SAN DIEGO-Burnham Pacific Properties Inc. has closed on the sale of eight properties totaling 781,000 sf to a joint venture led by affiliates of P. O’B. Montgomery & Company and Apollo Real Estate Advisors.

The joint venture, known as Pacific Retail LP, paid $91.8 million in cash for the first installment of the purchase of 15 Burnham Pacific properties. The remaining seven properties having an aggregate purchase price of about $57.7 million and will close only 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 Palm Desert, Calif.; and Mission Plaza in Cathedral City, Calif.

In addition, Burnham Pacific announced that it had closed on the sale of its 25% ownership interest in the Ladera shopping center in Los Angeles for about $2 million.

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