ability to retain
other  tenants or to renew  their  leases on  favorable  terms,  and by reducing
traffic at the Property and negatively  affecting percentage rents. In addition,
the  Partnership  will incur  expenses in leasing the space vacated by Abco to a
new  tenant,  and the  Partnership  cannot  predict  how soon such space will be
leased and the terms of such new lease. Currently, approximately $150,000 of the
Partnership's  working  capital is being held in escrow in  connection  with the
refinancing  by the Lender  pending the  resolution  of the vacant anchor tenant
space created by the departure of Abco.

                The Partnership  periodically makes distributions to its owners.
A 1998 fourth  quarter  distribution  of $50,001 was paid during  February 1999.
Also,  a first  quarter  distribution  of $50,001 was paid during May 1999 and a
second   quarter   distribution   of  $20,002  was  paid  during   August  1999.
Distributions  were  suspended  after the second  quarter of 1999  following the
departure of Abco from the Green Valley  Property,  which created  vacant anchor
tenant  space.  Additionally,  several  capital  projects  were  undertaken  and
completed at the  Properties.  Further a 15,600 square feet anchor tenant at the
Searcy Property filed for Chapter 11 bankruptcy protection and vacated its store
space.  Finally,  the Partnership  expects to make extensive roof repairs and/or
replacements at the Valencia  Property in fiscal year 2001. The Partnership will
evaluate  the amount of future  distributions,  if any,  on a quarter by quarter
basis.  No  assurances  can be given as to the  timing or  amount of any  future
distributions  by  the  Partnership.  Management  is  not  aware  of  any  other
significant trends, events, commitments or uncertainties that will or are likely
to materially impact the Partnership's liquidity.

                The cash on hand at  December  31,  2000 may be used to fund (a)
costs  associated  with  releasing  the Abco space should the costs of releasing
exceed the  $150,000  already  held in escrow by the Lender for this purpose and
(b) other general Partnership purposes.

                Net cash  provided by operating  activities  of $442,228 for the
year ended  December 31, 2000 was  comprised  of (i) net loss of $134,495,  (ii)
adjustments of $636,489 for depreciation and amortization and (iii) a net change
in operating assets and liabilities of $59,766.

                Net cash  provided by operating  activities  of $528,387 for the
year ended  December  31, 1999 was  comprised  of (i) net loss of $84,307,  (ii)
adjustments of $630,782 for depreciation and amortization and (iii) a net change
in operating assets and liabilities of $18,088.



                                                                -16-

<PAGE>



                Net cash  provided by operating  activities  of $487,409 for the
year ended  December 31, 1998 was  comprised of (i) net income of $31,270,  (ii)
adjustment of $646,719 for depreciation and amortization, and (iii) a net change
in operating assets and liability of $190,580.

                Net cash used in investing  activities  of $166,603 for the year
ended  December  31, 2000 was  comprised  of capital  expenditures  for building
improvements.

                Net cash used in investing  activities  of $114,259 for the year
ended  December  31, 1999 was  comprised  of capital  expenditures  for building
improvements.

                Net cash used in investing  activities  of $176,503 for the year
ended  December  31, 1998 was  comprised  of capital  expenditures  for building
improvements.

                Net cash used in financing  activities  of $211,936 for the year
ended  December 31, 2000  included (i) principal  repayments  on mortgage  loans
payable of $197,147, (ii) funds held in escrow of $14,789.

                Net cash used in financing  activities  of $288,647 for the year
ended  December 31, 1999  included (i) principal  repayments  on mortgage  loans
payable  of  $185,173,  (ii)  funds  held in escrow of  $16,530  and (iii)  cash
distributions to partners of $120,004.

                Net cash used in financing  activities  of $132,555 for the year
ended  December 31, 1998  included (i) principal  repayments  on mortgage  loans
payable of $170,520 and (ii) funds held in escrow of $37,965.

CURRENT ACCOUNTING ISSUES

SFAS No. 133 and No. 138

                Statement of Financial  Accounting  Standards  ("SFAS") No. 133,
"Accounting for Derivative Instruments and Hedging Activities" and SFAS No. 138,
"Accounting for Certain Derivative  Instruments and Certain Hedging  Activities,
an Amendment of FASB 133"  establishes  accounting  and reporting  standards for
derivative  instruments,  including certain derivative  instruments  embedded in
other contracts, and for hedging activities.  It requires an entity to recognize
all  derivatives  as either assets or  liabilities in the statement of financial
position, and measure those instruments at fair value. Changes in the fair value
of those derivatives will be reported in earnings or other comprehensive  income
depending on the use of the derivative and whether the derivative  qualifies for
hedge  accounting.  SFAS No.  133 and  SFAS No.  138 are  effective  all  fiscal
quarters of all fiscal  years  beginning  after June 30, 2000.  The  Partnership
adopted SFAS No. 133, as amended by SFAS No. 138, on January 1, 2001.

                The  Partnership  has  identified  a minimal  number of embedded
derivative   instruments,   and  these  were  evaluated  for  recording  on  the
Partnership's  balance  sheet at January 1, 2001.  Within  certain of its leases
with  tenants  in its  Properties,  the  Partnership  has  embedded  derivatives
resulting  from  possible  limitations  on scheduled  rent  increases,  based on
changes in CPI.  These  types of  limitations  are  common in the  Partnership's
industry.  These  embedded  derivatives  have been  valued  at an  insignificant
amount,  so the affect of the recording of this new accounting  pronouncement is
inconsequential at January 1, 2001.



                                                                -17-

<PAGE>



                The  adoption  of  SFAS  No.  133  resulted  in the  Partnership
recording  a  net  transition   adjustment  of  an  insignificant   amount.  The
Partnership  expects  that the  adoption of SFAS No. 133 will not  increase  the
volatility  of its  reported  earnings,  as the  embedded  derivatives  have not
resulted in any material change in the  Partnership's  earnings or cash flows in
the past. The Partnership  believes that the impact of its embedded  derivatives
are not likely to be material in the future.

SFAS No. 140

                Statement of Financial Accounting Standards No. 140, "Accounting
for  Transfers  and  Servicing  of  Financial  Assets  and   Extinguishments  of
Liabilities -- a replacement of FASB No. 125," was issued in September  2000. It
revises the standards for accounting for  securitizations and other transfers of
financial assets and collateral and requires certain  disclosures but will carry
over most of SFAS No.  125's  provisions  without  reconsideration.  SFAS 140 is
effective for transfers and servicing of financial assets and extinguishments of
liabilities  occurring  after March 31, 2001.  This  statement is effective  for
recognition and  reclassification  of collateral and for disclosures  related to
securitization  transactions  and  collateral  for  fiscal  years  ending  after
December  15,  2000.  The  adoption  of the  provisions  of SFAS No.  140 is not
expected to have any material impact on the Company.

Item 7A.        Quantitative and Qualitative Disclosures About Market Risk.

