EastGroup Properties Buys 3 Dallas Buildings

JACKSON, Miss. (AP) — EastGroup Properties Inc. said Tuesday it bought three business distribution buildings in Dallas for $6.7 million.

The buildings, to be renamed Interstate Distribution Center V, VI and VII, are located in the city's close-in northwest submarket along the Stemmons Freeway.

They contain 227,000 square feet and were built between 1979 and 1981. They are 87 percent occupied by six customers.

The acquisition increases the company's cluster of business distribution properties in the area to more than 800,000 square feet in 10 buildings, said CEO David H. Hoster II.

He said the Jackson, Miss.-based company continues to look for other properties.

EastGroup Properties is a real estate investment trust which develops, acquires and operates industrial properties primarily in Florida, Texas, Arizona and California.

Shares rose 59 cents to $35.98 in midday trading.