EastGroup president and CEO David H. Hoster II calls the asset "a state-of-the-art, multi-tenant business distribution building which is adjacent to our Premier Beverage property" in the east Tampa-Interstate 75 submarket.
The property was 46% leased when it was placed under contract and is now 84% leased, Hoster says. The acquisition brings EastGroup's local portfolio to two million sf of owned properties. The REIT owns a total 19.3 million sf nationally with an additional 604,000 sf under development.
Hoster projects Oak Creek Distribution Center will generate an unleveraged stabilized yield on leaseup of about 10.7%.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
