Exhibit 10(o)
                DEPOSIT RECEIPT AND REAL ESTATE PURCHASE CONTRACT


                                  Phoenix      , Arizona   August 2  , 19  95
                             ------------------          ------------    ----

     Received from Zimmerman Properties, Inc. and/or Nominee ("Purchaser"),  the
sum of Twenty Five Thousand and no/100------- Dollars ($ 25,000.00 ) in the form
of a check to be deposited in Escrow upon acceptance from Seller , as an earnest
money  deposit on account  of the  purchase  price of One  Million  One  Hundred
Seventy-Five  Thousand  and  no/100-------  Dollars ($  1,175,000.00  ) for that
certain property situated in the City of Phoenix , County of Maricopa , State of
Arizona,  and described as follows (the  "Property"):  Westside Business Center,
34th  Drive  and  Flower   Street   Buildings   3,  4  and  5  Parcel   Numbers:
108-03-059,060,061, 062 and 068


TERMS OF SALE:

     1.  The  deposit  shall  be  immediately  deposited  into  escrow  with the
below-named  Escrow Holder. The remainder of the purchase price shall be paid as
follows:

                                  $25,000.00         Earnest Money Deposit
                               $1,150,000.00         Payable at Close of Escrow
                               $1,175,000.00         Total Sales Price

     2. Upon  mutual  execution  of this  Contract,  the parties  shall  execute
instructions to Lawyers Title of Arizona Karma Stockstill (the "Escrow Holder"),
to consummate the purchase in accordance  with the terms and provisions  hereof.
The provisions hereof shall constitute joint  instructions to the Escrow Holder;
provided,  however, that the parties shall execute such additional  instructions
as they may agree upon or as  requested  by the Escrow  Holder not  inconsistent
with the  provisions  hereof.  Said escrow shall  provide for a closing of on or
before  September 30, 1995.  Escrow fees shall be shared by Seller and Purchaser
on a 50/50 basis.

     3. As soon as reasonably possible following opening of escrow, Seller shall
pay for and furnish to Purchaser a  Preliminary  Title  Report on the  Property,
together  with  full  copies of all  exceptions  of  record  set  forth  therein
("Exceptions"),   including   but  not   limited   to   covenants,   conditions,
restrictions,  reservations,  easements,  rights  and  rights of way of  record,
assessments,  liens and other matters of record.  Purchaser  shall have ten (10)
days after receipt of said Preliminary  Title Report,  together with full copies
of said Exceptions,  within which to notify the Seller and the Escrow Holder, in
writing, of Purchaser's  reasonable  disapproval of any Exceptions shown in said
Title Report.  Failure of Purchaser  reasonably to disapprove  any  Exception(s)
within  the  aforementioned  time  limit  shall be  deemed an  approval  of said
Preliminary  Title Report*.  The Policy of Title  Insurance  shall be a standard
coverage  policy in the amount of the total purchase price and shall be paid for
by Seller. * See Addendum A, Paragraph 1.

     4. In the event that the foregoing  contingency or any  contingency to this
Contract  has not been  eliminated  or  satisfied  within  the time  limits  and
pursuant to the provisions herein, unless Purchaser elects to waive the specific
contingency  by  written  notice to the Seller  and to the  Escrow  Holder,  the
Contract  resulting  from  Seller's  acceptance  hereof shall be deemed null and
void,  the  deposit  shall be  returned  to  Purchaser  and the escrow  shall be
cancelled.



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     5. Seller  warrants that Seller has not received nor is Seller aware of any
notification from any governmental authority having jurisdiction,  requiring any
work to be done on the Property.  Seller further  warrants that in the event any
such notice or notices are  received by Seller  prior to the close of escrow and
Seller  is  unable to or does not elect to  perform  the work  required  in said
notice at Seller's sole cost and expense on or before the close of escrow,  said
notices  shall  be  submitted  to  Purchaser  for his  examination  and  written
approval.  Should Purchaser fail to approve said notice and thereby elect not to
acquire the  Property  subject to the effect of same,  within five (5) days from
the date Seller  submits said notice to Purchaser,  then this Contract  shall be
cancelled  without further  liability to either party, and all deposits returned
to Purchaser.

