Colonial will continue to lease and manage the centers. The malls Colonial sold are: the 487,258-sf Colonial Mall Myrtle Beach (SC); the 507,195-sf Colonial Mall Greenville (NC); the 1.3-million-sf Colonial Mall Bel Air in Mobile, AL; the 400,000-sf Colonial Mall Valdosta (GA); the 509,736-sf Colonial Mall Glynn Place in Brunswick, GA; and the 548,000-sf Colonial University Village in Auburn, AL. Anchors include Bass Pro Shops, J.C. Penney and Sears.
The deal, brokered by New York City-based Granite Partners, fits with Colonial's retail strategy of focusing on open-air centers instead of malls. In the summer, the company sold two centers, Colonial Mall Macon (GA) and Colonial Mall Burlington (NC), to the Lakewood, NJ-based Lightstone Group for $170 million.
The company also owns or manages 48,100 apartment units and 20.2 million feet of office space. Earlier this year Colonial was part of the $1.8-billion acquisition of Boca Raton, FL-based office owner CRT.
The Sydney-based GPT Group owns A$9 billion of multiple property types in Australia, including retail, office, hotels and industrial. The Colonial acquisition is the firm's first in the US.
Babcock & Brown is an investment and advisory group based in Sydney. The firm invests in real estate, across multiple property types, and other industries worldwide.
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