The credit crunch and store-sale drop-off has affected everyaspect of the industry, and even the retail REITs are playing itsafe, says Michael Dee, EVP of business development for theDallas-based Staubach Retail. Centro is just another company thathas gotten caught in the recent troubles, he says.

"I think this does create opportunity for some firms that cantake advantage of pretty favorable prices, but the challenge is thelending market, the requirements for lending have changed so much,"he tells GlobeSt.com Tuesday. "You won't see REITs as one of themajor players, it's going to be the private investors, they're theones who see the opportunity and can react much quicker than theREITs, who are now cautious."

Centro sold most of its interest in the Centro America Fund, allproperties in the US, except for a partial share of IndependenceMall in Wilmington, NC and Elk Park Center in Elk River, MN, whichwill continue to be held by the fund. The sold portfolio includes5.1 million sf, and spans 15 states. The sale was to help repaymore than $6 billion in debt the company owes lenders by December."The sale of the CAF portfolio is a key step in providing liquidityto our balance sheet," said Glenn Rufrano, the company's CEO. Acompany spokesman could not be reached for comment for thisstory.