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Byline: TheDeal.com news staff
Cousins Properties sells California retail center
ATLANTA- Cousins Properties Inc.announced the sale of Mira Mesa MarketCenter, a 464,000-square-foot retail project in Mira Mesa, California, to California-based DBS Properties for $87 million. Cousins' effective ownership interest in the project is 88.5%. The transaction closed on May 27.
Completed in 2000, Mira Mesa MarketCenter contains a mix of retailers and restaurants including Edwards Theatres, The Home Depot, Albertsons, Barnes & Noble, Old Navy, Buca di Beppo and On The Border. The center is adjacent to approximately 470 residential units, as well as a park and ride for local commuters accessing Interstate 15.
"Mira Mesa MarketCenter has been an outstanding property for us, performing better than our already high expectations," said Joel Murphy, president of Cousins' Retail Division. "That performance was reflected in the strong interest we saw as the project was taken to the market and the excellent price the offering garnered. The sale is an example of, and also consistent with, our long-standing strategy of recycling our capital and harvesting the value created through our development program."
Cousins Properties, 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 …