EastGroup Picks Up 31st Property in Central Florida

TAMPA, FL-EastGroup Properties continues to raise its presence in Central Florida industrial markets with the $4.9 million purchase of the two-year-old, 72,000-sf Crown Park Commerce Center in the Tampa International Airport submarket.

David H. Hoster II, president and CEO of the Jackson, MS-based REIT, tells GlobeSt.com the acquisition is the company’s 31st property in the Tampa-Orlando corridor since 1989 when it made its first purchase here. EastGroup paid a local development partnership about $67.36 per sf for the 100%-leased center. The acquisition increases EastGroup’s Tampa-Orlando portfolio to three million sf of industrial assets.

“Crown Park Commerce Center is a state-of-the-art, multi-tenant distribution facility which increases our cluster of assets in the Tampa International Airport submarket to seven properties with a total of approximately 976,000 sf and our overall ownership in Tampa to approximately 1.9 million sf,” Hoster says.