Cousins to Build Headquarters for Genuine Parts Company - Analyst Blog

Cousins Properties Inc. (CUZ) is strengthening its long-standing ties with Genuine Parts Company (GPC). The company has been selected to construct the corporate headquarters of Genuine Parts in Georgia. The construction is expected to start in the first quarter of 2015 and the property will likely be occupied in mid 2016.

The 150,000-square foot building will be located in the Northwest submarket of Atlanta. Genuine Parts' Shared Services support building is in close proximity. Cousins Properties has developed the concept and site solutions for the to-be-constructed headquarters and HKS Architects and Hendrick Interior Design has designed it.

We find the transaction encouraging as it will enhance Cousins Properties' portfolio and boost its bottom line. Notably, Cousins Properties has been focusing on the high-growth Sun Belt market and aims to shape its business on a simpler platform by targeting trophy assets and opportunistic investments.

Accordingly, earlier this month, this real estate investment trust inked a joint venture deal with Hines for constructing a trophy office tower in the Uptown Dallas submarket (read more: Cousins-Hines Team Up to Build Victory Center in TX). Also, last month, Cousins Properties closed the buyout of a 1.5 million-square foot office complex – Northpark Town Center – also in Atlanta, GA, for around $348 million. Such deals tag along strong growth prospects.

Cousins Properties currently holds a Zacks Rank #2 (Buy). Other REITs worth considering include Duke Realty Corp. (DRE) and Public Storage (PSA). Both stocks have the same rank as Cousins Properties.

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GENUINE PARTS (GPC): Free Stock Analysis Report
 
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