San Diego-based Burnham Pacific sold the centers for about $145.5 million in cash, and Weingarten assumed mortgage debt of about $143 million. The 19 properties, which total about 2.5 million sf, are all grocery-anchored shopping centers in California.
In Southern California, the portfolio includes centers in Bellflower, Duarte, Menifee, Redondo Beach, San Marcos and Westminster.
Burnham Pacific used about $126 million to redeem all of its preferred equity and approximately $15 million to reduce debt under the company's line of credit.
"The sale of this portfolio demonstrates our ability to execute our plan of liquidation through portfolio sales, which are often more cost effective than individual asset sales," says Scott C. Verges, Burnham's president/CEO.
Verges says that since Burnham announced its liquidation plan last August, the company has sold its interests in 28 properties for a total of $498 million.
"We remain focused on an orderly liquidation of the remaining properties in the company's portfolio by pursuing transactions that are expected to result in favorable net proceeds to the company," Verges adds.
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