UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                              --------------------

                                    FORM 10-Q
(mark one)

 X                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
---
                     OF THE SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended: September 30, 1997

                                       OR

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

            For the transition period from                 to

                        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             (I.R.S. Employer Identification No.)
 Incorporation or Organization)

    5200 TOWN CENTER CIRCLE
               4TH FLOOR
       BOCA RATON, FLORIDA                               33486
(Address of Principal Executive Offices)               (Zip Code)

                                (561) 394-9260
               Registrant's Telephone Number, Including Area Code

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

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 for the
past 90 days. Yes X No



<PAGE>



PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

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

                                 BALANCE SHEETS

              SEPTEMBER 30, 1997 (Unaudited) AND DECEMBER 31, 1996

                                     ASSETS
<TABLE>
<CAPTION>
                                                                          September 30, 1997  December 31, 1996
<S>                                                                       <C>                 <C>
Property, at cost
   Building and improvements ..............................................   $ 15,450,083    $ 15,359,462
   Less: accumulated depreciation .........................................      5,265,418       4,829,534
                                                                              ------------    ------------
   Building and improvements, net .........................................     10,184,665      10,529,928
   Land ...................................................................     10,987,034      10,987,034
                                                                              ------------    ------------
   Total property .........................................................     21,171,699      21,516,962

Cash and cash equivalents .................................................         94,894         326,120
Accounts receivable .......................................................        171,524         200,975
Funds held in escrow ......................................................        401,835               0
Prepaid expenses ..........................................................         35,794          22,864
Other assets, net .........................................................         62,813          16,957
Debt financing costs ......................................................        309,676           2,897
                                                                              ------------    ------------
      Total assets ........................................................   $ 22,248,235    $ 22,086,775
                                                                              ============    ============

                        LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage Loans Payable ....................................................   $ 16,710,000    $          0
Bonds payable, net ........................................................              0      16,473,060
Accrued interest ..........................................................              0         137,100
Accrued expenses and other liabilities ....................................        556,979         255,137
Due to affiliates .........................................................         80,000          11,985
                                                                              ------------    ------------
   Total liabilities ......................................................     17,346,979      16,877,282
                                                                              ------------    ------------

Commitments and Contingencies

Partners' capital:
   General partner ........................................................        (73,552)        (70,470)
   Limited partners:
   Class A Interests, 1,518,800 ...........................................      4,974,808       5,279,963
                                                                              ------------    ------------

   Total partners' capital ................................................      4,901,256       5,209,493
                                                                              ------------    ------------
   Total liabilities and partners' capital ................................   $ 22,248,235    $ 22,086,775
                                                                              ============    ============
</TABLE>








                 See Accompanying Notes to Financial Statements


                                                                -2-

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

                       STATEMENTS OF REVENUES AND EXPENSES

                                   (Unaudited)

             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

<TABLE>
<CAPTION>

                                                                            September 30, 1997  September 30, 1996
<S>                                                                         <C>                 <C>
Revenues:
Rent ......................................................................   $       661,118    $       638,576
Reimbursed expenses .......................................................           129,401            108,420
Interest and other income .................................................             7,835              4,966
                                                                              ---------------    ---------------

   Total revenues .........................................................           798,354            751,962
                                                                              ---------------    ---------------

Expenses:
Interest expense ..........................................................           430,341            390,735
Depreciation and amortization .............................................           141,063            160,996
Management and property expenses ..........................................           221,148            197,191
Administrative and management fees to related party .......................            28,195             25,810
Professional fees and other expenses ......................................            29,035             28,152
                                                                              ---------------    ---------------

   Total expenses .........................................................           849,782            802,884
                                                                              ---------------    ---------------

Net loss ..................................................................   $       (51,428)   $       (50,922)
                                                                              ===============    ===============

Net loss attributable to:

   Limited partners .......................................................   $       (50,914)   $       (50,413)
   General partner ........................................................              (514)              (509)
                                                                              ---------------    ---------------

