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EastGroup pays $32M for 4-building complex in Texas

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EastGroup pays $32M for 4-building complex in Texas

EastGroupProperties Inc. purchased a recently developed complex in FortWorth, Texas, for $32 million after the end of the second quarter.

The complex, dubbed Parc North, comprises four 37%-leased buildingscovering 446,000 square feet. The buildings are deemed to be in the lease-upphase of development.

Also subsequent to quarter-end, the company offloaded a7-acre land in Houston and an 8-acre land in Dallas in separate deals with acombined value of $2.6 million. It is also under contract to sell a 4-acre landin Houston in a deal expected to be completed in late July. It expects torealize third-quarter gains on the sales of roughly $600,000, which will beadded to FFO.

Further, EastGroup kicked off the $8.7 million developmentof a 93,000-square-foot multitenant business distribution facility, known asSunCoast 4, in Fort Myers, Fla.