Burnham Sells 19 Centers for $305 Million

SAN DIEGO-Burnham Pacific Properties Inc., the locally based REIT that announced plans to liquidate last month, has agreed to sell a portfolio of 19 shopping centers to a Southern California-based private partnership for $305 million.

The buyer is GMS Realty LLC, an investment company based in Carlsbad. The properties, which combined total about 2.5 million sf, are all grocery-anchored shopping centers in California.

Burnham Pacific says the sale is subject to certain conditions, including the approval of the REIT’s liquidation plan by its stockholders. “The transaction demonstrates our commitment to the successfulliquidation of the company in an orderly manner,” says Scott C. Verges,Burnham’s president and interim CEO. “We willcontinue to pursue transactions that recognize the quality ofBurnham’s assets.”

GMS Realty LLC operates neighborhood and community shopping centers in California and Arizona. The company is actively seeking more acquisitions throughout the western United States, a company spokesperson says.

Burnham Pacific announced plans to liquidate after its efforts to find a buyer willing to make a suitable offer for the entire company were unsuccessful.