San Diego-based Burnham Pacific Properties Inc. has finalized its agreement to be the exclusive co-investment partner of thePublic Employees' Retirement System (CalPERS). This partnership, which will act through a limited liability company that Burnham Pacific will manage, will focus its investments on neighborhood, community, power and specialty retail centers throughout the western United States. The partnership - CalPERS 80%, Burnham Pacific 20% - has $575 million in capital available for investment.
Chattanooga, Tenn.-based CBL & Associates Properties Inc. has entered into a partnership agreement with Myrtle Beach, S.C.-based Burroughs & Chapin Inc. to develop the largest enclosed regional mall in Myrtle Beach. The 1.3 million sq. ft. proposed mall is planned to open by spring 2001 and be anchored by five department stores and tenanted by more than 100 specialty stores.
McLean, Va.-based J.E. Robert Cos., a real estate and asset manager, and The JBG Cos., a Washington, D.C.-based real estate acquisition andfirm, have formed an alliance to capitalize on redevelopment, development and acquisition of commercial and industrial properties in the greater Washington area. One of the alliance's first projects is the development of Chase Tower, a 250,000 sq. ft. class A office and retail complex in Chevy Chase, Md.