ATLANTA, May 3, 2017 /PRNewswire/ -- Cousins Properties
(NYSE: CUZ) announced today that it has completed the disposition
of Emory Point I and II, a mixed-use property in Atlanta comprised of 750 apartments and
125,000 square feet of retail space, for a gross price of
$199 million. The project was owned
through a 75/25 joint venture between Cousins and Gables
Residential.
Cousins' portion of the sales proceeds, before transaction costs
and debt payments, was approximately $150
million. This transaction was included in the Company's
previously provided 2017 disposition activity range of $300 million to $325 million. With this
transaction, the Company estimates remaining 2017 disposition
activity of $150 million to $175
million, before transaction costs and debt
payments.
About Cousins Properties Cousins Properties is a fully
integrated, self-administered and self-managed real estate
investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating
partnership, Cousins Properties LP, primarily invests in Class-A
office towers located in high growth Sunbelt markets. 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.
CONTACT:
Marli Quesinberry
Vice President, Investor Relations
404-407-1898
marliquesinberry@cousinsproperties.com
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SOURCE Cousins Properties