SAN DIEGO, Oct. 29 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of the Bergen
Brunswig office building located in Orange, California. The building's
tenant, Bergen Brunswig, purchased the 175,000 square-foot building for
$19,250,000. Proceeds from the sale will be used for general corporate
purposes.
"The sale of this property is consistent with our plan to dispose of
non-strategic assets and re-deploy the capital," stated Burnham Pacific's
President and Chief Executive Officer, J. David Martin.
Since the first of the year the Company, through its affiliates, has
acquired 25 centers comprising approximately 3.8 million square feet of retail
space. Currently the Company has interests in 102 properties nationwide and
has contracted to close on four additional centers upon completion of the last
acquisition transaction from AMB Property Corporation later this year.
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States.
The Company makes available on a quarterly basis 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 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 the Company 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
"Risk Factors" section of the Company's most recently filed Registration
Statement and in the "Forward Looking Statements & Certain Risk Factors"
section of the Company's most recently filed Form 10K.
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
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