LOS ANGELES, 9 Dec 2021 / PRNewswire / – Affiliates of Covington Group, Inc., a privately held trading company that focuses on industrial investment and development in select US markets, along with an institutional capital partner who recently completed the total acquisition of a portfolio of real estate Buildings completed approximately 1 million square feet in Santa Clarita, California. The project, known as the Saugus Station Industrial Center, is a complex of 24 buildings of varying heights of up to 39 feet and units ranging in size from 8,000 to 133,000 square feet in an area of 69.5 acres. The purchase also included a separate 24 acre property that was fully horizontally upgraded.
At the time of acquisition and for most of a decade, the project was 100% inhabited by a variety of tenants as it could offer a desirable backfill location along with unique features such as multiple exclusive outdoor storage spaces. Over the years, it has also built a good reputation as a functional space for tenants in the entertainment industry, as it offers easily accessible spaces in close proximity to many film and television studios as well as sound studios.
Covington plans to implement a robust real estate and asset management strategy that focuses on tenant retention and aesthetic improvements to the property in order to add curb appeal. “We believe this property offers the opportunity to create a ‘best in its class’ entertainment location that will be almost unique in terms of what we can offer tenants,” stated Ken Sheer, CEO and founding partner of Covington.
Craig Peters and Doug Sonderegger with CBRE represented both buyers and sellers in the transaction.
About Covington Group, Inc.
Covington Group, headquartered in Dallas, TX, is an entrepreneurial real estate investment and development company specializing in value-adding light industrial, warehouse and mass distribution investments in the United States. Covington is focused on developing and appropriating land and state-of-the-art large-format industrial buildings, as well as acquiring corporate sales, REOs, and other types of vacant or distressed industrial property for the purpose of re-using and subletting the asset. Covington owns and manages approximately 8.5 million square feet in various markets across the country and has built or remediated over 35 million square feet of commercial and industrial property and developed over 10,000 acres in its 40 year history.
SOURCE Covington Group, Inc.