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Colonial Pinnacle sold


A portion of the Turkey Creek shopping center sold this week for nine figures.

Colonial Properties Trust and Turkey Creek Land Partners sold Colonial Pinnacle Turkey Creek — which includes much of the Farragut end of Turkey Creek — for $131.7 million.

Colonial Pinnacle grosses a total 659,208 square feet and sits on more than 79 acres. It includes Colonial Pinnacle — which houses World Market and Panera, Colonial Promenade Turkey Creek — which includes Regal Cinemas Pinnacle Stadium 18 and the HH Gregg shopping center, and Colonial Pinnacle Turkey Creek III — which includes both Belk locations, Best Buy and Marshalls.

The properties sold to an unidentified “institutional pension fund advisor.”

The four tracts were jointly owned by Colonial Properties Trust, based in Alabama, and Turkey Creek Land Partners LLC, made up of Knoxville’s John Turley and Jim Nixon, among others.


“The Pinnacle at Turkey Creek is the largest open-air retail asset to trade in the history of Tennessee and one of the largest to trade in the U.S. during 2011. The transaction highlights the continuing trend of institutional investors acquiring core assets in secondary markets with more compelling returns than those associated with major market core properties. Both the seller and purchaser were highly pleased with the results,” said Chris Decoufle of CB Richard Ellis’s National Retail Investment Group, which represented the sellers.

According to National Real Estate Investor Online, Colonial Properties’ 50 percent interest was sold for total consideration of $65.9 million, comprised of $27.2 million in cash and the assumption and/or repayment of the company’s $38.7 million share of the existing loans secured by the property.

NREI reported Colonial plans to use its proceeds from the sale to repay a portion of the outstanding balance on its unsecured line of credit, with the rest going toward acquisition of multifamily communities.

“The disposition of our joint venture interests in these retail assets is another step in the execution of our strategy to simplify the business and sell our non-core assets,” Colonial Properties chairman and CEO Thomas H. Lowder said in a statement.

According to a flyer on brokerage firm CBRE’s website (www.cbremarketplace.com), the site had $65 million in existing debt on three property tracts. The sale included four tracts.

All in all, about 94 stores and at least 18 empty tenant spaces changed hands.

 

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