Colonial Properties Trust Sells 65 Acres in Four Separate Transactions
BIRMINGHAM, Ala., Jan. 8 /PRNewswire-FirstCall/ --- Colonial Properties
Trust (NYSE: CLP) ("the Company") announced today land sales totaling
65 acres. Proceeds from the sales totaling $14.9 million were used to pay down
the Company's unsecured line of credit. The land is located in the cities of
Orlando, Florida; Birmingham, Alabama; and Mobile, Alabama.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
The largest transaction was 29 acres of land within Colonial Center at
Heathrow, a mixed use development in the north Orlando submarket of Lake Mary.
The land was purchased by Lakeview at Heathrow, LLC and will be developed as a
residential community. A second transaction was for 28 acres of land owned by
the Company in Sanford, Florida. The land was purchased by GMAC Model Homes
Financing Inc. and will be developed as a townhome community. The remaining
two smaller transactions were outparcel sales. One, an outparcel of Colonial
Mall Bel Air was sold to Toys-R-Us and the other, an outparcel of Colonial
Promenade Trussville Phase II, was sold to a local Birmingham restaurant
operator.
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; Linda S. Geiss, Vice President -
Corporate Affairs, +1-205-250-8768, both of Colonial Properties
Trust
|
