Colonial Properties grows Houston portfolio

Picks up high-end retail development

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In a move that expands its holdings into the Houston market, Colonial Properties Trust has acquired Kingwood Commons, a 164,385-square-foot retail center in the city's northeastern submarket.   The value of the transaction was not disclosed.   The property is located on Loop 494 and Kingwood Drive, just East of Hwy 59, and within the 14,000-acre Kingwood Master Planned Community.   Completed in 2001, the first development phase positioned the property as a neighborhood grocery center, anchored by Randalls grocery store, which is a division of Safeway Inc. The center expanded and broadened its line-up through the next two phases of development, which completed construction in 2004. Today, Kingwood Common includes high-end retailers such as Talbot's, Chico's, Ann Taylor Loft, Jos. A. Banks, Bombay/Bombay Kids, James Avery and Carrabba's Italian Grill.   Colonial Properties Trust is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, of...