                The   Partnership,   in  its  normal  course  of  business,   is
theoretically  exposed to  interest  rate  changes as they relate to real estate
mortgages  and the effect of such  mortgage  rate  changes on the values of real
estate.  However,  for the  Partnership,  all of its  mortgage  debt is at fixed
rates,  is for extended  terms,  and would be unaffected by any sudden change in
interest rates. The  Partnership's  possible risk is from increases in long-term
real  estate  mortgage  rates that may occur over a decade or more,  as this may
decrease the overall value of real estate.  Since the Partnership has the intent
to hold its  existing  mortgages  to maturity (or until the sale of a Property),
there is  believed  to be no  interest  rate  market  risk on the  Partnership's
results of operations or its working capital position. The Partnership estimates
the fair  value of its long term  fixed  rate  Mortgage  Loans  generally  using
discounted cash flow analysis based on the Partnership's current borrowing rates
for similar types of debt. At December 31, 2000,  the fair value of the Mortgage
Loans was  estimated to be  $15,218,728  compared to a carrying  value amount of
$16,130,733.

                The Partnership's  cash equivalents and short-term  investments,
if any,  generally bear variable interest rates.  Changes in the market rates of
interest  available  will affect from  time-to-time  the interest  earned by the
Partnership.  Since the  Partnership  does not rely on its interest  earnings to
fund working  capital  needs,  changes in these  interest rates will not have an
impact on the Partnership's results of operations or working capital position.

 Item 8.        Financial Statements and Supplementary Data.

                The financial  statements  and  supplementary  data are included
elsewhere in this document, as listed on the accompanying index.

 Item 9.        Changes in and Disagreements with Accountants on Accounting and
                 Financial Disclosure.

                During the last two fiscal years,  no changes of accountants and
disagreements with accountants on accounting and financial disclosure occurred.

                                                                -18-

<PAGE>



                                                              PART III

Item 10.        Directors and Officers of the Registrant.

                The  names,  offices  held  and the  ages of the  directors  and
executive  officers of the General  Partner and of CMP  Beneficial  Corp. are as
follows:
                                    Has Served As a
                                     Director and/or
          Name            Age         Position Held           Officer Since (1)
  ---------------------   ---       ------------------        -----------------

Leonard S. Mandor (3)    54         President                 Inception (2)
                                                              and Director

Robert A. Mandor (3)     48         Vice President            Inception
                                                              and Director

Joseph P. Otto           47         Vice President            October 3, 1997
                                    and Secretary

Patrick Kirse            32         Treasurer and             October 3, 1997
                                    Controller
----------------------------------

(1)  Each director and officer of the General  Partner and CMP Beneficial  Corp.
     will hold office until the next annual  meeting of the General  Partner and
     CMP Beneficial Corp. and until his successor is elected and qualified.

(2)  The  General  Partner  was  incorporated  on  December  12,  1986  and  CMP
     Beneficial Corp. was incorporated on December 18,1986.

(3)  Robert A. Mandor and Leonard S. Mandor are brothers.

     LEONARD S. MANDOR is the Chief Executive Officer and a Director of Concord.
Mr. Mandor is the Chairman of the Board,  Chief Executive Officer and a Director
of Milestone Properties,  Inc. Mr. Mandor has been associated with Concord since
its inception in 1981.

     ROBERT A. MANDOR is the President and a Director of Concord.  Mr. Mandor is
the President,  Chief Financial Officer, and a Director of Milestone Properties,
Inc. Mr. Mandor has been associated with Concord since its inception in 1981.

     JOSEPH  P. OTTO was  appointed  Vice  President  and  Secretary  of CM Plus
Corporation,  the General  Partner of Concord  Milestone  Plus,  L.P. in October
1997. Mr. Otto is also a Vice President of Concord and has been  associated with
Concord since 1984.  Mr. Otto is also a Vice President and Director of Milestone
Properties, Inc.

     PATRICK   KIRSE  was  appointed   Treasurer  and   Controller  of  CM  Plus
Corporation,  the General  Partner of Concord  Milestone  Plus,  L.P. in October
1997. Mr. Kirse also serves as a Vice President of Milestone Properties, Inc. He
is a CPA licensed in the state of Missouri.  Before joining Milestone in 1995 he
worked as a senior auditor with Deloitte & Touche LLP since 1991.

                                                                -19-

<PAGE>



Compliance with Section 16(a) of the Exchange Act.

                Based  on the  General  Partner's  review  of  Forms  3, 4 and 5
furnished to the Partnership, there were no late reports filed during 2000.

Item 11.        Compensation.

                During 2000, the Partnership paid or accrued:

                (i) $68,500 to Milestone Property Management,  Inc. ("MPMI"), an
                    affiliate  of  the  General  Partner,   for   administrative
                    services  rendered  to  the  Partnership.   Pursuant  to  an
                    agreement between MPMI and the Partnership,  the Partnership
                    reimburses MPMI for administrative  services provided to the
                    Partnership, such as payroll, investor services and supplies
                    in an amount equal to $68,500 per year.

                (ii)$129,660  to  MPMI  for  property  management  fees  for the
                    fiscal  year  ended  December  31,  2000.  Pursuant  to  the
                    management  agreement  between  the  Partnership  and  MPMI,
                    property  management fees are equal to a percentage of gross
                    revenues  not  to  exceed  5  percent  for  multiple  tenant
                    properties  for which  MPMI  performs  leasing  services,  3
                    percent for multiple  tenant  properties for which MPMI does
                    not perform leasing services and 1 percent for single tenant
                    properties. The management fees are 3 percent for the Searcy
                    Property,  4 percent for the Valencia Property and 5 percent
                    for the Green Valley  Property.  The  management fee for any
                    Property  may not  exceed  competitive  fees for  comparable
                    services reasonably available to the Partnership in the same
                    geographic area as the property in question.  Gross revenues
                    are  defined  in the  management  agreement  to  mean,  with
                    respect  to  each   Property,   all  base,   additional  and
                    percentage rents collected from the Property but exclude all
                    other receipts or income with respect to that Property, such
                    as, (i) receipts arising out of any sale of assets or of all
                    or part of the  Property,  condemnation  proceeds  and other
                    items of a similar nature; (ii) payments made by tenants for
                    over-standard finish out improvements or other amortization;
                    (iii) income derived from interest on investments,  security
                    deposits  utility  deposits;  (iv)  proceeds of claims under
                    insurance  policies;  (v) abatements or reductions of taxes;
                    (vi)  security  deposits  made  by  tenants;  or  (vii)  any
                    portions of rentals  which are  specifically  designated  as
                    amortization  of, or interest on,  tenant  moving  expenses,
                    takeover expenses or similar items in the nature of advances
                    by the Partnership.

                No  officer,  director,  or  employee  of  the  General  Partner
received any direct  compensation  from the  Partnership  during the fiscal year
ended December 31, 2000.

