BIRMINGHAM, Ala., June 21 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP), a diversified real estate investment trust, today announced
plans to develop a high quality suburban lifestyle center in Hendersonville,
Tenn. Located in an affluent high-growth community near Nashville, Pinnacle
at Sumner Point will feature 350,000 square feet of retail space when it opens
in the fall of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
This $60 million development project brings together a stadium-seated
cinema, large format stores, a specialty grocer, specialty fashion retailer
and fine dining in an open-air setting. Joint venture partners Wiston Retail
Group and Music City USA, LLC, facilitated Pinnacle at Sumner Point, which
will complement an existing shopping center across the street that Target,
Kohl's and Kroger currently anchor.
"Based on trends and current projections, we expect that this area will
continue to outpace national and regional growth," said Charles Light,
executive vice president for Colonial Properties Trust. "The infrastructure
and highway improvements, proximity to I-65 and demographic growth should
enhance the value of this retail space among national brands."
As the project and lease agreements move closer to completion, the company
will announce tenants for Pinnacle at Sumner Point.
Colonial Properties Trust, through its subsidiaries, owns a portfolio of
multifamily, office and retail properties where you live, work and shop in the
Sunbelt. 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. As of April 1, the company owned or managed 49,300
apartment units, 7.2 million square feet of office space and 15.8 million
square feet of retail shopping space. Headquarted in Birmingham, Ala.,
Colonial Properties is listed on the New York Stock Exchange under the symbol
CLP and is included in the S&P SmallCap 600 Index. For more information,
visit http://www.colonialprop.com .
SOURCE Colonial Properties Trust
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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
Related links:
http://www.colonialprop.com
CONTACT:
Linda S. Geiss, Vice President - Retail
Marketing, +1-205-250-8768, or Carter Langston, Vice President
Corporate Communications, +1-704-643-7965, both of Colonial
Properties Trust
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