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.
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