SAN DIEGO-Burnham Pacific Properties Inc. announced that it has closed on the sale of the San Diego Factory Outlet and Meridian Village Shopping Center, located in Bellingham, WA.

Representing an approximate total of 465,000 sf, the two centers were purchased for an aggregate of $48.7 million by Retail Value Investment Program, a joint venture that includes Developers Diversified, Coventry Real Estate Partners and Prudential Real Estate Investors.

Burnham Pacific will realize an aggregate gain on sale of approximately $3.5 million. Proceeds from the sales will be used to reduce outstanding indebtedness and for reserves as stated in the company’s proxy statement relating to its 2000 stockholders meeting.

The sales represent the first two of a portfolio of properties targeted for sale under a previously announced agreement with The Prudential Insurance Company of America, with the remaining properties having an aggregate purchase price of about $267.9 million.

Assuming stockholders approve of the company’s plan of liquidation, Burnham expects the remaining properties to will close escrow from time to time, following such approval.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.