EastGroup Plans 750,000-SF Park

ORLANDO-EastGroup Properties Inc. of Jackson, MS has purchased a 70-acre tract in Orlando Central Park where it plans to develop SouthRidge Commerce Center, a 750,000-sf business park comprised of seven to 10 buildings. The $5.1 million purchase price equates to $72,857 per acre, or $1.67 per sf.

EastGroup president and CEO David H. Hoster II says his company plans to invest another $1 million in site development. Construction of the first building is scheduled for late in the first quarter of 2004.

“SouthRidge is a logical extension of our successful development program in Orlando where we have a regional office and over one million sf of industrial space,” says Hoster. “The (70-acre) property is an infill site that will offer both speculative and build-to-suit industrial development opportunities in a prime location.”