Colonial Properties Trust Acquires Office Building in Orlando, Fla.BIRMINGHAM, Ala. -- Colonial Properties "Colonial Mall" redirects here. All malls with that name are owned by this company. Colonial Properties Trust NYSE: CLP is a multifamily focused real estate investment trust (REIT). Colonial manages retail, office and multi-family properties. Trust (NYSE NYSE See: New York Stock Exchange : CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. ), a diversified real estate investment trust that owns a portfolio of multifamily, office and retail properties, today announced that it acquired 1001 Colonial Center Heathrow, a 192,159 square feet Class A office building in the Orlando, Fla., submarket of Lake Mary. The property, located at 1001 Heathrow Park Ln., was 95 percent leased at closing on July 20. Tenants include Universal American Financial Corp., Symantec, Paychex and Nationwide Mutual Insurance Company Nationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. History Beginnings as Farm Bureau Mutual . "This is a highly visible and accessible office location adjacent to I-4 in a rapidly improving market with high office employment growth," said Bo Jackson, executive vice president of Colonial Properties Trust's office division. "Colonial Center Heathrow creates operational efficiencies for us, adds an attractive yield in our portfolio and the office complex offers the lifestyle amenities that are increasingly important to today's workforce." In the Lake Mary submarket, Colonial Properties owns other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. including the Colonial Grand at Heathrow multifamily community and seven office buildings in the Heathrow area. Also in Lake Mary, Colonial TownPark is an award-winning mixed-use development with multifamily, office and retail amenities. Throughout greater Orlando, the company owns or manages more than 2,800 multifamily units, 1.7 million square feet of office space and one million square feet of retail shopping space. Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in the Sunbelt. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. The company has a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of approximately $5.5 billion. As of July 26, the company owned or managed 47,700 apartment units, 8.3 million square feet of office space and 13.5 million square feet of retail shopping space. Headquartered in Birmingham, Ala., Colonial Properties is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, visit www.colonialprop.com |
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