ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today the sale of
The Avenue Murfreesboro for $163 million. The project, a
752,000-square-foot open-air retail center in suburban Nashville,
Tennessee, was owned through a 50/50 joint venture between Cousins and
Faison Enterprises.
Cousins’ portion of the net proceeds is approximately $36 million. These
funds will be used to partially fund its pending $1.1 billionTexas
office portfolio acquisition, currently scheduled to close in
mid-September.
About Cousins Properties
Cousins Properties Incorporated is a fully integrated, self-administered
and self-managed real estate investment trust (REIT). The Company, based
in Atlanta, GA primarily invests in Class-A office towers located in
high growth Sunbelt markets, with a focus on Georgia, Texas and North
Carolina. Founded in 1958, Cousins creates shareholder value through its
extensive expertise in the development, acquisition, leasing and
management of high-quality real estate assets. The Company has a
comprehensive strategy in place based on a simple platform, trophy
assets and opportunistic investments. For more information, please visit www.cousinsproperties.com.
About Faison Enterprises
Faison Enterprises, Inc. is a privately-held real estate company with a
diversified product portfolio that includes retail, commercial and
residential project development, management and acquisitions services.
With more than 40 years in the business and holdings of approximately
$750,000,000, the Charlotte NC based company manages and develops
properties throughout the South and Mid-Atlantic. For more information,
visit www.faison.com.
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, 2012 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.
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice
President of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
cousinsproperties.com
Source: Cousins Properties Incorporated