Cousins Announces Closing Of Emory Point Disposition
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.
Vice President, Investor Relations
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SOURCE Cousins Properties