SAN DIEGO, Aug. 26 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), today announced the acquisition by its affiliate, BPP Retail LLC,
a co-investment entity between BPP and the California Public Employees'
Retirement System ("CalPERS"), of Lake Forest Village in Lake Forest,
California, from Newport Beach-based Nikko Capital Corporation for $17.6
million.
Situated in an upscale, master-planned community located in South Orange
County, adjacent to the merger of the Interstate 5 and 405 Freeways, the
119,700 square-foot center is anchored by a 38,400 square-foot Lucky Market
and an 8,000 square-foot Sav-On Drug Express.
Commenting on the announcement, J. David Martin, Burnham's President and
Chief Executive Officer, stated, "We are very pleased with this acquisition.
In addition to its exceptional demographics, the center lends itself to
several value-adding opportunities through anchor tenant expansion and leasing
of available space."
"We welcome the addition of this California property to our real estate
portfolio," said Charles P. Valdes, Chair of CalPERS Investment Committee.
"Burnham Pacific continues to find quality retail properties with the
potential for long-term value and growth."
CalPERS is the nation's largest public pension fund with assets totaling
nearly $160 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.
Through its affiliates, the Company currently has interests in 104
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, or fax:
619-652-4711, dbplatt@bpac.com
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