The building, a 657,000 SF former SuperValu Foods grocery distribution center, was approximately 50% occupied at the time of acquisition.  An expansive site (over 40 acres in size) allowing for extensive trailer parking by warehouse tenants was one of the factors that attracted Covington and its partners to this property.  Covington is planning an aggressive program of interior and exterior improvements to update and renovate the facility, as well as expand the trailer parking area, and has already begun work at the site.  Kenneth Sheer, President and CEO of Covington states the transaction is the first of many for Covington in the coming years. “The 605 Selig Drive deal is indicative of what Covington is after in this market – a fairly priced asset with excellent infrastructure and a significant upside achievable upon repositioning.  We are excited about entering the Atlanta market with this asset and hope to uncover more deals like this in the coming years, both in the Southeast and across the US.”

The CB Richard Ellis industrial leasing team in Atlanta, lead by Bill Kee, has been selected by Covington to handle leasing up the remainder of the space in the facility.  The property will be rebranded as Logistics Pointe: Atlanta and a new website at www.logisticspointeatlanta.com has been launched.

Fulton Industrial District is one of the largest industrial parks in the Southeast United States.  Companies such as Quaker Oats, Publix, Bosch, Colgate Palmolive, Leggett and Platt, and HD Supply call it home for their logistics, warehousing and manufacturing concerns. According to online commercial databases this sale represents one of the larger industrial asset transactions in metro-Atlanta to occur since the beginning of the Great Recession. 

With offices in California, Texas, and Ohio, Covington is an entrepreneurial real estate firm that has developed and invested in industrial, commercial and redevelopment projects, as well as raw land, throughout the US since 1981. Covington specializes in value-add and distressed industrial and commercial as well as those needing creative financing solutions.  For more information, please see Covington Capital’s website at www.covingtoncapital.com.

For more information regarding leasing at Logistics Pointe: Atlanta, please contact Bill Kee, CBRE Atlanta at (404) 923-1440 or Michael Skunda at (614) 325-0939.

For more information regarding Covington Capital, please contact Mark Milakovich or Ken Sheer at (866)-878-1499.



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