The 94%-leased retail asset at 5100 Belt Line Rd. marks theBirmingham, AL-based REIT's first purchase in Dallas/Fort Worth andits fourth acquisition in Texas. "We do like Texas," says SandraLee Robertson, Colonial Properties' senior vice president. Shetells GlobeSt.com that the quietly orchestrated deal went start tofinish in just a few months as the REIT zeroed in the opportunitiesaccompanying the exchange. "We've got a great tenant mix," shequickly adds, "but there is opportunity to improve that."

Aside from the tenant roster, there also are 4.8 acres of rawland that most sources around town are betting were included in thesale. In putting together the winning deal, the Dallas-based RetailConnection picked up a vested interest in the asset. Mike Ablon,president of Connected Acquisition Services for Dallas-based RetailConnection, and Alan Shor, the firm's president and co-chairman,negotiated the trade. Ablon did not return telephone calls bypublication time for comment on the transaction; Shor is out oftown until next week.

Colonial's Robertson confirms the REIT pocketed 90% of theasset. Dunhill Partners, led by Bill Hutchinson, bought the Villagein May 2000, securing a $38.4-million loan with Secore FinancialCorp. of Waltham, MA, according to local sources.