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NEW YORK ( TheStreet) -- Colonial Properties (NYSE: CLP) hit a new 52-week low Tuesday as it is currently trading at $16.38, below its previous 52-week low of $16.43 with 179,473 shares traded as of 10:05 a.m. ET. Average volume has been one million shares over the past 30 days. Colonial has a market cap of $1.6 billion and is part of the financial sector and real estate industry. Shares are up 0.6% year to date as of the close of trading on Monday. Colonial Properties Trust is a real estate investment trust (REIT). The firm engages in the acquisition, development, ownership, management, and leasing of commercial real estate properties. It invests in the public equity and real estate markets of the United States.