The Mississippi company behind the development of an industrial complex in Dallas-Fort Worth is expected to complete the construction of several buildings by the end of September.
According to state filings, the interior build-out on Building 3, Building 4, and Building 5 began this month at EastGroup Properties’ Basswood 35 just west of I-35 in north Fort Worth. EastGroup owns several other developments in North Texas, including in Lewisville, Allen, Flower Mound, Denton, McKinney, Irving, Frisco, Grapevine, and Arlington.
EastGroup began construction of Basswood 35 more than a year ago on the nearly 62-acre property that includes seven buildings, The Dallas Morning News reported.
The developer also owns properties in Colorado, Arizona, California, Mississippi, Florida, Tennessee, North Carolina, Georgia, Louisiana, Nevada, and South Carolina. During earnings call earlier this month, EastGroup announced that its property net operating income increased 16% — more than $15.1 million — in the fourth quarter of 2023, compared to the previous year.
“We’re pleased with our operational results, especially given continued global economic unease and capital markets dislocation,” President and CEO Marshall Loeb said in the announcement. “This uncertainty is creating several outcomes such as longer leasing deliberations among our customers along with five consecutive quarters of significantly declining market construction starts.”
Property net operating income increased by almost 17% — nearly $59.3 million — during the 12 months that ended on December 31, 2023, compared to the same period a year ago.
According to the announcement, EastGroup acquired 987,000 square feet of operating properties last year, including McKinney Logistics Center in Dallas.
