The Puget Park center represents only a portion of a portfolio being sold to Prudential-affiliated entities. According to a February announcement, properties remaining to be closed under the purchase and sale agreement with Prudential have an aggregate purchase price of about $139 million.
A Burnham source tells GlobeSt it owned 40,988 sf of the 88,884-sf Puget Park Shopping Center. She was unsure of the owner of the remainder of the property. This transaction was included with a second shopping center in Cameron Park, CA. While the spokesperson was unable to breakout its value from the total, the two properties were stated to have an aggregate value of $19 million. Sales proceeds are earmarked to reduce the San Diego-based REITS outstanding indebtedness.
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