Centennial Group Inc., a real estate development...

Centennial Group Inc., a real estate development company based in Orange, said that it had completed the sale of more than $80 million in property by the end of June. The company said it used proceeds from the sales to pay off $43.8 million in debt. Centennial announced last month that it wanted to sell the land to solve its cash-flow problem and that it was shifting emphasis to home building. The company said it still owns about $200 million worth of land in Arizona and California. Centennial was formed as a public company in 1987 from a group of limited partnerships created by Ronald R. White and John B. Joseph. Centennial’s stock closed Wednesday at $2.