Deal to buy Colonial Properties Trust sites falls through - Birmingham Business Journal:

Deal to buy Colonial Properties Trust sites falls through - Birmingham Business Journal:: "A recent $100 million contract to buy three of Colonial Properties Trust’s retail developments has fallen through, the company said.

In a news release detailing ongoing developments in the first quarter and giving an updated 2009 guidance, Colonial said the potential buyer for the three unidentified retail properties canceled the contract, but that the properties were still being marketed for sale.

When the company announced the contract in February, executives said it was valued at about $100 million.

The Birmingham firm also announced its Colonial Realty, an operating partner, launched a cash tender offer for up to $175 million of its $351.4 million in outstanding notes, set to mature in 2010 and 2011."