The company sold the 76,692-sf center for approximately $10.4 million to Retail Value Investment Program, a joint venture comprised of Developers Diversified Realty, Coventry Real Estate Partners and Prudential Real Estate Investors. Proceeds from the sale will be used to reduce debt and for reserves.
The transaction, part of Burnham's liquidation plan, represents a portion of a portfolio of properties targeted for sale under an agreement with The Prudential Insurance Company of America. Burnham Pacific Properties, Inc. is a real estate investment trust that focuses on retail real estate.
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