SAN DIEGO, Jan. 5 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), an equity real estate investment trust (REIT), today announced
the acquisition by its affiliate, BPP Retail LLC, of Silverton Plaza shopping
center in Silverton, Oregon; Laguna Niguel Plaza in Laguna Niguel, California;
and Snell & Branham Plaza in San Jose, California. Total purchase price for
the three acquisitions, which were purchased in December 1998, was
approximately $22.7 million.
Silverton Plaza is a 67,522 square-foot neighborhood shopping center
anchored by a 34,500 square-foot Safeway and a 20,122 square-foot Rite Aid.
Also included in the purchase is a vacant corner pad totaling 4.38 acres for
future development. Silverton is a growing bedroom community to Oregon's
capital, Salem, located in the heart of the Willamette Valley approximately
45 miles south of Portland. Approximately one mile south of the acquired
center is the future home of the Oregon Botanical Gardens, a 240-acre showcase
garden scheduled to open in the spring of 2000 and expected to draw over
800,000 visitors in its first year.
Laguna Niguel Plaza is a 93,841 square-foot neighborhood shopping center
anchored by a 38,917 square-foot Lucky market (not included in the purchase)
and a 15,000 square-foot Sav-On Drugs. Laguna Niguel is an upscale
master-planned community located in Southern California's Orange County.
Situated within this community, the center is insulated from future
competition while capitalizing upon the continuing residential growth of the
area.
Snell & Branham Plaza is a 94,289 square-foot neighborhood center anchored
by a 44,000 square-foot Safeway. The center is situated approximately five
miles from downtown San Jose and draws from a two-mile trade area in all
directions where the population exceeds 100,000 and the income average is well
above that of the national average.
"We are pleased to announce the addition of these centers to our portfolio
of retail properties," stated David Martin, Burnham Pacific's President and
Chief Executive Officer. "These acquisitions increase our presence in three
of our targeted western markets."
BPP Retail LLC is a limited liability company, of which Burnham is the
managing member and 20% owner, that serves as the joint venture vehicle for
the California Public Employees' Retirement System's (CalPERS) and Burnham's
co-investment in shopping centers in the Western United States.
Burnham Pacific is a fully integrated real estate operating company which
acquires, rehabilitates, develops and manages retail properties in the Western
United States. The Company currently owns 83 properties and controls four
major leaseholds.
Burnham Pacific also announced that in December 1998, it sold its
100%-owned Plaza Rancho Carmel center for $2.8 million. Commenting on the
sale of this 36,722 square-foot center situated in the Carmel Mountain Ranch
area of San Diego, Mr. Martin stated, "This property, which the Company has
owned for ten years, no longer fits our strategic focus of grocery/drug
anchored community, promotional and entertainment retail centers in major
metropolitan markets. As we have done with other non-core properties, we are
selling this center with the intent of redeploying the proceeds into
properties better aligned with our target strategy."
Burnham Pacific maintains offices in California, Oregon and Washington and
makes available quarterly supplemental information that includes property and
corporate level detail. More information may be found by calling 800-462-5181
or visiting the Company's web site at http://www.burnhampacific.com.
This news release contains forward-looking statements regarding future
events or financial performance of the Company. These statements are only
predictions and actual events or results may differ materially. Investors
should refer to the documents the Company files from time to time with the
Securities and Exchange Commission, specifically the cautionary statement
identifying certain factors that could affect future results included in the
MD&A section of the Company's most recent 10-K report.
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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