SAN DIEGO, July 2 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of four retail
centers located in San Diego to GE Capital Realty Group, Inc., a Texas
corporation, for approximately $44.4 million. Representing approximately
420,272 square feet of space, the sale included Independence Square, Poway
Plaza, Mesa Shopping Center and Wiegand Plaza II. Proceeds from the sale will
be used for general corporate purposes. The sale represents an approximate
gain over the Company's book values of $9.5-million, or twenty-one percent
(21%) over the book values.
Burnham Pacific's President and Chief Executive Officer, J. David Martin,
commented on the sale, "Consistent with our value-added strategy, once we have
added all the value we can reasonably add, we then look to redeploy the
capital into other higher yielding investment opportunities. We expect to
continue this trend into the foreseeable future."
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.
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, Fax:
619-652-4711, dbplatt@bpac.com
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