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| The Avenue Murfreesboro shopping center, 27 miles south of downtown Nashville, TN |
ATLANTA, GA -- 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 billion
Texas office portfolio acquisition, currently scheduled to close in mid-September.
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
.
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.
For a complete copy of the company’s news release, please
contact:
Cousins Properties Inc.
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate
Communications
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