EastGroup buys Ridge Creek industrial building

CHARLOTTE – EastGroup Properties has added to its portfolio of industrial properties in the southwest part of the city with the purchase of Ridge Creek Distribution Center III, according to a news release from the company.

Ridge Creek III was built in 2006 and contains 270,000 square feet of space, 55 percent of which is currently leased, according to the company. EastGroup said it plans on a total first-year investment of about $15.2 million, including capital improvements, leasing commissions and closing costs.

“The acquisition of Ridge Creek III gives us a recently constructed asset with all the specifications users demand in a proven location for EastGroup,” David Hoster, president and CEO of EastGroup, said in the news release. “It increases our ownership in Charlotte to 2.6 million square feet, with an additional 233,000 square feet under development in three buildings.”

EastGroup is in various stages of development on four industrial buildings in the first phase of Steele Creek Commerce Park and is planning up to 1.4 million square feet of additional development in the second phase of that industrial park, both of which are also in southwest Charlotte.

EastGroup is a real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the U.S., with an emphasis in Florida, Texas, Arizona, California and N.C, according to the company, which owns 34.8 million square feet of industrial space.