Finance REITs
Master Plan in Works for 6,300-Acre Florida Property
April 24, 2008
By: Barbra Murray, Contributing Editor

Rayonier and Cousins Properties Inc. have joined forces to create a master plan and secure entitlement for a site spanning 6,300 acres in Flagler County, Fla., about 30 miles north of Daytona Beach.

The sprawling chunk of what is currently timberland is located within close proximity to Palm Coast, and is owned by Rayonier subsidiary TerraPointe L.L.C. "We chose to ally with Cousins to help us master plan and come up with the best project for the community," a Rayonier spokesperson told CPN today. While the planning is in the very earliest of stages, the fact that Flagler County is experiencing a growth spurt will likely play a large role in determining the property's development components. "From 2000 to 2006, Flagler was the fastest growing county in the country, and it is still one of the top fastest growing counties."

Jacksonville, Fla.-based Rayonier is a leading international forest products company operating in the businesses of timber, real estate and performance fibers. The REIT owns, leases or manages 2.6 million acres of timber and land in the United States and New Zealand. Company stock opened today at $43.26. Cousins, headquartered in Atlanta, develops, acquires, finances, manages and leases properties across the country. Over the last 50 years, the REIT has developed 20 million square feet of office space, 20 million square feet of retail, 3,500 multi-family units and 60 single-family neighborhoods. Cousins' stock opened at $26.30 today.


 


 
Recent REITs Headlines
Parkway Pockets $25M in Sale of St. Petersburg Office
Aug. 20, 2008
Parkway Properties Inc. has concluded the $26 million disposition of Wachovia Plaza, a 186,000-square-foot office asset in St. Petersburg, Fla., that the company has owned since 1998.
Ramco-Gershenson Adds Shopping Center to Florida JV
Aug. 19, 2008
Ramco-Gershenson Properties Trust has sold the 330,000-square-foot Plaza at Delray shopping center in Delray Beach, Fla., to its $450 million joint venture with the state of Florida, which is advised by Heitman L.L.C.
Liberty Takes Class A Florida Office
Aug. 18, 2008
Liberty Property Trust is expanding its portfolio in the Sawgrass International Corporate Park in Sunrise, Fla., with the acquisition of a 107,000-square-foot Class A office building. The REIT bought the building at 13621 NW 12th St. from Real Estate Capital Partners, but did not release the purchase price. The building is fully leased by UnitedHealthcare.
286,000-SF Sale-Leaseback Deal Incorporates Houston Food Distributor's Expansion
Aug. 15, 2008
Two years after developing its 286,000-square-foot Houston headquarters and distribution center, Glazier Foods Co. Inc. has sold the Class A property in a triple-net sale-leaseback transaction with GSL Welcome Group L.L.C.
Boston Properties' $440M Office Purchase Wraps Up Macklowe Deal
Aug. 14, 2008
Just a day after announcing the closing of two New York City office building acquisitions from Macklowe Properties totaling $705 million, Boston Properties has completed its purchase of yet another Macklowe trophy office building, 125 West 55th St. The acquisition of 125 West 55th St. was part of a $3.95 billion, four-property portfolio purchase agreement Boston Properties and partners made with debt-ridden Macklowe earlier this year.
 

 

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