Closing Marks Completion of Second of Three Transactions Scheduled by Year End
SAN DIEGO, Aug. 4 /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 12 retail centers from AMB
Property Corporation (NYSE: AMB) for approximately $246 million. Located in
California, Nevada, Colorado, Texas, Illinois and Minnesota, the centers add
approximately two million square feet of space to the Company's existing
portfolio of over 11 million square feet.
This acquisition represents the second of three transactions to be
completed by the end of 1999, under which BPP Retail LLC has contracted to
acquire 25 shopping centers owned by AMB aggregating 4.2 million square feet
for approximately $560 million.
Current Transaction
Center Location Sq.Ft. Anchor Tenants
Applewood Village Denver CO 353,000 King Soopers/Walgreens
Arapahoe Village Denver CO 159,000 Safeway/Mann Theatres
Brentwood Commons Chicago IL 102,000 Dominick's
Civic Center Plaza Niles, IL 264,000 Dominick's/Home Depot
Five Points Santa Barbara 144,000 Lucky Market/Longs Drugs
CA
Pleasant Hill San Francisco 234,000 Target/Toys R Us
CA
First Colony Market Houston TX 112,000 Randall's/Sears Hardware
Westheimer Market Houston TX 136,000 Randall's/PetsMart
Woodway Collection Houston TX 111,000 Randall's/Eckerd Drugs
Riverview Plaza Chicago IL 139,000 Dominick's/Walgreens
Rockford Road Plaza Minneapolis 206,000 TJ Maxx/Rainbow Foods
MN
Southwest Pavillion Reno NV 77,000 Scolari's Food & Drug
The final AMB transaction is scheduled to close by year-end and includes
Commons Memorial and Weslayan Plaza, both located in Houston, Texas; Rancho
San Diego located in San Diego, California; and Totem Lakes Mall located in
Kirkland, Washington.
Commenting on the announcement, J. David Martin, Chief Executive Officer
and President of Burnham Pacific stated, "With the closing of these
acquisitions from AMB, we have entered five new national markets with one of
the highest quality retail center portfolios in the United States. The
centers exhibit strong anchors, excellent locations and multiple avenues
through which we can add value."
"We are very pleased with the ability of the Burnham team to execute this
complex transaction in a timely manner and look forward to expanding our BPP
retail relationship," said Charles P. Valdes, Chair of CalPERS Investment
Committee.
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 $155 billion, of which $7.4 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.
 back to top
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
|