     6. Property taxes,  rentals, and operating or other expenses, if any, shall
be prorated as of the date of close of escrow,  and Seller shall pay the cost of
any  stamps  to be  attached  to the  deed or  other  similar  fees or  taxes in
accordance  with the  requirements of any lawful  authority.  Any advance Tenant
deposits or payments shall be prorated and credited accordingly to Purchaser. As
to  assessments,  the information  pertaining  thereto shall be set forth in the
aforementioned  Preliminary  Title  Report  and,  if  approved,   Purchaser,  at
Purchaser's  option,  may  either  take title  subject  to the unpaid  principal
balance  thereof with this sum to be credited  towards the total  purchase price
and to apply towards the cash sum required to be paid through  escrow or require
Seller to remove said lien for assessments at the time of closing.

     7. Purchaser  reserves the right to take title to the subject property in a
name or assignee  other than shown  above;  provided,  however,  that such right
shall not relieve Purchaser of his liabilities hereunder as a principal obligor.

     8.  Purchaser  shall have 30 days from  August  11,  1995  within  which to
investigate the Property, its value, zoning, environmental and building matters,
its condition including, but not limited to the presence of asbestos,  hazardous
materials and  underground  storage  tanks--and its  suitability for Purchaser's
intended  use.  Seller  hereby  warrants  that to the best of its  knowledge the
premises  described  herein  and the  improvements  thereon do not  violate  the
applicable  building  or zoning  regulations  and that  Seller is unaware of any
material  defect in the Property or  improvements  thereon with the exception of
the  following,  to wit:  None . (If none -- so  indicate.)  If Purchaser  gives
written  notice to Seller by 5:00 PM of the final  date of the  above-referenced
period, of dissatisfaction  with any of the referenced  matters,  and Seller and
Purchaser have not entered into a mutually agreeable resolution of the matter by
5:00 PM 7 days thereafter, this Contract shall be deemed cancelled and Purchaser
shall be entitled  to return of  deposit.  If  Purchaser  fails to give  written
notice  of  dissatisfaction  by 5:00  PM of the  first-referenced  period,  then
Purchaser's right to object to such matters shall be deemed waived.

     9. If there is any loss or damage to the  Property  between the date hereof
and the  date of  closing  of  escrow,  by  reason  of fire,  vandalism,  flood,
earthquake  or act of God,  the risk of loss shall be on the  Seller,  provided,
however  that if the cost of  repairing  such  loss or  damage  would  exceed 10
percent of the purchase  price,  (a) Purchaser may elect to cancel this Contract
unless  Seller  agrees in writing to pay the cost of repairing  all such loss or
damage,  and (b)  Seller may elect to cancel  this  Agreement  unless  Purchaser
agrees in writing  either to accept the Property  without  offset or  additional
consideration  or to pay the cost of repairing such loss or damage to the extent
such cost would exceed 10 percent of the purchase price.



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                                                         Page 3




     11. Any addendum or exhibit  attached hereto and either signed or initialed
by the parties shall be deemed a part hereof.

     12. Time is of the essence of this Contract.

     13. The following shall apply in the event of default by either party under
this Contract:

         (a)      IF PURCHASER IS IN DEFAULT (check one):

           X      SPECIFIC PERFORMANCE/DAMAGES

                  Seller may elect to treat this Contract as cancelled, in which
                  case all payments and things of value received hereunder shall
                  be forfeited  and  retained by Seller,  and Seller may recover
                  such  damages as may be  proper,  or Seller may elect to treat
                  this  Contract  as being in full  force and  effect and Seller
                  shall have the right to specific  performance,  or damages, or
                  both.

                  LIQUIDATED DAMAGES

                  All payments and things of value received  hereunder  shall be
                  forfeited by Purchaser and retained by Seller and both parties
                  shall  thereafter be released from all obligations  hereunder.
                  It is  agreed  that  such  payments  and  things  of value are
                  LIQUIDATED  DAMAGES and (except as provided in subsection (c))
                  are SELLER'S SOLE AND ONLY REMEDY for  Purchaser's  failure to
                  perform the  obligations  of this Contract.  Seller  expressly
                  waives the  remedies of specific  performance  and  additional
                  damages.

