Search
 

Burnham Pacific About to Close on Sale of 19 Properties

SAN DIEGO-Burnham Pacific Properties Inc. will declare and make a partial liquidating distribution of 10 cents per share following the expected closing of a 19-property portfolio.

By Randyl J. Drummer | Updated on March 11, 2001

SAN DIEGO-Burnham Pacific Properties Inc. announced today that it intends to declare and make a partial liquidating distribution of 10 cents per share after closing an expected 19-property portfolio to Weingarten.

Burnham sold the properties, known as the Golden State portfolio, to Weingarten Realty Investors in a transaction announced last month. The company currently expects to close the Weingarten transaction this month and make the distribution in April, following the purchase of all the company’s common shares.

Closure of the deal will bring the total amount of liquidating distributions made to the common stockholders under the company’s liquidation plan announced last year to 20 cents per share. Burnham stockholders on Dec.15 approved the liquidation following a year of financial turmoil.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.