The company sold its interest in approximately 145,000 sf at the two centers for an aggregate of approximately $19 million to RetailValue Investment Program, a joint venture comprised of Developers Diversified, Coventry Real Estate Partners and Prudential Real EstateInvestors.
Proceeds from the sales will be used to reduce debt.
The transactions represent a portion of a portfolio of properties targeted for sale under the previously announced purchase and sale agreement with The Prudential Insurance Co. of America, with the remaining properties having an aggregate purchase price of approximately $139 million.
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