Colonial Properties Trust (NYSE: CLP) and UBS Wealth Management have jointly sold a suburban Atlanta office park, the Colonial Center at Mansell Overlook. The joint venture generated $166.4 million through the sale of the office park.
The entire 877,000 sq. ft. property consists of four Class-A office buildings, five low-rise buildings, two street-front retail shops plus three additional development sites.
CLP will retain a 15% interest in the four office buildings, two retail centers and three development parcels. UBS will retain full ownership of the five low-rise buildings.
“This transaction with UBS Wealth Management exemplifies Colonial Properties’ corporate strategy of recycling capital,” says Tom Hallowell, senior vice president, office division for CLP.
“UBS recognized Colonial Properties’ ability to create tremendous value from developing a high quality suburban office park in a high growth submarket in Atlanta.”