JACKSON, Miss., March 12 /PRNewswire-FirstCall/ -- EastGroup Properties today announced the acquisition of Nations Ford Business Park in Charlotte, North Carolina, for a purchase price of $21,125,000. Nations Ford consists of four buildings containing 456,000 square feet and was built in two phases in 1989 and 1994. The multi-tenant complex is currently 92% leased to 13 customers and is projected to generate a 7.2% stabilized cash yield at 95% occupancy.
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David H. Hoster II, President and CEO stated, "The acquisition of Nations Ford Business Park is EastGroup's third purchase in Charlotte over the past three months and increases our ownership there to 959,000 square feet. We plan to continue pursuing both acquisition and potential development opportunities as Charlotte's market conditions permit."
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 22.9 million square feet with an additional 1.5 million square feet of properties under development.
Certain statements in this release are forward-looking and as such are based upon the Company's current belief as to the outcome and timing of future events. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the real estate industry and in performance of the financial markets; the demand for and market acceptance of the Company's properties for rental purposes; the amount and growth of the Company's expenses; tenant financial difficulties; and general economic conditions, including interest rates, as well as economic conditions in those areas where the Company owns properties, the risks associated with the development of real property, and other risks and uncertainties detailed from time to time in the Company's SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company's results could differ materially from those expressed in the forward-looking statements.
EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net/.
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