Net loss ..................................................................   $       (51,428)   $       (50,922)
                                                                              ===============    ===============

Loss per weighted average
Limited Partnership 100 Class A
Interests outstanding .....................................................   $         (3.38)   $         (3.35)
                                                                              ===============    ===============

Weighted average number of 100
Class A interests outstanding .............................................            15,188             15,188
                                                                              ===============    ===============
</TABLE>


                 See Accompanying Notes to Financial Statements

                                                                -3-
<PAGE>

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

                       STATEMENTS OF REVENUES AND EXPENSES

                                   (Unaudited)

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

<TABLE>
<CAPTION>

                                                                                 September 30,1997  September 30, 1996
<S>                                                                              <C>                <C>
Revenues:
Rent ...........................................................................   $     1,930,091    $     1,958,228
Reimbursed expenses ............................................................           368,632            303,868
Interest and other income ......................................................            23,307             13,337
                                                                                   ---------------    ---------------

   Total revenues ..............................................................         2,322,030          2,275,433
                                                                                   ---------------    ---------------

Expenses:
Interest expense ...............................................................         1,252,941          1,172,205
Depreciation and amortization ..................................................           426,113            479,898
Management and property expenses ...............................................           598,139            604,887
Administrative and management fees to related party ............................            81,697             80,369
Professional fees and other expenses ...........................................           169,637             99,467
                                                                                   ---------------    ---------------

   Total expenses ..............................................................         2,528,527          2,436,826
                                                                                   ---------------    ---------------

Net loss .......................................................................   $      (206,497)   $      (161,393)
                                                                                   ===============    ===============

Net loss attributable to:

   Limited partners ............................................................   $      (204,432)   $      (159,779)
   General partner .............................................................            (2,065)            (1,614)
                                                                                   ---------------    ---------------

Net loss .......................................................................   $      (206,497)   $      (161,393)
                                                                                   ===============    ===============

Loss per weighted average
Limited Partnership 100 Class A
Interests outstanding ..........................................................   $        (13.60)   $        (10.63)
                                                                                   ===============    ===============

Weighted average number of 100
Class A interests outstanding ..................................................            15,188             15,188
                                                                                   ===============    ===============
</TABLE>


                 See Accompanying Notes to Financial Statements


                                                                -4-
<PAGE>


                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)
 
                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

                                   (Unaudited)

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997

<TABLE>
<CAPTION>

                                                         General            Class A
                                      Total              Partner           Interests

<S>                               <C>                  <C>               <C>
PARTNERS' CAPITAL (DEFICIT)
     January 1, 1997 ......   $     5,209,493    $       (70,470)   $     5,279,963

Distributions .............          (101,740)            (1,017)          (100,723)
Net Loss ..................          (206,497)            (2,065)          (204,432)
                              ---------------    ---------------    ---------------

PARTNERS' CAPITAL (DEFICIT)
     September 30, 1997 ...   $     4,901,256    $       (73,552)   $     4,974,808
                              ===============    ===============    ===============

</TABLE>

                 See Accompanying Notes to Financial Statements

                                                                -5-

<PAGE>

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

                            STATEMENTS OF CASH FLOWS

                                   (Unaudited)

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
<TABLE>
<CAPTION>

                                                    September 30,1997    September 30, 1996
<S>                                                 <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss .........................................   $      (206,497)   $      (161,393)
Adjustments to reconcile net loss to net
   cash provided by operating activities:
   Depreciation and amortization .................           426,113            479,898
   Change in operating assets and liabilities:
       Decrease (increase) in accounts receivable             29,451            (15,395)
       Increase in prepaid expenses ..............           (12,930)           (16,872)
       (Increase) decrease in other assets, net ..           (55,696)            42,753
       (Decrease) increase in accrued interest ...          (137,100)           390,735
       Increase (decrease) in accrued expenses and
            other liabilities ....................           301,842            (17,345)
       Increase in due to affiliate ..............            68,015             22,240
                                                     ---------------    ---------------

Net cash provided by operating activities ........           413,198            724,621
                                                     ---------------    ---------------

