Pacific Retail to Buy 18 Burnham Properties
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Burnham Pacific Properties Inc., which is liquidating holdings after a failed attempt to sell itself, said last week that it agreed to sell 18 properties to Pacific Retail for $158.5 million in cash.
Nine of the properties are in California, four in Washington, two each in Oregon and New Mexico and one in Utah, Burnham said. The properties have a total of 1.73 million square feet, the San Diego-based company said.
Pacific Retail is owned by affiliates of P. O’B. Montgomery & Co. and real estate investment firm Apollo Real Estate Advisors. Dallas-based P. O’B. owns and runs shopping centers. The sale is expected to close around Oct. 31, Burnham said.
Burnham’s board approved the liquidation plan in August 2000, after deciding that bids from potential acquirers weren’t high enough. Proceeds from the sales will be used to pay off debt and for distributions to shareholders.
Burnham shares fell 13 cents on Friday to close at $5.03 on the New York Stock Exchange.
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