REIT Sells 235,000-SF Office Asset for $62M Plus

MIAMI-Birmingham, AL-based REIT Colonial Properties Trust has sold the 235,000-sf Colonial Bank Centre office building for $62.4 million.

The company purchased the 19-story building for $44 million and invested $2.1 million to upgrade the property and increase occupancy to 90%. A Colonial spokesperson declined to disclose further details regarding the sale.

“We were able to create and recognize tremendous value during our ownership. We upgraded the building with minimal capital cost, increased occupancy, received an attractive sale price and reinvested the proceeds profitably into our expanding multifamily portfolio,” says Colonial Properties Trust office division executive vice president Bo Jackson, in a released statement.