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Colonial Properties Trust Sells Colonial Promenade Tannehill for $38.5M

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Colonial Properties Trust (NYSE: CLP), 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

See full press release

Posted-In: News Guidance Contracts Management Global

 

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