Colonial Sells Stake In Tenn. Retail Center For $66M

Law360, New York (December 12, 2011, 3:07 PM EST) -- Alabama real estate investment trust Colonial Properties Trust Inc. has sold its share of a Knoxville, Tenn., retail center for $65.9 million, Colonial announced Monday.

Colonial said it had a 50 percent joint venture interest in the Colonial Pinnacle Turkey Creek center. Proceeds from the sale totaled $131.7 million.

Colonial's vice president of finance and investor relations Jerry Brewer said the transaction closed Friday. He declined to comment on the identity of Colonial's joint venture partner or the buyer of Turkey Creek.

"The disposition of our...
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