Colonial Promenade Winter Haven was developed in the mid-1980s and is 95% leased to national and regional tenants. The property is shadow-anchored by a Walmart SuperCenter. The REIT's disposal of the asset at 300 Cypress Gardens Rd. follows the news that it has existed another partnership, leaving behind a 15% stake in the 689,000-square-foot Colonial Center Mansell in Atlanta.
"Simplifying the business has been a priority for us all year," stated Thomas H. Lowder, Colonial Properties' chairman and CEO in a prepared statement. "This transaction, together with the recently announced exits of the OZ/CLP joint venture, the DRA/CRT joint venture and the Mansell Joint Venture, have greatly reduced the number of joint venture-owned commercial assets in our portfolio." He added that the REIT would continue simplifying even further in 2010. Representatives from Colonial did not return calls seeking comment by deadline, however, the theme of divestiture and simplification has been prominent throughout this company's more recent earning calls.
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