Cousins Properties Announces Sale of Industrial Assets
December 21 2011 - 4:00PM
Business Wire
Cousins Properties Incorporated (NYSE: CUZ) announced today the
sale of its two remaining industrial buildings, along with the
remainder of its Texas industrial land for total proceeds of $72.2
million. Cousins’ share of the proceeds totaled $65.2 million.
King Mill Building 3, a 796,450-square-foot building in Atlanta,
Georgia, was sold to an affiliate of IDI.
Lakeside Ranch Building 20, a 748,831-square-foot building in
Dallas, was sold to Duke Realty. Included in the sale were two land
parcels within the Lakeside Ranch Business Park and an additional
development site in Lancaster, Texas. Remaining Industrial
Buildings And Texas Industrial Land Sold For $72.2 Million
About Cousins
Cousins Properties Incorporated is a leading diversified real
estate company with extensive experience in development,
acquisition, financing, management and leasing. Based in Atlanta,
the Company actively invests in office and retail development
projects. Since its founding in 1958, Cousins has developed
20 million square feet of office space, 20 million square
feet of retail space, more than 3,500 multi-family units and more
than 60 single-family neighborhoods. The Company is a fully
integrated equity real estate investment trust (REIT) and
trades on the New York Stock Exchange under the symbol CUZ. For
more, please visit www.cousinsproperties.com.
This press release does not constitute an offer of any
securities for sale. Certain matters discussed in this press
release are forward-looking statements within the meaning of the
federal securities laws and are subject to uncertainties and risk
and actual results may differ materially from projections. Readers
should carefully review Cousins’ financial statements and notes
thereto, as well as the risk factors described in Part I,
Item 1A of the Company’s Annual Report on Form 10-K for the
year ended December 31, 2010 and other documents Cousins files
from time to time with the Securities and Exchange Commission. Such
forward-looking statements are based on current expectations and
speak as of the date of such statements. Cousins undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of future events, new information or
otherwise.
About IDI
IDI is a privately-held real estate company focused exclusively
on industrial property. The company, headquartered in Atlanta,
Georgia, provides development, investments, property management and
leasing services to corporations, property owners, investors,
financial institutions and real estate service providers. Valued at
$1.8 billion, IDI is one of the largest privately-held logistics
property companies in North America with ownership or interests in
31 million square feet of investment grade assets.
Since the company’s founding in 1989, IDI has built a reputation
for delivering superior quality properties and service. To date,
IDI has developed and acquired 138 million square feet of
industrial space and completed more than 568 industrial facilities
in the U.S., Canada and Mexico. The company’s investment portfolio,
focused on building long-term value, holds more than 22 million
square feet of assets and the company manages a portfolio of 50
million square feet.
For more information on IDI, visit www.idi.com.
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