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Burnham Pacific Unloads Another Property

SAN DIEGO-In the latest installment of its real estate fire sale, locally based Burnham Pacific Properties Inc. has sold an 88,487-sf retail center in Bellevue, WA for $14.3 million.

By Randyl J. Drummer | Updated on May 21, 2001

SAN DIEGO-Burnham Pacific Properties Inc. said Monday it has sold the 88,487-sf Design Market center in Bellevue, WA for about $14.3 million. Further details of the transactions were not immediately available, but it’s the 30th property the troubled REIT has sold since announcing its liquidation plan last August.

Its largest liquidation disposition to date is a portfolio of 19 shopping centers that went to Weingarten Realty for a total of $288.5 million in April. The sell-off has impacted the company’s revenue stream as rent and management fee income has gradually dried up. However, profits are up over last year because the company didn’t have to record depreciation costs this year as a result of liquidation-related changes in its accounting procedures.

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