CUZ Cousins Properties Inc

Cousins Properties Inc. (CUZ) recently announced that it will commence development of a community shopping center in Mahan Village for $25.0 million. For the concerned project, the company is collaborating with Watkins Retail Group and New Horizon Retail Development.

Located at the intersection of Capital Circle and Mahan Drive, the $150,000 square foot center encompasses 19 acres in Tallahassee. Mahan Village is currently 79% leased and will feature a 45,600-square feet Publix Supermarket, scheduled to come up in November 2012 and Academy Sports & Outdoors spanning 67,664 square feet, scheduled to open in October 2012. Additionally, it will also have 30,000 square feet of local shop and restaurant space.

This is a second project of the combined entity as Cousins Properties together with Watkins Retail Group has already developed Publix-anchored neighborhood shopping centers in Florida and Tennessee. This deal is a win-win situation for both the companies as the extension of this relationship is beneficial for both.

Atlanta, Georgia-based Cousins Properties is a real estate investment trust (REIT). The company has a diversified portfolio with a broad array of products including office, retail, urban residential and single-family communities that mitigates operating risks associated with the economic down cycles. Consequently, the company has a relatively steady source of revenue stream.

Cousins Properties currently retain a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp. (DRE) also holds a Zacks #3 Rank.

 
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