ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today that it has
formed a partnership with Publix developer Watkins Retail Group,
recapitalizing project debt on four existing Watkins Retail Group
projects.
Cousins’ investment of $14.9 million as of December 31, 2010, equates to
a 50.5% equity position in four Publix-anchored neighborhood shopping
centers in Florida and Tennessee. Additionally, Cousins has the first
option to jointly develop two other sites in Florida owned by Watkins
when development is appropriate.
“We’re delighted to invest with a strong developer like Watkins while
generating both stable cash flow and a solid return for Cousins,” said
Larry Gellerstedt, President and Chief Executive Officer at Cousins.
“We’re excited about this venture,” said W. Neal Freeman, President of
Watkins Retail Group. “Cousins provided both the capital and the
creative solutions we needed to bring this deal together on an expedited
time frame. We look forward to a long and successful relationship.”
About Cousins Properties
Cousins Properties Incorporated is a leading diversified real estate
company with extensive experience in development, acquisition,
financing, management and leasing. Based in Atlanta, the Company
actively invests in office, multi-family, retail and land development
projects. Since its founding in 1958, Cousins has developed 20 million
square feet of office space, 20 million square feet of retail space,
more than 3,500 multi-family units and more than 60 single-family
neighborhoods. The Company is a fully integrated equity real estate
investment trust (REIT) and trades on the New York Stock Exchange under
the symbol CUZ. For more, please visit www.cousinsproperties.com.
About Watkins Retail Group
Watkins Retail Group is a shopping center development, leasing and
management company committed to meeting the needs of the communities we
serve. Since its founding in 1977, Watkins provides a wide range of
services, including: development, leasing, marketing, asset & property
management and brokerage. Watkins Retail Group has developed 50+ Publix
centers the past 25 years, and is a subsidiary of Watkins Associated
Industries, a diversified trucking, seafood processing, real estate and
building products company.
Certain matters discussed in this press release are forward-looking
statements within the meaning of the federal securities laws and are
subject to uncertainties and risk and actual results may differ
materially from projections. Readers should carefully review Cousins’
financial statements and notes thereto, as well as the risk factors
described in Part I, Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2009 and other documents Cousins files
from time to time with the Securities and Exchange Commission. Such
forward-looking statements are based on current expectations and speak
as of the date of such statements. The Company undertakes no obligation
to publicly update or revise any forward-looking statement, whether as a
result of future events, new information or otherwise.
Source: Cousins Properties Incorporated
Contact:
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Director
of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
www.cousinsproperties.com