BIRMINGHAM, Ala., April 18 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today the acquisition of three office buildings at
the Mangrove Bay Office Center located in the Clearwater, Florida Bayside
submarket on US Highway 19. The buildings were purchased from Melitta USA,
Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"The purchase of the three buildings is part of Colonial Properties'
growth strategy and establishes the company's presence in the Pinellas county
market," said Dallas Whitaker, Vice President and Market Officer for Colonial
Properties. "Tampa Bay is a key market for Colonial Properties and we are
actively seeking opportunistic ways to expand our holdings," said Whitaker.
This acquisition follows Colonial Properties' January 2005 purchase of
Colonial Place I & II (formerly Westshore Place I & II) in the Westshore sub-
market.
Mangrove Bay Office Center was built in three phases between 1988 and 1997
and features a total of 213,000 square feet. The buildings offer views of
Tampa Bay as well as convenient access to major transportation arteries
serving the Bay area. Mangrove Bay has an on-site deli and offers covered
parking in a parking deck adjacent to the buildings. Currently the property is
50 percent occupied. Colonial Properties has selected Grubb & Ellis to provide
leasing services for the property.
"These office assets fit well in our portfolio," stated Whitaker. "The
buildings have convenient access from US Highway 19 and great visibility along
with many nice amenities such as tenant signage opportunities, a deli and
covered parking. I am confident they will be solid performers."
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. The Company has a total market capitalization of
approximately $5 billion. The foundation of Colonial Properties' success is
its live, work and shop diversified investment strategy. The Company manages
or leases approximately 50,000 apartment units, 6.8 million square feet of
office space and 15.1 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
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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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