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BURNHAM PACIFIC PROPERTIES TO ACQUIRE SAN DIEGO FACTORY OUTLET CENTER

BURNHAM PACIFIC PROPERTIES TO ACQUIRE SAN DIEGO FACTORY OUTLET CENTER
 SAN DIEGO, June 11 /PRNewswire/ -- Burnham Pacific Properties Inc. (NYSE: BPP), a San Diego-based equity real estate investment trust (REIT), announced today its intention to acquire for approximately $20 million at the end of June 1992, San Diego's only outlet center, the San Diego Factory Outlet Center.
 The 143,518-square-foot property is located at the intersection of Interstate 5, Interstate 805 and the international border with the Republic of Mexico, in the southernmost part of San Diego County. The San Diego/Tijuana border is reported to be the busiest border crossing in the world, with 55 million people crossing each year. Located 500 feet from the main crossing area on the United States side of the border, the 38 tenants enjoy one of the busiest factory outlets in the United States. Tenants in the 98-percent-full center include Nike, Mikasa, Eddie Bauer, Corning-Revere, Bass Shoes, Levi's, Toy Liquidators, Gitano, Maidenform, Van Heusen, Georgiou and Izod-Gant.
 "This is the first $20 million committed for acquisition from our recently completed offering of securities," commented Louis J. Garday, president of Burnham Pacific. "The per square foot sales statistics and the unique location should cause this center to perform exceptionally well in the next decade as shoppers continue to stress value for their retail dollar."
 Burnham Pacific has retained Wohl Investment Co. both to manage the center and to commence immediately the construction of approximately 6,000 square feet.
 "All in all, the center and its yield validates the economic premise of our money-raising efforts. We believe this property to be an excellent buy, with an excellent future and a perfect match for our continued dividend program," noted Garday.
 Burnham Pacific recently announced its 105th consecutive quarterly dividend to shareholders without interruption or reduction since 1966. Founded in 1963, BPP currently has 8,666,252 shares of common stock listed on the New York Stock Exchange and $66 million and $16 million of convertible debentures listed on the New York and American stock exchanges, respectively.
 -0- 6/11/92
 /CONTACT: Louis J. Garday, president, 619-525-2620, Michael L. Rubin, 619-525-2624, or Dianne Milgrim, 619-525-2606, all of Burnham Pacific Properties/
 (BPP) CO: Burnham Pacific Properties Inc. ST: California IN: FIN SU: TNM


KJ-EH -- SD004 -- 9059 06/11/92 07:33 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
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