Colonial Properties merging with Tennessee-based group


[lin_video src=×9&auto_next=1&auto_start=0&div_id=videoplayer-1370301767&height=480&page_count=5&pf_id=9624&show_title=1&va_id=4082387&width=640&windows=2 service=syndicaster width=640 height=480 div_id=videoplayer-1370301767 type=script]BIRMINGHAM, Ala. (WIAT) — A major player in property development and oversight is leaving Birmingham.

Colonial Properties is merging with Tennessee-based Mid-America Apartment Communities (MAA).

The merger is worth $8.5 billion.

Colonial Properties employs about 1,600 people and was the major developmental force behind shopping centers in Bessemer and Alabama.

No word has been released on the status of current Colonial employees.

Copyright 2013 WIAT-TV CBS 42

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