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| EastGroup acquires Fairgrounds Business Park in San Antonio Headquartered in Jackson, Miss., EastGroup Properties announced the acquisition of Fairgrounds Business Park, four business distribution buildings in San Antonio, Texas for a purchase price of $10.6 million. The buildings, which were constructed in 1985 and 1986, contain a total of 231,000 square feet and are located in the Alamo Downs Business Park. The multi-tenant properties are currently 80% leased to six customers and are projected to generate a 9.1% stabilized unleveraged cash yield at 95% occupancy. EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition, and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of California, Florida, Texas and Arizona. Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 22.4 million square feet with an additional 1.5 million square feet of properties under development. write your comments about the article :: © 2007 Construction News :: home page |