Colonial Properties beefs up office portfolio

Colonial Properties Trust has expanded its commercial office portfolio with acquisitions in Austin, Texas, and Charlotte, N.C., the company said this week.

The first purchase was for Research Park Plaza III and IV, a 357,689-square-foot office complex located in Austin.

The second purchase was of the Esplanade, a 204,085-square-foot building in Charlotte.

Located in the Northwest sub-market of Austin, Research Park Plaza III & IV is a class A complex on the Research Boulevard corridor. The two buildings were built in 2001 and occupied in 2003 after tenant customization. The buildings, which are 100 percent occupied, are leased until 2012 to an investment grade tenant.

In the second purchase, the class B, four-story office building was 37 percent occupied at the time of the transaction. Constructed in 1981, the Esplanade Building is located in Charlotte's SouthPark office sub-market along Rexford Road.

Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties. The company offers development, acquisition, management, leasing and brokerage services for its portfolio and third-party-owned properties.

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