Representing an approximate total of 465,000 sf, the two centerswere purchased for an aggregate of $48.7 million by Retail ValueInvestment Program, a joint venture that includes DevelopersDiversified, Coventry Real Estate Partners and Prudential RealEstate Investors.
Burnham Pacific will realize an aggregate gain on sale ofapproximately $3.5 million. Proceeds from the sales will be used toreduce outstanding indebtedness and for reserves as stated in thecompany's proxy statement relating to its 2000 stockholdersmeeting.
The sales represent the first two of a portfolio of propertiestargeted for sale under a previously announced agreement with ThePrudential Insurance Company of America, with the remainingproperties having an aggregate purchase price of about $267.9million.
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