Representing an approximate total of 465,000 sf, the two centers were purchased for an aggregate of $48.7 million by Retail Value Investment Program, a joint venture that includes Developers Diversified, Coventry Real Estate Partners and Prudential Real Estate Investors.
Burnham Pacific will realize an aggregate gain on sale of approximately $3.5 million. Proceeds from the sales will be used to reduce outstanding indebtedness and for reserves as stated in the company's proxy statement relating to its 2000 stockholders meeting.
The sales represent the first two of a portfolio of properties targeted for sale under a previously announced agreement with The Prudential Insurance Company of America, with the remaining properties having an aggregate purchase price of about $267.9 million.
Assuming stockholders approve of the company's plan of liquidation, Burnham expects the remaining properties to will close escrow from time to time, following such approval.
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