EastGroup buys North Carolina portfolio

Deal includes 5 buildings, land for development

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EastGroup Properties on Monday announced the acquisition of a portfolio of properties in metropolitan Charlotte, N.C., for a purchase price of $41.9 million. The portfolio consists of five buildings with 669,000 square feet in four different locations and 9.9 acres of developable land. In total, the buildings were 86 percent leased at the time of sale to 14 customers. "The acquisition of this portfolio is EastGroup's fourth investment in Charlotte and increases our total ownership in that market to over 1.6 million square feet," said EastGroup President and CEO David H. Hoster II, in a statement. The seller's identity was not disclosed. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...