EastGroup enters Las Vegas
by Wally Northway
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.”
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