EastGroup Acquires 1.1 Million Square Foot Tampa Industrial Portfolio for $55M
EastGroup Properties (NYSE: EGP) today 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%.
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