JACKSON, MS /PRNewswire/ -- EastGroup Properties (NYSE: EGP) announced the acquisition of an industrial portfolio consisting of 16 buildings with 1,147,000 square feet in Tampa, Florida.
After the eventual disposition of six non-core buildings, EastGroup will retain 1,078,000 square feet with a projected total investment of approximately $55,400,000 which includes estimated first year capital improvements.
The core portfolio is currently 92% leased and is projected to generate an annualized 7.3% yield at a stabilized occupancy of 95%.
David H. Hoster II (top right photo), President and CEO, stated, "This portfolio acquisition increases EastGroup's ownership to 3.9 million square feet in the market and makes us the largest industrial owner-operator in Tampa.
“These newly acquired business distribution assets complement our existing properties in Tampa's two primary infill industrial submarkets which historically have averaged higher occupancies than the overall metro Tampa industrial market. We now own over 9 million square feet in Florida."
Contact: David H. Hoster II, President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer, +1-601-354-3555
Web Site: http://www.eastgroup.net
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