Watt to sell stake in joint venture

Los Angeles real estate firm Watt Cos. is expected to announce today that it will sell its ownership stake in a joint venture with Centro Properties Group that owns and operates 700 shopping centers in 38 states.

Australia-based Centro will take over Centro Watt, which was formed in 2003 and controls 155 million square feet of retail space.

Terms have not been disclosed.

-- Roger Vincent