{"id":1004549023,"date":"2021-08-30T04:17:00","date_gmt":"2021-08-30T12:17:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004549023"},"modified":"2022-12-08T00:00:07","modified_gmt":"2022-12-08T08:00:07","slug":"eastgroup-buys-logistics-campus-for-90m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/eastgroup-buys-logistics-campus-for-90m\/","title":{"rendered":"EastGroup Buys Logistics Campus for $90M"},"content":{"rendered":"
\"1250<\/a>

1250 Mustang Drive<\/p><\/div>\n

In a deal worth $89.7 million, EastGroup Properties Inc., of Jackson, Miss., has acquired the four-building, 611,000-square-foot DFW Global Logistics Centre, in Grapevine, Texas.<\/p>\n

The buildings, which reportedly are all 100 percent leased, are adjacent to the Dallas-Fort Worth Airport, at 1160, 1200 and 1250 Mustang Drive and 1275 W. 17th St. and were originally developed by Bandera Ventures and Thackeray Partners.<\/p>\n

\n

READ ALSO<\/strong>: Industrial Construction Ramps Up<\/a><\/p>\n

\n

The acquisition brings EastGroup\u2019s total footprint in the Dallas market to more than 4.5 million square feet, all fully leased.<\/p>\n

EastGroup did not reply to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

The company focuses on developing and acquiring industrial properties in supply-constrained submarkets in major Sunbelt markets, especially in Florida, Texas, Arizona, California and North Carolina. Its portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently totals about 50 million square feet.<\/p>\n

The second quarter saw record absorption (9.1 million square feet) and construction (32 million square feet underway) in the Dallas\u2013Fort Worth industrial market, according to a new report from JLL. Metro-wide, asking rents have surged by around 20 percent over the past three years or so.<\/p>\n

The airport submarket has an average vacancy of 7.2 percent for warehouse\/distribution space, on an inventory of 71.5 million square feet, also according to JLL.<\/p>\n

Across the Sunbelt<\/h2>\n

In July, EastGroup had purchased 27 acres in Austin, Texas, and immediately began construction of 45 Crossing, a 176,500-square-foot distribution building. The project has an estimated total cost of $26.2 million.<\/p>\n

EastGroup already owns 1.1 million square feet of industrial properties in Austin, all of which are 100 percent leased.<\/p>\n

In August, the company acquired 59 acres of undeveloped land in Greenville, S.C., for $1.4 million. The site, known as Hillside, will be used to develop three buildings totaling about 400,000 square feet.<\/p>\n

In a prepared statement, CEO Marshall Loeb highlighted that all three submarkets are rapidly growing and have limited available land and favorable supply\/demand dynamics.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Dallas\u2013Fort Worth acquisition is part of the company\u2019s focus on industrial assets in the Sun Belt.<\/p>\n","protected":false},"author":882,"featured_media":1004549044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21748,21783,21742],"tags":[36224,32796],"class_list":["post-1004549023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-industrial","category-investment","category-latest","tag-eastgroup-properties","tag-jll"],"acf":[],"yoast_head":"\nEastGroup Buys Logistics Campus for $90M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/eastgroup-buys-logistics-campus-for-90m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EastGroup Buys Logistics Campus for $90M\" \/>\n<meta property=\"og:description\" content=\"The Dallas\u2013Fort Worth acquisition is part of the company\u2019s focus on industrial assets in the Sun Belt.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/eastgroup-buys-logistics-campus-for-90m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-30T12:17:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T08:00:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/1250-Mustang-Drive-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/eastgroup-buys-logistics-campus-for-90m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/eastgroup-buys-logistics-campus-for-90m\/\",\"name\":\"EastGroup Buys Logistics Campus for $90M - 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