Cousins Properties has invested almost $15 million to take a stake in a portfolio of Publix-anchored shopping centers that includes two Nashville properties.
Atlanta-based Cousins' partnership with developer Watkins Retail Group involves The Shops at Lee Village in Smyrna and Mt. Juliet Village. The transaction, which recapitalized project debt, also includes one project in Florida and one in Chattanooga.
Cousins’ investment of $14.9 million gives it a 50.5 percent equity position in the shopping centers. Cousins – which was the co-developer of the Avenue shopping center in Murfreesboro – also has the first option to jointly develop two other sites in Florida owned by Watkins when development is appropriate.
“We’re delighted to invest with a strong developer like Watkins while generating both stable cash flow and a solid return for Cousins,” said Larry Gellerstedt, president and CEO of Cousins.
Soles4Souls buys Alabama building
Soles4Souls, the international shoe charity, said it has acquired a larger processing warehouse facility in Alabama to feed its operations. The property in Wadley, Ala., east of Birmingham is 300,000 square feet.
"This acquisition advances our strategic plan to consolidate our warehousing operations and better manage the growing donations of footwear and clothing," said Wayne Elsey, founder and CEO of Soles4Souls. "The new facility will be operational by the start of the second quarter, offering new efficiencies for our business and support of our goal to distribute 11 million pairs of shoes in 2011," he added.
Soles4Souls has more than 40 employees and owns multiple warehouses to accommodate the millions of shoes it distributes each year. The organization rang up $38 million in revenues in 2009.