EastGroup Properties acquired the 524,000-square-foot Arion Business Park in San Antonio, Texas.
The value of the transaction was $40 million.
Arion is a master-planned business park containing 14 industrial buildings and 15.5 acres of land for the future development of approximately another 170,000 square feet. The buildings were constructed between 1988 and 2000 and were 91.2 percent leased to 25 tenants at the time of sale.
This acquisition increases EastGroup’s ownership to 777,000 square feet in San Antonio, a market that the company entered in August 2004.
EastGroup Properties Inc. is a self-administered equity real estate investment trust.
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