GRAPEVINE - Mississippi-based real estate investor EastGroup Properties has purchased a business park near Dallas-Fort Worth International Airport.
The eight-building Northfield Distribution Center includes 788,000 sf of distribution space. The project is located near Texan Trail and was developed by Seefried Industrial Properties.
Northfield Distribution Center is fully leased to 31 tenants.
“This purchase increases our ownership to over 2.9 million square feet in Dallas which has steadily improving industrial market fundamentals,” EastGroup CEO David H. Hoster II said.
The company said its first year investment in the Grapevine property will be approximately $70.7 million.
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