SAN DIEGO, Jan. 17 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has signed an agreement for the sale of
19 properties to Weingarten Realty Investors for $145.5 million in cash and
for the assumption of mortgage debt that the Company is currently carrying on
its books at approximately $143.6 million. The 19 properties, which combined
total approximately 2.5 million square feet, are all grocery-anchored shopping
centers located in California. The closing of the transaction is anticipated
to occur on or about March 30, 2001.
Scott C. Verges, Burnham's President and Chief Executive Officer, stated,
"We are pleased to have reached an agreement for the sale of the
19 properties. The proposed transaction demonstrates our commitment to the
successful liquidation of the Company in an orderly manner. We will continue
to pursue transactions that recognize the quality of Burnham's assets."
At December 31, 2000, the Company had an ownership interest in
53 properties. Eight of these properties are under contract with Prudential,
19 are subject to the agreement with Weingarten Realty, and one is under
contract with a private buyer, leaving 25 properties to be sold.
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.
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
$77.0 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. You should also read the risk factors
that are discussed in the Company's periodic reports filed with the Securities
and Exchange Commission, including the risk factors that were disclosed in our
Form 10-K which was filed with the SEC on March 30, 2000. You should be aware
that the risk factors contained in that Form 10-K may not be exhaustive.
Therefore, we recommend that you read the information in that Form 10-K
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 and Proxy Statements, which
may supplement, modify, supersede or update those risk factors.
Property California Company-Owned Major Anchor
Location Gross Leasable Tenants
Area
580 Marketplace Castro Valley 101,565 PW Foods,
24-Hour Fitness
Arcarde Square Sacramento 76,497 Grocery Outlet
Buena Vista Duarte 90,805 Ralphs
Centerwood Bellflower 70,992 32nd Street Market,
Basically-A-Buck
Creekside Vacaville 116,229 Raley's
Discovery Plaza Sacramento 93,398 Bel Air Market
Gateway Plaza Fremont 195,092 Raley's,
24-Hour Fitness
Hallmark Town Ctr. Madera 85,066 Food-4-Less
Menifee Town Ctr. Menifee 79,134 Ralphs, Target
(non-owned anchor)
Prospector's Plaza Placerville 219,112 Albertsons, K-Mart,
Long's Drugs
Ralphs Center Redondo Beach 66,700 Ralphs
San Marcos Plaza San Marcos 35,880 Albertsons
(non-owned anchor)
Shasta Crossroads Redding 121,334 Food-4-Less
Silver Creek Plaza San Jose 134,018 Safeway, Walgreens
Southampton Benecia 162,390 Raley's
Stony Point Plaza Santa Rosa 198,528 Food-4-Less,
Home Base,
Rite Aid
Summerhills Plaza Citrus Heights 133,614 Raley's
Sunset Center Suisun City 85,198 Albertsons,
Rite Aid
Westminster Center Westminster 411,417 Albertsons,
Home Depot,
Office Max,
Rite Aid, Petco,
Hollytron, Edwards
Theatres
Total 2,476,969
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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