Cousins Properties Announces Sale of Avenue Murfreesboro For $136 Million
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.
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.
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