Mississippi-based EastGroup Properties continues to expand its holdings in California, acquiring this month a portfolio of 14 fully leased industrial properties encompassing 1.7M SF of space in San Francisco and Sacramento from Tulloch Corp.
The portfolio from California-based Tulloch also includes two parcels of land totaling 10.5 acres, which EastGroup will use to develop a 215K SF warehouse.
According to EastGroup's announcement of the acquisition, the portfolio was acquired for 1.87 million shares of EastGroup stock at $190 per share. EastGroup said it also will be assuming a $60M loan as part of the deal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
