SAN DIEGO, Jan. 2 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of three shopping
centers situated in the Los Angeles metro region. The three California
centers are Valley Central Shopping Center located in Lancaster, the Plaza at
Puente Hills located in the City of Industry, and the La Mancha Shopping
Center located in Fullerton. The Company sold its approximate 1.1 million
square feet of acquired interest in the three centers for an aggregate of
approximately $109.9 million to Retail Value Investment Program, a joint
venture comprised of Developers Diversified, Coventry Real Estate Partners and
Prudential Real Estate Investors. Burnham Pacific will realize an aggregate
gain on sale of approximately $15.6 million. Proceeds from the sale will be
used to reduce outstanding indebtedness.
The sales represent a portion of a portfolio of properties targeted for
sale under the previously announced Purchase and Sale Agreement with The
Prudential Insurance Company of America, with the remaining properties having
an aggregate purchase price of approximately $158 million.
Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
that focuses on retail real estate. More information on Burnham may be
obtained by calling 800.462.5181 or by visiting the Company's web site at
http://www.burnhampacific.com.
Prudential Real Estate Investors provides global real estate money
management services to clients in the United States, Europe, Asia and Latin
America. It manages more than $13.8 billion in assets on behalf of
325 institutional clients as of June 30, 2000.
This press release contains forward-looking statements that predict or
indicate future events or trends or that do not relate to historical matters.
There are a number of important factors that could cause actual events to
differ materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, the following: we may be
unsuccessful in implementing our liquidation strategy; we may not be able to
complete the liquidation in a timely manner or realize proceeds from the sales
of assets in amounts that will enable us to provide currently anticipated
liquidating distributions to our stockholders; we have approximately $177.8
million of outstanding indebtedness which has matured or is scheduled to
mature by March 31, 2001, and we may be unable to refinance, replace or extend
any or all of this indebtedness on terms that are favorable to the Company, or
at all; and occupancy rates and market rents may be adversely affected by
economic and market conditions which are beyond our control, including
imbalances in supply and demand for retail shopping center space and the
financial condition of our tenants.
SOURCE Burnham Pacific Properties, Inc.
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Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties, Inc., 619-652-4700, fax,
619-652-4711, dbplatt@bpac.com
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