REAL ESTATE

* San Diego-based Burnham Pacific Properties and the California Public Employees’ Retirement System announced the formation of a joint venture to acquire 28 neighborhood shopping centers throughout the U.S. this year owned by AMB Property Corp. for $663.4 million. The centers, which total about 5.1 million square feet, will be acquired in separate transactions. San Francisco-based AMB is selling the properties to pay down debt and focus on acquiring and managing industrial real estate.