Cousins Properties Sells Laguna Promenade

Real estate developer Cousins Properties Inc. said Wednesday it has sold the Laguna Niguel Promenade shopping center for $26.7 million.

Atlanta-based Cousins, which spent $20.3 million developing the center, sold it last month to Sun Belt Management Inc., a real estate investment trust in Delray Beach, Fla.

The 154,000-square-foot neighborhood center, which opened in 1998, is anchored by a Ralphs grocery store and an Orchard Supply Hardware. It is on 13 acres at Aliso Creek and La Paz roads.

Cousins, a real estate development company, is building the 453,000-square-foot Mira Mesa MarketCenter in San Diego.