Most research works in optical burst switching (OBS) networks do not take into account the impact of physical layer impairments (PLIs) either by considering fully transparent (i.e., using optical 3R regeneration) or opaque (i.e., electrical 3R regeneration) networks. However, both solutions are not feasible for different reasons. In this paper, we propose a novel translucent OBS (T-OBS) network architecture which aims at bridging the gap between the transparent and opaque solutions. In order to evaluate its performance, a formulation of the routing and regenerator placement and dimensioning problem (RRPD) is presented. Since such formulation results in a complex problem, we also propose several alternative heuristic strategies. In particular, we evaluate the trade-off between optimality and execution times provided by these methods. Finally, we conduct a series of simulation experiments that prove that the T-OBS network model proposed effectively deals with burst losses caused by the impact of PLIs and ensures that the overall network performance remains unaffected.