Center Trust owns or controls a portfolio of 55 retailproperties. Of it's 47 community centers, 11 are located in thePacific Northwest (eight in Washington, three in Oregon), seven inNorthern California, 23 in Southern California and six in theSouthwest. Two regional malls are located in Southern California.Four single tenant assets are in Southern California, two are inNorthern California and one is located in the Southwest.
The sale, which is subject to due diligence and other closingconditions typical of a transaction of this nature, is anticipatedto close late in the third quarter of 2000. Net cash proceeds fromthe sale, approximately $45.3 million after payoff of existingdebt, will be used to reduce the outstanding balance on CenterTrust's secured credit facility.
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