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Cousins Properties Sells Orlando, Miami Assets


Cousins Properties Sells Orlando, Miami Assets

Atlanta-Based REIT Nets $242 Million in Sale of Orlando Office Portfolio, Stake in Courvoisier Centre

Cousins Properties, a real estate investment trust, said it has sold 1 million square feet of offices in Orlando for $208.1 million and also unloaded its equity interest in a Miami office complex for $33.9 million.

Southwest Value Partners of Torrance, CA, bought the three-building Orlando portfolio, which consists of Bank of America Center at 390 N. Orange Ave.; Citrus Center at 255 N. Orange Ave.; and One Orlando Centre at 800 N. Magnolia Ave.

Atlanta-based Cousins (NYSE: CUZ) also sold a 20 percent stake in the two-building Courvoisier Centre at 501 and 601 Brickell Key Dr. in Miami. The buyer of the 343,000-square-foot property was Cousins’ joint venture partner, Masaveu Inmobliaria S.A.

Cousins said it has generated about $558 million in proceeds from property sales this year.

Found in 1958 by Tom Cousins, the REIT now manages a 15 million-square-foot office portfolio in Atlanta, Austin, Charlotte, Tampa and Tempe, AZ.

Cousins said its strategy is to assemble trophy properties in attractive Sun Belt markets, benefit from the portfolio’s value and pursue investment opportunities while overseeing a conservative balance sheet.

For more information on Cousins’ sale of the Orlando office portfolio, please see CoStar Comp #4087821. For additional information the company’s partial interest transfer in Miami, please see Comp #4087830.

Paul Owers, South Florida Reporter  CoStar Group   

Source: Cousins Properties Sells Orlando, Miami Assets

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