Document:

<PAGE>

                                                                    Exhibit 10.2

                             CONTRIBUTION AGREEMENT

THIS CONTRIBUTION AGREEMENT (the "Agreement") is entered into as of November 30,
1999 by and between the STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM,
a unit of the State and Consumer Services Agency of the State of California
("CalPERS"), with offices at 400 P Street, Sacramento, California 95814, and
BURNHAM PACIFIC EMPLOYEES LLC, a Delaware limited liability company (either
"BPE" or the "Manager"), with offices at 110 West A Street, Suite 900, San
Diego, California 92101.

                                    RECITALS

         A.   BPP Retail, LLC, a Delaware limited liability company (the
"Company") was formed by the filing of a Certificate of Formation with the
Secretary of State of the State of Delaware on September 15, 1998. The
management and operation of the Company is governed by the terms of that certain
Operating Agreement dated August 31, 1998, as amended by that certain First
Amendment to Operating Agreement dated June 1, 1999 (as amended, the
"Agreement").

         B.   CalPERS and BPE, as the current members of the Company, now wish
to provide for the contribution of certain real property to the Company by BPE.

                                    AGREEMENT

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, and the mutual covenants herein contained, the
parties hereto agree as follows:

         1.   DEFINED TERMS. Capitalized terms used herein and not defined shall
have the same meaning as ascribed thereto in the Agreement.

         2.   CONTRIBUTION OF CERTAIN PROJECTS BY BPE. Section 3.2(a) of the
Agreement permits BPE to make Additional Capital Contributions in the form of
contributions of property. On December 1, 1999 (the "Effective Date"), BPE shall
cause to be contributed by grant deed to the Company (i) certain property in Los
Altos, California commonly known as Foothill Plaza and legally described on
Exhibit A annexed hereto ("Foothill Plaza") and (ii) certain property in
Rocklin, California commonly known as Stanford Ranch and legally described on
Exhibit B annexed hereto ("Stanford Ranch"). The parties have agreed that the
Net Asset Value of Foothill Plaza is Six Million Nine Hundred Thousand Dollars
($6,900,000) and the Net Asset Value of Stanford Ranch is Five Million Nine
Hundred Ten Thousand Dollars ($5,910,000), reflecting a fair market value of
Twelve Million Dollars ($12,000,000) less the amount of secured debt currently
encumbering the property. The contributions shall be made in accordance with the
terms and conditions of the Agreement, including without limitation the
representations and warranties contained in Exhibit F thereto.

         3.   TITLE TO STANFORD RANCH. Stanford Ranch is currently encumbered by
a deed of trust in favor of Massachusetts Mutual Life Insurance Company (the
"Lender"), and the Company will assume all obligations contained in such deed of
trust and the related promissory note and other loan documents from and after
the Effective Date in connection with its contribution. Lender has consented to
such assumption, subject to the satisfaction of certain customary conditions
precedent (the "Conditions"), such as receipt of an appropriate endorsement to
its title policy. In the event that all Conditions are not satisfied as of the
Effective Date, then notwithstanding anything contained herein to the contrary,
BPE may continue to hold title to Stanford Ranch as nominee on behalf of the
Company until such time as all of the Conditions are satisfied; provided,
however, that if all of the Conditions are not satisfied on or before December
15, 1999, then CalPERS shall be entitled to rescind the contribution of Stanford
Ranch to the Company, in which case this Agreement shall be a nullity as to
Stanford Ranch, BPE shall promptly refund to the Company any distributions it
received from the Company in connection with its attempted contribution of
Stanford Ranch, and the Company shall promptly return such refunded
distributions to CalPERS.

<PAGE>

         4.   CAPITAL CONTRIBUTION BY CALPERS. On the Effective Date, CalPERS
shall make an Additional Capital Contribution to the Company equal to the
combined Net Asset Value of Foothill Plaza and Stanford Ranch, which amount
shall in turn be distributed to BPE by the Company.

         5.   MISCELLANEOUS. This Agreement may be executed in counterparts, all
of which shall constitute one instrument. This Agreement shall be governed by
the laws of California.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

BURNHAM PACIFIC EMPLOYEES LLC,
a Delaware limited liability company

By: BURNHAM PACIFIC OPERATING PARTNERSHIP, L.P.
a Delaware limited partnership, its manager

By: BURNHAM PACIFIC PROPERTIES, INC.,
a Maryland corporation, its general partner

By:  /s/ Joseph Byrne
    ---------------------------------------
Its: Executive Vice President
    ---------------------------------------

STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM,
an agency of the State of California

By: /s/ Guy Jacquier
   ----------------------------------------
Its: Senior Investment Officer
    ---------------------------------------

