The REIT sold the Valley Central Shopping Center in Lancaster, the Plaza at Puente Hills in the City of Industry and the La Mancha Shopping Center in Fullerton to Retail ValueInvestment Program, a joint venture composed of Developers Diversified, Coventry Real Estate Partners and Prudential Real Estate Investors.The three properties have a total of 1.1 million sf.
Burnham Pacific will realize an aggregate gain on sale of about $15.6 million. Proceedsfrom the sale will be used to reduce the REIT's debt.
The sales represent a portion of a portfolio of properties targeted for sale under the previously announced purchase and sale agreement with the Prudential Insurance Co. of America. The remaining properties have anaggregate purchase price of about $158 million.
Burnham Pacific Properties, Inc. is a REIT that focuses on retail properties. Prudential Real Estate Investors provides global real estate money management services and currently manages more than $13.8 billion in assets on behalf of 325 institutional clients.
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