JACKSON, Miss., March 8, 2011 /PRNewswire/ -- EastGroup Properties (NYSE: EGP) today announced that it is initiating the development of two new business distribution buildings in the Houston market. World Houston 32, located in the World Houston International Business Center, will contain 94,000 square feet and has a projected total cost of $6,831,000. The building, which is 100% preleased, is scheduled to be completed before the end of the year.
Beltway Crossing 8 will be in EastGroup's Beltway Crossing Center at the Sam Houston Toll Road and Highway 249. It will offer 88,000 square feet of multi-tenant space with a projected total cost of $5,316,000 and will be available for occupancy in October.
David H. Hoster II, President and CEO, stated, "We are pleased to add these two new buildings to our Houston development program after having started construction of World Houston 31 (44,000 square feet) last December. Houston is EastGroup's largest market with a total of 4,823,000 square feet and our strongest in terms of rents and occupancy."
EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California. The Company's goal is to maximize shareholder value by being the leading provider in its markets of functional, flexible, and quality business distribution space for location sensitive customers primarily in the 5,000 to 50,000 square foot range. The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio currently includes 28.1 million square feet.
Certain statements in this release are forward-looking and as such are based upon the Company's current belief as to the outcome and timing of future events. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the real estate industry and in performance of the financial markets; the demand for and market acceptance of the Company's properties for rental purposes; the amount and growth of the Company's expenses; tenant financial difficulties; and general economic conditions, including interest rates, as well as economic conditions in those areas where the Company owns properties, the risks associated with the development of real property, and other risks and uncertainties detailed from time to time in the Company's SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company's results could differ materially from those expressed in the forward-looking statements.
EastGroup Properties, Inc. press releases are available on the Company's website at www.eastgroup.net.