SAN DIEGO, May 1 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of Chambers Creek
Shopping Center located in Tacoma, Washington. The 58,000 square-foot center
was sold for approximately $3.25 million. The Company will realize a gain on
sale of approximately $450,000. Proceeds from the sale will be used for
general corporate purposes.
J. David Martin, the Company's President and Chief Executive Officer,
stated, "The disposition of this center is consistent with our policy of
disposing of non-core assets when attractive opportunities arise that will
provide the Company with additional liquidity and financial flexibility."
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States. On
a quarterly basis, Burnham Pacific makes available supplemental information
that includes property and corporate level detail which is available upon
request. More information on Burnham Pacific may be obtained by calling
800.462.5181, or 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.
We cannot assure the future events or outcomes of the matters described in
these statements; rather, these statements merely reflect our current
expectations of the approximate outcome of the matter discussed. Investors
should read the documents the Company files from time to time with the SEC,
specifically the risk factors that were disclosed in our Form 10-K that 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 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, or fax,
619-652-4711, dbplatt@bpac.com
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