(To read more on the industrial market, click here.)
SAN ANTONIO-EastGroup Properties Inc., a Jackson, MS-based REITthat entered the San Antonio industrial real estate market in 2004,has grown its local portfolio to over 1.1 million sf with theground-breaking of a 64,000-sf, $4.22 million distributionwarehouse for Dallas-based Dal-Tile Corp. The building is expectedto be ready for occupancy in first quarter 2007.
The structure is within EastGroup's 14-building Arion BusinessPark, acquired in February 2005 for $40 million or $76.33 per sf.Arion, at that time, totaled 524,000 sf. "This development[Dal-Tile's building] will increase our ownership at Arion to694,000 sf and to over 1.1 million sf in San Antonio, a market weentered two years ago," says David H. Hoster II, EastGroup'spresident and CEO.
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