Item 12.  Security Ownership of Certain Beneficial Owners and Management.
          --------------------------------------------------------------

                (a) The General  Partner knows of only one  beneficial  owner of
five  percent or more of the  issued  and  outstanding  Class A  Interests.  The
General  Partner knows of only two beneficial  owners of five percent or more of
the issued and outstanding Class B Interests, the information as to which is set
forth below as of March 1, 2001:


                                                                -20-

<PAGE>



                                            Amount and
                                            Nature of                Percent
   Title      Name and Address of           Beneficial                   of
 of Class        Beneficial Owner          Ownership                   Class

Class A       KM Investments, LLC              98,068*                   6.46%
Interests     199 South Los Robles
              Suite #440
              Pasadena, CA 91101

Class B       The Guardian Life               572,292*                  27.11%
Interests     Insurance Company
              of America
              203 Park Avenue South
              New York, NY  10003

Class B       KM Investments, LLC              98,284*                    4.66%
Interests     199 South Los Robles
              Suite #440
              Pasadena, CA 91101
-----------------------

*    To  the  best  of the  Partnership's  knowledge,  both  The  Guardian  Life
     Insurance Company of America and KM Investments, LLC have sole voting power
     and investment power with respect to these securities.

                (b) The General  Partner,  together with its  affiliates and the
officers and  directors of the General  Partner,  own less than 1% of the issued
and outstanding Class A Interests and less than 1% of the issued and outstanding
Class B Interests.

                The number of shares of stock,  no par value,  of Concord (which
is the parent of the General Partner) beneficially owned by all directors of the
General  Partner and CMP Beneficial  Corp. and all directors and officers of the
General  Partner and CMP Beneficial  Corp. as a group as of March 1, 2001 is set
forth in the following table:
                                   Amount and
                                  Nature of                          Percent
          Name of                 Beneficial                              of
   Beneficial Owner              Ownership                             Class

    Leonard S. Mandor                 267                                67%
    Robert A. Mandor                  133                                33%

Item 13.  Certain Relationships and Related Transactions.

                See Item 1, "Business,"  Item 5, "Market for Registrant's  Units
and Related Security Holders  Matters," Item 10,  "Directors and Officers of the
Registrant," and Item 11,  "Compensation," of this Report for details.  See also
Note 5 of the  Notes to  Financial  Statements  of the  Partnership's  Financial
Statements included in this Report.

                                                                -21-

<PAGE>



                                                              PART IV

Item 14. Exhibits, Financial Statements, Financial Schedule, and Reports on Form
     8-K.
   ----------------------------------------------------------------------------

                (a) Financial Statements and Financial Schedule

                    See Index to Financial  Statements  and  Financial  Schedule
included elsewhere in this Report.

                (b) Exhibits:

 Exhibit
 Number                Description of Document

  3.1           Amended and Restated Agreement of Limited Partnership
                of Concord Milestone Plus, L.P. Incorporated herein by
                reference to Exhibit A to the Registrant's Prospectus
                included as Part I of the Registrant's Post-Effective
                Amendment No. 3 to the Registrant's Registration Statement
                on Form S-11 (the "Registration Statement") which was
                declared effective on April 3, 1987.

 3.2            Amendment No. 1 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.,
                included as Exhibit 3.2 to Registrant's Form 10-K for
                the fiscal year ended December 31, 1987 ("1987 Form
                10-K"), which is incorporated herein by reference.

 3.3            Amendment No. 2 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.3 to the 1987 Form 10-K,
                which is incorporated herein by reference.

3.4             Amendment No. 3 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.4 to the 1987 Form 10-K,
                which is incorporated herein by reference.

 3.5            Amendment No. 4 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.5 to the 1987 Form 10-K,
                which is incorporated herein by reference.

 3.6            Amendment No. 5 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.6 to Registrant's Form 10-K
                for the fiscal year ended December 31, 1988, ("1998 Form 10-K"),
                which is incorporated herein by reference.


                                      -22-

<PAGE>



 4.1            Form of certificate evidencing Class A Interests
                included as Exhibit 4.3 to the 1987 Form 10-K,
                which is incorporated herein by reference.

 4.2            Form of certificate evidencing Class B Interests
                included as Exhibit 4.4 to the 1987 Form 10-K,
                which is incorporated herein by reference.

10.1            Property purchase agreements.  Incorporated herein by
                reference to Exhibit 10.1 to the Registration
                Statement.

10.2            Form of property management agreement.  Incorporated
                herein by reference to Exhibit 10.2 of the
                Registration  Statement.

10.3            First Amendment to Management Agreement by and between
                Concord Milestone Plus, L.P. and Concord Assets
                Management, Inc.  Incorporated herein by reference to
                Exhibit 10.3 of the 1988 Form 10-K.

10.4            Second Amendment to Management Agreement by and
                between Concord Milestone Plus, L.P. and Concord Assets
                Management, Inc.  Incorporated herein by reference to
                Exhibit 10.4 of the 1988 Form 10-K.

10.5            Fixed Rate Note, dated September 23, 1997, executed
                by the Partnership in favor of Lender, relating to the
                property located in Green Valley, Arizona.  Incorporated
                herein by reference to Exhibit 10.1 of the Partnership's
                Quarterly Report on Form 10-Q for the quarter ended
                September 30, 1997 (the "September 1997 10-Q").

10.6            Mortgage, Deed of Trust, Assignment of Leases and Rents,
                Security Agreement and Fixture Filing, dated September
                23, 1997, executed by the Partnership for the benefit of
                Lender, relating to the property located in Green Valley,
                Arizona. Incorporated herein by reference to Exhibit
                 10.2 of the September 1997 10-Q.

10.7            Assignment of Leases and Rents, dated September 23, 1997,
                executed by the Partnership for the benefit of Lender,
                relating to the property located in Green Valley, Arizona.
                Incorporated herein by reference to Exhibit 10.3 of the
                September 1997 10-Q.


                                      -23-

<PAGE>



10.8            Environmental Liabilities Agreement, dated September 23,
                1997, executed by the Partnership and CM Plus Corporation
                for the benefit of Lender, relating to the property located in
                Green Valley, Arizona.  Incorporated herein by reference to
                Exhibit 10.4 of the September 1997 10-Q.

10.9            Tenant Occupancy Escrow and Security Agreement,  dated September
                23,  1997,  by and  between  the  Partnership  and  the  Lender,
                relating  to the  property  located  in Green  Valley,  Arizona.
                Incorporated   herein  by  reference  to  Exhibit  10.5  of  the
                September 1997 10-Q.

10.10           Fixed Rate Note,  dated  September  23,  1997,  executed  by the
                Partnership in favor of Lender, relating to the property located
                in Searcy, Arkansas. Incorporated herein by reference to Exhibit
                10.6 of the September 1997 10-Q.

10.11           Mortgage, Deed of Trust and Security Agreement,  dated September
                23, 1997, executed by the Partnership for the benefit of Lender,
                relating   to  the   property   located  in  Searcy,   Arkansas.
                Incorporated   herein  by  reference  to  Exhibit  10.7  of  the
                September 1997 10-Q.

10.12           Assignment  of Leases  and  Rents,  dated  September  23,  1997,
                executed by the Partnership for the benefit of Lender,  relating
                to the property located in Searcy, Arkansas. Incorporated herein
                by reference to Exhibit 10.8 of the September 1997 10-Q.

