SAN DIEGO, Dec. 2 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) and the California Public Employees' Retirement System
("CalPERS"), today announced that BPP Retail LLC has completed the acquisition
of four retail centers from AMB Property Corporation (NYSE: AMB) for
approximately $107 million. Located in the states of California, Texas, and
Washington, the centers total approximately 932,000 square feet.
This acquisition represents the third and final transaction under which
BPP Retail LLC had contracted to acquire 25 shopping centers owned by AMB
aggregating 4.2 million square feet for approximately $560 million.
Current Transaction
Center Location Sq.Ft. Anchor Tenants
Rancho San Diego San Diego CA 167,000 Vons/Longs Drugs
Commons Memorial Houston TX 110,000 Randall's/
Walgreens
Weslayan Plaza Houston TX 356,000 Randall's/
Walgreens
Totem Lakes Mall Kirkland WA 299,000 Comp USA
Commenting on the announcement, Burnham Pacific's Chief Executive Officer
and President, J. David Martin, stated, "Over the last eight months we have
acquired an excellent portfolio of retail centers from AMB. This last
transaction completes the agreements we entered into in March. All the
centers exhibit strong anchor tenants, are situated in excellent locations,
and offer many opportunities through which we can add value."
"This transaction demonstrates our continued commitment to seek out and
purchase quality anchored retail centers," said Charles P. Valdes, Chairman of
CalPERS Investment Committee.
Since January 1st, BPP Retail, through its affiliates, has acquired
29 centers comprising approximately 4.7 million square feet of retail space.
Currently the Company's portfolio comprises 107 properties nationwide.
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.
CalPERS is the nation's largest public pension fund with assets totaling
more than $155 billion, of which $7.4 billion is invested in real estate. The
System provides retirement and health benefits to more than one million state
and local public employees and their families.
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.
 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; or Judy Brennan or Andrew Cole of
Sard Verbinnen & Co, 212-687-8080
|