         (b)      IF SELLER IS IN DEFAULT:

                  Purchaser  may elect to treat this  Contract as  cancelled  in
                  which case all payments and things of value received hereunder
                  shall be returned  and  Purchaser  may recover such damages as
                  may be proper,  or Purchaser  may elect to treat this Contract
                  as being in full force and effect and Purchaser shall have the
                  right to specific performance or damages, or both.

         (c)      COSTS AND EXPENSES:

                  Anything to the contrary herein notwithstanding,  in the event
                  of any litigation or arbitration arising out of this Contract,
                  the prevailing party shall be awarded all reasonable costs and
                  expenses, including attorneys' fees and expert witness fees.

     14. AGENCY DISCLOSURE

     Seller and  Purchaser  each warrant that they have dealt with no other real
estate  brokers in connection  with this  transaction  except:  Lee & Associates
(Matt Hobaica) , who represents the Seller , and Cutler  Commercial (Rod Crotty)
, who represents the Buyer.


     15.  Seller  agrees to pay Broker a real estate  brokerage  commission  for
services  rendered in effecting  this sale, in the amount called for in Seller's
contract with Broker for the sale of the Property,  if any, and otherwise in the
amount of 5 % of the accepted sales price.


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                                                         Page 4



     Sale  proceeds  sufficient  to pay the  commission  are hereby  assigned to
Broker,  and Escrow Holder is hereby instructed to pay said commission to Broker
out of Seller's  proceeds at the close of escrow.  This instruction shall not be
withdrawn or modified without Broker's written consent. Nothing contained herein
shall  negate any  additional  rights  Broker may have under any other  contract
between Seller and Broker for the sale of the Property.

     16. In the event that Broker  deems it  necessary  to file an  interpleader
action in court to resolve a dispute over the earnest money  deposit  referenced
herein,  Purchaser  and Seller  authorize  Broker to draw from the earnest money
deposit an amount  necessary to advance the legal fees and costs of bringing the
interpleader action. The amount of deposit remaining after advancing those costs
shall be  interpleaded  into court in accordance  with state law.  Purchaser and
Seller further agree that the defaulting party shall pay any further court costs
and reasonable  attorney's fees incurred by Broker in bringing or being involved
in such action.

     17. The Foreign  Investment  in Real  Property Tax Action  ("FIRPTA"),  IRC
1445,  requires  that every  purchaser of U.S.  real  property  must,  unless an
exemption applies,  deduct and withhold from Seller's proceeds ten percent (10%)
of the gross sales price. The primary  exemptions which might be applicable are:
(a) seller provides  purchaser with an affidavit under penalty of perjury,  that
seller is not a "foreign  person",  as defined in FIRPTA, or (b) seller provides
purchaser  with a "qualifying  statement,"  as defined in FIRPTA,  issued by the
Internal Revenue  Service.  Seller and Purchaser agree to execute and deliver as
appropriate,  any instrument,  affidavit and statement,  and to perform any acts
reasonably  necessary  to carry out the  provisions  of FIRPTA  and  regulations
promulgated thereunder.

     18. In the event that this offer is not  accepted  by Seller on or before 5
o'clock p m,  August 11 , 19 , this offer shall  become  null and void,  and the
deposit made herewith shall be returned to Purchaser. Purchaser hereby agrees to
purchase  the  above-described  property  for the  price  and upon the terms and
conditions herein expressed. All tenders and notices required hereunder shall be
made and given to either of the  parties  hereto at their  respective  addresses
herein  set  forth.  Purchaser  hereby  acknowledges  receipt  of a copy of this
Contract.

     19. The parties hereto agree to comply with all applicable  federal,  state
and local laws, regulations,  codes, ordinances and administrative orders having
jurisdiction over the parties, property or the subject matter of this Agreement,
including,  but not  limited  to, the 1964 Civil  Rights Act and all  amendments
thereto,  the Foreign  Investment  in Real  Property Tax Act, the  Comprehensive
Environmental  Response  Compensation  and Liability Act, and The Americans With
Disabilities Act.



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                                                         Page 5




     20. See  Addendum A attached  hereto as an intrigal  part of this  purchase
contract.

                                Date:            August 15, 1995             
                                Purchaser:    Zimmerman Properties, Inc. and/or
                                                        Nominee             
                                a(n)                                          
                                By:                                           
                                Title:                                        
                                By:                                           
                                Title:                                         
                                Address:                                      
                               
The  undersigned  Seller  hereby  accepts  this  Contract and agrees to sell the
Property to Purchaser  for the price and on the terms and  conditions  set forth
herein. Seller hereby acknowledges receipt of a copy of this Contract.

