Burnham Pacific Sells Leasehold Interest

REDMOND, WA- The San Diego-based mall REIT closes onthe sale of its leasehold in the Bear Creek Shopping Center for approximately $3.5 million.

By Brian K. Miller | August 31, 2000 at 01:01 AM

The San Diego-based mall REIT sold the leasehold for approximately $3.5 million. The space was subleased to Linens 'n Things.

Burnham aggregated its gain on the sale with another sale, the 81,785-sf Santee Village Square in Santee, Calif., which was sold for approximately $6.5 million. Burnham approximated its aggregate gain on the two sales at $270,000.

Proceeds from the dispositions will be used to reduce outstanding indebtedness under the Company's line of credit and for general working capital purposes.

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