The Texas portfolio of Alabama-based Colonial Properties Trust just keeps growing, with the REIT buying a 575,000-sf mall in Temple, TX, near Waco.

In concert with the purchase, Stein Mart is filling an anchor vacancy created by the pullout of Service Merchandise. Other anchors are Foley’s, Dillards and JC Penney.

Colonial Properties Trust added the Texas market to its eight-state portfolio two years ago. It now owns 115 multi-family, office and retail properties in its home state, Texas, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. Office space in the eight states total 3.1 million sf and retail space, 14.8 million sf.

“Temple is part of one of the fastest-growing MSAs in Texas, outpacing both the state and national averages in population and job growth projections,” says Thomas H. Lowder, REIT chairman and CEO.

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