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EastGroup Continues NC Spree With $42M Buy

CHARLOTTE, NC-The acquisition of 669,000 sf of industrial pushes the Jackson, MI-based company's area holdings above 1.6 million sf.

By Melissa Kress | Updated on March 04, 2008

CHARLOTTE, NC-EastGroup Properties Inc. has completed a deal to acquire a five-building industrial portfolio here, which came with a $41.9-million price tag. The portfolio consists of 669,000 sf in four locations and 9.9 acres of developable land.

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.”

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