SAN DIEGO, Oct. 5 /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 five retail properties
located in Colorado, Texas and Oregon. The properties, comprising
approximately 715,000 square feet of leasable space, were acquired for
$80.1 million. Of the five properties, three are located in the Denver
metropolitan area, one is located near Austin, Texas, and one is in the
Portland metropolitan area. This transaction represents the initial
contributions by CalPERS into BPP Retail LLC of properties previously owned
directly by CalPERS under its arrangements with its former advisers.
Each of the Denver area properties is a neighborhood shopping center
anchored by a King Soopers supermarket which is owned by Kroger, the market
leader in Colorado. These properties are the 121,552 square-foot Villa Monaco
Shopping Center located in southeast Denver, the 86,161 square-foot Cherrywood
Square located in Arapahoe County south of Denver, and the 82,750 square-foot
Ralston Square located in the City of Arvada in Jefferson County, northeast of
Denver. The Denver metropolitan area, including the counties in which the
acquired properties are located, has exhibited one of the strongest growth
rates in the nation during the 1990s. Major employers in the region include
US West, United Airlines, Lockheed Martin and Lucent Technologies, and the
area economy has received a significant boost from the new Denver
International Airport.
The Austin property, Sunset Valley Marketfair, is a 352,000 square-foot
promotional center, of which approximately 209,000 square feet is being
acquired. Located in Sunset Valley in southeastern Travis County, Texas, the
center is anchored by Office Max, Petsmart, T.J. Maxx and Ross Dress for Less.
Home of the University of Texas, Austin is one of the fastest-growing
communities in the U.S. and one of the premier centers of technology companies
in the nation.
Adding to Burnham Pacific's holdings in the Portland area, Clackamas
Promenade, located in Clackamas County southeast of Portland, is a 417,490
square-foot shopping center, of which approximately 215,000 square feet is
being acquired. Major tenants of the acquired space include Sportsmart, Old
Navy and Pacific Linens. Primary anchors of the non-acquired space include
Target and Mervyn's. Clackamas Promenade is one of the premier centers in the
Pacific Northwest.
"We are pleased to announce the acquisition of these properties, and the
expansion of our geographic reach into the additional western states of Texas
and Colorado," stated Burnham Pacific President and Chief Executive Officer,
David Martin. "These areas represent healthy economies that offer
considerable growth potential. We look forward to additional opportunities in
the future to acquire properties in these and other metropolitan areas of the
western United States."
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.
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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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