SAN DIEGO, Sept. 20 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has signed an agreement for the sale of
nineteen properties to GMS Realty, LLC (GMS) for $305 million in cash.
Burnham received a fairness opinion from Houlihan Lokey Howard & Zukin, a
national investment banking firm, stating that the gross consideration in the
proposed sale is fair to Burnham from a financial viewpoint. The nineteen
properties, which combined total approximately 2.5 million square feet, are
all grocery-anchored shopping centers located in California. The sale is
subject to certain conditions, including the approval of Burnham's Plan of
Liquidation by its stockholders.
Scott C. Verges, Burnham's President and interim Chief Executive Officer,
stated, "We are pleased to have reached an agreement for the sale of the
nineteen properties. The transaction demonstrates our commitment to the
successful liquidation of the Company in an orderly manner. We will continue
to pursue transactions that recognize the quality of Burnham's assets."
GMS Realty, LLC operates neighborhood and community shopping centers
throughout California and Arizona. The company is based in Carlsbad, CA and
is actively seeking acquisitions throughout the western United States.
Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
that focuses on value-added retail real estate opportunities. On a quarterly
basis, Burnham makes available supplemental information that includes property
and corporate level detail which is available upon request. More information
on Burnham may be obtained by calling 800.462.5181, or visiting the Company's
website 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 Company's
liquidation process and the Company's ability to consummate binding agreements
with prospective purchasers of its assets, 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.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
Burnham Pacific Properties, Inc. plans to mail a proxy statement to its
stockholders containing information about the plan of liquidation and the
election of directors. Investors and securityholders of Burnham Pacific
Properties, Inc. are advised to read the proxy statement carefully when it
becomes available because it will contain important information about the plan
of liquidation, the persons soliciting proxies related thereto and the
election of directors, their interests in the liquidation, and related
matters. Investors and securityholders may obtain free copies of the proxy
statement (when available) and other documents filed by Burnham at the
Securities and Exchange Commission's website at http://www.sec.gov.
Free copies of the proxy statement will also be available from Burnham by
directing such requests to the attention of Daniel B. Platt, Chief Financial
Officer, Burnham Pacific Properties, Inc., 110 West A Street, San Diego,
California 92101, telephone 619/652/4700.
INFORMATION CONCERNING PARTICIPANTS
Burnham, its directors, executive officers and certain other members of
management and employees may solicit proxies from Burnham stockholders in
favor of the plan of liquidation and the election of directors. As of the
date of this communication, the officers and directors of Burnham each
beneficially own less than 1% of the outstanding common stock of Burnham,
other than Malin Burnham who beneficially owns approximately 1.65%.
Company Owned
Property Location GLA Major Anchor Tenants
580 Marketplace CA 101,565 PW Foods, 24-Hour Fitness
Arcade CA 76,497 Grocery Outlet
Buena Vista CA 90,805 Ralph's
Centerwood CA 70,992 32nd Street Market,
Basically-A-Buck
Creekside CA 116,229 Raley's
Discovery CA 93,398 Bel Air Market
Fremont Gateway CA 195,092 Raley's, 24-Hour Fitness,
Silver Cinemas
Hallmark CA 85,066 Food-4-Less
Menifee CA 79,134 Ralph's
Prospector's CA 219,112 Albertson's, K-Mart, Long's
Drugs
Ralph's Center CA 66,700 Ralph's
San Marcos CA 35,880 Albertson's (non-owned
anchor)
Shasta CA 121,334 Food-4-Less
Silver Creek CA 134,018 Safeway, Walgreens
Southampton CA 162,390 Raley's
Stony Point CA 198,528 Food-4-Less, Home Base, Rite
Aid
Summerhills CA 133,614 Raley's
Sunset Center CA 85,198 Albertson's, Rite Aid
Westminster CA 411,417 Albertson's, Home Depot,
Office Max, Rite Aid, Petco,
Hollytron, Edwards Theatres
Total 2,476,969
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; or William W. Gerrity, President
and CEO of GMS Realty, LLC, 760-804-8600, Fax, 760-804-8601,
wwg@gms-realty.com
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