X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.