Colonial Plans 450,000-SF Lifestyle Center

For more retail coverage, click GlobeSt.com/RETAIL.

TRUSSVILLE, AL-Colonial Properties Trust plans to build Colonial Pinnacle at Tutwiler Farm, a 450,000-sf lifestyle center here, in a suburb northeast of Birmingham. Belk, Best Buy, J.C. Penney and Parisian have signed on to anchor the development.The center, to open in October 2006, would be located by Colonial’s 300,000-sf Colonial Promenade at Tutwiler Farm, a center anchored by Home Depot and Target. The Birmingham-headquartered company currently has two centers in Trussville and 11 properties in the area. Also in the Birmingham area, Colonial is building the 300,000-sf Colonial Promenade Alabaster. The company’s other projects in the pipeline include the 285,000-sf Colonial Pinnacle at Craft Farms in Gulf Shores; and the 289,000-sf Colonial Pinnacle at Turkey Creek, in Knoxville, TN. Last month, Colonial agreed to sell its 1.1-million-sf Orlando (FL) Fashion Square to Pennsylvania Real Estate Investment Trust for $123.5 million. The previous month, company officials said they were putting six other Southern malls on the market. Both dispositions are part of the company’s goal to withdraw from the enclosed mall sector and concentrate on their open-air centers. Colonial has interests in 16.7 million sf of retail space in nine Southern states, as well as 6.6 million sf of offices and 23,786 apartments.