10.13           Environmental  Liabilities Agreement,  dated September 23, 1997,
                executed  by the  Partnership  and CM Plus  Corporation  for the
                benefit of Lender,  relating to the property  located in Searcy,
                Arkansas.  Incorporated  herein by  reference to Exhibit 10.9 of
                the September 1997 10-Q.

10.14           Fixed Rate Note,  dated  September  23,  1997,  executed  by the
                Partnership in favor of Lender, relating to the property located
                in  Valencia,  California.  Incorporated  herein by reference to
                Exhibit 10.10 of the September 1997 10-Q.

10.15Deed of Trust,  Assignment  of leases,  and Rents,  Security  Agreement and
     Fixture Filing,  dated September 23, 1997,  executed by the Partnership for
     the  benefit of  Lender,  relating  to the  property  located in  Valencia,
     California.  Incorporated  herein  by  reference  to  Exhibit  10.11 of the
     September 1997 10-Q.

10.16Assignment of Leases and Rents,  dated September 23, 1997,  executed by the
     Partnership for the benefit of Lender,  relating to the property located in
     Valencia, California.  Incorporated herein by reference to Exhibit 10.12 of
     the September 1997 10-Q.

                                      -24-

<PAGE>



10.17           Environmental  Liabilities Agreement,  dated September 23, 1997,
                executed  by the  Partnership  and CM Plus  Corporation  for the
                benefit of Lender, relating to the property located in Valencia,
                California. Incorporated herein by reference to Exhibit 10.13 of
                the September 1997 10-Q.

10.18           Environmental Escrow and Security Agreement, dated September 23,
                1997, by and between the Partnership and the Lender, relating to
                the  property  located  in  Valencia,  California.  Incorporated
                herein by reference to Exhibit 10.14 of the September 1997 10-Q.



                                      -25-

<PAGE>



                                                             SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunder duly authorized on March 27, 2001.

                          CONCORD MILESTONE PLUS, L.P.
                          By:   CM PLUS CORPORATION,
                                General Partner

                          By:   /s/ Leonard S. Mandor
                                ---------------------------------
                                  Leonard S. Mandor, President

                          CMP BENEFICIAL CORP.
                          (Registrant of Beneficial Interests)


                          By:   /s/ Leonard S. Mandor
                                --------------------------------
                                Leonard S. Mandor, President

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been  signed by the  following  persons in the  capacities  and on the dates
indicated.


By:/s/ Leonard S. Mandor                                          March 27, 2001
   -----------------------------------------------
   Leonard S. Mandor
   President  (Principal Executive Officer) and Director of CM Plus
   Corporation and CMP Beneficial Corp.


By:/s/ Robert A. Mandor                                           March 27, 2001
   -----------------------------------------------
   Robert A. Mandor
   Vice President and Director of CM Plus
   Corporation and CMP Beneficial Corp.


By:/s/ Patrick Kirse                                              March 27, 2001
   -----------------------------------------------------
   Patrick Kirse
   Treasurer and Controller  (Principal  Accounting  Officer) of CM
   Plus Corporation and CMP Beneficial Corp.


                                                                -26-

<PAGE>

                           INDEX TO FINANCIAL STATEMENTS AND FINANCIAL SCHEDULE


1. Financial Statements:

   a.  Concord Milestone Plus, L.P.

       1.     Independent Auditors' Reports ................................29

       2.     Balance Sheets, December 31, 2000 and December 31, 1999..     30

       3.     Statements of Revenues and Expenses for the Years Ended
              December 31, 2000, 1999 and 1998 .............................31

       4.     Statements of Changes in Partners' Capital for the Years
              Ended December 31, 2000, 1999 and 1998 .......................32

       5.     Statements of Cash Flows for the Years Ended December
              31, 2000, 1999 and 1998 ......................................33

       6.     Notes to Financial Statements ................................34

2. Financial Schedule:

   a.         Real Estate and Accumulated Depreciation (Schedule III) ......41

                This financial statement schedule of the Partnership for each of
the years ended  December 31, 2000,  1999 and 1998 is filed as part of this Form
10-K and  should  be read in  conjunction  with the  Financial  Statements,  and
related  notes  thereto,  of the  Partnership.  All  other  financial  statement
schedules have been omitted  because the required  information is not present or
not  present in amounts  sufficient  to require  submission  of the  schedule or
because the  information  required is included in the  financial  statements  or
notes thereto.

                                                                -27-

<PAGE>








                                                    INDEPENDENT AUDITORS' REPORT


To the Board of Directors of
Concord Milestone Plus, L.P.

We have audited the accompanying  balance sheets of Concord Milestone Plus, L.P.
(the "Partnership") as of December 31, 2000 and 1999, and the related statements
of revenues and expenses,  changes in partners' capital, and cash flows for each
of the three  years in the period  ended  December  31,  2000.  Our audits  also
included the information  contained in the financial  statement schedule of real
estate  and  accumulated  depreciation.   These  financial  statements  and  the
financial statement schedule of real estate and accumulated depreciation are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on the financial  statements and the financial  statement schedule of
real estate and accumulated depreciation based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Concord Milestone Plus, L.P. as
of December 31, 2000,  and 1999, and the results of its  operations,  changes in
partners'  capital  and its cash flows for each of the three years in the period
ended  December 31, 2000 in  conformity  with  accounting  principles  generally
accepted in the United States. Also, in our opinion,  the information  contained
in the financial statement schedule of real estate and accumulated depreciation,
when considered in relation to the basic financial statements,  presents fairly,
in all material respects, the information set forth therein.

/s/ Ahearn, Jasco + Company, P.A.

Pompano Beach, Florida
March 7, 2001



                                                                -29-

<PAGE>

<TABLE>
<CAPTION>


                                                    CONCORD MILESTONE PLUS, L.P.
                                                       (a Limited Partnership)

                                                           BALANCE SHEETS

                                                     DECEMBER 31, 2000 and 1999


                                                                                         December 31,          December 31,
                                                                                          2000                  1999
                                                                                   ------------------    ------------------
<S>                                                                                     <C>                  <C>
Property:
           Building and improvements, at cost                                           $ 15,911,310          $ 15,744,707
           Less: accumulated depreciation                                                  7,201,754             6,605,544
                                                                                         -----------           -----------
           Building and improvements, net                                                  8,709,556             9,139,163
           Land, at cost                                                                  10,987,034            10,987,034
                                                                                          ----------            ----------
           Property, net                                                                  19,696,590            20,126,197

Cash and cash equivalents                                                                    625,426               561,737
Accounts receivable                                                                          251,756               209,899
Restricted cash                                                                              230,189               215,400
Debt financing costs, net                                                                    211,503               242,836
Prepaid expenses and other assets, net                                                        66,109                67,306
                                                                                        ------------          ------------
           Total assets                                                                  $21,081,573           $21,423,375
                                                                                          ==========            ==========

