Recent News
FOR IMMEDIATE RELEASE
February 25, 2008
COUSINS AND FAISON ANNOUNCE NEW RETAILERS AT THE AVENUE® MURFREESBORO
ATLANTA (February 25, 2008) – Cousins Properties Incorporated (NYSE: CUZ) and Faison Enterprises announced today seven new leases at The Avenue Murfreesboro, an 810,000-square-foot open-air retail center outside Nashville, Tenn. The announced retailers include American Eagle Outfitters, Old Navy, Havertys, Hollister, Massage Envy, Newk’s Café Express and Jared Jewelers. The Avenue Murfreesboro’s 660,000-square-foot first phase is now 80 percent committed. Old Navy and Haverty’s are the first retailers to commit to two under-construction expansions, totaling 19,000 square feet and 30,400 square feet respectively. The center will eventually become home to more than 110 retailers and restaurants.
Cousins and Faison also announced today that Linens ‘N Things, Cost Plus World Market, Hollister and American Eagle Outfitters will open at The Avenue Murfreesboro in the second quarter of 2008. A full list of retailer commitments at the center can be found at www.theavenuealist.com.
"Adding great retailers like these to our already impressive merchant roster speaks volumes about this center and community," said Darryl Bonner, senior vice president of leasing for Cousins' Retail Division. “We look forward to more exciting commitments and openings as the year progresses.”
"Both retailer and consumer interest in The Avenue Murfreesboro continues to impress our team. We’ve said from the beginning that this project fits well with the growth in Middle Tennessee and I think the current results bear that out,” said Mike Cohn, senior managing director with Faison.
The Avenue Murfreesboro is the centerpiece of 400 acres of new commercial development envisioned by landowner C.M. "Bill" Gatton along Medical Center Parkway. Projects in the area are slated to include retail, office, hotel, convention center and public spaces. Medical Center Parkway connects the new Manson Pike interchange on I-24 with the City of Murfreesboro's Gateway project, plans for which include the new 300-bed Middle Tennessee Medical Center along with medical and professional offices.
The Avenue concept, introduced by Cousins Properties in 1998, has been extremely well received by consumers and retailers alike. In contrast to a mall, these open-air, pedestrian friendly centers appeal to the discriminating and often time-constrained shopper looking for premier national retailers, select local merchants and specialty restaurants in a convenient setting. Cousins Properties has opened four Avenues in the Atlanta area, two in Tennessee, one in suburban Los Angeles and one in Viera, Fla. For more information about The Avenue, please visit www.theavenuealist.com
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $600 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the Mid-Atlantic and South and maintains regional offices in Bethesda MD, Washington DC, Charlotte NC, Atlanta GA, and Orlando FL. For more information, visit www.faison.com
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 7.7 million square feet of office space, 4.8 million square feet of retail space, 2.0 million square feet of industrial space, 737 for-sale units in three under-development multi-family projects, 24 residential communities under development, over 9,000 acres of strategically located land tracts, and significant land holdings for development of single-family residential communities. The Company also provides leasing and management services to third-party investors; its client-services portfolio comprises 12 million square feet of office and retail space. The Company 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 its 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 (including the overall condition of the residential market), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), 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 ability of the Company to close properties under contract and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. 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.
###
|
