Orlando-based University Park Associates LLP bought the three-building, 17-year-old, 72,500-sf University Park Plaza office building and the 13-year-old, 183,450-sf Colonial Promenade University Park Phase II.

Both properties are at University Boulevard and State Road 436 (Semoran Boulevard)--one of the hottest commercial intersections in metro Orlando.

Philadelphia-based CMS Cos. purchased the 95.9%-leased Colonial Grand at Carrollwood apartment community in Tampa, FL and the 85.3%-occupied Colonial Village at McGehee in Montgomery, AL. Colonial will continue to manage the properties for CMS at an undisclosed fee.

Colonial's Linda Geiss tells GlobeSt.com the Alabama REIT doesn't disclose sale prices. But area brokers familiar with Colonial's previous transactions this year tell GlobeSt.com on condition of anonymity the four properties went for a minimum $64.85 million.

Area brokers tell GlobeSt.com University Park Plaza probably sold for $100 per sf or $7.25 million; Colonial Promenade University Park II, estimated $120 per sf or $22 million; Colonial Grand apartments, estimated $50,000 per unit or $12.2 million; and Colonial Village, estimated $50,000 per unit or $23.4 million.

In a prepared statement, Colonial chairman and chief operating officer Thomas H. Lowder says the REIT has sold "more than 1,600 apartment units" this year at undisclosed prices. "The redeployment of those proceeds into ongoing developments and new acquisitions continues to produce successful results for our shareholders," Lowder says.

The REIT's chairman says the periodic property sales and the retention of management fees is a strategy that is working.

"The sale of these multifamily assets represents our capital recycling program in action," Lowder says in a separate prepared statement. "We are creating value for our shareholders by seizing opportunities to reinvest funds into other property types while simultaneously maintaining the ongoing management of the sold properties."

Colonial's deals with CMS are a continuation of a long-standing relationship. In May, Colonial sold a five-property, 936-unit multifamily package in Alabama and Florida to CMS for $42 million or $44,872 per unit, a price the REIT confirmed later to GlobeSt.com.

Instant Insights /

Colonial Properties Closes on Four Deals Estimated at $64.85M

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