Use & :
start cmd /k "color 4C & cd \"
Now you must quote the commands, otherwise & consumed by an external command line (for example, the one that runs the batch file), and not just the one that is running.
You also have another option - as far as I know, a recently launched command line will inherit the same current directory as the command line that launches it. Thus, you can change your batch file to:
cd \location1 start cmd /k color 4C cd \location2 start cmd /k color 5D cd \location3 start cmd /k color 2A
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