Colonial Properties Trust Signs Books-A-Million
As Lead Tenant for Colonial Promenade Tutwiler Farm; Books-A-Million Joins Target, Home Depot and Michaels
BIRMINGHAM, Ala., March 1 /PRNewswire/ -- Colonial Properties Trust (NYSE: CLP) announces that they have finalized agreements with Birmingham-based Books-A-Million (Nasdaq: BAMM) to anchor a new neighborhood shopping center, Colonial Promenade Tutwiler Farm. Currently under construction, the 516,000 square foot center will be completed in the fall of 2000. Books-A-Million joins a strong lineup of tenants in the center. In addition to the 12,500 square foot Books-A-Million, the center will include a 130,100 square foot Home Depot, a 174,000 square foot SuperTarget, a 23,750 square foot Michaels and 38,000 square feet of small shop space. The shopping center will also include two additional anchor tenants. Colonial Promenade Tutwiler Farm is located on 59 acres at U.S. Highway 11 and Interstate-459 in Birmingham, Alabama.
"We are pleased that we can offer yet another outstanding retailer to Birmingham's eastern submarket of Trussville," said Bryan Ratliff, Colonial Properties' Vice President of Retail Development. "We have had a relationship with Books-A-Million at a number of our malls and centers. Their decision to expansion into the Trussville market with us is very exciting."
With the completion of Colonial Promenade Tutwiler Farm, the Company will expand its retail portfolio to include 27 neighborhood shopping centers and 16 regional malls, including Brookwood Village Mall in Birmingham. The Company views the Birmingham area as its investment strategy in motion. The cornerstone of Colonial Properties' success is its live, work and shop diversified investment strategy and the Birmingham area is an excellent example of that strategy. In addition to the Company's strong retail portfolio, Colonial Properties Trust owns and manages more than 3,700 multifamily units and more than one million square feet of office space in the area, including the recently completed 1800 International Park.
Headquartered in Birmingham, Ala., Colonial Properties Trust is a diversified Real Estate Investment Trust (REIT) that, through its subsidiaries, owns a portfolio of 111 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, 3.1 million square feet of office space and 13.9 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
/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/
/Web site: http://www.colonialprop.com/
CO: Colonial Properties Trust; Books-A-Million ST: Alabama IN: CPR RLT SU: JVN RLE
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