SAN DIEGO, July 24 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), an equity real estate investment trust (REIT), today announced
the acquisition of Greentree Plaza Shopping Center, for a purchase price of
$9,600,000. Total square footage being acquired by the Company is 78,676.
Greentree Plaza is a 178,932 square-foot neighborhood center anchored by a
100,256 square-foot Target, which is not part of the purchase. The shopping
center is located at the intersection of SE Everett Mall Way and Third Avenue
SE in the City of Everett, about 20 miles north of Seattle. It is Snohomish
County's largest city and the center of county government. Everett rests on
the shores of Port Gardner Bay and provides a spectacular view of the Olympic
Mountain Range.
"The acquisition of Greentree Plaza extends our presence in the growing
Pacific Northwest area," stated David Martin, President and Chief Executive
Officer of Burnham Pacific, "and further establishes our position as the
largest retail REIT on the West Coast."
Burnham Pacific Properties is a fully integrated real estate operating
company which acquires, rehabilitates, develops and manages retail properties.
With 72 properties in its portfolio to date, the Company is the largest owner
of retail centers on the West Coast. Burnham Pacific maintains offices in
California, Oregon and Washington and 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
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, Inc., 619-652-4700, Fax:
619-652-4711, or dbplatt@bpac.com
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