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HOUSTON-EastGroup Properties of Jackson, MS has three industrial buildings 83% pre-leased, a milestone marking the construction start of a 186,700-sf undertaking in the World Houston International Business Center near the main entrance to George Bush Intercontinental Airport in Houston. The project will cost about $9.3 million.

World Houston 12 has been designed with 58,900 sf; World Houston 13, 50,400 sf; and World Houston 14, 77,400 sf. David H. Hoster, II, president and CEO of the REIT tells GlobeSt.com that the development is in keeping with EastGroup’s strategy to cluster assets around major transportation hubs. Key to the development of World Houston has been its proximity to the airport and Beltway 8.

EastGroup has been a Houston property owner since the 1970s, selecting the city for its first industrial investment in 1994. EastGroup currently has two million sf in completed properties in Houston and another 350,000 sf under development.

Hoster says the pre-leasing of the three buildings evidences the park’s success. Another three buildings are in the planning stage, he tells GlobeSt.com. “We hope to begin construction of at least one of them before the end of the year,” he adds.

Hoster says there is enough land in the park to develop another 675,000 sf. EastGroup currently owns 949,000 sf in the industrial park and it’s 99% leased. Mike Annino of Houston-based Insite Commercial Real Estate handles leasing for EastGroup’s assets.

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