The San Diego-based REIT sold the shopping center in Northern California to Retail Value Investment Program, a joint venture of Developers Diversified Realty, Coventry Real Estate Partners and Prudential Real Estate Investors.
Burnham is using proceeds from the sale to reduce outstanding debt.
The company also announced that the parties have agreed to change the previously announced purchase and sale agreement with The Prudential Insurance Company of America to exclude Mountaingate Plaza and Lake Arrowhead Village.
The real estate investment trust further said it has entered into a purchase agreement with the original group interested in buying the Lake Arrowhead Village center. The group exercised its right of first refusal to purchase the property at the same price and about the same terms as those in the agreement with Prudential.
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