Liabilities:
Mortgage loans payable                                                                   $16,130,734          $ 16,327,881
Accrued interest                                                                             113,424               114,809
Deposits                                                                                      87,266                84,109
Accrued expenses and other liabilities                                                       159,147               181,834
Accrued expenses payable to affiliates                                                        62,754                51,999
                                                                                       -------------          ------------
           Total liabilities                                                              16,553,325            16,760,632
                                                                                         -----------            ----------

Commitments and Contingencies

Partners' capital:
           General partner                                                                   (77,282)              (75,937)
           Limited partners:
                Class A Interests, 1,518,800                                               4,605,530             4,738,680
                Class B Interests, 2,111,072                                                     -                     -
                                                                                    ----------------       ---------------

           Total partners' capital                                                          4,528,248            4,662,743
                                                                                         ------------           ----------

           Total liabilities and partners' capital                                       $21,081,573           $21,423,375
                                                                                          ==========            ==========





                                           See Accompanying Notes to Financial Statements
</TABLE>

                                                                -30-

<PAGE>

<TABLE>
<CAPTION>


                                                    CONCORD MILESTONE PLUS, L.P.
                                                      (a Limited Partnership)

                                                STATEMENTS OF REVENUES AND EXPENSES

                                       FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, AND 1998


                                                                 December 31,            December 31,          December 31,
                                                                  2000                    1999                  1998
                                                           ------------------      ------------------    ------------------
<S>                                                             <C>                       <C>                    <C>
Revenues:
Rent                                                              $2,560,747              $2,509,336             $2,588,112
Reimbursed expenses                                                  490,397                 460,539                494,418
Interest and other income                                             28,063                  16,627                 21,108
                                                                ------------             -----------            -----------

           Total revenues                                          3,079,207               2,986,502              3,103,638
                                                                  ----------               ---------              ---------

Expenses:
Interest expense                                                   1,346,743               1,358,804              1,373,559
Depreciation and amortization                                        636,489                 630,782                646,719
Management and property expenses                                     958,610                 856,001                795,954
Administrative and management fees
           to related party                                          198,169                 153,905                156,909
Professional fees and other expenses                                  73,691                  71,317                 99,227
                                                                ------------                  ------            -----------

           Total expenses                                          3,213,702               3,070,809              3,072,368
                                                                 -----------               ---------              ---------

           Net (loss) income                                       $(134,495)              $ (84,307)           $    31,270
                                                                 ===========               =--------             ==========

Net (loss) income attributable to:
           Limited partners                                        $(133,150)               $(83,464)               $30,957
           General partner                                            (1,345)                   (843)                   313
                                                               -------------             -----------           ------------

Net (loss) income                                                  $(134,495)               $(84,307)               $31,270
                                                                 ===========                ========              =========

(Loss) income per weighted average
Limited Partnership 100 Class A
Interests outstanding, basic and diluted                             $ (8.86)             $    (5.55)                 $2.06
                                                                ============              ==========             ==========

Weighted average number of 100
Class A interests outstanding                                         15,188                  15,188                 15,188
                                                                 ===========               =========              =========


                                           See Accompanying Notes to Financial Statements
</TABLE>

                                                                -31-

<PAGE>
<TABLE>
<CAPTION>
                                                    CONCORD MILESTONE PLUS, L.P.
                                                      (a Limited Partnership)

                                             STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                                       FOR THE YEARS ENDED DECEMBER 31, 2000, 1999, and 1998


                                                                                  General          Class A        Class B
                                                                  Total           Partner         Interests      Interests
                                                              -------------      ---------       -----------    -----------

<S>                                                           <C>                <C>              <C>                   <C>
PARTNERS' CAPITAL (DEFICIT)
           January 1, 1998                                      $4,835,784       $(74,207)       $4,909,991              -
                                                                ----------       ---------       ----------- --------------

Net Income for 1998                                                 31,270            313            30,957              -
                                                               -----------      ---------       -----------  --------------

PARTNERS' CAPITAL (DEFICIT)
           December 31, 1998                                     4,867,054        (73,894)        4,940,948               -
                                                                 ---------        --------        ---------  --------------

Distributions                                                     (120,004)        (1,200)         (118,804)             -
Net Loss for 1999                                                  (84,307)          (843)          (83,464)             -
                                                                ----------      ---------        ----------  --------------

PARTNERS' CAPITAL (DEFICIT)
           December 31, 1999                                     4,662,743        (75,937)        4,738,680              -
                                                                 ----------       --------        ---------- --------------

Net Loss for 2000                                                 (134,495)        (1,345)         (133,150)             -
                                                                 ---------      ---------        ----------  --------------

PARTNERS' CAPITAL (DEFICIT)
           December 31, 2000                                    $4,528,248       $(77,282)       $4,605,530               -
                                                                ===========      =========       ==========  --------------


                                           See Accompanying Notes to Financial Statements
</TABLE>

                                                                -32-

<PAGE>

<TABLE>
<CAPTION>
                                                    CONCORD MILESTONE PLUS, L.P.
                                                      (a Limited Partnership)

                                                      STATEMENTS OF CASH FLOWS

                                        FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 and 1998


                                                                              December 31,      December 31,      December 31,
                                                                              2000               1999               1998
                                                                       -------------------------------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                             <C>                <C>                <C>
Net (loss) income                                                               $(134,495)         $(84,307)          $31,270
Adjustments to reconcile net (loss) income to net
           cash provided by operating activities:
           Depreciation and amortization                                          636,489           630,782           646,719
           Change in operating assets and liabilities:
           Decrease (increase) in accounts receivable                             (41,857)           14,373          (101,120)
           Increase in prepaid expenses and other assets, net                      (7,749)           (3,715)          (18,451)
           Decrease in accrued interest                                            (1,385)           (1,301)           (1,198)
           Decrease in accrued expenses, deposits, and other                      (19,530)          (33,803)          (41,517)
           Increase (decrease) in accrued expenses payable to affiliates           10,755             6,358           (28,294)
                                                                               ----------       -----------      ------------

Net cash provided by operating activities                                         442,228            528,387          487,409
                                                                                ---------         ----------      -----------

CASH FLOWS USED IN INVESTING ACTIVITIES:
           Property improvements                                                 (166,603)         (114,259)         (176,503)
                                                                                ---------          --------        ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
           Decrease (increase) in restricted cash                                 (14,789)           16,530            37,965
           Principal repayments on mortgage loans payable                        (197,147)         (185,173)         (170,520)
           Cash distributions to partners                                          -               (120,004)                -
                                                                           --------------          --------        ----------------

Net cash used in financing activities                                            (211,936)         (288,647)         (132,555)
                                                                               ----------          --------        ----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                          63,689           125,481           178,351

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                    561,737           436,256           257,905
                                                                               ----------           -------        ----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                      $   625,426          $561,737        $  436,256
                                                                               ==========           =======         =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for interest                                       $1,348,128        $1,360,105         $1,374,757
                                                                                =========         =========          =========


                                           See Accompanying Notes to Financial Statements
</TABLE>

                                                                -33-

<PAGE>



                          CONCORD MILESTONE PLUS, L.P.
                          NOTES TO FINANCIAL STATEMENTS

                        December 31, 2000, 1999 and 1998


1.     Organization and Capitalization

Concord   Milestone   Plus,   L.P.,   a  Delaware   limited   partnership   (the
"Partnership"),  was  formed  on  December  12,  1986,  to  invest  in  existing
income-producing  commercial  and  industrial  real  estate,  such  as  shopping
centers, office buildings,  free-standing commercial warehouses and distribution
centers.  Currently,  the Partnership  owns and operates three shopping  centers
(the "Properties"), one located in Searcy, Arkansas (the "Searcy Property"), one
located in Valencia,  California  (the  "Valencia  Property") and one located in
Green Valley, Arizona (the "Green Valley Property").

