EastGroup Properties purchased the 100,000-square-foot Blue Heron Distribution Center II, along with an adjacent 1.56-acre parcel for future development in West Palm Beach, Fla.
The value of the transaction was $5.7 million.
Blue Heron II is comprised of two buildings built in 1988. The property is adjacent to Blue Heron I (110,000 square feet), which EastGroup has owned since 1999.
The property was 50 percent occupied at the time of sale.
EastGroup is projected to accommodate a service center type development of approximately 25,000 square feet on the adjacent lot.
EastGroup Properties Inc. is a self-administered equity real estate investment trust focused on the acquisition, ownership and development of industrial properties.
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