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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Travis retiring as head of Mississippi World Trade Center
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- Court rules board can discipline West Virginia radiologist
- Deer processors need to use caution to insure safe, tasty venison
- Drew Brees settles lawsuit alleging investment fraud
- Winchester lands $50M ammunition contract from Homeland Security
- Legislators begin work on FY2016 state budget
- Biloxi baseball project still alive but may be held for 2015
- Doctor convicted of using phony church for tax shelter