The seller was publicly traded Burnham Pacific Properties, a San Diego-based real estate investment trust focused on malls Burnham's interest in the 104,208-sf mall included all stores except a 42,000-sf space leased by Albertson's. The biggest tenant in Burnham's leasehold is a 31,000-sf Rite Aid. . Burnham says it will use the proceeds to reduce outstanding indebtedness and satisfy other obligations.

Burnham's remaining ownership in the Salem area is Village East, which at 220,926 sf is the largest neighborhood retail shopping center in the city. Village East and the 105,247-sf Farmington Village center in Aloha, are Burnham's only two remaining Oregon properties. As part of an 18 property portfolio that includes all its Washington properties as well, they are under contract to be sold to Pacific Retail L.P. for $158 million.

Pacific Retail is owned by affiliates of P. O'B. Montgomery & Company and Apollo Real Estate Advisors. P. O'B. Montgomery & Company, based in Dallas, TX, is an owner, operator and developer of neighborhood and community shopping centers. Apollo Real Estate Advisors is a real estate investment firm.