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SAN DIEGO-Pacific Retail LP has amended it agreement to buy 18 properties from Burnham Pacific Properties Inc., dropping three properties and reducing the price it will pay from $158.5 million to $149.5 million.

At the time it was announced in August, the sale of the properties in California, Washington, Oregon, New Mexico, and Utah was expected to be closed by the end of October.

Pacific Retail terminated the agreement to buy the Margarita Plaza and Palms to Pines centers. In addition, San Diego-based Burnham Pacific says a third party has exercised its right of first refusal with respect to sale of Ladera Center.

In the amended deal, Burnham Pacific now expects to sell a total of 15 centers to Texas-based Pacific Retail for a total price of about $149.5 million. The earnest money deposit paid by Pacific Retail was increased from $2.75 million to $4.98 million.

The sale of 10 of the 15 properties is expected to close by Dec. 20. The sale of the remaining five properties is expected to close as soon as practicable following approvals by building owners and lenders.

Pacific Retail LP is owned by affiliates of P. O’B. Montgomery & Company and Apollo Real Estate Advisors. P. O’B. Montgomery & Company is based in Dallas.

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