CASH FLOWS FROM INVESTING ACTIVITY:
   Property improvements .........................           (90,621)           (88,353)
                                                     ---------------    ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Redemption on bonds payable ...................       (16,452,000)                 0
   Funds held in escrow ..........................          (401,835)                 0
   Debt financing costs ..........................          (308,228)             2,897
   Proceeds from mortgages payable ...............        16,710,000                  0
   Cash distributions to partners ................          (101,740)          (146,328)
                                                     ---------------    ---------------
   Net cash used in financing activities .........          (553,803)          (143,431)
                                                     ---------------    ---------------

NET (DECREASE) INCREASE IN CASH AND
   CASH EQUIVALENTS ..............................          (231,226)           492,837
CASH AND CASH EQUIVALENTS,
   BEGINNING OF PERIOD ...........................           326,120            218,872
                                                     ---------------    ---------------

CASH AND CASH EQUIVALENTS,
   END OF PERIOD .................................   $        94,894    $       711,709
                                                     ===============    ===============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION:

Cash paid during the period for interest .........   $     1,386,252    $       781,470
                                                     ===============    ===============
</TABLE>

                 See Accompanying Notes to Financial Statements

                                                                -6-
<PAGE>

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

                          NOTES TO FINANCIAL STATEMENTS

                                   (Unaudited)

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997


      The  accompanying  financial  statements  have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with  the  instructions  to Form  10-Q and  Rule  10-01 of  Regulation  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals) considered  necessary for a fair presentation have been included.  The
financial  statements as of and for the period ended September 30, 1997 and 1996
are  unaudited.  The  results of  operations  for the  interim  periods  are not
necessarily indicative of the results of operations for the fiscal year. Certain
information for 1996 has been reclassified to conform to the 1997  presentation.
These  financial  statements  should be read in  conjunction  with the financial
statements  and  footnotes  included  thereto  in  the  Partnership's  financial
statements filed on Form 10-K for the year ended December 31, 1996.

1.    Refinancing of Bonds Payable

      As  of  September   30,  1997,   Concord   Milestone   Plus,   L.P.   (the
"Partnership"),  with the assistance of Tri-Stone Mortgage Company, an affiliate
of the General  Partner,  closed three new fixed rate first  mortgage loans (the
"Mortgage  Loans") from Westco Real Estate  Finance Corp.  (the "Lender") in the
amounts  of  $2,865,000,  $8,445,000  and  $5,400,000,  respectively.  All three
Mortgage  Loans are secured by first  mortgages  on the  Partnership's  shopping
centers  located in Searcy,  Arkansas,  Valencia,  California  and Green Valley,
Arizona  (collectively,  the  "Properties").  Prior to September  30, 1997,  the
Properties  were  encumbered by mortgages  granted by the  Partnership to United
States Trust  Company of New York,  as trustee for the benefit of 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.  An  aggregate  of
$17,015,650  was paid to the  holders  of the  Bonds  in  connection  with  such
redemption,  of which  $16,452,000  was applied to prepay the  principal  of the
Bonds and $563,650 was applied to pay interest  accrued on the Bonds through the
redemption date.



                                                            -7-


<PAGE>



      The Mortgage Loan obtained by the Partnership with respect to the Property
located in Searcy,  Arkansas (the "Searcy  Loan") is in the principal  amount of
$2,865,000  and bears  interest at a fixed rate of 8.125% per annum.  The Searcy
Loan requires  monthly payments of principal and interest of $21,640 through and
including  September 1, 2007.  On October 1, 2007,  the balance of principal and
interest  (estimated to be $2,505,981) will be due and payable.  The Searcy Loan
may not be prepaid in whole or in part prior to November 1, 2003.  Subsequent to
October 31, 2003 and prior to May 31, 2007 it 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 Searcy Loan 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 Searcy Loan.  The Searcy Loan is secured
by first  mortgages on all three of the  Partnership's  Properties and a default
under either of the other two Mortgage Loans will constitute a default under the
Searcy  Loan.  The  Mortgage on the  Partnership's  shopping  center  located in
Searcy,  Arkansas may be released at the  Partnership's  option after the Searcy
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.

