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Cousins Properties Acquires Office Building in Tampa
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Cousins Properties Acquires Office Building in Tampa

Cousins Properties (CUZ), the real estate investment trust (REIT) focused on Class A office buildings, recently announced that it has acquired the Heights Union office property in Tampa, Florida, for $144.8 million.

The property, which spans an area of about 294,000 square feet, is located in the Heights neighborhood of Downtown Tampa, which serves as the northern terminus for the 2.6-mile Tampa Riverwalk that runs alongside the Hillsborough River.

Notably, the property is 93.4% leased with life science customers representing 66% of the rent roll.

The CEO of Cousins Properties, Colin Connolly, said, “Heights Union represents a compelling opportunity to acquire a unique property in an emerging submarket with an outstanding rent roll. We continue to respond to what our customers are telling us they want – authentic, efficient and interesting properties in highly-amenitized locations that appeal to their employees.” (See Cousins Properties stock chart on TipRanks)

Last month, Barclays analyst Anthony Powell initiated coverage on the stock with a Buy rating and a price target of $48 (upside potential of 25.5%).

According to the analyst, robust population and income growth can act as tailwinds for the company. Moreover, footfall in shopping centres is almost back to pre-pandemic levels.

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 2 Buys and 1 Hold. The average Cousins Properties price target of $43.67 implies that the stock has upside potential of 14.1% from current levels.

Cousins Properties scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform market expectations. Shares have gained about 28.4% over the past year.

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