Cousins/Weeks to Develop First Building at Jefferson Mill
June 09 2006 - 10:00AM
Business Wire
459,134-Square-Foot Building Kicks Off Venture's Second Industrial
Park Cousins Properties Incorporated (NYSE: CUZ) announced today
its Cousins/Weeks venture will develop a 459,134-square-foot
cross-dock industrial building at Jefferson Mill Business Park, a
304-acre project at the northeast corner of Interstate 85 and
Georgia Highway 129 in Jackson County, northeast of Atlanta.
Situated on 26.7 acres and visible from I-85, Building A will be
the first of 12 industrial buildings - ranging in size from 20,000
square feet to 784,000 square feet and totaling more than 3.2
million square feet - at Jefferson Mill. Construction of Building A
is expected to begin in July with completion expected in March of
2007. "With the leasing momentum picking up around Atlanta, we
think this is a great time to plant our flag in the metro area's
largest and most active submarket," said Forrest Robinson,
president of Cousins' Industrial Division. "Jackson County has seen
tremendous growth in larger users over the past five years and this
building should hit the mid-range between the average-sized deal in
this area and the near 1 million-square-foot users that other
developers are targeting." Cousins has also sold one acre along
Highway 129 at Jefferson Mill to Harden Oil Company for a gas
station/convenience store location. Overall, more than 44 acres at
Jefferson Mill are zoned for retail use, all of which are being
marketed for sale by Cousins. Jefferson Mill is the second
industrial development for Cousins/Weeks. The first is King Mill
Industrial Park, a planned 2.9 million-square-foot project in Henry
County, Georgia. Cousins recently announced the first lease at King
Mill, a five-year, 287,400-square-foot deal with Snapper Products.
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 7.4 million square feet of office space, 3.8 million square feet
of retail space, 0.8 million square feet of industrial space, two
multi-family residential projects, over 9,000 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 12.7 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 Report on Form 10-K for the year ended December 31, 2005.
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.
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