The properties sold were Ross Center, a 134,000-sf property in Clackamas, Ore. that is anchored by Ross Stores, Michaels and Pier 1 Imports; Vancouver Park Place, a 78,000-sf center in Vancouver, Wash. that is anchored by T.J. Maxx and Pier 1 Imports; and Rosedale Village Shopping Center, a 127,000-sf property in Bakersfield, Calif. that is anchored by a Save Mart regional grocery store chain, a Rite Aid drug store that is closed, and a Kmart.
The buyers of Ross Center and Vancouver Park Place assumed existing mortgages totaling $19.3 million. Center Trust said it reduced the outstanding balance of its line of credit by $18 million with the proceeds of the sales.
Center Trust owns or controls a portfolio of 32 retail properties totaling 7.5 million sf, among them 28 open-air, anchored shopping centers, two regional malls and two single-tenant properties.
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