SAN DIEGO, Aug. 3 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), an equity real estate investment trust (REIT), today announced
the acquisition of three shopping centers in the state of Oregon. Burnham
acquired the three properties, including about 219,616 square feet of leasable
space, for approximately $15.5 million.
Included among the acquired properties are Farmington Village in Aloha,
Young's Bay Plaza in Warrington, and Greenway Town Center in Tigard.
Farmington Village, located approximately 12 miles southwest of Downtown
Portland, is a 105,247 square-foot neighborhood center, of which Burnham is
acquiring 32,740 square feet. The center is anchored by Albertson's and
Bi-Mart, both of which own their own parcels. Young's Bay Plaza, a 93,776
square-foot neighborhood center anchored by Rite Aid and a 25,684 square-foot
Lamont's Apparel, is located on Highway 101 approximately 70 miles northwest
of Portland. Greenway Town Center, located near Beaverton, is a 93,100
square-foot neighborhood shopping center anchored by Howard's Thriftway
Supermarket and a Rite Aid Drug Store.
"We are pleased to announce the acquisition of these properties in the
greater Portland area," stated David Martin, Chief Executive Officer of
Burnham Pacific. "The acquisition significantly expands our presence in the
Pacific Northwest, and continues the successful execution of our strategy of
acquiring retail properties in western metropolitan markets."
Burnham Pacific Properties is a fully integrated real estate operating
company which acquires, rehabilitates, develops and manages retail properties.
With 75 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, or fax:
619-652-4711, dbplatt@bpac.com
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