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CHANDLER, AZ-A Mississippi-based REIT has spent about $3.7 million for a Chandler industrial project and plans a major redevelopment of the property.

EastGroup Properties Inc. of Jackson is the new owner of the 70,000-sf Southpark Distribution Center. The freestanding building is located at 280 N. Roosevelt St., just north of Chandler Boulevard and east of Interstate 10.

EastGroup plans to redevelop and reposition the property for multi-tenant distribution users by adding 10 truck wells to the existing four, installing dock doors and incorporating some speculative office space into the structure. “The acquisition of Southpark provides us with an attractive redevelopment opportunity on an infill site in a supply constrained submarket,” says David H. Hoster, EastGroup president and CEO. “As a result, we anticipate an above average return for this type and age of investment.”

Southpark was completed in late 2000 by Panattoni Development. The building has sat vacant since it was built, but 40% has been leased since the acquisition and the first tenants are due to move in January 2002. Skyline Properties of Sacramento is the seller. EastGroup now owns more than 1.4 million sf of industrial space in the Valley.

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