BIRMINGHAM, Ala., Aug. 2 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today that it has acquired three retail centers
totaling 521,000 square feet in South Florida. The 371,000 square foot
Deerfield Mall is located in Deerfield Beach, Florida, south of Boca Raton.
With a current occupancy of 95 percent, the property is anchored by Publix,
Walgreens, Marshall's, Sports Authority, TJ Maxx and OfficeMax. With 100
percent occupancy, the 82,000 square foot College Parkway property is located
in Fort Myers, Florida and includes such tenants as Office Depot and the Blue
Pepper Market. Pines Plaza, 100 percent occupied, is a 68,000 square foot
center and is anchored by Comp USA, Office Depot and Sound Advice.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"With these acquisitions, Colonial Properties is expanding our retail
presence with quality properties in the extremely attractive South Florida
markets," stated Thomas H. Lowder, chairman and chief executive officer of
Colonial Properties Trust. "The properties are anchored by quality tenants
and located in areas with high-growth demographics."
Following the companies branding program, the properties will be renamed
Colonial Promenade Deerfield, Colonial Shoppes College Parkway and Colonial
Shoppes Pines Plaza. The properties were financed from the company's balance
sheet and the assumption of property-related debt. The debt totaled $49
million and carries an average interest rate of 6.3 percent.
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 $3.4 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 22,400 apartment units, 6.8 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.
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
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