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| PetSmart at Tiffany Springs MarketCenter Kansas City, MO |
ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ)
announced today the unwinding of two retail joint ventures and the sale of a
retail power center as it continues to implement its strategy to exit non-core
holdings and focus on Class-A office properties and opportunistic mixed-use
developments.
The two joint ventures consisted of eight retail centers,
totaling 2.1 million square feet, in four markets.
The Prudential Insurance
Company of America, which previously held an approximately 89 percent interest
in the ventures, purchased Cousins’ interests to become sole owner of the
portfolio.
The transaction valued Cousins’ interests at approximately $57
million prior to allocation of property level debt.
Cousins also completed the sale of Tiffany Springs
MarketCenter, a retail power center in Kansas City, Missouri, for
approximately $54 million to an unrelated third party.
For a complete copy of the company’s news
release, please contact:
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate
Communications
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