Burnham Pacific Completes Two Sales

SAN DIEGO-Burnham Pacific Properties Inc. has closed on the sale of two of its California retail properties to Developers Diversified Realty Corp. for about $15 million in cash and 2,512,778 shares of DDR common stock.

The company’s board of directors also announced that it has authorized a 30 cent-per-share liquidating distribution on each share of the company’s common stock, which will be payable on March 12 to all holders of record of the company’s common stock as of the close of business on Feb. 28.

Under the purchase agreement, DDR purchased Burnham’s owned portion of 1000 Van Ness, which is a 123,000-sf mixed-use property in downtown San Francisco. Developers Diversified also purchased the Hilltop Plaza Shopping Center, a 245,000 sf open-air community shopping center along Interstate 80 in Richmond, CA.