      The Mortgage Loan obtained by the  Partnership on the Property  located in
Valencia,  California  (the  "Valencia  Loan")  is in the  principal  amount  of
$8,455,000 and bears interest at a fixed rate of 8.125% per annum.  The Valencia
Loan requires  monthly payments of principal and interest of $65,881 through and
including  September 1, 2007.  On October 1, 2007,  the balance of principal and
interest (estimated to be $7,003,227) will be due and payable. The Valencia Loan
may not be prepaid in whole or in part prior to November 1, 2003.  Subsequent to
October 31, 2003 and prior to May 31, 2007 it 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 Valencia Loan
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 Valencia  Loan. The Valencia
Loan is secured by first mortgages on all three of the Partnership's  Properties
and a default  under  either of the other two Mortgage  Loans will  constitute a
default under the Valencia Loan.



                                                            -8-


<PAGE>



The  Mortgage  on  the  Partnership's   shopping  center  located  in  Valencia,
California may be released at the  Partnership's  option after the Valencia 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 Valencia  Loan,  the
Partnership has deposited  $45,000 into an escrow account (the "Valencia  Escrow
Account")  with  Lender.  The funds held in the Valencia  Escrow  Account may be
released upon the satisfactory completion of certain environmental  improvements
to the Property located in Valencia,  California and the satisfaction of certain
other conditions.

      The Mortgage Loan obtained by the  Partnership on the Property  located in
Green Valley,  Arizona (the "Green  Valley Loan") is in the principal  amount of
$5,400,000  and bears  interest  at a fixed rate of 8.250% per annum.  The Green
Valley Loan  requires  monthly  payments of  principal  and  interest of $41,252
through and  including  September  1, 2007.  On October 1, 2007,  the balance of
principal and interest (estimated to be $4,738,096) will be due and payable. The
Green  Valley  Loan may not be prepaid in whole or in part prior to  November 1,
2003. Subsequent to October 31, 2003 and prior to May 31, 2007 it 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 Green Valley Loan 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 Green Valley
Loan.  The Green  Valley Loan is secured by first  mortgages on all three of the
Partnership's  Properties  and a default  under either of the other two Mortgage
Loans will constitute a default under the Green Valley Loan. The Mortgage on the
Partnership's  shopping center located in Green Valley,  Arizona may be released
at the  Partnership's  option after the Green Valley 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  Loan,  the  Partnership  has
deposited  $150,000 into an escrow  account (the "Green Valley Escrow  Account")
with Lender.  The funds held in the Green Valley Escrow  Account may be released
upon the execution of a new lease or renewal lease,  with a termination  date of
July 31, 2004 or later, by a specified  tenant of the Property  located in Green
Valley, Arizona and the satisfaction of certain other conditions.

      CM Plus  Corporation,  the general partner of the Partnership,  guaranteed
the Partnership's obligations under the Mortgage Loans.



                                                            -9-


<PAGE>



      As a result of the Mortgage Loans,  the Partnership  recorded an aggregate
mortgage  payable of $16,710,000 at September 30, 1997. In addition,  the Lender
required a deposit of $198,000 into an escrow account for payment of real estate
taxes.  The Mortgage Loans will require annual  scheduled debt service  payments
aggregating  $1,545,276 through September 1, 2007. On October 1, 2007, all three
Mortgage Loans will become due and will require a payment currently estimated at
$14,247,304.

