Shares of Cousins Properties CUZ own viewed no significant mosey since it presented the acquisition of Heights Union in the Heights neighborhood of Downtown Tampa for $144.8 million earlier this week. The buyout comes as part of company’s efforts to beef up its portfolio fine with trophy sources.
The 294,000-sq.-foot verbalize of job property carried out in late 2020 is now 93.4% leased. With an well-behaved keep, the property has an stunning buyer heinous.
The Heights is a dwell-work-play district and attracts a big crowd. Anchored by Armature Works, the district holds more than 20 ingesting places and bars. This reflects that the placement is lawful for Cousins Properties to develop by strategy of acquisitions.
Heights Union enjoys an famed hire roll, with the life-science customers representing 66% of the hire roll. Pfizer PFE has a leased 106,000 sq. feet of the property for a World Ability Hub, while AxoGen AXGN has leased 75,000 sq. feet for its 2d headquarters and lab home.
The buyout of this property appears a strategic match for Cousins Properties as the question for verbalize of job spaces has been excessive amid the well-behaved migration traits and professional-commerce atmosphere.
Cousins Properties has an unmatched portfolio of class A verbalize of job sources concentrated in the excessive-tell Solar Belt markets. In July, the corporate had obtained 725 Ponce, a 372,000-sq.-foot verbalize of job asset for $300.2 million in Midtown Atlanta. The REIT is moreover well placed to cater to the question for extremely-amenitized verbalize of job sources. On the alternative hand, stiff competition will likely dent occupancy tell.
Cousins Properties at the moment carries a Zacks Unsuitable #3 (Preserve). The corporate’s shares own won 4% in contrast with the commerce’s decline of three.2% over the final three months.
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Pfizer Inc. (PFE): Free Stock Diagnosis Document
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