Cousins, Jim Wilson Plan 800,000-SF Retail Center in Memphis

ATLANTA-Locally based Cousins Properties Inc. and Jim Wilson & Associates Inc. of Montgomery, AL plan to break ground in June on the Avenue Carriage Crossing, an 800,000-sf, 135-acre open-air shopping center already 73% pre-leased in Collierville, TN, a Memphis suburb.

The center is tentatively scheduled to open in October 2005. This is the partners’ first joint-venture project.

The developers completed the land deal this week but declined to disclose the acquisition price, the seller’s name or the estimated development cost of the project. However, Memphis area brokers and retail consultants familiar with the Collierville submarket tell GlobeSt.com the 135 acres were probably purchased for about $50,000 per acre or a total of nearly $6.8 million.