BIRMINGHAM, Ala., Feb. 2 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today the purchase of two office buildings
totaling 370,000 square feet in the heart of Tampa, Florida's Westshore
Business district, the largest submarket in the state. The buildings, known as
Westshore Place I and II, were purchased from America's Capital Partners in
Miami, Florida.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
The purchase of the two buildings is part of Colonial Properties' growth
strategy. Dallas Whitaker, Vice President and Market Officer for Colonial
Properties, is bullish on Tampa's office-using job growth projections. "Tampa
is a key market for the office division of Colonial Properties and we are
actively seeking opportunities to expand our presence," Whitaker said.
Westshore Place I and II were built in the mid-1980s and boasts Blue Cross
Blue Shield as its largest client. The buildings are currently 95 percent
occupied. Westshore Place I is a 199,730 square-foot building with a six-level
parking structure. Westshore Place II has 171,264 square-feet and a seven-
level parking structure.
"These Class A assets fit well in our portfolio," stated Whitaker. "The
buildings have an excellent location, high quality structure and many nice
amenities. I am confident that these assets will be solid long-term
performers."
These assets join other Colonial Properties Trust assets in Tampa
including Concourse Center, a 292,000 square-foot office building, Colonial
Grand at Seven Oaks, a 318-unit multifamily community and Colonial Promenade
Northdale, a 176,000 square-foot retail center. Colonial Properties also
manages 1,020 additional multifamily units.
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, Virginia, Tennessee, Texas, Arizona, Nevada and New
Mexico. 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 in excess of $3.5 billion. The
foundation of Colonial Properties' success is its live, work and shop
diversified investment strategy. The Company manages or leases 29,100
apartment units, 6.8 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
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Related links:
http://www.colonialprop.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Barbara M. Pooley, Senior Vice President -
Investor Relations, +1-704-376-1774, or Bo Jackson, Executive
Vice President - Office Division, +1-678-461-3303, both of
Colonial Properties Trust
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