Advertisement
YOU ARE HERE: LAT HomeCollections

COMMERCIAL REAL ESTATE

Burnham Pacific Affiliate Buys 5 Properties

October 06, 1998| From Bloomberg News

SAN DIEGO — Burnham Pacific Properties Inc. said its affiliate BPP Retail acquired five retail properties for $80.1 million, in the first transaction in a joint venture with the California Public Employees' Retirement System.

The acquisition is part of a $500-million venture formed in June between San Diego-based Burnham Pacific, one of California's largest retail property owners and developers, and CalPERS in Sacramento, the largest U.S. public pension fund. They plan to develop and buy shopping centers in the western U.S.

CalPERS, which previously owned the properties, sold them to joint-venture company BPP Retail, which is managed by Burnham Pacific. The five shopping centers contain 715,000 square feet of retail space near Austin, Texas; Denver; and Portland, Ore.

"These areas represent healthy economies that offer considerable growth potential," Burnham Pacific President and Chief Executive David Martin said in a statement.

Burnham, which agreed in June to contribute $100 million to the joint venture, owns 20%. CalPERS will contribute $250 million in property and $150 million in capital. Burnham owns 64 shopping center properties in California, Oregon and Washington. Burnham shares declined 25 cents to close at $13.50 on the New York Stock Exchange.

Advertisement
Los Angeles Times Articles
|
|
|