North Carolina portfolio sells for $19.5M

EastGroup attracted to region's market growth

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EastGroup Properties purchased a portfolio of four distribution buildings in Charlotte, N.C., for a purchase price of $19.5 million. The buildings, which were constructed in 1987 through 1989, contain a total of 322,000 square feet and are located in the NorthPark Business Park. At the time of sale, the multitenant buildings were 93.4 percent leased to 18 customers. "This acquisition is our first in Charlotte and represents EastGroup's entry into our third new market over the past three years," said EastGroup President and CEO David H. Hoster II. "As a growth Sunbelt market with a good industrial base, we believe Charlotte offers an excellent fit with our investment and operating strategies." EastGroup Properties Inc. is a self-administered equity real estate investment trust operating primarily in California, Florida, Texas and Arizona....