SAN DIEGO, Aug. 10 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of Olympiad Plaza
located in Mission Viejo, California. The Company sold its approximately
45,600 square-foot interest in the center for approximately $11.8 million to
Retail Value Investment Program, a joint venture comprised of Developers
Diversified Realty (NYSE: DDR), Coventry Real Estate Partners and Prudential
Real Estate Investors. Proceeds from the sale were used to reduce outstanding
indebtedness.
Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
that focuses on retail real estate. More information on Burnham may be
obtained by visiting the Company's web site at http://www.burnhampacific.com.
Developers Diversified Realty currently owns and manages more than
240 shopping centers in 41 states totaling in excess of 58 million square feet
of real estate under management. DDR is a self-administered and self-managed
real estate investment trust (REIT) operating as a fully integrated real
estate company which acquires, manages, develops and leases shopping centers.
You can learn more about DDR on the Internet at http://www.ddrc.com.
PREI provides global real estate investment management services to
institutional clients in the U.S., Europe, Asia and Latin America. PREI
manages $12.3 billion of assets on behalf of 325 institutional clients as of
December 31, 2000. PREI is a unit of Prudential Investment Management Inc.,
and a business of The Prudential Insurance Company of America.
Coventry Real Estate Partners, formed in 1998, is an investment advisory
firm focused on the acquisition, development, redevelopment and repositioning
of retail properties and portfolios. Coventry currently has approximately
$1 billion of retail property under management nationwide totaling 8.5 million
square feet.
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., +1-619-652-4700, or fax,
+1-619-652-4711, dbplatt@bpac.com
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