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Real Estate—Burnham keeps properties after deal falls apart



Three Residential Building Firms Open Subdivisions

GMS Realty LLC of Carlsbad has decided not to proceed with the $305 million purchase of 19 strip shopping center properties from Burnham Pacific Properties Inc., its president said.

“We did our investigations, we didn’t like the price then, and we didn’t buy,” said Bill Gerrity, president and CEO of the privately held real estate company earlier this month.

GMS and Burnham had signed an agreement Sept. 18 on the properties with the contingency GMS could cancel if it wished to after doing its research on the properties.

Gerrity stressed the shopping centers were in good condition and there were no hidden defects.

“The management at Burnham was responsive in providing us information on all aspects of the transaction and appear to be working in everybody’s best interest,” Gerrity said.

The agreement with GMS was one of three previously announced by Burnham, which is publicly traded on the New York Stock Exchange under the symbol BPP. Its board of directors voted in August to liquidate the company.

Two other agreements, one with Cleveland-based DDR Real Estate Inc., and another with the Prudential Insurance Co. of America, remain in effect, Burnham’s management said.

GMS Realty LLC owns 15 strip shopping centers across California in partnership with Principal Financial Group of Des Moines, Iowa, and five Southern California shopping centers with New York-based Morgan Stanley Real Estate Fund, Gerrity said.

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Sales Start: Three local residential development companies have released new subdivisions for sale in the past several days.

On Oct. 28, McMillin Homes released seven houses for sale at its Capistrano neighborhood in Carlsbad, said Rick Jarrett, sales vice president for the National City-based company. Prices for the 2,750- to 3,200-square-foot, three- to five-bedroom houses start in the high $300,000s.

Shea Homes San Diego held a grand opening Oct. 29 at Sycamore Ridge, its new townhouse neighborhood at the Eastlake Trail community in Chula Vista.

Cindy Roush, sales director, said the nine residences in Phase 2B range in size from 1,040 square feet to 1,368 square feet with two or three bedrooms. They are priced from the $160,000s, she said.

Meanwhile, Fieldstone Communities Inc. of Newport Beach has started selling 10 lots at Monterey Point at Eastlake Trails, also in Chula Vista. Buyers will be able to select three different floor plans with three to five bedrooms and from 2,564 square feet to 2,950 square feet, said Andrew Murphy, San Diego regional manager. The finished homes are priced from the $280,000s, he added.

Hammers And Nails: Work started Oct. 19 on City Heights Retail Village, a grocery-anchored shopping center at the corner of Fairmount Avenue and Wightman Street. R.G. Petty Construction has tilted the panels on two buildings totaling 33,000 square feet at the Mission Valley Heights office and commercial complex in the 7400 block of Mission Valley Road. It’s also working on the second phase of Mexport Business Center in Calexico. Carlsbad-based Grant General Contractors has won the $8 million contract for the new Lowe’s Home Improvement Warehouse in Palm Springs. Southern California Soil & Testing Inc. of San Diego and Greystone Homes’ Carlsbad office donated construction services to the San Diego Center for Children recently. San Diego-based Bycor General Contractors Inc. is working on tenant improvements for 3,800 square feet of office space at Sunroad Corporate Center, 4455 Eastgate Mall for InterNAP, a Seattle-based company. Sully-Jones Roofing Co. of El Cajon has finished re-roofing on Cabrillo Credit Union’s building on Barnes Canyon Road in Mira Mesa.

Send your real estate items to Art Grupe at agrupe@sdbj.com.

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