The announcement comes after Burnham Pacific's board officiallyapproved the company's liquidation on Tuesday. Cleveland-basedDevelopers Diversified Realty will take control of 14 propertiesthrough ajoint venture with its equity partner Prudential RealEstate Investorsand Coventry Real Estate Partners, both of whichhad been in talks formonths to acquire all of Burnham Pacific. Oneproperty will be wholly owned by DDR.

"We have worked diligently over the past several months with[Burnham Pacific]tostructure a transaction that meets the strategicobjectives of allparties," says Peter Henkel,Coventry's managingpartner. "This transaction affords Coventry theopportunity toexpand its investment portfolio significantly byacquiringproperties that are well located in strong markets. We believethatunder DDR's management, we can enhance the value of theportfolioand generate strong returns for our investorpartners."

All of the properties involved in the sale are on the WestCoast. Many have tenants that include Wal-Mart, furniture-retailinggiant Ikea, home-electronics leader Circuit City and the Home Basedo-it-yourself home-improvement chain.