As Lead Tenant for Colonial Promenade Madison
Books-A-Million Joins Publix Supermarket at Neighborhood Shopping Center
BIRMINGHAM, Ala., Feb. 3 /PRNewswire/ -- Colonial Properties Trust
(NYSE: CLP) announced today that they have finalized an agreement with
Birmingham-based Books-A-Million (Nasdaq: BAMM) to anchor a new neighborhood
shopping center, Colonial Promenade Madison in Madison, Alabama. Currently
under construction, the 111,000 square foot center will be completed in the
fall of 2000. In addition to the 12,000 square foot Books-A-Million, the
center will include a 44,000 square foot Publix Supermarket and 30,000 square
feet of small shop space. The shopping center will also include two
additional anchor tenants. Colonial Promenade Madison is located on 15 acres
at Highway 72 and Hughes Road in Madison, Alabama.
"The addition of Books-A-Million will be an asset to our efforts to
attract other exciting new stores to the shopping center," said Murray Legg,
Colonial Properties' Vice President of Retail Development. "We have worked
with Books-A-Million for many years, and we are very excited to strengthen our
relationship with this agreement."
With the completion of Colonial Promenade Madison, the Company will expand
its retail portfolio to include 28 neighborhood shopping centers and
16 regional malls, including Colonial Mall Decatur and Parkway City Mall in
Huntsville. The cornerstone of Colonial Properties' success is its live, work
and shop diversified investment strategy, and the Huntsville/Madison area is
an excellent example of that strategy. In addition to the Company's strong
retail portfolio, Colonial Properties Trust owns and manages 1,380 multifamily
units and more than 850,000 square feet of office space in the area, including
the recently completed Colonial Center at Research Park.
Headquartered in Birmingham, Ala., Colonial Properties Trust is a
diversified Real Estate Investment Trust (REIT) that, through its
subsidiaries, owns a portfolio of 112 multifamily, office and retail
properties where you live, work and shop in Alabama, Florida, Georgia,
Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Colonial Properties Trust performs development, acquisition, management,
leasing and brokerage services for its portfolio and properties owned by third
parties. Colonial Properties Trust is one of the largest diversified REITs in
the United States with a total market capitalization of $2.1 billion. The
company operates more than 16,415 apartment units, 3.2 million square feet of
office space and 14.0 million square feet of retail shopping space.
Additional information on Colonial Properties Trust is available on the
Internet at www.colonialprop.com .
SOURCE Colonial Properties Trust, Inc.
/CONTACT: S. Lee Robertson, Vice President - Investor Relations,
205-250-8788, or Linda S. Geiss, Vice President - Media Relations,
205-250-8768, both of Colonial Properties Trust/
/Company News On-Call: http://www.prnewswire.com/comp/184657.html or fax,
800-758-5804, ext. 184657/
/Web site: http://www.colonialprop.com /
CO: Colonial Properties Trust; Book-A-Million, Inc.
IN: RLT REA
-0- Feb/03/2000 16:36
EOS (PRN) Feb/03/2000 16:36 85
-0- (PRN) Feb/03/2000 16:51
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