BIRMINGHAM, Ala., June 28 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today that it has acquired a majority interest in
the Village on the Parkway lifestyle center located in the Dallas sub-market
of Addison, Texas. With a compact urban core and modest levels of new
development available, the submarket commands premium rents. The 380,000
square foot open-air center is 94% occupied and anchored by a 127,500 square
foot Bed, Bath & Beyond and includes high-quality retailers such as 24 Hour
Fitness, Fitz & Floyd, TGI Fridays and Blue Mesa Grill. Located at the
intersection of the Beltline Road and the Dallas North Tollway, the
demographics surrounding Village on the Parkway are excellent.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"With this acquisition, Colonial Properties is expanding our exposure in
the high-growth Texas markets," stated Thomas H. Lowder, Chairman and Chief
Executive Officer of Colonial Properties Trust. "Open-air lifestyle centers
are a strategic focus for the company, and Village on the Parkway is a high-
quality addition to our portfolio."
Colonial Properties will be the general partner of the joint venture which
owns the property. The Retail Connection, L.P., which structured the
transaction, and Bill Hutchinson of Dunhill Partners, the previous owner, will
both have participating interests in the center. "The partners will work
collectively to improve the tenant mix with national retailers and best in
class restaurants," stated Todd O. Hardin, senior vice president of retail
development for Colonial Properties, in Houston, Texas.
"We are pleased about the opportunity to structure this acquisition with
our partners and are excited about our vested interest in the long-term
success of this high-profile retail center," said Alan Shor, President and Co-
Chairman of The Retail Connection.
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 $3.2 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 22,690 apartment units, 6.7 million square feet of
office space and 15.7 million square feet of retail shopping space.
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.
The Retail Connection, L.P. is a diversified retail real estate firm which
specializes in brokerage, advisory and investment services. Focusing
exclusively on retail and retailers, The Retail Connection launched in early
2004 and currently represents over 80 retailers and leases more than 4 million
square feet of retail centers. Headquartered in Dallas, TX, The Retail
Connection opened a second office in San Antonio and is planning to open
additional offices in the Southwestern United States. Additional information
on The Retail Connection can be found on their
website, http://www.theretailconnection.net .
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:
Sandra Lee Robertson, Senior Vice President -
Finance of Colonial Properties Trust, +1-205-250-8788; or
Michelle Davis of 4D Marketing Strategies, +1-972-250-1543, for
The Retail Connection
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