Colonial Properties
Encyclopedia
"Colonial Mall" redirects here. All malls with that name are owned by this company.
Colonial Properties Trust , headquartered in Birmingham
, Alabama
, is a diversified Real Estate Investment Trust
(REIT) company. Colonial manages retail
, office
and multi-family
properties throughout the United States.
.
In October 2004 Colonial acquired Cornerstone Realty Income Trust for $650 million in stock.http://query.nytimes.com/gst/fullpage.html?res=9C05EEDB143DF935A15753C1A9629C8B63 The purchase of Cornerstone helped push the company's total enterprise value to over $5 billion.http://nreionline.com/news/Merger-of-Colonial/ Currently the company, which has a market capitalization of approximately $351 million as of April 2009, is included in the S&P SmallCap 600
Index.
In 2007 Colonial shed the majority of its non-core retail properties and developments. The company retained 15% ownership in 11 of the retail properties sold as well as contracts to manage several others. The company did hold on to its core retail properties such as the Colonial Brookwood Village.
As of December 31, 2006 the company owns or manages 39,104 apartment units, 17600000 square feet (1,635,093.5 m²) of office space and 12100000 square feet (1,124,126.8 m²) of retail shopping space located in key Sunbelt states spanning Virginia
to Nevada
.
Florida Multifamily Properties
Orlando Area:
Daytona Beach Area:
Tampa Area:
Colonial Properties Trust , headquartered in Birmingham
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, is a diversified Real Estate Investment Trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
(REIT) company. Colonial manages retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
, office
Office
An office is generally a room or other area in which people work, but may also denote a position within an organization with specific duties attached to it ; the latter is in fact an earlier usage, office as place originally referring to the location of one's duty. When used as an adjective, the...
and multi-family
Multi-family residential
Multi-family residential is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. A common form is an apartment building...
properties throughout the United States.
Company history
Founded in 1970, Colonial Properties Trust completed its initial public offering in September 1993. In December 1994 the company acquired 10 multi-family properties from the Rime Companies for $190.7 million. The acquisition increase the number of multi-family units to almost 11,000.http://www.nytimes.com/1994/12/08/business/company-news-colonial-properties-to-buy-rime-for-190.7-million.html In 1994 alone the company made over $328.2 million in property acquisitions.http://www.thefreelibrary.com/Colonial+Properties+Trust+announces+intended+acquisition+of...-a015946932 In 1997 Colonial bought the Brookwood Village shopping mall in Birmingham, Alabama for $35 million. After spending over $50 million on an extensive renovation and expansion, Colonial renamed the mall the Colonial Brookwood VillageColonial Brookwood Village
Colonial Brookwood Village is a upscale shopping mall located near Birmingham in "the cities of Mountain Brook and Homewood, Alabama". - History :...
.
In October 2004 Colonial acquired Cornerstone Realty Income Trust for $650 million in stock.http://query.nytimes.com/gst/fullpage.html?res=9C05EEDB143DF935A15753C1A9629C8B63 The purchase of Cornerstone helped push the company's total enterprise value to over $5 billion.http://nreionline.com/news/Merger-of-Colonial/ Currently the company, which has a market capitalization of approximately $351 million as of April 2009, is included in the S&P SmallCap 600
S&P 600
The S&P 600 SmallCap Index, more commonly known as the S&P 600, is a stock market index from Standard & Poor's. It covers roughly the small-cap range of US stocks, using a capitalization-weighted index...
Index.
In 2007 Colonial shed the majority of its non-core retail properties and developments. The company retained 15% ownership in 11 of the retail properties sold as well as contracts to manage several others. The company did hold on to its core retail properties such as the Colonial Brookwood Village.
As of December 31, 2006 the company owns or manages 39,104 apartment units, 17600000 square feet (1,635,093.5 m²) of office space and 12100000 square feet (1,124,126.8 m²) of retail shopping space located in key Sunbelt states spanning Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
to Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
.
Locations
Alabama Commercial Properties- Colonial Promenade AlabasterColonial Promenade AlabasterThe Colonial Promenade Alabaster is an open air regional shopping center that opened in 2005 and is located in Alabaster, Alabama, United States. The shopping center is the largest in Shelby County and it was developed by Colonial Properties Trust...
Florida Multifamily Properties
Orlando Area:
- Colonial Grand at Town Park
- Colonial Grand at Town Park Reserve
- Colonial Grand at Twin Lakes
- Colonial Grand at Heathrow
- Colonial Grand at Heather Glen
- Hawthorne Groves (Colonial Managed Property)
Daytona Beach Area:
Tampa Area: