SAN DIEGO, Oct. 2 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), an equity real estate investment trust (REIT), today announced
the acquisition by its affiliate, BPP Retail LLC, of Overlake Plaza in
Redmond, Washington. The affiliate purchased 80,555 square feet of the
340,836 square-foot promotional shopping center for approximately
$13.3 million.
A 230,200 square-foot Sears anchors the center, but is not included in the
transaction. The center's other major tenants include a 26,640
square-foot Marshalls, a 7,500 square-foot Red Robin restaurant, and a 4,400
square-foot Men's Warehouse.
Redmond is located in King County in the middle of the Central Puget Sound
region, the financial and distribution center for the Pacific Northwest as
well as the most populous area of the region. Redmond is also home to
Microsoft Corporation whose headquarters is about one mile from Overlake
Plaza.
"This property has been a strong retail performer, and given the
demographics and growth prospects for the region, we see considerable
opportunity for it in the future," stated David Martin, President and Chief
Executive Officer of Burnham Pacific. "In addition, this acquisition adds to
our growing holdings in the Pacific Northwest which currently total 14
properties representing approximately 1.1 million square feet. With 77
properties totaling approximately 10.3 million square feet, the Company
remains the largest owner of shopping centers on the West Coast."
Burnham Pacific Properties is a fully integrated real estate operating
company which acquires, rehabilitates, develops and manages retail properties
in the Western United States. BPP Retail LLC is a limited liability company,
of which Burnham is the managing member and 20% owner, that serves as the
joint venture vehicle for the California Public Employees' Retirement System's
(CalPERS) and Burnham's co-investment in shopping centers in the western
United States.
Upon request, the Company makes available quarterly supplemental
information that includes property and corporate level detail. More
information may be found on Burnham Pacific's web site at
http://www.burnhampacific.com or by calling 800-462-5181.
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 Burnham Pacific 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
MD&A section of Burnham Pacific's most recent 10-K report.
SOURCE Burnham Pacific Properties, Inc.
 back to top
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
|
