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.

Earlier this month, Burnham Pacific announced it 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.

In addition, the company announced that it has completed the transfer of the 280,900 sf Mountaingate Plaza, located in Simi Valley, CA, to its lender in full satisfaction of the company's mortgage obligation.