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ALPHARETTA, GA-Cousins Properties Inc., one of the most aggressive development organizations in the Southeast, has surpassed its own asset disposal record this year by selling two medical office buildings in this Atlanta suburb. The 42-year-old REIT sold the buildings to the 450-bed Northside Hospital for $41.4 million or $195.28 per sf.

The sale of the 103,000-sf Northside/Alpharetta I and the 198,000-sf Northside/Alpharetta III brings Cousins’ total disposition volume for the year to approximately $1.3 billion. It was the ninth sale of the year for Cousins which acquired Northside/Alpharetta I in 1998. Cousins will not retain management of the two buildings.

“These were two important buildings during the growth of our medical office business and in developing a closer relationship with Northside Hospital,” says Cousins president and CEO Tom Bell. “It is also important to note that this sale is likely the last substantial property disposition for Cousins this year.”

But Bell adds, “Of course, our stated business philosophy of harvesting value created through development has not changed, and if conditions suggest additional dispositions [this year], we will examine those possibilities as they arise.”

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