{"id":1004035545,"date":"2011-12-14T07:28:35","date_gmt":"2011-12-14T15:28:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035050"},"modified":"2022-12-08T17:39:36","modified_gmt":"2022-12-09T01:39:36","slug":"colonial-properties-sells-tennessee-retail-center-for-132m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/colonial-properties-sells-tennessee-retail-center-for-132m\/","title":{"rendered":"Colonial Properties Sells Tennessee Retail Center for $132M"},"content":{"rendered":"<p><strong>December 14, 2011<\/strong><br \/>\n<em>By Barbra Murray, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121411-Colonial-Pinnacle-Turkey-Creek.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004035051\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tse-elysia-150x150\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Tse-Elysia-150x150.jpg\" data-orig-size=\"150,150\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Tse-Elysia-150&#215;150\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Tse-Elysia-150x150.jpg?w=150\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121411-Colonial-Pinnacle-Turkey-Creek.jpg\" alt=\"\" title=\"121411 - Colonial Pinnacle Turkey Creek\" width=\"300\" height=\"200\" class=\"alignright size-medium wp-image-1004035051\" \/><\/a><\/p>\n<p>Colonial Properties Trust, along with its joint venture partner, has sold Colonial Pinnacle Turkey Creek in Nashville to an institutional pension fund advisor in a transaction valued at $131.8 million. Colonial and its partner, Turkey Creek Land Partners L.L.C., a private investment group consisting of the principals of First Commercial Real Estate Inc., had each owned a 50 percent interest in the 659,000-square-foot regional lifestyle\/power center.<\/p>\n<p>Pinnacle sits within Turkey Creek, a 3 million-square-foot mixed-use development spanning 400 acres. Holding the distinction of being the leading upscale shopping center in the East Tennessee region, Pinnacle features a tenant roster that includes such anchors as Regal Cinemas and Bed Bath &amp; Beyond. With a long list of national and regional occupants, the trophy property is 92.5 percent leased. And the asset now holds another enviable title. &#8220;The Pinnacle at Turkey Creek is the largest open-air retail asset to trade in the history of Tennessee and one of the largest to trade in the U.S. during 2011,&#8221; Chris Decoufle a senior vice president with the National Retail Investment Group of commercial real estate services firm CB Richard Ellis, said. CBRE represented the Colonial joint venture in the transaction.<\/p>\n<p>Colonial pocketed $27.2 million on the sale of its interest in Pinnacle and, with the buyer&#8217;s assumption of debt, freed itself of its $38.7 million share of loans on the property.<\/p>\n<p>The REIT also sold its 5 percent joint venture interest in another property in the South, the 420,000-square-foot Colonial Promenade Alabaster II\/Tutwiler II in Birmingham, Ala. The joint venture partner was the buyer.<\/p>\n<p>It&#8217;s all part of the game plan. &#8220;The disposition of our joint venture interests in these retail assets is another step in the execution of our strategy to simplify the business and sell our non-core assets,&#8221; Thomas H. Lowder, Colonial chairman and CEO, said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colonial Properties Trust, along with its joint venture partner, has sold Colonial Pinnacle Turkey Creek in Nashville to an institutional pension fund advisor in a transaction valued at $131.8 million.<\/p>\n","protected":false},"author":1201,"featured_media":1004038183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21742,21749],"tags":[],"class_list":["post-1004035545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Colonial Properties Sells Tennessee Retail Center for $132M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/colonial-properties-sells-tennessee-retail-center-for-132m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colonial Properties Sells Tennessee Retail Center for $132M\" \/>\n<meta property=\"og:description\" content=\"Colonial Properties Trust, along with its joint venture partner, has sold Colonial Pinnacle Turkey Creek in Nashville to an institutional pension fund advisor in a transaction valued at $131.8 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/colonial-properties-sells-tennessee-retail-center-for-132m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-12-14T15:28:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:39:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121411-Colonial-Pinnacle-Turkey-Creek.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"427\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/colonial-properties-sells-tennessee-retail-center-for-132m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/colonial-properties-sells-tennessee-retail-center-for-132m\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Colonial Properties Sells Tennessee Retail Center for $132M\",\"datePublished\":\"2011-12-14T15:28:35+00:00\",\"dateModified\":\"2022-12-09T01:39:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/colonial-properties-sells-tennessee-retail-center-for-132m\\\/\"},\"wordCount\":316,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/colonial-properties-sells-tennessee-retail-center-for-132m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/12\\\/121411-Colonial-Pinnacle-Turkey-Creek.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"Featured\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/colonial-properties-sells-tennessee-retail-center-for-132m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/colonial-properties-sells-tennessee-retail-center-for-132m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/colonial-properties-sells-tennessee-retail-center-for-132m\\\/\",\"name\":\"Colonial Properties Sells Tennessee Retail Center for $132M - 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