SAN DIEGO, March 22 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of Richmond City
Center located in Richmond, California. The Company sold the 76,692 square
foot center for approximately $10.4 million to Retail Value Investment
Program, a joint venture comprised of Developers Diversified Realty
(NYSE: DDR), Coventry Real Estate Partners and Prudential Real Estate
Investors. Proceeds from the sale will be used to reduce outstanding
indebtedness and for reserves as stated in the Company's proxy statement
relating to its 2000 Annual Meeting of Stockholders.
The transaction represents 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.
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.
Developers Diversified Realty currently owns and manages more than
260 shopping centers in 41 states totaling in excess of 60 million square feet
of real estate under management. DDR is a self-administered and self-managed
real estate investment trust (REIT) operating as a fully integrated real
estate company which acquires, manages, develops and leases shopping centers.
You can learn more about DDR on the Internet at http://www.ddrc.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 $11.3 billion in assets on behalf of
325 institutional clients as of September 30, 2000.
For further information please contact Daniel B. Platt, Chief Financial
Officer of Burnham Pacific Properties, Inc., 619-652-4700, or fax,
619-652-4711, dbplatt@bpac.com.
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, or fax,
619-652-4711, dbplatt@bpac.com
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