2.    Commitments and Contingencies

      The  Lender  engaged  an  independent   environmental   and   geotechnical
consulting firm to perform  environmental due diligence on the Properties at the
Partnership's  expense.  After various tests, the consultant identified chemical
contamination  in the  soil at a site  at the Old  Orchard  Shopping  Center  in
Valencia,  California which it believes is attributable to improper  handling of
dry cleaning solvent by a tenant and its  predecessors.  Based on the results of
soil  sampling  and testing and the  condition  of the site,  the  environmental
consultant has concluded that the  contaminated  area is an excellent  candidate
for receipt of regulatory  closure of environmental  issues through the use of a
health-risk   assessment   process   which,   if  accepted  by  the   California
Environmental  Protection Agency,  would obviate the need for active remediation
by the  Partnership.  Currently,  the  consultant  has  submitted  a plan  for a
"risk-based  closure" for the site which will require a minimum of three to four
months to complete  and is  estimated  to cost  between  $28,000  and  $100,000,
assuming that the Partnership receives regulatory agency acceptance of the plan.
Based on the  aforementioned,  the  Partnership  believes  it has made  adequate
provision in the accompanying financial statements to cover its costs associated
with the environmental condition at the property.

      The Partnership  currently is pursuing the course of action recommended by
the  environmental  consultant.  There can be no  assurance,  however,  that the
Partnership  will  be  granted  a  health-risk-based-closure  and  will  not  be
responsible  for active  remediation  of the  affected  site,  the cost of which
cannot be estimated at this time, but which could be substantial.

3.    Recently Issued Accounting Pronouncements

     The Financial  Accounting  Standards  Board has recently issued several new
accounting  pronouncements.  Statement No. 128, "Earnings per Share" establishes
standards for computing and presenting  earnings per share, and is effective for
financial  statements  for both interim and annual periods ending after December
15, 1997. Statement No. 129, "Disclosure of Information about Capital Structure"
establishes  standards  for  disclosing  information  about an entity's  capital
structure,  and is effective for financial  statements  for periods ending after
December 15, 1997. Statement No. 130, "Reporting Comprehensive

                                                           -10-


<PAGE>



Income" establishes  standards for reporting and display of comprehensive income
and its  components,  and is effective for fiscal years beginning after December
15, 1997.  Statement No. 131  "Disclosures  about  Segments of an Enterprise and
Related  Information"  establishes  standards  for the way that public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating  segments in interim  financial  reports  issued to partners.  It also
establishes  standards  for related  disclosures  about  products and  services,
geographic areas, and major customers, and is effective for financial statements
for periods beginning after December 15, 1997.

      Management  of the  Partnership  does not believe that these new standards
will have a material effect on the Partnership's reported operating results, per
partnership interest amounts, financial position or cash flows.

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

      General

      Certain  statements  made in this report may  constitute  "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995 (the "Reform Act"). Such  forward-looking  statements  involve known and
unknown  risks,  uncertainties  and other  factors  which  may cause the  actual
results,  performance or achievements of the Company to be materially  different
from any future  results,  performance or  achievements  expressed or implied by
such  forward-looking  statements.  Such  factors  include,  among  others,  the
following:  general  economic and business  conditions,  which will, among other
things,  affect  demand  for  retail  space or retail  goods,  availability  and
creditworthiness  of  prospective  tenants,   lease  rents  and  the  terms  and
availability of financing; adverse changes in the real estate markets including,
among other things,  competition  with other companies and technology;  risks of
real estate  development and acquisition;  governmental  actions and initiatives
;and environmental/safety requirements.

      Organization and Capitalization

      Concord  Milestone  Plus,  L.P.,  a  Delaware  limited   partnership  (the
"Partnership"), was formed on December 12, 1986, for the purpose of investing in
existing income-producing commercial and industrial real estate. The Partnership
began  operations  on August 20, 1987,  and  currently  owns and operates  three
shopping centers located in Searcy, Arkansas;  Valencia,  California;  and Green
Valley, Arizona.




                                                           -11-


<PAGE>



      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 Bonds and 36 Class B  Interests.  Each  Equity Unit
consists  of  100  Class  A  Interests  and  100  Class  B  Interests.   Capital
contributions  to the Partnership  consisted of $15,187,840 from the sale of the
Equity Units and $592,272 from the sale of the Bond Units.

