EastGroup Properties Acquires Harris Ridge Business Center in Austin for $83 Million

JACKSON, Miss., Sept. 3, 2026 — EastGroup Properties has closed on the acquisition of Harris Ridge Business Center, a five-building industrial park in Austin, Texas, for approximately $83 million, the company announced Wednesday. The 388,000-square-foot complex is 95% leased to 10 tenants and is situated in the Northeast Austin submarket near Tech Ridge and Interstate 35, adjacent to Samsung Austin Semiconductor.

The deal adds a stabilized, multi-tenant industrial asset to EastGroup's existing Austin footprint, bringing the company's total ownership in the market to approximately 2.3 million square feet. At roughly $214 per square foot, the acquisition reflects pricing consistent with a near-core, high-growth submarket where demand from technology and advanced manufacturing users has supported occupancy above the broader metro average.

Deal Details and Portfolio Context

Harris Ridge Business Center comprises five buildings and fits within EastGroup's core strategy of acquiring functional, shallow-bay distribution assets clustered near major transportation infrastructure in supply-constrained submarkets. The property's 95% lease rate at closing compares favorably to metro-wide Austin industrial vacancy, which has risen to elevated levels in recent quarters as new supply has come online across the market.

EastGroup's broader portfolio stood at 97.1% leased and 96.1% occupied as of August 31, 2026. During July and August, the company signed 1,944,000 square feet of new and renewal leases, with rental rate increases averaging 38.9% on a straight-line basis and 23.1% on a cash basis.

"We are pleased with the strength of our portfolio outperforming our expectations quarter to date," said Marshall Loeb, CEO of EastGroup Properties. "The leasing velocity we enjoyed earlier in the year continues and is reflected in our results."

Land Acquisitions Expand Development Pipeline

EastGroup paired the Harris Ridge acquisition with two land purchases that expand its controlled development pipeline in Texas and Florida.

In August, the company acquired 70 acres in the Northeast Dallas submarket, branded as Frisco Park 121 Phase II Land, for approximately $38 million. The site is adjacent to EastGroup's previously acquired Frisco Park 121 land and expands the existing development plan from four buildings totaling approximately 350,000 square feet to 11 buildings totaling approximately 1,000,000 square feet.

In September, EastGroup acquired 30 acres known as Crossroads Logistics Park Phase II Land in the East Tampa submarket for approximately $12 million. That acquisition expands an existing park from three buildings totaling approximately 500,000 square feet to five buildings totaling approximately 850,000 square feet.

Development Activity and New Construction

During the third quarter of 2026 to date, EastGroup began construction on three development projects and one redevelopment project totaling 772,000 square feet, with projected total costs of approximately $119 million. One of the new development projects is a 100% pre-leased build-to-suit in San Diego. The company also transferred a 100% leased, 113,000-square-foot development project in Orlando to its operating portfolio.

EastGroup executed eight leases on active development and first-generation properties totaling approximately 280,000 square feet during the quarter to date.

Equity Activity and Upcoming Conferences

During the third quarter of 2026 to date, EastGroup entered into forward equity sale agreements covering 532,460 shares of common stock at an initial weighted average forward price of $203.96 per share, representing approximate gross sales proceeds of $108.6 million based on the initial forward price. As of September 2, 2026, the company held 1,572,917 shares of forward equity sales agreements available for settlement, representing approximate gross sales proceeds of $318.2 million based on an initial weighted average forward price of $202.30 per share. Settlement periods run from March 2027 through February 2028.

Management is scheduled to participate in three upcoming investor conferences: the 18th Annual Evercore Real Estate Conference on September 9–10; the Bank of America Securities Global Real Estate Conference on September 16, where EastGroup is scheduled to present at 4:30 p.m. Eastern Time with a live webcast available at the company's website; and the Mizuho REIT Conference on September 29.

EastGroup Properties (NYSE: EGP) is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in high-growth U.S. markets, with an emphasis on Texas, Florida, California, Arizona and North Carolina. The company's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 66.8 million square feet. EastGroup is a member of the S&P Mid-Cap 400 and Russell 2000 indexes.

Sources

EastGroup Properties press release via PR Newswire, Sept. 3, 2026