SAN DIEGO, Feb. 26 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of Puget Park
Shopping Center located in Everett, Washington and Cameron Park Place located
in Cameron Park, California. The Company sold its approximate 145,000 square
feet of acquired interest in the two centers for an aggregate of approximately
$19 million to Retail Value Investment Program, a joint venture comprised of
Developers Diversified, Coventry Real Estate Partners and Prudential Real
Estate Investors. Proceeds from the sales will be used to reduce outstanding
indebtedness.
The transactions 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 $139 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 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; approximately $66.0 million of
our total outstanding indebtedness will mature at various times during 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.
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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