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EastGroup Buys Majority of Vacant Land in World Houston Park

HOUSTON-EastGroup Properties has acquired 63 acres of raw land and a 107,000-sf building in World Houston International Business Center. The developer is gearing up for the first building phase for the land, which can support up to 800,000 sf.

By Connie Gore | Updated on January 10, 2001

HOUSTON-EastGroup Properties Inc. is poised to develop up to 800,000 sf of extra industrial and office space on 63 acres that it has just bought in the World Houston International Business Center. In simultaneous transactions, the Jackson, MS-based EastGroup has secured the land and World Houston 10, a 107,000-sf building that is leased to a single air-freight tenant for the next eight years.

EastGroup paid about $5.6 million for the land, an average of $2.02 per sf, and $5.7 million for the one-year-old structure. In the past three years, EastGroup has invested $40 million in the World Houston park, Brent Wood, EastGroup’s vice president and asset manager for Houston, tells GlobeSt.com.

EastGroup bought the bulk of the available land in the park, situated between the George H. Bush Intercontinental Airport and Beltway 8. With the airport tackling a $2-billion expansion, EastGroup could hardly go wrong with the acquisitions. Plus, the buy fuels EastGroup’s master plan that calls for $50 million in new developments per year, says David H. Hoster II, president and CEO.

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