Puget Park in Everett and Meridian Village in Bellingham are the affected properties. Puget Park, located at 520 128th Street SW, is an 89,000-sf center is anchored by a 41,896 square foot Albertson's. It was built in 1981, and is currently 19% vacant.

Meridian Village, a 208,000-sf shopping center located at 3930 Guide Meridian Road, includes a new Home Depot, as well as a Circuit City and a Rite Aid. It was built in 1979 and renovated in 1997. It is currently 2.3% vacant.

Burnham Pacific sold its interest in the properties along with 12 others for $355 million. Prudential Real Estate Investors says it is making its investment on behalf of PRISA II, a $1.5 billion open-end, commingled real estate equity fund it operates for institutional investors.

The 14 properties, which together total 2.9 million square feet, consist of a mix of grocery anchors, power centers and a factory outlet center. Ten of the properties are located in California, and two are in with two each in Washington State.

The properties will be purchased through a joint venture, the Retail Value Investment Program, created by PREI and DDR in 1998. Coventry Real Estate Partners was subsequently established as a dedicated operating partner in the program, which invests in opportunistic retail property transactions.