BIRMINGHAM, Ala., April 19 /PRNewswire-FirstCall/ -- In a move that
expands its holdings into the Houston market, Colonial Properties Trust
(NYSE: CLP), announced today that it has acquired Kingwood Commons, a 164,385-
square foot lifestyle center in Houston's northeastern submarket. The
property is located on Loop 494 and Kingwood Drive, just East of Hwy 59, and
within the highly successful 14,000-acre Kingwood Master Planned Community.
The Kingwood Master Planned Community is a beautiful, affluent area with many
upscale amenities including three country clubs, five golf courses, 75 miles
of greenbelt trails, three youth sports parks, a private boat launch and
private stables. Colonial Properties funded the acquisition of Kingwood
Commons through the Company's line of credit.
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"The Kingwood market is a high-income, mature trade area with strong
demographics," stated Thomas H. Lowder, Chairman and Chief Executive Officer
of Colonial Properties Trust. "The residents of Kingwood have strongly
supported the upscale retailers locating in Kingwood Commons. Our intent is
to complete the leasing of the center with complementary upscale fashion and
home decor retailers."
Completed in 2001, the first development phase positioned the property as
a neighborhood grocery center, anchored by Randalls grocery store which is a
division of Safeway Inc. The center expanded and broadened its line-up,
creating a lifestyle center, through the next two phases of development which
completed construction in 2004. Today, Kingwood Common includes high-end
retailers such as Talbot's, Chico's, Ann Taylor Loft, Jos. A. Banks,
Bombay/Bombay Kids, James Avery, and Carrabba's Italian Grill.
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 $3.1 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. 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
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CONTACT:
Sandra Lee Robertson, Senior Vice President -
Finance, of Colonial Properties Trust, +1-205-250-8788
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