Closing Marks Completion of First Phase of Three Scheduled by Year-End 1999
SAN DIEGO, June 15 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that BPP Retail LLC, a co-investment entity
between BPP and the California Public Employees' Retirement System
("CalPERS"), has completed the acquisition of nine retail centers from AMB
Property Corporation (NYSE: AMB) for $207.4 million. Located in California,
Washington, Connecticut and Maryland, the centers add 1.4 million square feet
of space to the Company's existing portfolio of over 10.6 million square feet.
This acquisition represents the first of several transactions to be
completed by the end of 1999, under which BPP Retail LLC has contracted to
acquire 25 shopping centers owned by AMB (including the nine announced today)
aggregating 4.2 million square feet for approximately $560 million.
Commenting on today's announcement, J. David Martin, Chief Executive
Officer and President of Burnham Pacific stated, "The AMB portfolio represents
one of the highest quality retail center portfolios in the U.S. We are
pleased to announce the completion of the first of several planned closings of
these centers by BPP and our partner, CalPERS, this year. The properties are
located in excellent markets with dense populations with high income levels
and anchor tenants with high sales volumes. In addition, these centers offer
many opportunities to add value through anchor tenant expansions, additional
pad build-outs and re-leasing to improve yields. By acquiring these
properties, we will now have a truly national platform upon which to continue
to execute our growth strategy."
Charles P. Valdes, Chair of CalPERS Investment Committee, added, "For our
members and retirees, this completes the first step of a good investment. The
California community retail properties gained in this transaction will be
excellent additions to our burgeoning California investment portfolio."
Included among the properties in the initial transaction are Bayhill
Center, Silverado Plaza and Ygnacio Plaza in the San Francisco Bay Area of
California; Granada Village and Twin Oaks in Southern California; Aurora
Marketplace and Eastgate Plaza in Seattle, Washington; Corbins Corner in
Hartford, Connecticut; and Long Gate in Baltimore, Maryland. Additional
information on these properties follows:
Center Location Sq. Ft. Anchor Tenants
Bayhill Center San Bruno CA 122,041 Molly Stone's Market /
Longs Drugs
Silverado Plaza Napa CA 85,023 Nob Hill Foods / Rite Aid
Ygnacio Plaza Walnut Creek CA 109,429 Lucky Market / Rite Aid
Granada Village Granada Hills CA 224,783 Hughes Market / T.J. Maxx
/ United Artists Theater
Twin Oaks Agoura Hills CA 102,399 Ralphs / Rite Aid
Aurora Marketplace Edmonds WA 106,950 Safeway / Longs Drugs
Eastgate Plaza Bellevue WA 76,564 Albertson's / Rite Aid
Corbins Corner West Hartford CT 177,316 Old Navy / Toys R Us
Long Gate Ellicott City MD 404,755 Kohl's / Safeway / Target
Future AMB Transactions
The following AMB properties are included among the additional
transactions scheduled to close by year end:
Phase 2 -- [3rd Quarter]:
Applewood Village Wheat Ridge CO 353,223 Wal-Mart / King Soopers
Arapahoe Village Boulder CO 159,237 Safeway / Mann Theatres
Brentwood Commons Bensenville IL 102,129 Dominick's / Super Trak
Civic Center Plaza Niles IL 263,515 Dominick's / Home Depot
Five Points Santa Barbara CA 144,484 Lucky Market / Ross Stores
Pleasant Hill Pleasant Hill CA 233,677 Target / Toys R Us
First Colony Market Sugar Land TX 111,675 Randall's / Sears Hardware
Westheimer Market Houston TX 135,935 Randall's / PetsMart
Woodway Collection Houston TX 110,689 Randall's / Eckerd Drugs
Riverview Plaza Chicago IL 139,272 Dominick's / Toys R Us
Rockford Road Plaza Plymouth MN 205,917 Rainbow Foods / T.J. Maxx
Southwest Pavillion Reno NV 76,757 Scolaris Food & Drug
Phase 3 -- [4th Quarter]:
Commons Memorial Houston TX 102,407 Randall's / Walgreen's
Rancho San Diego San Diego CA 111,064 Vons / Longs Drugs
Totem Lakes Mall Kirkland WA 290,859 Comp USA / Rite Aid
Weslayan Plaza Houston TX 356,250 Randall's / Walgreen's
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States.
The Company makes available on a quarterly basis 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.
CalPERS is the nation's largest public pension fund with assets totaling
more than $150 billion, of which $6.9 billion is invested in real estate. The
System provides retirement and health benefits to more than one million state
and local public employees and their families.
This news release contains forward-looking statements regarding future
events or financial performance of the Company. These statements are only
predictions and actual events or results may differ materially. Investors
should refer to the documents the Company files from time to time with the
Securities and Exchange Commission, specifically the cautionary statement
identifying certain factors that could affect future results included in the
"Risk Factors" section of the Company's most recently filed Registration
Statement and in the "Forward Looking Statements & Certain Risk Factors"
section of the Company's most recently filed Form 10K.
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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