Kennedy-Wilson Wins Expanded Management Duties from Burnham Pacific

Kennedy-Wilson Inc. said Wednesday it has won expanded property management duties from the struggling San Diego-based mall REIT Burnham Pacific Properties.

In addition to 10 Burnham properties managed by its Seattle office, the Beverly Hills-based real estate services firm has just opened a branch office in Portland to handle management of seven new assignments in Oregon.

It’s unclear how long Kennedy-Wilson will keep its new gig. On Tuesday, Burnham Bacific’s board finalized its liquidation plan, and agreed to sell fifteen of its West Coast properties, including ones managed by Kennedy-Wilson, to Prudential Real Estate Investors for $355 million in cash.

As announced last month, Burnham Pacific is in the process of liquidating the company. Last week, the company said it is closing its Portland, Seattle and Sacramento offices and substantially reducing the size of its San Francisco and San Diego offices. In addition, the Company announced that it is terminating its duties as real estate advisor to the California Public Employees’ Retirement System (“CalPERS”), and that all of its executive officers have surrendered their entire phantom stock grants.

Kennedy-WIlson has hired Patricia Shelton to supervise Burnham’s Oregon portfolio. She was hired away from Pacific Northwest Factory Mall Management.

Shelton’s new Burnham assignment includes: Clackamas Promenade at 8974 SE Sunnyside Rd. in Clackamas; Farmington Village at 6055 SW 185th Ave. in Aloha; Greenway Town Center at 12220 SW Scholls Ferry Rd. in Tigard; Keizer Creekside Shopping Center at 5450 River Rd. N. in Keizer; Silverton Plaza at 333 McClaine & Westfile streets in Silverton; Village East at 2301 Lancaster Dr. NE in Salem; and Young’s Bay Plaza at 141 S. Hwy. 101 in Warrenton.