Cousins and Seefried Sign the Home Depot Supply to 355,000 Square Feet at Lakeside Ranch.
ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) announced today it and venture partner Seefried Properties Inc. have signed San Diego-based The Home Depot Supply to a 355,000-square-foot lease at the venture's first building, a 750,000-square-foot bulk distribution building at Lakeside Ranch Business Park. In late July, the venture acquired 85 acres and announced plans to develop three buildings totaling 1.7 million square feet at Lakeside Ranch Business Park, a 226-acre industrial park approximately two miles north of DFW International Airport in Flower Mound, Texas. The first building is under construction and is expected to be delivered in March 2007. Seefried is developing, managing and leasing the building on behalf of the venture.
"Having a top-notch company like The Home Depot Supply pre-lease nearly half of this first Lakeside Ranch building exceeds our already high expectations. Every partnership should begin this way," said Forrest Robinson, president of Cousins' Industrial Division.
"Starting new developments is never simple but we are very grateful for the assistance and guidance provided by the Town of Flower Mound. From its diligent planning staff to its resourceful leadership, the Town's help has been crucial in satisfying our client and signing this lease," said Bob Rice, regional vice president for Seefried. "We look forward to delivering a great facility in March and expect the high level of leasing interest to lead to another building soon after."
"We are thrilled with the development of the Lakeside Ranch Business Park and appreciate the commitment and partnership of Cousins and Seefried," said Flower Mound Mayor Jody Smith. "This development will enhance Flower Mound's reputation as one of the Metroplex's premier business locations and will solidify our commitment to make the Town a great place to live and work."
Steve Berger and David Easterling of CB Richard Ellis represented The Home Depot Supply, and Bob Rice of Seefried represented the landlord in the transaction.
"We had a number of building choices in the area but the Cousins/Seefried project had advantages including the best occupancy cost, secured truck courts, sufficient trailer storage and, most importantly, a development team and municipality dedicated to meeting our challenging occupancy schedule," CBRE's Berger said. "The Cousins/Seefried partnership and the Town of Flower Mound made a difficult process run smoothly."
Seefried Properties, Inc. is a full-service real estate development company focused on the Atlanta, Chicago, Washington/Dulles, Dallas/Fort Worth, Orlando, Miami and Baltimore markets. Seefried has expanded from its origins as a European capital investor in southeastern U.S. commercial real estate to become one of the most active builders of highly functional distribution/warehouse facilities in the eastern United States. The firm leases and manages nearly 11.0 million square feet for its institutional clients and is currently developing in excess of 3.5 million square feet of industrial product. Since 1990, Seefried has developed over 20 million square feet of warehouse and industrial product. Seefried has developed for or leased to 20 out of the world's 25 largest freight forwarders, including Kuehne & Nagel, Schenker, Panalpina, Danzas, Emery Worldwide, Eagle Global Logistics, Kintetsu and Nippon Express. For more information, visit www.seefriedproperties.com.
Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including development, acquisition, financing, management and leasing. Cousins actively invests in office, multi-family, retail, industrial and land development projects. The Company's portfolio consists of interests in 8.2 million square feet of office space, 4.6 million square feet of retail space, 2 million square feet of industrial space, one multi-family residential project and 23 single-family neighborhood developments, over 9,200 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single-family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 13.6 million square feet of office and retail space. Cousins 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 Cousins' 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, the activity of others developing competitive projects, 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 failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Report on Form 10-K for the year ended December 31, 2005. 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.