Colonial Properties Trust Adds 844 Multifamily Units and 272,000 Square Feet
of Office Space
BIRMINGHAM, Ala., Jan. 7 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) ("the Company") announced today the acquisition of two
multifamily properties, one office property and a ten percent interest in a
multifamily joint venture. The acquisitions were funded through the Company's
unsecured line of credit.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"These acquisitions are a continuation of the Company's strong diversified
investment strategy," stated Reynolds Thompson, Chief Operating Officer of
Colonial Properties Trust. "In 2003, the Company well-positioned its balance
sheet to take advantage of acquisition opportunities such as these. Further,
we anticipate that more acquisition opportunities will become available
throughout 2004. The acquired properties are located in submarkets that are
projecting limited new construction and promising new job growth. Orlando and
Austin are ranked among the top 15 MSAs for job growth in 2003."
The two multifamily properties, acquired from Centergate Residential, a
private company headquartered in Chicago, Illinois, will add 844 units to the
Colonial Properties' multifamily portfolio. Centergate Metrowest, built in
1997, is a 311-unit residential community in the prestigious Metrowest master
planned development in the Southwest submarket of Orlando, Florida. Currently
the property is 94 percent leased. Centergate Quarry Oaks, built in 1996, is
located off Highway 183 in the Northwest area of Austin, Texas, known as the
Round Rock submarket. Currently the property is 91 percent leased. In
keeping with Colonial Properties' branding philosophy, Centergate Metrowest
will be renamed Colonial Grand at Metrowest and Centergate at Quarry Oaks will
be renamed Colonial Village at Quarry Oaks.
Increasing its position in the attractive Huntsville, Alabama office
market, the Company acquired the 272,000 square foot Research Place office
complex. Constructed in 1979 and renovated in 1984 and again in 1998, the
property is well-located in the Research Park submarket and adjacent to
Colonial Properties' existing development, Colonial Center at Research Park.
Research Place, which will be renamed Colonial Center at Research Place, is
100 percent occupied. Existing clients include National Missile Defense (a US
Government Service Agency), Lockheed Martin and Teledyne Brown Engineering,
Incorporated. The property was acquired from Research Place Partners, LLC.
Additionally, Colonial Properties acquired a ten percent interest in a
joint venture with Dreyfuss Real Estate Advisors on three multifamily
properties in Birmingham, Alabama. The three properties, totaling 1,090
units, have been managed by the Company since mid 2003.
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $2.8 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 19,500 apartment units, 6.5 million square feet of
office space and 15.6 million square feet of retail shopping space. In 2003,
the National Association of Industrial and Office Properties (NAIOP) named
Colonial Properties Trust "National Developer of the Year". Additional
information on Colonial Properties Trust is available on the Internet
at http://www.colonialprop.com . The Company, headquartered in Birmingham, Ala., is
listed on the New York Stock Exchange under the symbol "CLP" and is included
in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
 back to top
Related links:
http://www.colonialprop.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Sandra Lee Robertson, Senior Vice President -
Finance, +1-205-250-8788, or Linda S. Geiss, Vice President -
Corporate Affairs, +1-205-250-8768, both of Colonial Properties
Trust
|
