EastGroup buys facilities
by Wally Northway
Published: August 19,2009
Tags: real estate
JACKSON — EastGroup Properties has acquired three business distribution buildings containing 227,000 square feet in Dallas for a combined purchase price of $6.675 million.
The buildings, which will be renamed Interstate Distribution Center V, VI and VII, are located in the city’s close-in northwest submarket along the Stemmons Freeway. They were constructed in 1979-81 and are presently 87 percent occupied by six customers. The buildings are projected to generate an annualized 9.2 percent yield at their current occupancy.
David H. Hoster II, president and CEO, said, “The acquisition of Interstates V, VI and VII allows EastGroup to expand in an attractive in-fill submarket where we have a successful existing base of assets. It increases our cluster of business distribution properties there to over 800,000 square feet in 10 buildings. We are continuing to look for additional acquisition opportunities in our major markets.”
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