Burnham to Sell 19 Shopping Centers to GMS

Burnham Pacific Properties Inc., one of the largest owners of strip malls on the West Coast, agreed to sell 19 shopping centers in California to closely held GMS Realty for $305 million in cash. GMS, based in Carlsbad, Calif., operates neighborhood and community shopping centers in California and Arizona. The sale is part of Burnham’s announced liquidation plan, the company said in a news release. Burnham and GMS weren’t immediately available for comment. Burnham’s board approved liquidating the San Diego-based company last month after deciding that bids by potential buyers weren’t high enough. The real estate investment trust will use the proceeds to repay debt and distribute the remaining cash to shareholders. Last month, Burnham sold 15 properties to Prudential Real Estate for $355 million. Shares of Burnham closed up 19 cents at $6.25 on the New York Stock Exchange.