Colonial Sells $127M In Assets

Under the terms of the agreement, the newly formed 90/10 partnership assumes existing securitized loans aggregating approximately $74.7 million. Colonial will use the proceeds to reduce debt under its unsecured line of credit in order to improve its balance sheet.

"Our debt plus preferred to gross asset value now stands at approximately 61%, down 700 basis points from just over a year ago," says Weston Andress, Colonial's chief financial and investment officer, in a statement. Calls to Colonial were not returned by deadline.

The four properties have an aggregate of 746,450 sf. They are: 378,745-sf Colonial Promenade Deerfield at 3660 Hillsboro Blvd. in Deerfield Beach, which is anchored by Publix, Marshall's, Sports Authority and Office Max; 220,656-sf Colonial Promenade Pembroke Pines at 10800 Pines Blvd., anchored by Ross Dress for Less, Sports Authority, TJ Maxx, Office Max and Bally's Fitness; the 68,170-sf Colonial Shoppes Pines Plaza at Pines Plaza Blvd. and SW 114th St. in Pembroke Pines, which is tenanted by Comp USA, Sound Advice and Office Depot; and 78,879-sf Colonial Shoppes College Parkway at US 41 and College Parkway in Fort Myers, which is tenanted by Office Depot, Stonewood Tavern, Blue Pepper Market, Anthony's and Petland.