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Eastgroup Pays $54M for Durham Warehouse
Publicly traded Eastgroup Properties (NYSE: TPX) announced it purchased a 275,000-square-foot newly constructed industrial property just outside Raleigh for approximately $54 million during its quarterly report. This property, which is 100% leased, represents the Company’s entry into the Raleigh-Durham market, which has been a target market for EastGroup for several years.
Named 147 Exchange, it sits on 20 acres near the interchange of Highway 147 and Interstate 885 at 933 Ellis Road. Eastgroup bought the property from a Mississippi investment trust.
During the first quarter of 2024, EastGroup began construction of two new development projects in San Antonio and Tampa. The projects will total 388,000 square feet and have projected total costs of $52,100,000. The development projects started in 2024.
Eastgroup contends the industrial market remained resilient for them, producing a number of other strong metrics, such as percent leased, same-store net operating income growth, and quarterly releasing spreads.
- ◦Sale/Acquisition
