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EastGroup Breaks Ground on $3M Project

HOUSTON-The REIT and Devon Energy end nines months of talks for 66,450-sf build-to-suit on 4.2 acres in the World Houston International Business Center. The $3.4-million project, tied to a 15-year lease, will deliver in second quarter 2004.

By Jennifer Brenner Andrade | Updated on October 12, 2003

HOUSTON-EastGroup Properties Inc. will break ground today on a $3.4-million, 66,450-sf warehouse for Devon Energy Production Co. LP of Oklahoma City in the World Houston International Business Center at George Bush Intercontinental Airport.

Devon will move into the facility in second quarter 2004 under a 15-year lease, Brent Wood, senior vice president of the local office of Jackson, MS-based EastGroup Properties, tells GlobeSt.com. He says Devon has been mulling over a build-to-suit project to store records and data for several years, initiating talks with EastGroup about nine months ago. According to David H. Hoster II, EastGroup’s president and CEO, the project will be funded with a bank line of credit.

Wood and Mike Annino with Insite Realty Group in the city represented EastGroup in the negotiations for the 4.2-acre project. The REIT has another 46 acres land-banked for future industrial development in the park, located between Beltway 8 and the airport in the city’s far north submarket.

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