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Burnham Sells 19 Shopping Centers to Weingarten for $145.5 Mil

SAN DIEGO-Burham Pacific Properties Inc. unloads 19 California shopping centers to a Houston-based REIT. The buyer is putting up $145.5 million in cash.

By Randyl J. Drummer | Updated on January 18, 2001

SAN DIEGO-Burnham Pacific Properties Inc. says it has agreed to sell 19 shopping centers to a Houston-based REIT, Weingarten Realty Investors.

The shopping centers have a total of 2.5 million sf, and all of them are located in California, are more than 96% leased and are anchored by a grocery store. Under the deal, Burnham Pacific will receive $145.5 million in cash and assume a loan with a balance of about $132 million.

“This transaction represents a great opportunity for us to acquire a high-quality, supermarket-anchored portfolio in exceptional markets,” says Drew Alexander, Weingarten president/CEO.

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