JACKSON, MISSISSIPPI, September 7, 2023 — EastGroup Properties, Inc. (NYSE: EGP) (the “Company” or “EastGroup”) announced today its recent business activity.
Commenting on the Company’s activity, Marshall Loeb, CEO, stated, “We continue to be pleased by both the strength and resiliency of the Sunbelt, shallow bay industrial market. Operationally it’s been a positive, steady year in an unsteady capital markets environment. Given the volatility in the capital markets, we continue to opportunistically improve the strength and flexibility of our balance sheet. This strength allows us to make strategic investments such as the ones detailed below.”
In September, EastGroup acquired Blue Diamond Business Park, which contains two recently developed buildings totaling 255,000 square feet, for approximately $53,000,000. The buildings are located in the Southwest submarket of Las Vegas and are 100% leased. This acquisition increased the Company’s ownership in Las Vegas to approximately 1,165,000 square feet, which is currently 100% leased.