In the largest transaction, the San Diego-based company sold Santa Fe Springs Plaza, a 165,000-sf community shopping center in Santa Fe Springs to Santa Fe Springs Plaza Associates LLC for about $19.7 million. The buyer is a joint venture between ScanlanKemperBard Cos. of Oregon and Praedium Group.
Burnham Pacific also sold its 25% ownership interest in the 77,000-sf Margarita Plaza shopping center in Huntington Park to California Urban Investment Partners LLC for about $1.88 million.
The REIT also sold its interest in a 37,000-sf leasehold at Brickyard Plaza in Salt Lake City, Utah, for about $750,000 to Pacific Retail LP, a joint venture led by affiliates of PO'B Montgomery & Company and Apollo Real Estate Advisors. The sale represents the third deal under an agreement with Pacific Retail of Burnham's interest in up to 15 properties.
The first two Burnham Pacific deals involved the sale of 12 properties for a price of about $116 million. Pacific Retail decided not to purchase Gateway Center and forfeited its cash deposit. The remaining property under the agreement is expected to close upon approval of ground lessors.
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