                                      -2-<PAGE>

                                                                    Exhibit 10.3

                        BELL GARDENS OWNERSHIP AGREEMENT

THIS AGREEMENT (the "Agreement") is entered into to be effective as of December
15, 1999 by and between the STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT
SYSTEM, a unit of the State and Consumer Services Agency of the State of
California ("CalPERS"), with offices at 400 P Street, Sacramento, California
95814, BURNHAM PACIFIC EMPLOYEES LLC, a Delaware limited liability company
("BPE"), with offices at 110 West A Street, Suite 900, San Diego, California
92101, BURNHAM PACIFIC OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership ("BPOP"), with offices at 110 West A Street, Suite 900, San Diego,
California 92101, and BPP RETAIL, LLC, a Delaware limited liability company (the
"Company"), with offices at 110 West A Street, Suite 900, San Diego, California
92101.

                                    RECITALS

         A.   The Company was formed by the filing of a Certificate of Formation
with the Secretary of State of the State of Delaware on September 15, 1998. The
management and operation of the Company is governed by the terms of that certain
Operating Agreement dated August 31, 1998 (the "Original Agreement"), as amended
by that certain First Amendment to Operating Agreement dated June 1, 1999 (the
"First Amendment") and that certain Second Amendment to Operating Agreement of
even date herewith (the "Second Amendment", and together with the First
Amendment and the Original Agreement, the "Operating Agreement").

         B.   Prior to June 1, 1999, and pursuant to the Original Agreement,
BPOP was a member and the manager of the Company. In connection with the First
Amendment, BPE became a member and the manager of the Company, and BPOP withdrew
from the Company.

         C.   The Company acquired all right and beneficial interest in that
certain real property known as Bell Gardens Shopping Center ("Bell Gardens")
pursuant to that certain Agreement of Conveyance and Contribution (Bell Gardens
Shopping Center) dated December 21, 1998 by and among BPOP, CalPERS and the
Company (the "Contribution Agreement"). As permitted under the Contribution
Agreement and the Operating Agreement, BPOP has continued to hold record title
to Bell Gardens

         D.   In connection with the Second Amendment, the parties hereto now
wish to provide for the termination of the Contribution Agreement and the return
of all right and beneficial interest in Bell Gardens to BPOP.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

         1.   DEFINITIONS. Capitalized terms used herein and not otherwise
defined shall have the meaning ascribed to them in the Operating Agreement.

<PAGE>

         2.   TRANSFER TO BPE. Pursuant to Section 2(b) of the Second Amendment,
and as part of the Manager Distributions, the Company hereby grants to BPE all
right and beneficial interest in Bell Gardens, including without limitation any
and all rights in leases, licenses, contracts, permits, warranties, easements,
records, documents and other tangible and intangible property relating to Bell
Gardens and disclaims any interest in the same, all from and after the date of
the Manager Distributions. BPE hereby grants to BPOP all right and beneficial
interest in the Bell Gardens Property granted to it in the preceding sentence.

         3.   TERMINATION OF CONTRIBUTION AGREEMENT. The parties agree that the
Contribution Agreement shall automatically terminate as of the date of the
Manager Distributions; provided, however, that all rights and obligations
accruing thereunder prior to the date of the Manager Distributions shall survive
such termination.

         4.   MISCELLANEOUS. This Agreement may be executed in counterparts, all
of which shall constitute one instrument. This Agreement shall be governed by
the laws of California.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                             SIGNATURE PAGE FOLLOWS

                                      -2-

<PAGE>

STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM,
an agency of the State of California

By: /s/ Guy Jacquier
   ----------------------------------------
Its: Senior Real Estate Investment Officer
    ---------------------------------------

BURNHAM PACIFIC EMPLOYEES LLC,
a Delaware limited liability company

By: BURNHAM PACIFIC OPERATING PARTNERSHIP, L.P.
a Delaware limited partnership, its manager

By: BURNHAM PACIFIC PROPERTIES, INC.,
a Maryland corporation, its general partner

By: /s/ Scott C. Verges
   ----------------------------------------
Its: Secretary
    ---------------------------------------

BURNHAM PACIFIC OPERATING PARTNERSHIP, L.P.
a Delaware limited partnership, its manager

By: BURNHAM PACIFIC PROPERTIES, INC.,
a Maryland corporation, its general partner

By: /s/ Scott C. Verges
   ----------------------------------------
Its: Secretary
    ---------------------------------------

BPP RETAIL, LLC,
a Delaware limited liability company

By:  BURNHAM PACIFIC EMPLOYEES LLC,
a Delaware limited liability company

By: BURNHAM PACIFIC OPERATING PARTNERSHIP, L.P.
a Delaware limited partnership, its manager

By: BURNHAM PACIFIC PROPERTIES, INC.,
a Maryland corporation, its general partner

By: /s/ Scott C. Verges
   ----------------------------------------
Its: Secretary
    ---------------------------------------

                                      -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}]]