The Colonnade encompasses 451,920 sf of office space in five buildings and 112,200 sf of retail space on nearly 100 acres at Interstate 459 and U.S. 280. The Shops of The Colonnade are 61% occupied and include a vacant movie theater. By contrast, the office space is 90% occupied.
S. Lee Robertson, Colonial's senior vice president of finance, tells GlobeSt.com the trust will use its local market knowledge and area retail expertise, "to exploit the upside potential of the property's retail sector."
Colonial recently poured $50 million into an overhaul of nearby Colonial Brookfield Village, which it purchased a year ago, but company principals do not anticipate such a major overhaul for the Colonnade, a spokesman says.
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