The  Partnership  commenced a public  offering on April 8, 1987 in order to fund
the Partnership's  real property  acquisitions.  The Partnership  terminated its
public  offering  on April 2, 1988 and was fully  subscribed  to with a total of
16,452 Bond Units and 15,188  Equity Units issued.  Each Bond Unit  consisted of
$1,000  principal  amount of the  Partnership's  Escalating Rate  Collateralized
Mortgage  Bonds (the  "Bonds")  due  November  30, 1997 and 36 Class B Interests
("Class B  Interests"),  each such  interest  representing  an assignment of one
Class B Limited  Partnership  Interest  held by CMP  Benefit  Corp.,  a Delaware
corporation  (the  "Assignor"),  under the Amended  and  Restated  Agreement  of
Limited Partnership of the Partnership Agreement (the "Partnership  Agreement").
Each Equity Unit consisted of 100 Class A Interests ("Class A Interests"),  each
interest  representing an assignment of one Class A Limited Partnership Interest
held by the Assignor under the Partnership Agreement, and 100 Class B Interests.

2.     Summary of Significant Accounting Policies

Basis of Accounting, Fiscal Year

The Partnership's  records are maintained on the accrual basis of accounting for
both financial and tax purposes. Its fiscal year is the calendar year.

Cash and Cash Equivalents

The Partnership  considers all highly liquid debt  instruments  purchased with a
maturity  of  three  months  or  less to be cash  equivalents.  The  Partnership
occasionally  maintains cash balances in financial institutions in excess of the
federally insured limits.

Restricted Cash

Restricted  cash  consists of escrow  deposits held by the lender for payment of
property  taxes and an amount held  pending the  execution of a new lease of the
space formerly leased to Abco at the Green Valley  property and  satisfaction of
certain other conditions related thereto.

                                                                -34-

<PAGE>



Revenue Recognition

Rental   income  is  accrued  as  earned   except   when  doubt   exists  as  to
collectibility,  in which case the accrual is discontinued. When rental payments
due under leases vary from a straight-line basis because of free rent periods or
stepped increases,  income is recognized on a straight-line  basis in accordance
with generally accepted accounting  principles.  Reimbursed expenses represent a
portion of property  operating  expense billed to the tenants,  including common
area  maintenance,  real  estate  taxes and other  recoverable  costs.  Expenses
subject to  reimbursement  are  recognized  in the period when the  expenses are
incurred.  Rental  income based on a tenant's  revenues  ("percentage  rent") is
accrued when a tenant reports sales that exceed a specified amount.

Property

Property is carried at cost, and depreciated on a  straight-line  basis over the
estimated useful life of 31.5 years. Building improvements and other depreciable
assets are carried at cost, and  depreciated on a  straight-line  basis using an
estimate useful life of 3 to 10 years. Leasehold improvements are amortized on a
straight-line  basis  over  the  lesser  of the  estimated  useful  life  or the
remaining term of the lease. Total depreciation expense was $596,210,  $593,225,
$609,161, in 2000, 1999, and 1998, respectively.

The  Partnership's  individually  reviews each of their  properties for possible
impairment at least  annually,  and more  frequently if  circumstances  warrant.
Impairment is determined to exist when  estimated  amounts  recoverable  through
future cash flows from  operations  on an  un-discounted  basis is less than the
property's  carrying  value.  If a property is determined to be impaired,  it is
written down to its estimated fair value to the extent that the carrying  amount
exceeds  the fair  value of the  property.  No write  downs  for  impairment  of
property investments were recorded in 2000, 1999 and 1998.

The determination of impairment is based, not only upon future cash flows, which
rely upon estimates and  assumptions  including  expense  growth,  occupancy and
rental rates, but also upon market  capitalization and discount rates as well as
other  market  indicators.  The  Partnership  believes  that the  estimates  and
assumptions  used are  appropriate  in  evaluating  the  carrying  amount of the
Partnership's   properties.   However,   changes   in  market   conditions   and
circumstances  may occur in the near term which would cause these  estimates and
assumptions  to change,  which,  in turn,  could  cause the  amounts  ultimately
realized  upon  the  sale or  other  disposition  of the  properties  to  differ
materially  from their  carrying  value.  Such changes may also  require  future
write-downs.

Income Taxes

The  Partnership  makes no  provision  for income  taxes  because all income and
losses are  allocated to the partners and holders of Class A Interests and Class
B Interests for inclusion in their respective tax returns.  The tax bases of the
Partnership's  net assets and liabilities  are $3,090,677 and $2,996,877  higher
than the amounts reported for financial  statement purposes at December 31, 2000
and 1999,  respectively,  due to the utilization of different  estimated  useful
lives for the depreciation of property for tax and financial  reporting purposes
and the  write-down  of property  during 1993 and 1994 for  financial  reporting
purposes.


                                                                -35-

<PAGE>



Debt Financing Costs

The costs to obtain the  Mortgage  Loans (see Note 6) were  capitalized  and are
being  amortized  over the term of such mortgages  using the effective  interest
method.

Income (loss) Per Class A Interest

The  Partnership  follows the  provisions  of Statement of Financial  Accounting
Standards  ("SFAS")  No.128,  "Earnings  per  Share".  SFAS  No.128  requires  a
presentation of basic earnings per share and also requires dual  presentation of
basic and diluted  earnings per share on the face of the statement of operations
for all  entities  with  complex  capital  structures.  The  Partnership  has no
dilutive  interests.  Income (loss) per Class A interest amounts are computed by
dividing net income  (loss)  allocable  to the limited  partners by the weighted
average number of 100 Class A Interests outstanding during the year.

Statement of Comprehensive Income (Loss)

A statement of  comprehensive  income (loss) has not been included per SFAS 130,
"Reporting  Comprehensive  Income",  as the  Partnership  has no  items of other
comprehensive income (loss)

Statement of Disclosures about Segments of an Enterprise and Related Information

In June  1997,  the  Financial  Accounting  Standards  Board  issued  SFAS  131,
"Disclosures  about  Segments of an Enterprise and Related  Information,"  which
establishes annual and interim reporting standards for an enterprise's operating
segments and related disclosures about its products, services,  geographic areas
and major  customers.  The  Partnership's  operations  are within one reportable
segment.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial  statements,  in conformity with generally accepted
accounting  principles,  requires  management to make estimates and  assumptions
that affect the reported  amounts of assets and  liabilities  and  disclosure of
contingent  assets and  liabilities at the date of the financial  statements and
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual results could differ from those estimates.

