JACKSON, MS-– EastGroup Properties (NYSE-EGP) today announced the acquisition of two business distribution buildings containing 193,000 square feet in Charlotte, North Carolina for a combined purchase price of $5,250,000.
The buildings, which will be renamed Commerce Park 2 and 3, are located in Charlotte's southwest submarket. They were constructed in 1981 and 1987 and are presently 87% occupied by nine customers. The buildings are projected to generate an annualized 11.7% yield at their current occupancy and rents.
David H. Hoster II, (top right photo) President and CEO, stated, "The acquisition of Commerce Park 2 and 3 allows EastGroup to expand in an attractive in-fill submarket where we have a successful base of assets and increases our ownership in the Charlotte market to over 1.8 million square feet. This represents our third property purchase in the last eight months, and we continue to seek new investment opportunities."
Contacts:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer, (601) 354-3555
No comments:
Post a Comment