Cousins, Gables Residential Sell Emory Point Development in Atlanta for $199M

ATLANTA — Cousins Properties and Gables Residential have sold Emory Point I and II, a mixed-use property in Atlanta’s Druid Hills area comprising the 750-unit Gables Emory Point and 125,000 square feet of retail space. Blackstone purchased the development for a gross price of $199 million. The project was owned through a 75/25 joint venture between Cousins and Gables Residential, and Cousins’ portion of the sales proceeds, before transaction costs and debt payments, was approximately $150 million. Tenants at Emory Point include American Threads, Fab’rik, Francesca’s, Lizard Thicket, Loft, Fresh to Order, Marlow’s Tavern, Tin Lizzy’s, CVS/pharmacy, Earth Fare, Orangetheory Fitness, Empower Yoga and Pink Barre. Paul Berry, John Whitlow, Chris Decoufle and Kevin Hurley of CBRE represented Cousins Properties and Gables Residential in the transaction. CBRE’s Robert Kadoori secured acquisition funding on behalf of Blackstone. Atlanta-based Cousins plans to sell another $150 million to $175 million worth of assets for the remainder of 2017.