Reclassifications

Certain  reclassifications were made to the accompanying 1998 and 1999 financial
statements to conform with the 2000 presentation.

Recently Issued Accounting Pronouncements

       Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting
for Derivative Instruments and Hedging Activities" and SFAS No. 138, "Accounting
for Certain Derivative Instruments and Certain hedging Activities,  an Amendment
of FASB 133"  establishes  accounting  and reporting  standards  for  derivative
instruments,   including  certain  derivative   instruments  embedded  in  other
contracts,  and for hedging  activities.  It requires an entity to recognize all
derivatives  as either  assets or  liabilities  in the  statement  of  financial
position, and measure those instruments at fair value. Changes in the fair value
of those derivatives will be reported in earnings or other comprehensive  income
depending on the use of the derivative and whether the derivative  qualifies for
hedge accounting.  These pronouncements are effective for all fiscal quarters of
fiscal years  beginning  after June 30, 2000. The  Partnership  adopted SFAS No.
133, as amended by SFAS No. 138, on

                                                                -36-

<PAGE>



January 1, 2001.  The  Partnership  does not expect  this  adoption  to have any
material  impact  on  reported  earnings,  comprehensive  income,  or  financial
position, as the Partnership's derivative instruments embedded in certain leases
are insignificant, and the Partnership does not use any hedging activities.

3.     Partnership Agreement

Pursuant to the terms of the Partnership  Agreement,  the general partner of the
Partnership,   CM  Plus  Corporation,   a  Delaware  corporation  (the  "General
Partner"),  is liable for all  general  obligations  of the  Partnership  to the
extent not paid by the Partnership.

Holders of Class A Interests  and Class B Interests are not liable for expenses,
liabilities  or  obligations  of the  Partnership  beyond  the  amount  of their
contributed capital.

All distributable cash, capital proceeds,  profit, gain or loss from Partnership
operations  are  generally  allocated  1 percent to the  General  Partner and 99
percent to the  holders of Class A  Interests.  The holders of Class B Interests
were specifically  allocated  certain  organization and offering expenses to the
extent of their positive capital account  balances,  thus reducing their account
balance to zero.  After the holders of Class A Interests  have received the 12.5
percent   Priority  Return  (as  defined  in  the  Partnership   Agreement)  all
distributable cash is allocated in a ratio of 85 percent to the holders of Class
B Interests, 5 percent to the holders of Class A Interests and 10 percent to the
General Partner.

Since the inception of the Partnership,  all income and distributable  cash with
respect  to the  Equity  Units  has been  allocated  to the  holders  of Class A
Interests  because  they have not received  the 12.5  percent  Priority  Return.
Therefore, no income has been allocated to the holders of Class B Interests.

4.     Properties

On August 20, 1987, the Partnership  purchased the Searcy  Property,  a shopping
center in Searcy,  Arkansas  from  Concord  Milestone  Plus of Arkansas  Limited
Partnership, an affiliated entity, for $4,050,000.

On January 22, 1988, the Partnership purchased the Valencia Property, a shopping
center in Valencia, California from Concord Milestone Plus of California Limited
Partnership, an affiliated entity, for $11,575,000.

On April 15,  1988,  the  Partnership  purchased  the Green Valley  Property,  a
shopping center in Green Valley,  Arizona from Concord Milestone Plus of Arizona
Limited Partnership, an affiliated entity, for $9,687,000.

Minimum base rental income under non-cancelable tenant lease agreements,  having
lease  terms  expiring  from one to eight  years,  at  December  31, 2000 are as
follows:

    Year Ended
     December 31                          Amount
    -------------                       ----------
          2001                          $2,268,413
          2002                           1,779,892
          2003                           1,270,013
          2004                             928,600
          2005                             753,438
     Thereafter                            555,717
                                         ---------
         Total                          $7,556,073
                                         =========


                                                                -37-

<PAGE>



The above table does not include contingent rental amounts. The total contingent
rentals received in 2000, 1999, and 1998, were $148,585, $142,847, and $148,490,
respectively.  A majority of the leases contain  provisions for additional  rent
calculated as a specified  percentage of the tenant's gross receipts above fixed
minimum  amounts and for  reimbursement  of all or a portion of the tenant's pro
rata share of real estate taxes, insurance and common area maintenance expenses.
There  was no  tenant  in 2000,  1999 and 1998  whose  rents  exceed  10% of the
Partnership's total revenue.

5.  Related Party Transactions

The  Partnership   pays  fees  for  customary   property   management   services
("Management Fees") equal to a percentage of gross revenues from the Properties,
not to  exceed 5  percent.  The  Management  Fees are 3 percent  for the  Searcy
Property, 4 percent for the Valencia Property and 5 percent for the Green Valley
Property.  Management Fees incurred for the years ended December 31, 2000, 1999,
and 1998, were $129,660, $128,904, and $131,909,  respectively.  Management Fees
are payable to Milestone Property  Management,  Inc., a Delaware corporation and
affiliate of the General Partner ("MPMI").

The Partnership paid $25,000 to MPMI for  administrative  services for the years
ended  December  31,  1999 and 1998.  As of  December  31,  2000 and  1999,  the
Partnership  accrued  $62,754 and  $51,991,  respectively,  payable to Milestone
Properties, Inc. ("MPI"), an affiliate of the General Partner for administrative
and management fees.

6.     Mortgage Loans Payable

As of September 30, 1997, the Partnership closed three fixed rate first mortgage
loans (the  "Mortgage  Loans")  in the  amounts of  $2,865,000,  $8,445,000  and
$5,400,000.  All three Mortgage Loans are secured by cross- collateralized first
mortgages on the Partnership's shopping centers.

The  Mortgage  Loans and related  terms at December 31, 2000 are  summarized  as
follows:

                       Principal                                         Monthly
                      Balance at                                     Payments of
                       December                  Interest             Principal
 Property/Location       31, 2000                 Rate %           and Interest
 -----------------    --------------              ------           ------------
 Searcy, AR                  $2,780,475          8.125                 $21,640
 Valencia, CA                 8,105,294          8.125                  65,881
 Green Valley, AZ             5,244,964          8.250                  41,252
                              ---------                                 ------
 Total                      $16,130,733                               $128,773
                             ==========                                =======


The  Mortgage  Loans  require  payments of principal  and  interest  through and
including  September 1, 2007.  On October 1, 2007,  the balance of principal and
interest estimated to be $2,505,981,  $7,003,227, and $4,738,096 for the Searcy,
Valencia and Green  Valley  Properties,  respectively,  will be due and payable.
Subsequent  to October 31, 2003 and prior to May 31, 2007 each Mortgage Loan may
be  prepaid  in whole  but not in part on any  payment  date  with a  prepayment
penalty equal to the greater of (i) 1% of the outstanding  principal  balance at
such time,  or (ii) the excess,  if any, of the present  value of the  remaining
scheduled  principal and interest payments  (including any balloon payment) over
the amount of principal being prepaid. The Mortgage Loans may be prepaid without
penalty on any payment date after May 31, 2007.

