Turkey Creek Sold for $131.7M
Colonial Properties Trust, a real estate investment trust (REIT) based in Birmingham, AL, announced this week that it had sold Colonial Pinnacle Turkey Creek in Knoxville, TN to an institutional pension fund advisor for $131.7 million according to a Knoxville News Sentinel article. Colonial had a 50% JV interest in the property with a group of local investors that were organized in entities called Turkey Creek Land Partners LLC and Farragut Land Partners LLC. “The disposition [...] is another step in the execution of our strategy to simplify the business and sell our non-core assets,” stated Thomas H. Lowder, Chairman and Chief Executive Officer.
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