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Burnham Reveals $24.8M, 4-Property Sale

SAN DIEGO-The locally based retail REIT announces completion of the sale of three properties and one leasehold to a group led by affiliates of PO'B Montgomery & Company and Apollo Real Estate Advisors in a deal valued at $24.8 million.

By Randyl J. Drummer | Updated on February 06, 2002

SAN DIEGO-Retail REIT Burnham Pacific Properties Inc says it has closed on the sale of three owned properties and one leasehold to a joint venture in a deal valued at $24.8 million.

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.

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