SAN DIEGO, Aug. 30 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of Santee Village
Square located in the city of Santee, California. The 81,785 square-foot
center was sold for approximately $6.5 million. The Company also closed on
the sale of its 36,324 square-foot leasehold interest situated in the Bear
Creek Shopping Center located in Redmond, Washington. Subleased to Linens 'n
Things, the leasehold was sold for approximately $3.5 million. The Company
realized an aggregate gain on these two sales of approximately $270,000.
Proceeds from the dispositions will be used to reduce outstanding indebtedness
under the Company's line of credit and for general working capital purposes.
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States. On
a quarterly basis, Burnham Pacific makes available 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 that predict or
indicate future events or trends or that do not relate to historical matters.
There are a number of important factors that could cause actual events to
differ materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, uncertainties in the strategic
alternatives process, the timing and cost of completion of properties under
development or redevelopment, the timing of lease-up and occupancy of
properties, and the availability and timing of financing, as well as other
factors discussed in the Company's periodic reports filed with the Securities
and Exchange Commission, including the risk factors that were disclosed in our
Form 10-K that was filed with the SEC on March 30, 2000. You should be aware
that the risk factors contained in that Form 10-K may not be exhaustive.
Therefore, we recommend that you read the information in that Form 10-K
together with other reports and documents that we file with the SEC from time
to time, including our Forms 10-K, 10-Q and 8-K which may supplement, modify,
supersede or update those risk factors.
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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