EastGroup enters Las Vegas
Published: June 5,2009
JACKSON — EastGroup Properties has acquired the Arville Distribution Center in Las Vegas, Nev., for a purchase price of $11.05 million. The purchase represents EastGroup’s entry in the Las Vegas market.
Arville, which was constructed in 1997, is a two-building, business distribution complex containing 142,000 square feet and is located in the southwest submarket of the city. It is 77 percent leased to eight customers, and is projected to generate an annualized 8.2 percent yield at its current occupancy.
David H. Hoster II, EastGroup president and CEO, said, “We hope to grow our ownership in Las Vegas to one million square feet over the next 12 to 24 months. This purchase was funded by our continuous equity program, which to-date has sold approximately 519,000 shares with net proceeds to EastGroup of approximately $17.4 million.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- Bids on reworking Interstate 55 stretch are rejected
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Terminal upgrade on indefinite hold at Jackson International Airport
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- Report ranks state schools' performance 51st in the nation
- Hosemann to launch crowd funding program
- Two new casinos like the odds on Mississippi Gulf Coast
- CFPB wants repay ability at center of new payday loan rules