The transaction is part of Burnham's liquidation plan approved by Burnham's stockholders on Dec. 15. Pacific Retail may terminate the agreement on specific properties at any time on or before Oct. 15.
The deal is expected to close on or about Oct. 31.
The 18 properties to be sold include Burnham's interests in: Bell Gardens Marketplace, Fremont Hub, Gateway Center, Ladera Center, Margarita Plaza, Mission Plaza, Ontario Village, Palms to Pines andPlaza de Monterey in California; Fairwood Square, Greentree Plaza, James Village and Park Manor in Washington; Farmington Village and Village East Shopping Center in Oregon; Silver Plaza and Cruces Norte in New Mexico; and Brickyard Plaza in Utah.
On a combined basis, Burnham's interests in such properties total approximately 1.7 million sf. Proceeds from the sales will be used to pay debt.
Burnham Pacific Properties, Inc. is a real estate investment trust that focuses on retail real estate. Pacific Retail LP is owned by affiliates of P. O'B. Montgomery & Co. and Apollo Real Estate Advisors. P. O'B. Montgomery and Apollo currently jointly own and operate 18 shopping centers.
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