EastGroup Properties Makes Acquisitions

EastGroup Properties (EGP), a real estate investment trust, said it made a series of acquisitions and one asset disposal and generated $25.5 million in proceeds through the sale of shares. In April, EastGroup purchased Broadmoor Commerce Park in Atlanta for $6.3 million, a 100% leased, 84,000 square foot multi-tenant business distribution building. The company said it intends to develop an additional 107,000 square foot distribution building on the site. The company also acquired 30 acres of land in the Round Rock submarket of Austin for $5.3 million. It is planning a project known as Settlers Crossing, which will consist of four business distribution buildings totaling approximately 340,000 square feet.

In May, EastGroup acquired Southpark Corporate Center 5-7 in Austin for $10.2 million. The buildings contains a total of 99,000 square feet and is 100% leased to four customers.

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