X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Burnham Pacific Properties Inc. said yesterday it plans to sell its multi-state real estate holdings and liquidate the company.

The San Diego-based real estate investment trust owns 7 shopping centers in Western Oregon, including three in the greater Portland area, two near Salem and one near Astoria. They include:

-Clackamas Promenade in Clackamas, Ore., a 430,004-sf center located in Clackamas County, Oregon. Major tenants at the center include a Sportsmart, Nordstrom’s Rack and Pacific Linens. Other anchors in property not owned by Burnham include a 116,284-sf Target and a 77,870-sf Mervyn’s.

-Young’s Bay Plaza in Warrenton, Ore., a 93,776-sf neighborhood shopping center anchored by a 33,400-sf Rite Aid and a 25,684-sf Lamont’s Apparel.

-Farmington Village in Aloha, Ore., a 105,247-sf neighborhood shopping center anchored by a 41,935-sf Albertson’s and a 30,572-sf Bi-Mart, neither of which are in buildings owned by Burnham.

-Kaiser Creekside in Salem, Ore., a 104,208-sf center of which Burnham owns about 61,000 sf. A 42,269-sf Albertson’s and a 31,472-sf Rite Aid anchor the center.

-Village East in Salem, Ore., a 220,926-sf center anchored by a 45,000-sf Albertson’s not part of Burnham’s ownership, as well as a 32,396-sf Ross Dress for Less, a 25,125-sf Border’s Books and a 30,000-sf Bi-Mart.

-Silverton Plaza in Silverton, Ore., a neighborhood center anchored by a 35,470-sf Safeway and a 20,122-sf Rite Aid.

-Greenway Town Center in Tigard, Ore., a 93,100-sf neighborhood shopping center anchored by a 37,500-sf United Grocers, a 17,000-sf Rite Aid, and a 12,000-sf Hancock Fabrics.

Burnham Pacific says it had considered selling the company as a whole or reorganizing, but didn’t receive adequate offer prices. Its other holdings are in Washington, California, Colorado, New Mexico, Utah, Texas, Minnesota, Illinois, Connecticut and Maryland.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.