EastGroup Properties, a Jackson, MS-based self-administered REIT, has completed the sale of a three building industrial portfolio in Houston, TX to Cabot Properties Inc. EastGroup announced that it had sold Clay Campbell Distribution Center (118,000 square feet) and Kirby Business Center (125,000 square feet) in Houston for $13.4 million and recognized a gain on the sales of $7.2 million in the third quarter. According to a GlobeSt.com report, Cabot purchased the assets free and clear of existing debt. HFF marketed the portfolio on behalf of EastGroup Properties, with a sales team led by senior managing director Rusty Tamlyn, director Trent Agnew and real estate analyst John Rogers.
"Because of their tremendous functionality, these assets have enjoyed a strong historical performance under EastGroup's ownership and generated significant interest from both institutional and private capital investors," said Trent Agnew. "Like EastGroup, Cabot continues to be bullish on Houston's long-term prospects and these assets are a great compliment to their current holdings and give them exposure to the market within their latest fund."
For more news and information visit Blumberg Capital Partners.
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