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BURNHAM PACIFIC PROPERTIES COMPLETES PURCHASE OF FACTORY OUTLET CENTER FOR $19,325,000

 BURNHAM PACIFIC PROPERTIES COMPLETES PURCHASE
 OF FACTORY OUTLET CENTER FOR $19,325,000
 SAN DIEGO, June 24 /PRNewswire/ -- Burnham Pacific Properties Inc. (NYSE: BPP), a San Diego-based equity real estate investment trust (REIT) listed on the New York Stock Exchange, has acquired for $19,325,000 the San Diego Factory Outlet Center, a 143,518-square- foot retail project located 500 feet north of the U.S.-Mexican border crossing in San Diego near the intersection of Interstates 5 and 805.
 The property, which is the only factory outlet center in San Diego County, was sold by Wohl/San Diego Partners with K. Gregory Wohl and Peter J. Desforges as general partners. The partnership had acquired the center in 1987 and redeveloped it to San Diego Factory Outlet Center. Wohl Investment Co. will continue to manage the center under a contract with Burnham Pacific Properties.
 The center currently is 98 percent leased to 38 tenants, including Nike, Mikasa, Eddie Bauer, Corning-Revere, Bass Shoes, Levi's, Toy Liquidators, Gitano, Maidenform, Van Heusen, Georgiou and Izod-Gant, and has new tenant requests for an additional 45,000 square feet.
 According to Louis J. Garday, president and chief executive officer, Burnham Pacific plans to immediately begin construction on an additional 6,000 square feet of retail space to accommodate some of the prospective new tenants.
 Founded in 1963, Burnham Pacific Properties now owns 20 commercial real estate properties in San Diego, Orange and Los Angeles counties. BPP has 8,672,502 shares of outstanding common stock listed on the New York Stock Exchange plus $66 million and $16 million of convertible debentures listed on the New York and American stock exchanges respectively.
 The sale was arranged by Dick Bridy and Eric Heffner of John Burnham & Co. Commercial Real Estate, who represented Burnham Pacific. The sellers were represented by MetroGroup Commercial Real Estate Services.
 -0- 6/24/92
 /CONTACT: Louis J. Garady, president and CEO, 619-525-2620, or Bill Gabriel, 619-525-2642, both of Burnham Pacific Properties/
 (BPP) CO: Burnham Pacific Properties Inc. ST: California IN: FIN SU: RLE


AL-KJ -- SD001 -- 3086 06/24/92 07:35 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
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