Colonial sells Fla. shopping center

Tampa, Fla. Colonial Properties Trust sold its Colonial Promenade, a 286,000-sq.-ft. shopping center in Winter Haven, Fla., for $20.7 million.

The sale is part of Colonial’s strategy to reduce its outstanding balance on its unsecured line of credit, as well as the company’s plan to reduce its joint ventures thereby simplifying financial reporting.

Colonial, which did not release the name of the buyer of the property, said the retail center had an occupancy rate of 93.2% on Sept. 30.

Tenants include a remodeled 231,000-sq.-ft. Walmart, plus Dollar General and Sally Beauty Supply.

Dockerty Romer & Co. arranged $14.98 million in non-recourse financing for the buyer through a national lender with a five-year term and 70% loan-to-value.