                                Date:                                        
                                Seller:      Connecticut General Equity         
                                    Properties-I Limited Partnership            
                                a(n)  By:  CIGNA Investments, Inc.              
                                By:  Stephen J. Olstein                         
                                Title:      Managing Director                   
                                By:                                             
                                Title:                                          
                                Address:              900 Cottage Grove Road    
                                                      Bloomfield, CT  06002     
                                
--------------------------------------------------------------------------------
CONSULT YOUR  ADVISORS - This  document  has been  prepared for approval by your
attorney and financial  advisor.  No representation or recommendation is made by
Broker as to the legal  sufficiency or tax  consequences of this document or the
transaction  to which it relates.  These are  questions  for your  attorney  and
financial advisor.

     In any real estate  transaction,  it is recommended that you consult with a
professional,  such as a civil  engineer,  industrial  hygienist or other person
with experience in evaluating the condition of property,  including the possible
presence  of  asbestos,  hazardous  materials  and  underground  storage  tanks.
-------------------------------------------------------------------------------





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                                                         Page 6



                                   ADDENDUM A


THIS ADDENDUM TO PURCHASE  CONTRACT  ("Addendum") is attached to and constitutes
an integral part of the Purchase  Contract between  ZIMMERMAN  PROPERTIES,  INC.
AND/OR NOMINEE, as Purchaser and CONNECTICUT GENERAL EQUITY PARTNERS, as Seller.
The terms of this Addendum shall be  incorporated  in the Purchase  Contract for
all purposes.  In the event of a conflict between the provisions of the Purchase
Contract and the provisions of this Addendum, this Addendum shall control.

     1.  CONVEYANCE OF PROPERTY - The property shall be conveyed to Purchaser at
Closing,  with no  exception  shown on the title  policy  except as  approved by
Purchaser.  However,  delivery of a title insurance  policy fully  acceptable to
Purchaser  shall be only a  condition  of Closing and shall not be a covenant of
Seller.  Seller shall be under no obligation to clear any encumbrances  from the
title (except for monetary liens other than liens for current taxes not yet due)
or to create any encumbrance on, or for the benefit of, the Property.  If Seller
does not deliver title in a form fully acceptable to Purchaser, then Purchaser's
sole and exclusive remedy shall be to terminate the Purchase  Agreement and have
the Deposit  returned.  If  Purchaser  chooses  not to  terminate  the  Purchase
Agreement,  then Purchaser  shall accept such title as Seller  delivers  without
deduction of the Purchase Price.

     2.  EXPENSES - Each party shall bear its own legal  expenses in  connection
with this  transaction.  Seller shall pay all standard  coverage title insurance
costs, and the costs for the Preliminary Title Report.

     3. PHYSICAL CONDITION OF THE PROPERTY - Purchaser will acquire the Property
"as is", with no repairs or improvements required of Seller.

     4. SELLER  CONTINGENCY - This Purchase Contract is contingent upon Seller's
Investment  Committee approval.  Such approval shall be in writing and furnished
to Escrow Agent  within  fifteen  (15) days after the  Purchaser  has waived all
their  contingencies  stated herein in writing to Seller. If Seller's Investment
Committee  does not  approve of this  transaction  within the  fifteen  (15) day
period, this Purchase Contract will be come null and void.

     5. TITLE - Title to  property  shall be  simultaneously  conveyed  to Buyer
and/or its nominee by a recordable  Special  Warranty Deed subject only to items
specifically approved by Buyer and Seller.

     6. TAX DEFERRED  EXCHANGE - Seller agrees to cooperate with Buyer to effect
a tax deferred 1031 exchange,  although  close of escrow is not contingent  upon
this exchange.

