SAN DIEGO, June 2 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), an equity real estate investment trust (REIT), today announced
the acquisition of three additional neighborhood shopping centers -- Keizer
Creekside in Salem, Oregon; Park Manor in Bellingham, Washington; and Cruces
Norte in Las Cruces, New Mexico -- from Powell Development Company. Burnham
acquired the centers for approximately $10.7 million. The three centers are
among a portfolio of 13 retail properties comprising over 550,000 square feet
that Burnham is acquiring from Powell under a previously announced agreement
for approximately $61 million. Pursuant to that agreement, Burnham initially
purchased five properties in the states of Washington and New Mexico and
continues to hold the right to acquire five additional properties from Powell.
Keizer Creekside: Located in Keizer, Oregon, this property contains
104,212 square feet of GLA of which the Company purchased 61,943 square feet,
anchored by an Albertson's Supermarket (not owned).
Park Manor: Located in Bellingham, Washington, this property contains
96,266 square feet of GLA of which the Company purchased 28,454 square feet,
anchored by an Albertson's Supermarket (not owned).
Cruces Norte: Located in Las Cruces, New Mexico, this property contains
78,885 square feet of GLA of which the Company purchased 24,930 square feet,
anchored by an Albertson's Supermarket (not owned).
"We are pleased to announce the acquisition of these additional Powell
Portfolio properties," stated David Martin, President and Chief Executive
Officer of Burnham. "The acquisition of these additional properties will
expand our presence in the Pacific Northwest and add to our retail property
holdings."
Included among the previously acquired Washington State properties are
Chambers Creek Shopping Center in Tacoma, Puget Park Shopping Center in
Everett, Fairwood Square Shopping Center in Renton, and Design Market in
Bellevue. Also among the previously acquired properties was Silver Plaza in
Silver City, New Mexico.
Powell Development Company, the seller of the properties, is a partnership
of Lloyd Powell, a long-time developer of premier properties in the Northwest,
and his son, Peter Powell.
Burnham Pacific Properties is a fully integrated real estate operating
company which acquires, rehabilitates, develops and manages retail properties
on the West Coast where it is the largest owner of retail centers. The
Company has offices in San Diego, Los Angeles, San Francisco, and Sacramento
in California, as well as Portland, Oregon and Seattle, Washington. The
Company also makes available on a quarterly basis supplemental information
which includes property and corporate level detail which is available upon
request from the Company. More information on Burnham Pacific may be found on
the Company's website at http://www.burnhampacific.com or by calling 800-462-
5181.
SOURCE Burnham Pacific Properties, Inc.
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Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer
Burnham Pacific Properties, Inc., 619-652-4700, Fax:
619-652-4711, dbplatt@bpac.com
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