Mississippi-based real estate investment trust (REIT), EastGroup Properties (EGP) closed a large business distribution deal this week with the acquisition of three Dallas buildings. The buildings, located along the Stemmons Freeway, contain 227,000 square feet and went for $6,675m. The first order of business for EastGroup is to change the names of the building, which are 87% occupied by six clients, to Interstate Distribution Center V, VI and VII. David H. Hoster II, president and chief executive said the purchase will expand EastGroup into an “in-fill” submarket “where we have a successful existing base of assets,” he said. “It increases our cluster of business distribution properties there to over 800,000 square feet in ten buildings,” he adds. Despite the down commercial real estate market, Hoster adds that not all business are suffering: “We are continuing to look for additional acquisition opportunities in our major markets.” EastGroup Properties is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the US with an emphasis in the states of Florida, Texas, Arizona and California. Write to Jacob Gaffney.
EastGroup REIT Buys Three Dallas Buildings for $6.6m
Most Popular Articles
Latest Articles
The best real estate podcasts for agents and brokers in 2024
The best real estate podcasts to motivate, inspire, entertain and enlighten you this year.
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program
-
Retirement confidence hasn’t fully recovered, but survey shows hope for future prospects