Colonial Properties Trust Sells Colonial Promenade Tannehill for $38.5M

Colonial Properties Trust

, today announced the disposition of its Colonial Promenade Tannehill retail asset in Birmingham, Alabama, for a total sales price of $38.5 million. Colonial Promenade Tannehill is a 210,000 square foot retail center that is shadow anchored by Target and JCPenney. The property was unencumbered and sales proceeds were used to repay a portion of the outstanding balance on the company's unsecured credit facility. Colonial Properties Trust is a multifamily focused real estate investment trust (REIT) that is engaged in the ownership, development, acquisition and management of quality real estate properties in the Sunbelt region of the United States. As of June 30, 2013, the company owns interests in 115 apartment