ATLANTA-With about $300 million in new retail developments planned or coming off the drawing boards, locally based Cousins Properties Inc. is following a strategic disposition plan to unload older properties.

The two latest assets placed on the selling block are the 22-story, six-year-old Pinnacle office building and the 13-story Live Oak Center next door in suburban Buckhead, GA. The properties are being marketed together by the local office of CB Richard Ellis Inc. For the sale of another property, Wildwood Office Park, Cousins chose Eastdil Realty of New York as its broker.

The Pinnacle structure was built in 1998 at Peachtree and Lenox roads. Stonebridge Associates was Cousins’ joint venture partner on the project. Cousins didn’t disclose the asking prices, occupancy levels or average asking rents at the three properties. Area investment sale brokers familiar with the assets tell the REIT probably will be asking for bids on the assets before selecting the highest offer or the most qualified buyer.

As the company begins to shed older assets, Cousins is also preparing to break ground in June on an estimated $63-million, 800,000-sf open air shopping center in Memphis, TN. Jim Wilson & Associates of Montgomery, AL is Cousins’ joint venture partner on the deal, as previously reported.

Cousins is also getting ready to start construction this year on South Point, a $200-million, 1.5-million-sf mixed-use undertaking in suburban McDonough, Henry County, 35 miles south of Downtown Atlanta. Cousins’ joint venture partners are Simon Development Group of Indianapolis and North American Properties of Cincinnati, as previously reported.

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