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Keizer Retail Complex Sells for $5.9 Mil

SALEM, OR-The seller is Burnham Pacific, a San Diego-based retail REIT that is liquidating its portfolio. Its other remaining Salem property, along with one in Aloha are under contract to be sold later this year as part of a $151-million, 18-property, deal.

By Brian K. Miller | Updated on September 28, 2001

SALEM, OR-A 61,939-sf interest in Keizer Creekside Shopping Center was sold this week for $5.9 million. The buyers are the principals of Powell Development Group, Lloyd and Peter Powell.

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.

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