SAN DIEGO, March 20 /PRNewswire-FirstCall/ -- Burnham Pacific Properties,
Inc. (NYSE: BPP) today announced that it has sold its interests in three
properties for an aggregate sales price of approximately $22,301,000.
The Company sold Santa Fe Springs Plaza, a 165,000 square foot community
shopping center in Santa Fe Springs, California, to Santa Fe Springs Plaza
Associates, LLC, a joint venture between ScanlanKemperBard Companies, an
Oregon corporation, and Praedium Group, for approximately $19,665,000. The
Company also sold its 25% ownership interest in the 77,000 square foot
Margarita Plaza shopping center in Huntington Park, California to California
Urban Investment Partners, LLC for approximately $1,886,000.
In addition, the Company sold its interest in a 37,000 square foot
leasehold at Brickyard Plaza in Salt Lake City, Utah, for approximately
$750,000 to Pacific Retail, L.P., a joint venture led by affiliates of PO'B
Montgomery & Company and Apollo Real Estate Advisors. The sale of Brickyard
Plaza represents the third transaction under a previously announced purchase
and sale agreement, as amended, with Pacific Retail, L.P., which contemplates
the sale of the Company's interests in fifteen properties. The first two
transactions involved the sale of twelve properties for an aggregate purchase
price of approximately $116,600,000. In addition, Pacific Retail, L.P.
elected not to purchase Gateway Center and forfeited the allocable portion of
their remaining earnest money deposit. The remaining property under the
agreement with Pacific Retail, L.P. is expected to close if and when the
necessary applicable ground lessor approval is received.
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 .
This news 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.
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 that was filed with the
SEC on April 3, 2001. 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.
 back to top
Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties, Inc., +1-619-652-4700, Fax,
+1-619-652-4711, dbplatt@bpac.com
|
