EastGroup buys third Charlotte property

Price per square foot tops $46

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EastGroup Properties recently acquired Nations Ford Business Park in Charlotte, N.C., for a purchase price of $21.1 million. Nations Ford consists of four buildings containing 456,000 square feet and was built in two phases in 1989 and 1994. The multitenant complex was 92 percent leased to 13 customers at the time of sale. The acquisition of Nations Ford is EastGroup's third purchase in Charlotte over the past three months, boosting the company's area holdings to 959,000 square feet, said EastGroup President and CEO David H. Hoster II. Hoster said the company, whose portfolio totals approximately 24 million square feet, will continue to pursue purchase and development opportunities in Charlotte. ...