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EastGroup Properties Acquires Two Buildings in Charlotte for $5.3 Million
Jackson, MS - January 14, 2010 - (RealEstateRama) -- 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.
