SAN DIEGO, Jan. 3 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of the Marcoa
Publishing Building located in San Diego, California. The 28,600 square-foot
building was purchased by the Olympia Group, a San Diego-based
investor/developer for approximately $2.8 million. Proceeds from the sale
will be used for general corporate purposes.
"The sale of this property is consistent with our plan to dispose of
non-strategic assets and re-deploy the capital," stated Burnham Pacific's
President and Chief Executive Officer, J. David Martin.
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States.
Through its affiliates, the Company currently has interests in 106 properties
nationwide and makes available on a quarterly basis supplemental information
that includes property and corporate level detail which is available upon
request. More information on Burnham Pacific may be obtained by calling
800.462.5181, or visiting the Company's web site at http://www.burnhampacific.com.
This news release contains "forward-looking statements" that predict or
indicate future events or trends or that do not relate to historical matters.
We cannot assure the future results or outcomes of the matters described in
these statements; rather, these statements merely reflect our current
expectations of the approximate outcome of the matter discussed. Investors
should read the documents the Company files from time to time with the SEC,
specifically the risk factors that were disclosed in our Registration
Statement on Form S-3 that was filed with the SEC on August 13, 1999. You
should be aware that the risk factors contained in that Form S-3 may not be
exhaustive. Therefore, we recommend that you read the information in that
Form S-3 together with other reports and documents that we file with the SEC
from time to time, including our Forms 10-K, 10-Q, and 8-K which may
supplement, modify, supersede or update those risk factors.
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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