X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

BIRMINGHAM, AL-Colonial Properties Trust has completed a majority sale of six regional malls to a joint venture of two Australian firms. The price was $362 million. The firms, GPT Group and Babcock & Brown, now own 90% of the malls, which are located throughout the Southeast, while locally based Colonial will hold on to the remaining share of the assets.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.