EastGroup already owns four buildings in the park, representing about 237,000 sf. The properties are valued at slightly more than $10 million. The package is 83% leased.David H. Hoster II, EastGroup's president and CEO, said in a prepared statement that the REIT now owns eight buildings, totaling 446,000 sf, "in the supply-constrained Tempe submarket." In metro Phoenix, the REIT's holdings tally up to 1.6 million sf.
Broadway Industrial V and VI were built in 1979 and 1980, respectively. They currently are 100% leased to three tenants.
The San Francisco-based RREEF is the seller of Broadway Industrial Park V and VI. Joe Porter of the Phoenix office of CB Richard Ellis Inc. brokered the deal on RREEF's behalf.
EastGroup's leasing agent Curtis Brown of Phoenix-based Ross Brown Associates tells GlobeSt.com that the transaction represented "a good purchase of a great asset that fits well into EastGroup's overall investment strategy." That investment strategy, GlobeSt.com has been told in the past, is to cluster holdings so there is ample space opportunity for existing tenants looking to expand.
EastGroup's other Tempe buildings are Kyrene Distribution Center I and II, totaling 130,000 sf. The 65%-leased buildings are valued at more than $6 million.
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