EastGroup Properties Acquires Three Dallas Buildings for $6.7 Million
August 18 2009 - 8:25AM
PR Newswire (US)
JACKSON, Miss., Aug. 18 /PRNewswire-FirstCall/ -- EastGroup
Properties (NYSE:EGP) today announced the acquisition of three
business distribution buildings containing 227,000 square feet in
Dallas for a combined purchase price of $6,675,000. The buildings,
which will be renamed Interstate Distribution Center V, VI and VII,
are located in the city's close-in northwest submarket along the
Stemmons Freeway. They were constructed in 1979-81 and are
presently 87% occupied by six customers. The buildings are
projected to generate an annualized 9.2% yield at their current
occupancy. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030519/EGPLOGO ) David H.
Hoster II, President and CEO, stated, "The acquisition of
Interstates V, VI and VII allows EastGroup to expand in an
attractive in-fill submarket where we have a successful existing
base of assets. It increases our cluster of business distribution
properties there to over 800,000 square feet in ten buildings. We
are continuing to look for additional acquisition opportunities in
our major markets." EastGroup Properties, Inc. is a
self-administered equity real estate investment trust focused on
the development, acquisition 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 27 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 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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