The portfolio is 86% leased to 14 tenants. The Jackson, MS-based company expects it to generate a 6.4% yield at current occupancy and a 7.5% stabilized cash yield at 100% occupancy, according to a company release.
"The acquisition of this portfolio is EastGroup's fourth investment in Charlotte and increases our total ownership in the market to more than 1.6 million sf," says president and CEO David H. Hoster II. "This acquisition reflects our continued pursuit of both acquisition and development opportunities in Charlotte."
The newest acquisition joins four other properties in EastGroup's Charlotte stable. Those properties are the 322,000-sf NorthPark Business Park, which was 92% occupied as of Dec. 31; the 77,000-sf Lindbergh Business Park, which was 86% occupied; the 104,000-sf Westinghouse Distribution Center, which was 100% occupied; and the 456,000-sf Nations Ford Business Park, which was also 100% occupied.
According to GlobeSt.com records, EastGroup acquired NorthPark Business Park in December 2006 for $19.5 million; at the time it was eyeing a January 2007 closing on an additional 181,000 sf. It acquired Nations Ford Business Park in March 2007 for $21.1 million.
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