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Center Trust sells two shopping centers

Manhattan Beach, Calif. – Locally based Center Trust Inc. completed the sale of two community shopping centers for a total sale price of $29.1 million. Westgate North, a 104,000-sq.-ft. center located in Tacoma, Wash., was sold to an unrelated third party. The company also sold Madera Marketplace, a 169,000-sq.-ft. center located in Madera, Calif.

After the repayment of debt of $15.1 million and other closing costs, net cash proceeds of $11.1 million were used to reduce the outstanding balance on the company’s secured credit facility.

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