Cousins Properties Announces Sale of Avenue Murfreesboro
ATLANTA--(BUSINESS WIRE)-- Cousins Properties Incorporated (NYS: 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 billion Texas 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.
KEYWORDS: United States North America Georgia
The article Cousins Properties Announces Sale of Avenue Murfreesboro originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.