SAN DIEGO, Aug. 20 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale Ruffin Village, a
44,594 square-foot convenience center located in San Diego to GE Capital
Realty Group, Inc., a Texas corporation. Sold for approximately $3.5 million,
the center was part of a portfolio that included four additional properties
which were sold to GE Capital in July. Proceeds from the sale will be used
for general corporate purposes, and the Company will realize a gain on sale of
approximately $1.4 million.
Burnham Pacific's President and Chief Executive Officer, J. David Martin,
commented on the sale, "The sale of this property is consistent with our
strategy of adding maximum value through rehabilitation, then disposing of the
asset in order to redeploy the capital."
Through its affiliates, the Company currently has interests in 103
properties nationwide and is contracted to close on four additional centers
upon completion of the last acquisition transaction from AMB Property
Corporation later this year. 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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