Press

June 29 , 2004

Majority stake in Village on the Parkway sold to Ala. REIT

Majority stake in Village on the Parkway sold to Ala. REIT

June 6th, 2004 - Colonial Properties Trust, of Birmingham, Ala., has purchased majority interest in Addison's Village on the Parkway. Colonial will be the general partner of the joint venture which owns the property. The Retail Connection L.P., which structured the deal, and Bill Hutchinson of Dunhill Partners, the previous owner, both will have participating interests in the center. Details of the sale were not disclosed. Village on the Parkway, a 380,000-square-foot open-air shopping center located at the intersection of Beltline Road and the Dallas North Tollway, is 94% occupied and anchored by a 127,500 square foot Bed, Bath & Beyond store and includes retailers such as 24 Hour Fitness, Fitz & Floyd, TGI Fridays and Blue Mesa Grill. Colonial has begun expanding its ownership in high-growth Texas markets like Addison, with open-air "lifestyle centers" as the focus of its interest. The owners plan to improve the tenant mix by adding national retailers and first-class restaurants, Todd O. Hardin, Colonial's senior vice president of retail, said in a statement. The demographics of the surrounding area are excellent for attracting retailers and, because of "modest levels" of development in the area, the center can command premium rents, Colonial said in the statement. Colonial is a diversified real estate investment trust that, through its subsidiaries, owns multifamily, office and retail properties in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and Texas. The Dallas-based Retail Connection, which launched in early 2004, is a diversified retail real estate firm that specializes in brokerage, advisory and investment services. It currently represents over 80 retailers and leases more than 4 million square feet of retail centers.