On Dec 4, 2014, Cousins Properties Inc. (CUZ) announced inking a lease agreement with Veritiv Corp. (VRTV) at Northpark Town Center in Atlanta, GA. The deal with the Norcross, GA-based business-to-business distributor of paper, packaging, facility and logistics solutions provider involves 68,315 square feet of space.
Following the news, the shares of Cousins Properties gained nearly 2%, whereas Veritiv’s shares lost around 3% in a day’s trading. With this addition, Northpark will be home to 19 Fortune 500 companies. Veritiv is expected to take occupancy in spring of 2015.
Cousins Properties, the Atlanta, GA-based Equity Real Estate Investment Trust (“REIT”) primarily invests in Class-A office assets located in high-growth Sunbelt markets. Hence, Veritiv seems to be a suitable addition to its strong customer base at Northpark.
On the other hand, Veritiv, a Fortune 500 company, has been keen on setting up key executive offices at Northpark Town Center. Further, the company intends to remain in close proximity with Metropolitan Atlanta Rapid Transit Authority (‘MARTA’), the principal rapid-transit system in the Atlanta metropolitan area.
Currently, Cousins Properties has a Zacks Rank #2 (Buy), whereas Veritiv sports a Zacks Rank #1 (Strong Buy). Investors interested in Equity-REITs may also consider stocks like Ashford Hospitality Trust, Inc. (AHT) and Corrections Corporation of America (CXW). Both these stocks carry the same rank as Veritiv.
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