EastGroup Properties, a self-administered equity real estate investment trust, has added new business distribution buildings to its development program. It has commenced the development of new buildings in San Antonio and Orlando.
The Thousand Oaks project is situated in San Antonio in EastGroup’s north central submarket. The company owns 1.2 million ft2 in this submarket, of which 97% is leased. The project is estimated to cost $9,622,000. The Thousand Oaks I and II buildings will offer total multi-tenant space of 109,000 ft2.
Southridge IX, a 76,000 ft2 project is situated in the company’s Southridge Commerce Park. The project is estimated to cost $5,350,000 and is expected to be finished in the first-quarter of 2012. The company has developed 970,000 ft2 in Southridge Park. The park is at present 100% leased.
The President and CEO of EastGroup Properties, David H. Hoster II, stated that the addition of the new buildings in San Antonio and Orlando reflected the success of the company’s assets in the submarkets. EastGroup’s development program had an estimated investment of $31.7 million with five buildings having an area of 411,000 ft2, he added.
Source: http://www.eastgroup.net/