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Two shopping centers north of Seattle are under new ownership this week following a 15-property sale by San Diego-based Burnham Pacific Properties, a retail real estate investment trust that is in the middle of liquidation.

Puget Park in Everett and Meridian Village in Bellingham are the affected properties. Puget Park, located at 520 128th Street SW, is an 89,000-sf center is anchored by a 41,896 square foot Albertson’s. It was built in 1981, and is currently 19% vacant.

Meridian Village, a 208,000-sf shopping center located at 3930 Guide Meridian Road, includes a new Home Depot, as well as a Circuit City and a Rite Aid. It was built in 1979 and renovated in 1997. It is currently 2.3% vacant.

Burnham Pacific sold its interest in the properties along with 12 others for $355 million. Prudential Real Estate Investors says it is making its investment on behalf of PRISA II, a $1.5 billion open-end, commingled real estate equity fund it operates for institutional investors.

The 14 properties, which together total 2.9 million square feet, consist of a mix of grocery anchors, power centers and a factory outlet center. Ten of the properties are located in California, and two are in with two each in Washington State.

The properties will be purchased through a joint venture, the Retail Value Investment Program, created by PREI and DDR in 1998. Coventry Real Estate Partners was subsequently established as a dedicated operating partner in the program, which invests in opportunistic retail property transactions.

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