Saturday, July 16, 2011

EastGroup Announces New Developments in Orlando, FL and San Antonio, TX



 JACKSON, MS,  /PRNewswire/ -- EastGroup Properties (NYSE: EGP) announced  that it has begun the development of new business distribution buildings in Orlando and San Antonio.

 Southridge IX, located in EastGroup's Southridge Commerce Park, will contain 76,000 square feet and has a projected total cost of $5,350,000.  The building is scheduled to be completed in the first quarter of next year.  To-date, EastGroup has developed 970,000 square feet in its Southridge Park which is currently 100% leased.

In San Antonio, Thousand Oaks I and II will together offer 109,000 square feet of multi-tenant space with a combined total projected cost of $9,622,000.  Thousand Oaks, which also is scheduled to be completed in the first quarter of 2012, is located in the north central submarket where EastGroup owns 1.2 million square feet that is currently 97% leased.

David H. Hoster II (top right photo), President and CEO, stated, "We are pleased to add these new buildings to our development program reflecting the strength of the submarkets where we are building and the success of our existing assets in these submarkets.  Our development program now contains five buildings with 411,000 square feet and a projected total investment of $31.7 million."

CONTACT: David H. Hoster II, President and Chief Executive Officer, or N. Keith McKey, Chief Financial Officer, +1-601-354-3555

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