The joint venture, known as Pacific Retail LP, paid $91.8million in cash for the first installment of the purchase of 15Burnham Pacific properties. The remaining seven properties havingan aggregate purchase price of about $57.7 million and will closeonly if cleared by tenants and lenders.
The eight properties include Cruces Norte in Las Cruces, N.M.;Silver Plaza in Silver City, N.M.; Park Manor in Bellingham, Wash.;Farmington Village in Aloha, Ore.; Greentree Plaza in Everett,Wash; Fremont Hub in Fremont, Calif.; Plaza De Monterey in PalmDesert, Calif.; and Mission Plaza in Cathedral City, Calif.
In addition, Burnham Pacific announced that it had closed on thesale of its 25% ownership interest in the Ladera shopping center inLos Angeles for about $2 million.
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