EastGroup Properties, Inc. Purchases DFW Global Logistics Centre, Four Business Distribution Buildings Totaling 611,000 Square Feet, for $89.7 Million
August 27, 2021 at 03:01 am IST
Share
On August 26, 2021, EastGroup Properties, Inc. purchased DFW Global Logistics Centre, four business distribution buildings totaling 611,000 square feet, for $89.7 million. The property, which is 100% leased, is located adjacent to the Dallas-Fort Worth Airport. This acquisition increases the Company's total square footage in the Dallas market to 4,523,000, which is currently 100% leased. Also, in July, the Company acquired 27 acres in Austin, Texas and immediately began constructing a 176,500 square foot business distribution building known as 45 Crossing. The building has a projected total cost of $26.2 million. In addition to this new development, EastGroup owns 1,126,000 square feet of industrial properties in Austin, all of which are currently 100% leased. In August, the Company acquired 59 acres of undeveloped land in Greenville, South Carolina for $1.4 million. The site, known as Hillside, will accommodate the future development of three buildings containing approximately 400,000 square feet. As of August 25, 2021, EastGroup's portfolio was 98.8% leased and 96.9% occupied. During the third quarter of 2021 to date, the Company has issued and sold 171,821 shares of common stock under its continuous common equity offering program at an average price of $174.60 per share, providing gross proceeds to the Company of approximately $30 million.
EastGroup Properties, Inc. is an internally managed equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in Sunbelt markets throughout the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina. The Company owns approximately 510 industrial properties in 12 states. The Companyâs portfolio includes development projects and value-add properties in lease-up and under construction, including approximately 59.2 million square feet consisting of 470 business distribution properties containing 53.9 million square feet. It also has 17 bulk distribution properties containing 4.4 million square feet, and 23 business service properties containing 900,000 square feet.
EastGroup Properties, Inc. Purchases DFW Global Logistics Centre, Four Business Distribution Buildings Totaling 611,000 Square Feet, for $89.7 Million