Remaining Industrial Buildings and Texas Industrial Land Sold for
$72.2 Million
ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today the sale of
its two remaining industrial buildings, along with the remainder of its
Texas industrial land for total proceeds of $72.2 million. Cousins’
share of the proceeds totaled $65.2 million.
King Mill Building 3, a 796,450-square-foot building in Atlanta,
Georgia, was sold to an affiliate of IDI.
Lakeside Ranch Building 20, a 748,831-square-foot building in Dallas,
was sold to Duke Realty. Included in the sale were two land parcels
within the Lakeside Ranch Business Park and an additional development
site in Lancaster, Texas. Remaining Industrial Buildings And Texas
Industrial Land Sold For $72.2 Million
About Cousins
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 and retail 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.
This press release does not constitute an offer of any securities for
sale. 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, 2010 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. Cousins
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of future events, new
information or otherwise.
About IDI
IDI is a privately-held real estate company focused exclusively on
industrial property. The company, headquartered in Atlanta, Georgia,
provides development, investments, property management and leasing
services to corporations, property owners, investors, financial
institutions and real estate service providers. Valued at $1.8 billion,
IDI is one of the largest privately-held logistics property companies in
North America with ownership or interests in 31 million square feet of
investment grade assets.
Since the company’s founding in 1989, IDI has built a reputation for
delivering superior quality properties and service. To date, IDI has
developed and acquired 138 million square feet of industrial space and
completed more than 568 industrial facilities in the U.S., Canada and
Mexico. The company’s investment portfolio, focused on building
long-term value, holds more than 22 million square feet of assets and
the company manages a portfolio of 50 million square feet.
For more information on IDI, visit www.idi.com.
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Director
of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
www.cousinsproperties.com
Source: Cousins Properties Incorporated