SAN DIEGO, April 3 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of 19 properties to
Weingarten Realty Investors for approximately $145.5 million in cash and the
assumption of mortgage debt of approximately $143 million. The 19 properties,
which combined total approximately 2.5 million square feet, are all
grocery-anchored shopping centers located in California. The Company used
approximately $126 million to redeem all of the Company's preferred equity and
approximately $15 million to reduce outstanding indebtedness under the
Company's line of credit.
Scott C. Verges, Burnham's President and Chief Executive Officer, stated,
"The sale of this portfolio demonstrates our ability to execute our plan of
liquidation through portfolio sales, which are often more cost effective than
individual asset sales. Since we first announced our intention to adopt a
plan of liquidation for the Company, we have sold our interests in
28 properties for a total of approximately $498 million. We remain focused on
an orderly liquidation of the remaining properties in the Company's portfolio
by pursuing transactions that are expected to result in favorable net proceeds
to the Company."
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 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 outstanding
indebtedness maturing at various times during 2001, and we may be unable to
repay, 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 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.
Company-Owned
California Gross Leasable Area Major Anchor
Property Location (square feet) Tenants
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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