EastGroup Properties paid about $12 million for 30 acres in East Tampa, giving the industrial landlord enough land to expand Crossroads Logistics Park from three buildings totaling roughly 500,000 square feet to five buildings totaling approximately 850,000 square feet.
The September purchase adds about 350,000 square feet to the development plan, a 70% increase on land adjacent to EastGroup’s existing park. The price works out to roughly $400,000 an acre for the property, which the company calls Crossroads Logistics Park Phase II Land.
EastGroup made the purchase with little vacancy left across its roughly 66.8 million-square-foot portfolio, which was 97.1% leased and 96.1% occupied as of Aug. 31. During July and August, the company signed nearly 1.94 million square feet of new and renewal leases, with rental rates increasing an average of 23.1% on a cash basis and 38.9% on a straight-line basis…