SAN DIEGO, Dec. 20 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has closed on the sale of eight properties
to a joint venture led by affiliates of P. O'B. Montgomery & Company and
Apollo Real Estate Advisors (pursuant to their joint venture known as Pacific
Retail, L.P.) for an aggregate purchase price of approximately $91.8 million
in cash. This sale represents the first eight properties of a portfolio of
fifteen properties targeted for sale under a previously announced Purchase and
Sale Agreement, as amended, with Pacific Retail, L.P., with the remaining
seven properties having an aggregate purchase price of approximately $57.7
million. The eight properties total approximately 781,000 square feet of
gross leaseable area and include Cruces Norte in Las Cruces, New Mexico;
Silver Plaza in Silver City, New Mexico; Park Manor in Bellingham, Washington;
Farmington Village in Aloha, Oregon; Greentree Plaza in Everett, Washington;
Fremont Hub in Fremont, California; Plaza De Monterey in Palm Desert,
California; and Mission Plaza in Cathedral City, California. The sale of the
remaining seven properties will close if and when the necessary applicable
ground lessor and lender approvals are received.
In addition, the Company announced that it had closed on the sale of its
25% ownership interest in the Ladera shopping center in Los Angeles,
California, for approximately $2.0 million in cash.
Burnham Pacific Properties, Inc. is a real estate investment trust (REIT)
that focuses on retail real estate. More information on Burnham may be
obtained by visiting the Company's web site at http://www.burnhampacific.com .
Wachovia Securities served as financial advisor and placement agent for
the joint venture led by affiliates of P. O'B. Montgomery & Company and Apollo
Real Estate Advisors. P. O'B. Montgomery & Company, based in Dallas, Texas,
is an owner, operator and developer of neighborhood and community shopping
centers, currently owning and operating approximately 2.5 million square feet
of shopping centers. Apollo Real Estate Advisors is a real estate investment
firm with extensive experience in all facets of real estate ownership,
development and management. Since its inception in 1993, Apollo through its
real estate investment funds has invested over $3.7 billion of equity in over
190 transactions with an aggregate purchase price of $9.5 billion. P. O'B.
Montgomery and Apollo currently jointly own and operate 18 shopping centers.
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, the following: we may be
unable to consummate the sale transactions described herein with respect to
some or all of the subject properties or the closing may be materially
delayed; we may be unsuccessful in implementing our liquidation strategy; we
may not be able to complete the liquidation in a timely manner or realize
proceeds from the sales of assets in amounts that will enable us to provide
currently anticipated liquidating distributions to our stockholders; and
occupancy rates and market rents may be adversely affected by economic and
market conditions which are beyond our control, including imbalances in supply
and demand for retail shopping center space and the financial condition of our
tenants.
You should also read the risk factors that are 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 that was filed with the
SEC on April 3, 2001. 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 and Proxy Statements, which may supplement, modify, supersede or
update those risk factors.
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., +1-619-652-4700, Fax,
+1-619-652-4711, dbplatt@bpac.com
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