      Results of Operations

      Comparison of Quarter Ended September 30, 1997 to Quarter Ended
      September 30, 1996

      Revenues of the Partnership  increased  $46,392,  or 6.2%, to $798,354 for
the quarter  ended  September  30, 1997 as compared to $751,962  for the quarter
ended September 30, 1996,  primarily due to an increase in reimbursed  expenses.
Reimbursed  expenses  increased due to increased  recovery  percentages  on both
common area  expenses  and real estate  taxes.  Additionally,  refunds  given to
tenants in 1996 due to an  incorrect  billing  in a prior  year were  charged to
revenue in 1996.

      Management and property expenses increased $23,957,  or 12.1%, to $221,957
for the quarter ended September 30, 1997 as compared to $197,191 for the quarter
ended  September 30, 1996,  primarily due to an increase in real estate taxes at
the  Green  Valley  Mall  located  in  Green  Valley,   Arizona  resulting  from
county-level  increases in both assessed  values and tax rates  which occurred 
during 1997.

      Interest expense increased $39,606,  or 10.1%, to $430,341 for the quarter
ended September 30, 1997 as compared to $390,735 for the quarter ended September
30, 1996,  due to the increase in the interest rate on the  Partnership's  Bonds
from 9.50% in 1996 to 10.0% in 1997.

      Depreciation  and amortization  expense  decreased  $19,933,  or 12.4%, to
$141,063 for the quarter  ended  September  30, 1997 as compared to $160,996 for
the quarter ended September  30,1996,  due to a decrease in the  amortization of
the net bond premium/discount in 1997.








                                                           -12-


<PAGE>



      Comparison of Nine Months Ended September 30,1997 to Nine Months Ended
      September 30, 1996

      Revenues of the Partnership  increased $46,597, or 2.0%, to $2,322,030 for
the nine months ended September 30, 1997, as compared to $2,275,433 for the nine
months ended  September  30, 1996,  primarily  due to an increase in  reimbursed
expenses. Reimbursed expenses increased due to increased recovery percentages on
both common area expenses and real estate taxes. Additionally,  refunds given to
tenants in 1996 due to an  incorrect  billing  in a prior  year were  charged to
revenue in 1996.

      Interest expense  increased  $80,736,  or 6.9%, to $1,252,941 for the nine
months ended  September 30, 1997, as compared to $1,172,205  for the nine months
ended  September  30,  1996  due to the  increase  in the  interest  rate on the
Partnership's Bonds from 9.5% in 1996 to 10.0% in 1997.

      Depreciation  and amortization  expense  decreased  $53,785,  or 11.2%, to
$426,113  for the nine months ended  September  30, 1997 as compared to $479,898
for  the  nine  months  ended  September  30,  1996,  due to a  decrease  in the
amortization of the net bond premium/ discount in 1997.

      Professional  fees  and  other  expenses  increased  $70,170,  or 70.5% to
$169,637 for the nine months ended September 30, 1997 as compared to $99,467 for
the nine  months  ended  September  30,  1996,  primarily  due to an  accrual of
estimated environmental and geotechnical costs for risk-based closure at the Old
Orchard Shopping Center, in Valencia, California.

      Liquidity and Capital Resources

      The General  Partner  believes that the  Partnership's  working capital is
sufficient to meet the  Partnership's  current  operating  requirements  for the
remainder of the year.  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.  Currently,  a significant amount of the Partnership's working capital is
in the  control  of the  lender as funds held in escrow  pending  resolution  of
certain  circumstances.  There are currently no material commitments for capital
expenditures.


                                                           -13-


<PAGE>



      The  Partnership  has suspended  making  distributions  due to the cost of
addressing environmental issues identified at the Old Orchard Shopping Center in
Valencia, California and payment of certain expenses relative to the refinancing
which are still  outstanding.  However,  future  debt  service  payments  on the
mortgage loans will be approximately $100,000 lower per year than the annualized
1997 scheduled  payments on the redeemed Bonds.  Also, an additional  savings of
approximately  $25,000 per year will be realized because the Partnership will no
longer  be  required  to pay  trustee  fees  on  the  Bonds.  Resolution  of the
environmental  situation  affecting the Old Orchard  Shopping Center is expected
during the first  quarter of 1998.  The  Partnership  will  continue  to suspend
distributions pending the resolution of the environmental condition.

