SAN DIEGO, April 26 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of the Downtown
Pleasant Hill Shopping Center located in Pleasant Hill, California. The
Company sold the 355,596 square foot center for approximately $62.4 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 were used to reduce outstanding
indebtedness.
The Company also announced that the parties have agreed to amend the
previously announced Purchase and Sale Agreement with The Prudential Insurance
Company of America such that Mountaingate Plaza and Lake Arrowhead Village
will not be sold under that agreement. The Company also announced that it has
executed a purchase agreement with the original contributors of the Lake
Arrowhead Village center, who exercised their right of first refusal to
purchase the property at the same price and on substantially the same terms as
those included in the agreement with Prudential.
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.
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.
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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