The buyer was led by affiliates of PO'B Montgomery & Company and Apollo Real Estate Advisors through their Pacific Retail L.P. joint venture. The sale represents the second transaction with the joint venture under a previously announced purchase agreement with Pacific Retail L.P. to buy a total of 15 properties.

The first transaction, which closed in December, involved the sale of eight properties for a total of $91.8 million. The remaining three properties targeted for sale under the agreement have a purchase price of approximately $32.3 million and are expected to close if and when the necessary applicable ground lease and lender approvals are received.

Burnham's interest in the three properties totals approximately 208,790 sf of gross leaseable area and includes Ontario Village Shopping Center in Ontario, Calif.; the Village East center in Salem, Ore.; and Fairwood Square in Renton, Wash. The leasehold contains approximately 52,850 sf of gross leaseable area and is located in the James Village Center in Lynnwood, Wash.