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MISSION VIEJO, CA-Burnham USA Equities Inc. of Newport Beach acquired the 58,000-sf Campus Plaza retail center from Viejo Campus Plaza Partners and plans a multimillion-dollar remodeling and redevelopment of the 24-year-old shopping venue. As a part of the repositioning, the center’s name will be changed to Mission Viejo Town Center. Terms of the sale were undisclosed, but industry sources estimate the deal was in the $14 million range.Stephen Thorp, a Burnham VP and director of acquisitions, tells GlobeSt.com that Burnham also will add new space to the center, although the company has yet to decide exactly how much new space it will develop. Burnham USA acquired the asset, which was approximately 90% occupied at the time of the sale, from Orange County-based Mission Viejo Campus Plaza Partners, which had owned it for nearly 20 years. The purchase, which was Burnham’s third shopping center acquisition this year, was a principal-to-principal deal with no brokers involved.The Campus Plaza center is at 28311 through 28391 Marguerite Parkway and anchored by Pier 1 Imports, Cost Plus World Markets, the Bath Co. and others. It is adjacent to the Shops at Mission Viejo and draws from what Thorp describes as “some of the strongest demographics in the nation.” He says Burnham’s redevelopment and remodeling of the shopping center should position it as “the dominant promotional shopping center in the immediate trade area.”Campus Plaza has never been renovated since it was built in 1980, so Burnham plans an extensive remodel of the shopping center and anticipates construction to begin in the fall. Thorp says the company already has “a great deal of preliminary interest from national retailers” in leasing space in the center. Bank of America provided acquisition financing for the purchase and will also provide construction financing. Burnham’s other retail buys this year include a Best Buy anchored center near the Block at Orange that is currently under construction, a Linens ‘n Things anchored center which is adjacent to the Park Place Regional Mall in Tucson, AZ, and the Best Buy Shopping Center adjacent to the Montclair Regional Mall in Montclair. The company is shopping for other properties that are located in close proximity to major malls, both locally and out of state.

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