CUZ Cousins Properties Inc

Brad Cous Golf Venture LTD, a Florida limited partnership with Cousins Properties Incorporated (NYSE: CUZ) as a general partner, announced that it has sold The Shops At World Golf Village in St. Augustine, Florida to MW Golf Properties, LLC, a Florida limited liability partnership whose principal partners are Boca Raton, Florida, real estate investors Bill Weisman and Dan Mandel. The 80,000-square-foot retail center is located near the intersection of I-95 and International Golf Parkway and sold for $13.5 million, in a transaction that closed on Friday, February 17, 2006. Brad Cous Golf Venture is a 50/50 partnership between Cousins Properties and W.C. Bradley Co. The Shops at World Golf Village were completed by the venture in 1999, and the current tenant roster includes Caddyshack, The First Tee, Augustino's Italian Steakhouse, Levitt & Sons, and PGA Tour Stop, and Bluegreen Resorts is expected to open soon. Nearby attractions include the World Golf Hall of Fame, St. Johns County Convention Center and The Slammer and Squire Golf Courses. Commenting on the significance of the sale, Joel Murphy, president of the Cousins' Retail Division, said, "We developed The Shops at World Golf Village back in 1999, and together with our partner we successfully managed the property for almost seven years. We enjoyed our partnership and long-term working relationship with W.C. Bradley Co., and wish the new owners much success." Brokers Cliff Taylor and Lou Nutter of CB Richard Ellis in Jacksonville, Florida, represented the seller, and the partners of the buyer represented themselves. Goldman Sachs Commercial Mortgage Capital provided financing for the acquisition. MW Golf Properties' other North Florida holdings include The Deerwood Village Mall, The Lakeside Office Building, and The Double Eagle Office Building which is located at the entrance to World Golf Village. Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, multi-family, retail, industrial and land development projects. The Company's portfolio consists of interests in 7.5 million square feet of office space, 3.8 million square feet of retail space, 0.4 million square feet of industrial space, over 10,000 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single-family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 11.9 million square feet of office space. Cousins is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol "CUZ." For more information on the Company, please visit Cousins' Web site at www.cousinsproperties.com. Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company's ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Current Report on Form 8-K filed on December 10, 2003. The words "believes", "expects", "anticipates", "estimates" and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.