(For more retail coverage, click GlobeSt.com/RETAIL.)
BIRMINGHAM, AL-In its continued move toward a multifamily focus,Colonial Properties Trust sold two retail properties totaling closeto one million sf to an Australian joint venture. The GPT Group andBabcock & Brown Ltd. paid $90 million for the combinedacquisitions of Colonial Promenade Tutwiler Farm and ColonialPinnacle Tutwiler Farm.
Completed in 2000, the 514,120-sf Colonial Promenade TutwilerFarm sits on 60 acres at 1600 Gadsden Highway, and is co-anchoredby Super Target and Home Depot. Other tenants at the 100%-occupiedcenter include Academy Sports, Old Navy, Books-A-Million,Michael's, Bed, Bath & Beyond, and T.J. Maxx. ColonialProperties anticipates the sale gain will range between $.20 and$.25 of earnings per diluted share.
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