Center Trust to Sell Six Shopping Centers

SEATTLE—Retail REIT Center Trust Inc. is selling six properties in Washington, California and Nevada to Kimco Realty Corp. for $160.6 million, including the assumption of $68.3 million in debt. The names and locations of the specific properties have yet to be released by either company.

Center Trust owns or controls a portfolio of 55 retail properties. Of it’s 47 community centers, 11 are located in the Pacific Northwest (eight in Washington, three in Oregon), seven in Northern California, 23 in Southern California and six in the Southwest. Two regional malls are located in Southern California. Four single tenant assets are in Southern California, two are in Northern California and one is located in the Southwest.

The sale, which is subject to due diligence and other closing conditions typical of a transaction of this nature, is anticipated to close late in the third quarter of 2000. Net cash proceeds from the sale, approximately $45.3 million after payoff of existing debt, will be used to reduce the outstanding balance on Center Trust’s secured credit facility.