SAN DIEGO, June 15 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), an equity real estate investment trust (REIT), today announced
the acquisition of a portfolio of three shopping centers in the rapidly
growing area of Palm Springs, California. Two of the centers, Mission Plaza
and Plaza de Monterey, are neighborhood shopping centers; the third, Palms to
Pines, is a convenience/ entertainment center. The portfolio of properties,
comprising a total of 152,657 square feet of leasable space, was purchased for
$13.7 million.
Mission Plaza is a 72,421 square-foot center in Cathedral City, a
community between Palm Springs and Rancho Mirage. The center, anchored by a
42,966 square-foot Lucky market, is located at the corner of Date Palm Drive
and Gerald Ford Drive near Highway 111, the primary commercial route through
the Coachella Valley.
At Plaza de Monterey, an 85,482 square-foot center located at the corner
of Country Club Drive and Monterey Drive in Palm Desert, Burnham Pacific is
acquiring 37,482 square feet of space occupied by 28 local shops, restaurants
and services. A 46,998 square-foot Lucky market anchors the center, but is
not included in the transaction.
Palms to Pines Shopping Center is a 42,754 square-foot center located on
Highway 111 at Highway 74 in Palm Desert. The center is anchored by an 11,600
square-foot Metropolitan Theater, and by McDonald's and Arby's restaurants and
is part of a larger shopping center anchored by a Von's supermarket, which is
not included in the transaction.
"The acquisition of this portfolio expands our presence in Southern
California," stated David Martin, President and Chief Executive Officer of
Burnham Pacific, "and strengthens our position as the largest retail REIT on
the West Coast. The Coachella Valley of Southern California is well known as
a highly desirable winter vacation destination, but is rapidly growing as a
year-round residential community as well. Each of these centers is well
located to benefit from the favorable demographics of the area."
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 web site 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 of
Burnham Pacific Properties, 619-652-4700, or fax, 619-652-4711,
dbplatt@bpac.com
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