REAL ESTATE

Burnham Pacific Properties Names New CEO: The San Diego-based real estate investment trust named David Martin its new chief executive and announced that MacFarlane Partners of San Francisco has agreed to invest $50 million in equity capital in exchange for an interest in a real estate partnership to be formed later with BPP. MacFarlane’s interest will be convertible to BPP stock at some future point. BPP also agreed to purchase from Martin, a San Francisco real estate developer, a portfolio of retail properties developed by his company and valued at $200 million, partially with BPP common stock. Martin replaces Louis Garday, who resigned as BPP president in October, 1994. Burnham Pacific Properties owns 23 properties, mainly retail centers in Southern California.