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- Cousins Properties to Acquire Vantage South End for $328.5 Million
Cousins Properties to Acquire Vantage South End for $328.5 Million
Slice of Real Estate Team
November 08, 2024
Key Highlights:
Cousins Properties to acquire Vantage South End in Charlotte.
Transaction valued at $328.5 million; expected to close in December.
Vantage South End is 97% leased with a 9-year average lease term.
Located near Cousins' RailYard property and South End Station development.
Source: PR Newswire
Notable Quote:
"We are excited to grow our presence in Charlotte with the acquisition of Vantage South End. We are purchasing the property in an off-market transaction at a meaningful discount to replacement cost, and at a price that will be immediately accretive to earnings."
Our Take:
This acquisition is a strategic move by Cousins Properties to reinforce its position in the competitive South End submarket of Charlotte, a high-growth region within the Sun Belt. By securing Vantage South End at a discount to replacement cost, Cousins underscores its commitment to maximizing shareholder value through prudent investments in Class A assets. The high occupancy and extended lease terms of Vantage South End indicate strong demand in the area, aligning well with Cousins’ focus on lifestyle-oriented office properties. This transaction reflects the company's disciplined approach to capital allocation in high-growth markets, which is expected to positively impact earnings and expand its influence in the Sun Belt.