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EastGroup Properties acquires industrial portfolio, investment totals $41.55M

EastGroup Properties announced the acquisition of five multi-tenant warehouse/distribution buildings totaling 722,000 square feet in Dallas, Texas. The buildings are currently 95% leased to 15 customers and are projected to generate an annualized 6.3% cash yield. The company also purchased 4.1 acres of adjacent land for future development. The total investment, including first year capital improvements and lease-up costs, is $41.55M.