Colonial Properties Trust Sells Metropolitan Midtown for $94 Million
Colonial Properties Trust today announced the sale of Metropolitan Midtown, its mixed-use project located in Charlotte, North Carolina, for $94.4 million in cash. Opened in 2008, Metropolitan Midtown comprises 170,000 square feet of office space and 172,000 square feet of retail space, and was 93.5 percent occupied at December 31, 2012. The sales proceeds will be used to fund the multifamily development pipeline and improve the Company’s balance sheet. With the closing of Metropolitan Midtown, the Company’s goal of having at least 90 percent of its total net operating income generated from its multifamily properties has been achieved.
Source : Company