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HENDERSONVILLE, TN-Colonial Properties Trust plans to develop a 350,000-sf lifestyle center in this affluent suburb of Nashville in a joint venture with Wiston Retail Group and Music City USA LLC. The $60-million Pinnacle at Sumner Point is scheduled to open in the fall of 2006.Though no lease agreements have been completed, Colonial says the new open-air center will include a cinema, large format stores, a specialty grocer, a specialty fashion retailer and fine dining. The center will be located across the street from an existing shopping center anchored by Target, Kohl’s and Kroger. Colonial Properties Trust EVP Charles Light was not immediately available Tuesday morning for comment. In a prepared statement, he says the company expects the Hendersonville area to outpace national and regional growth. With regard to the center itself, he says the project’s proximity to Interstate 65 and demographic growth “should enhance the value of this retail space among national brands.”Colonial Properties Trust has a total market capitalization of approximately $5 billion. As of April 1, it owned or managed 49,300 apartment units, 7.2 million sf of office space and 15.8 million sf of retail shopping space.

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