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HOUSTON-EastGroup Properties has added two industrial warehouses, totaling 117,962 sf, to its local portfolio. The just-bought buildings, Clay Campbell 2 and 3, are situated in the Fairbanks Business Park.

Seller Buckhead Regency Industrial LP of Atlanta pulled the buildings from a fund to sell them, says Ralph Tullier, a vice president with Dallas-based Trammell Crow Co.’s capital markets group in Houston. But, there are no plans at this point to part with any more of its Houston properties, he adds.

The warehouses, assessed at $2.7 million, are located at 4300 and 4454 Campbell Rd. “The sale value was higher than the appraised value, but not substantially so,” says Tullier who, with TCC’s Rusty Tamlyn, represented Buckhead Regency Industrial in the transaction.

Tullier tells GlobeSt.com that the property attracted more than 10 offers during its three months on the market. EastGroup received the nod because it offered a competitive price as well as “credibility in terms of ability to close,” he says. “They’re a fairly large owner of industrial product of Houston and this will be a nice add-on to the existing portfolio.”

EastGroup has picked up a pair of fully leased buildings, with tenants like National Oilwell Varco, PPG Industries, Servitrans Inc., Mascorp and the Valve Co. The Jackson, MS-based REIT used in-house broker Brent Wood to negotiate the acquisition.

The warehouses are located in the northwest submarket, an area with high absorption, limited new supply and positive job growth for the past 15 months. As a result, that and the area’s infrastructure make the area “a preferred location for a variety of different industrial tenants,” Tamlyn says.

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