The scheduled  principal payments of the Mortgage Loans at December 31, 2000 are
as follows:

                                                                -38-

<PAGE>



  Year Ending
  December 31               Amount
  -----------              -------
       2001                   $218,023
       2002                    236,758
       2003                    257,101
       2004                    275,482
       2005                    302,865
  Thereafter                14,840,504
                            ----------
      Total                $16,130,733
                            ==========

In connection with the Green Valley Mortgage Loan, the Partnership has deposited
$150,000 into an escrow  account with the Lender.  The funds held in this escrow
account may be released upon the  execution of a new lease for specified  vacant
anchor tenant space,  with a termination date of July 31, 2004 or later, and the
satisfaction of certain other conditions related thereto.

CM Plus Corporation, the general partner of the Partnership,  guarantees certain
limited recourse obligations under the Mortgage Loans.

7.     Fair Value of Financial Instruments

The following  estimated  fair value were  determined by the  Partnership  using
available market information and valuation methodologies  considered appropriate
by  management.  However,  considerable  judgement is necessary to interpret and
apply market data to develop  specific fair value  estimates for given financial
instruments,  and the use of  different  market  assumptions  and/or  estimation
methodologies  could  have a material  effect on  reported  fair value  amounts.
Accordingly,  the estimates  presented herein are not necessarily  indicative of
the  amounts  that  could be  realized  upon  disposition  of the  Partnership's
financial instruments.

Cash and cash  equivalents,  accounts  receivable and accrued expenses and other
liabilities are reflected in the balance sheets at cost,  which is considered by
management to reasonably approximate fair value due to their short term nature.

The  Partnership  estimates  the fair value of its long term fixed rate Mortgage
Loans generally  using  discounted cash flow analysis based on current rates for
similar  types of debt.  At December  31,  2000,  the fair value of the Mortgage
Loans was  estimated to be  $15,218,728  compared to a carrying  value amount of
$16,130,733.  The fair value estimates presented herein are based on information
available  as of December  31,  2000.  Although  management  is not aware of any
factors that would  significantly  affect the estimated  fair value  amounts,  a
comprehensive  re-evaluation of all of the Properties has not been performed for
purposes of these financial statement disclosures.

8.     Commitments and Contingencies

During  February 1999, the  Partnership  received  notice from Abco, a principal
anchor tenant at the Green Valley Property,  that Abco would not be renewing its
lease at the  expiration of its current term on July 31, 1999.  Abco vacated its
space in May, 1999. No replacement  tenant has yet been identified.  Many of the
tenants at the Green Valley Property have short term leases.  It is not possible
to determine the long-term effects of the vacancy of the Abco space.  Currently,
however, the vacancy of this anchor tenant space did not have a material adverse
effect on the results of  operations  at the Green Valley  Property by impairing
the  Partnership's  ability to retain other  tenants or to renew their leases on
favorable  terms, by reducing  traffic at the Property and negatively  affecting
percentage rents. In addition,  the Partnership will incur expenses in releasing
the Abco space and

                                                                -39-

<PAGE>



cannot  predict  how soon such  space  will be leased  and the terms of such new
lease. Currently, approximately $150,000 of the Partnership's working capital is
being held in escrow in  connection  with the  refinancing  by the holder of the
first  mortgage  on  the  Green  Valley  Property  (the  "Lender")  pending  the
resolution of this anchor space vacancy.

Investments in real property create a potential for  environmental  liability on
the part of the owner, operator or developer of such real property. If hazardous
substances  are  discovered  on or  emanating  from any of the  Properties,  the
Partnership  and/or  others  may be  held  strictly  liable  for all  costs  and
liabilities relating to the clean-up of such hazardous  substances,  even if the
problem was caused by another party or a tenant. The Partnership is not aware of
any existing  environmental  conditions  that will have a material effect on the
financial statements.

From time to time, the Partnership is exposed to claims,  regulatory,  and legal
actions in the normal  course of  business,  some of which are  initiated by the
Partnership. At December 31, 2000, management believes that any such outstanding
issues will be resolved without significantly  impairing the financial condition
of the Partnership.




                                                                -40-

<PAGE>

<TABLE>
<CAPTION>
                                                         CONCORD MILESTONE PLUS, L.P.
                                                                 SCHEDULE III
                                                   REAL ESTATE AND ACCUMULATED DEPRECIATION
                                                               DECEMBER 31, 2000


                                                                                                                Costs
                                                                                                                Capitalized
                                                                                                                Subsequent
                                                                             Initial Cost                       to Acquisition
                                                                       -----------------------------------      --------------

                                                                                       Land
                                                                        Building &      Building &                   Building &
    Description and Location             Encumbrances     Land         Improvements   Improvements     Land         Improvements
----------------------------------       ------------ ------------     ------------   -------------------------     -------------
<S>                                     <C>               <C>          <C>             <C>             <C>         <C>
Town & Country Plaza                    $2,780,475        $430,000     $3,620,000      $455,340        $430,000    $4,146,234
Searcy, AR

Old Orchard Shopping Center              8,105,294       6,500,000      5,075,000     1,369,256       6,500,000     6,515,006
Valencia, CA

Green Valley Mall                        5,244,964       5,100,000      4,587,000     1,566,818       4,057,034     5,250,069
                                         ---------       ---------      ---------     ---------       ---------     ---------
Green Valley, AZ

                                       $16,130,733     $12,030,000    $13,282,000    $3,391,414     $10,987,034   $15,911,309
                                        ==========      ==========     ==========     =========      ==========    ==========


                                         Gross Amount at
                                          which Carried at Close of Period (A)
                                       -----------------------------------------
                                                Accumulated         Date      Depreciation
    Description and Location           Total    Depreciation(B)   Acquired       Life
---------------------------------- ----------------------------   --------------------------
<S>                                 <C>         <C>               <C>         <C>
Town & Country Plaza                $4,576,234  $1,770,128        08/20/87    31.5 years
Searcy, AR

Old Orchard Shopping Center         13,015,006  2,816,923         01/22/88    31.5 years
Valencia, CA

Green Valley Mall                    9,307,103  2,614,703         04/15/88    31.5 years
                                     ---------  ---------
Green Valley, AZ

                                   $26,898,343  $7,201,754
                                    ==========   =========






                                                                  2000              1999            1998
(A) Reconciliation of investment properties owned:
        Beginning balance                                        $26,731,741       $26,617,482      $26,440,979
        Property acquisitions/improvements                           166,602           114,259          176,503
        Write-down of property                                             0                 0                0
                                                            ----------------  ---------------- ----------------

        Balance at end of period                                 $26,898,343       $26,731,741      $26,617,482
                                                                  ==========        ==========       ==========

(B) Reconciliation of accumulated depreciation:
        Beginning balance                                         $6,605,544        $6,017,284       $5,413,087
        Depreciation expense                                         596,210           588,260          604,197
                                                                 -----------       -----------      -----------

        Balance at end of period                                  $7,201,754        $6,605,544       $6,017,284
                                                                   =========         =========        =========


                                                                     -41-
</TABLE>