February 1, 2010 (FinancialWire) — EastGroup Properties (NYSE: EGP) has acquired the Ocean View Corporate Center in San Diego, California for a purchase price of $17 million.

Ocean View contains 274,000 square feet in three, multi-tenant business distribution industrial buildings. Constructed in 2005, the complex is presently 87% leased to 14 customers, according to EastGroup. The company said that the complex is projected to generate an annualized yield of 9.6% at its current occupancy and rents.

Mississippi-based EastGroup Properties is an equity real estate investment trust focused on the acquisition, development and operation of industrial properties in Sunbelt markets throughout the United States, with an emphasis in the states of Florida, Texas, Arizona and California.

The company’s portfolio currently includes 28.1 million square feet.

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