The San Jose MarketCenter sold for $85 million, generating an estimated net gain on sale of $6.5 million. Cousins completed development of the 360,000-square-foot power center in 2006.
The Company also announced the extension of the loan on The Avenue® Murfreesboro and a new loan on Meridian Mark.
The $113 million loan on Avenue Murfreesboro, a 750,000-square-foot power center outside of Nashville, has been extended three years to July 2013 with no additional recourse requirements.
The net proceeds of the San Jose sale, along with proceeds from the Meridian Mark re-financing and borrowings from the Company’s line of credit, were used to pay off a $100 million term loan scheduled to mature in August 2012 and eliminate an interest rate swap associated with the term loan for a cost of approximately $9 million.
"We will look to build on our success with these strategies as well as our focus on improved leasing and fee services.”
Contact: Cameron Golden, Director of Investor Relations/Corporate Communications, 404-407-1984, email@example.com,
Web site address: http://www.cousinsproperties.com/