SAN DIEGO, Oct. 27 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of the Anacomp
Building located in Poway, California. The 338,485 square-foot
office/industrial building was sold for approximately $21.3 million to IPX
Camelback, LLC, an Arizona limited liability company that purchased the
property on behalf of Cohu, Inc., which will occupy a portion of the building.
Burnham Pacific will realize a gain on sale of approximately $1.6 million.
Proceeds from the sale will be used to reduce outstanding indebtedness and for
general working capital purposes.
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
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 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
which 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.
 back to top
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
|