     7. MILCO LEASE  RENEWAL - Seller has  negotiated  and entered  into a lease
renewal  with Milco for  certain  space  within the  Property.  The Milco  lease
contains a provision  that grants Milco a one time right to terminate  the lease
if the  landlord is unable to acquire and improve the 20,375  square foot parcel
adjacent  to and due north of the  premises  leased to  Milco,  which  parcel is
currently owned by United Parcel Service (the "Adjacent  Parcel").  The landlord
under the Milco lease has until February 1, 1996 to acquire the Adjacent  Parcel
and to complete  the parking lot and  interior  improvements,  the total cost of
which is  currently  projected  to be $66,000.  Milco as tenant has the right to
terminate  its lease if the  landlord  does not  acquire  the  Adjacent  Parcel.
Purchaser's obligation to purchase the Property under


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                                                         Page 7



this  Contract is not  contingent  upon  Milco's  exercising  or failing to
exercise such termination right. Purchaser's obligation to purchase the Property
under  this  Contract  is also not  contingent  upon  Seller's  entering  into a
purchase contract with United Parcel Service for the Adjacent Parcel.  Purchaser
further understands that as of the date of this Contract,  United Parcel Service
has communicated to Seller its intention not to sell the Adjacent Parcel. In the
event,  however,  that  Seller  does enter into a contract  with  United  Parcel
Service to  purchase  the  Adjacent  Parcel,  but at the time of closing of this
Contract has not closed the purchase of the Adjacent  Parcel,  Seller  agrees to
assign its rights under the contract for the Adjacent  Parcel to Purchaser,  and
Purchaser  agrees to assume  Seller's  obligations  thereunder  and to reimburse
Seller for its costs expended in connection with  obligations  thereunder and to
reimburse  Seller for its costs expended in connection  with such contract in an
amount not to exceed  $66,000,  in addition to payment of the purchase price for
the Property under this  Contract.  In the event that Seller has closed any such
purchase of the Adjacent Parcel prior to the  consummation of this Contract,  at
the Closing of this Contract,  Purchaser  shall  reimburse  Seller the foregoing
amounts  expended in addition to payment of the Purchase  Price for the Property
under this Contract and Seller shall convey the Adjacent Parcel to Purchaser.

     8. LEASES,  LEASE RENEWALS AND CONTRACTS - After the end of the Feasibility
Period and until the close of escrow hereunder,  Seller agrees not to enter into
any new leases, lease renewals or any contracts affecting the property extending
beyond the Closing date without Purchaser's prior written consent, which consent
shall not be  unreasonably  withheld.  Purchaser shall have a period of five (5)
business  days after  receipt of Seller's  request for such approval in which to
approve or disapprove of such lease, renewal or contracts. If Purchaser fails to
respond within such time period,  Purchaser  shall be deemed to have approved of
such lease, renewal or contracts as submitted by Seller.

     9. BUYER'S FEASIBILITY - Within ten (10) business days after the opening of
escrow, Seller will make available for Buyer's inspection the following items if
in Seller's possession or accessible to Seller:

       a.     Operating  statement  for  the  property  identifying  all  income
              collected  and  operating  expenses  paid for the past 12  months.
              Buyer  agrees  and  understands  that  such  operating  statements
              reflect several buildings that were originally owned by Seller but
              were recently sold to several investors/users. In addition, Seller
              will provide, if available, copies of base year operating expenses
              for current tenants.

       b.     Rent roll for the property.

       c.     Copies of real and personal property tax bills for the preceding
              12 months.

       d.     Copies of all utility bills for the preceding 12 months.

       e.     Clean copies of building and site plans and specifications of the
              project.

       f.     Copies of all service contracts.

       g.     Legible copies of all tenant leases and amendments or 
              modifications thereof in effect.




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                                                         Page 8


     10. OTHER CONTINGENCIES - Within twenty-five (25) days after the opening of
escrow,  Seller, at Seller's expense, shall provide to Buyer the following items
for Buyer's  written  approval or  disapproval as provided in Paragraph 8 of the
Purchase Contract.

       a.     A current Phase I  Environmental  Assessment  Report,  including a
              reliance  letter for the  benefit of Buyer.  Buyer will pay Seller
              the  additional  costs,  if  any,  for the  cost of said  reliance
              letter.

       b.     A current Pest Control Inspection Report.

       c.     A current ALTA Survey for the property.

       d.     A form of estoppel  certificates for all leases, to be approved by
              Buyer.  Seller will use its best efforts to obtain signed estoppel
              certificates  for no less  than  fifty-five  percent  (55%) of the
              project.

                                                                Initials
                                                               =========



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