Burnham Pacific Board OKs Liquidation Plan

Burnham Pacific Properties Inc., one of the largest strip-mall owners on the West Coast, said its board approved a liquidation plan, and that the company agreed to sell 15 properties to Prudential Real Estate Investors. Prudential Real Estate will pay $355 million in cash for the properties, according to a news release. Proceeds from the liquidation of the rest of the company will be used to repay debt, and the remaining cash will be distributed to shareholders. San Diego-based Burnham Pacific said last month that its board voted to liquidate the company after deciding that bids by potential buyers weren’t high enough. As part of the liquidation plan, J. David Martin resigned as chief executive and director. Burnham Pacific shares were unchanged at $6.06 on the New York Stock Exchange. They’ve dropped 40% in the last year. The announcements were made after the close of regular U.S. trading. Last week, Burnham said it was cutting 46 jobs.