      Management  is not  aware of any  other  trends,  events,  commitments  or
uncertainties  that will or are likely to  materially  impact the  Partnership's
liquidity.

      Cash Flows

      Net cash provided by operating  activities of $413,198 for the nine months
ended  September  30, 1997  included (i) a net loss of $206,497,  (ii)  non-cash
adjustments of $426,113 for depreciation  and  amortization  expense and (iii) a
net change in operating assets and liabilities of $193,582.

      Net cash provided by operating  activities of $724,621 for the nine months
ended  September  30, 1996  included (i) a net loss of $161,393,  (ii)  non-cash
adjustments of $479,898 for depreciation  and  amortization  expense and (iii) a
net change in operating assets and liabilities of $406,116.

      Net cash used in investing  activities of $90,621 and $88,353 for the nine
months ended September 30, 1997 and September 30, 1996, respectively,  consisted
of capital expenditures for property improvements.

      Net cash used in  financing  activities  of  $553,803  for the nine months
ended   September  30,  1997  included  (i)   redemption  of  Bonds  payable  of
$16,452,000,  (ii) funds held in escrow of $401,835,  (iii) debt financing costs
of $308,228,  (iv) proceeds from mortgages  payable of $16,710,000  and (v) cash
distributions to partners of $101,740.

      Net cash used in  financing  activities  of  $143,431  for the nine months
ended  September 30, 1996 included (i) debt  financing  costs of $2,897 and (ii)
cash distributions to partners of $146,328.





                                                           -14-


<PAGE>



PART II - OTHER INFORMATION

Item 6.  Reports on Form 8-K

      (a)    The following exhibits are included herein:

          Number        Exhibit

             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 which 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
          which is incorporated herein by reference.

             10.1       Fixed Rate Note,  dated September 23, 1997,  executed by
                        the  Partnership  in favor of  Lender,  relating  to the
                        property located in Green Valley, Arizona.




                                                           -15-


<PAGE>



          Number        Exhibit

             10.2       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.

             10.3       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.

             10.4       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.

             10.5       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.

             10.6       Fixed Rate Note,  dated September 23, 1997,  executed by
                        the  Partnership  in favor of  Lender,  relating  to the
                        property located in Searcy, Arkansas.

             10.7       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.

             10.8       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.

             10.9       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.

             10.10      Fixed Rate Note,  dated September 23, 1997,  executed by
                        the  Partnership  in favor of  Lender,  relating  to the
                        property located in Valencia, California.

             10.11      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   Valencia,
                        California.


                                                           -16-


<PAGE>



          Number        Exhibit

             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 Valencia,
                        California.

             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 Valencia, California.

             10.14      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.

             27.        Financial   Data   Schedule   Article  5  included   for
                        Electronic  Data  Gathering,   Analysis,  and  Retrieval
                        (EDGAR)  purposes only. This Schedule  contains  summary
                        financial  information  extracted from the balance 
                        sheets and statements of revenues and expenses of the 
                        Partnership as of and for the nine month
                        period ended September 30, 1997, and is qualified in its
                        entirety by reference to such financial statements.

      (b)    No reports on form 8-K were filed during the quarter for which this
             report is being filed.





                                                           -17-


<PAGE>



                                                        SIGNATURES

             Pursuant to the  requirements  of the  Securities  Exchange  Act of
1934,  the  Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.



DATE:      November 8, 1996                         CONCORD MILESTONE PLUS, L.P.
       --------------------------                   ----------------------------
                                                                (Registrant)



                             BY: CM PLUS CORPORATION
                                                                 General Partner


                                               By: /S/ Robert Mandor
                                                   Robert Mandor
                                                   Director and Vice President



                                               By: /S/ Patrick S Kirse
                                                   Patrick S Kirse
                                                   Treasurer and Controller