CHARLOTTE, NC-Jackson, MS-based REIT EastGroup Properties has acquired the 456,000-sf Nations Ford Business Park for $21.125 million.
The four-building park was constructed in two phases in 1989 and 1994. The complex is 92% leased to 13 tenants and is projected to generate a 7.2% stabilized cash yield at 95% occupancy. EastGroup plans to bring the property to 100% occupancy. "We plan to hold it as a long-term asset," president and CEO David Hoster tells GlobeSt.com.
"The acquisition of Nations Ford Business Park is EastGroup's third purchase in Charlotte over the past three months and increases our ownership there to 959,000 sf," Hoster says in a statement. "We plan to continue pursuing both acquisition and potential development opportunities as Charlotte's market conditions permit."
In December, the company acquired the four-building, 322,000-sf NorthPark Business Park for $19.51 million and, in January, it acquired the three-building, 104,000-sf Westinghouse Distribution Center for $9.3 million.
Hoster tells GlobeSt.com that EastGroup is hoping to open an office in Charlotte in the future. "The acquisition is allowing us to get the square footage we need to open an office," he says.
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