EastGroup Properties Acquires Two Buildings in Charlotte for $5.3 Million
January 13 2010 - 5:11PM
PR Newswire (US)
JACKSON, Miss., Jan. 13 /PRNewswire-FirstCall/ -- 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. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030519/EGPLOGO ) David H.
Hoster II, 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."
EastGroup Properties, Inc. is a self-administered equity real
estate investment trust focused on the acquisition, development and
operation of industrial properties in major Sunbelt markets
throughout the United States with an emphasis in the states of
Florida, Texas, Arizona and California. The Company's goal is to
maximize shareholder value by being the leading provider in its
markets of functional, flexible, and quality business distribution
space for location sensitive customers primarily in the 5,000 to
50,000 square foot range. The Company's strategy for growth is
based on ownership of premier distribution facilities generally
clustered near major transportation features in supply-constrained
submarkets. EastGroup's portfolio currently includes 28 million
square feet. Certain statements in this release are forward-looking
and as such are based upon the Company's current belief as to the
outcome and timing of future events. There can be no assurance that
future developments affecting the Company will be those anticipated
by the Company. These forward-looking statements involve risks and
uncertainties (some of which are beyond the control of the Company)
and are subject to change based upon various factors, including but
not limited to the following risks and uncertainties: changes in
the real estate industry and in performance of the financial
markets; the demand for and market acceptance of the Company's
properties for rental purposes; the amount and growth of the
Company's expenses; tenant financial difficulties; and general
economic conditions, including interest rates, as well as economic
conditions in those areas where the Company owns properties, the
risks associated with the development of real property, and other
risks and uncertainties detailed from time to time in the Company's
SEC filings. Should one or more of these risks or uncertainties
occur, or should underlying assumptions prove incorrect, the
Company's results could differ materially from those expressed in
the forward-looking statements. EastGroup Properties, Inc. press
releases are available on the Company's website at
http://www.eastgroup.net/.
http://www.newscom.com/cgi-bin/prnh/20030519/EGPLOGODATASOURCE:
EastGroup Properties, Inc. CONTACT: David H. Hoster II, President
and Chief Executive Officer, or N. Keith McKey, Chief Financial
Officer, both of EastGroup Properties, Inc., +1-601-354-3555 Web
Site: http://www.eastgroup.net/
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