Covington Capital News

Partnership Led by Covington Capital Acquires 657,000 SF Warehouse in Atlanta, GA

CCC Admin — Thu, 28 Jul 2011 14:07:52 +0000

ATLANTA, Georgia--(BUSINESS WIRE)—605 Selig Drive, LLC, (“605 Selig”) an entity affiliated with Covington Capital (“Covington”) recently closed on the acquisition of 605 Selig Drive SW, a 657,000 bulk warehouse / distribution center located in the Fulton Industrial District of Western Atlanta. 605 Selig acquired the property from Commercial Development Corporation (“CDC”) of St Louis, MO and was represented by David Beak of NAI Brannen Goddard in the transaction. CDC was represented by Steven Cooney of Tranzon Asset Advisors.

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.

NAIOP Sustainable Development Award Honors ProLogis and Forest City Covington: Projects to be honored at Development ‘09: The Annual Meeting for Commercial Real Estate

CCC Admin — Thu, 27 Aug 2009 03:12:02 +0000

HERNDON, VA - August 25, 2009 - (RealEstateRama) — NAIOP, the Commercial Real Estate Development Association, the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate, today announced that it has selected two development companies as the recipients of its annual Sustainable Development Award.

ProLogis is being honored for its industrial project, the S. C. Johnson & Son, Inc., building in Sturtevant, Wis.; and Forest City Covington is being recognized for its office building that houses Fidelity Investments at Mesa del Sol in Albuquerque, N.M.

Click here to view the press release.

Covington Capital Announces Two New Strategic Developments in Ohio’s Fastest Growing Technology and Distribution Corridors

CCC Admin — Wed, 12 Nov 2008 01:39:00 +0000

Press Release - November 11, 2008

Click here to view the press release.

Mesa del Sol Wins International Honor

CCC Admin — Wed, 22 Oct 2008 05:17:00 +0000

New Mexico Business Weekly - October 22, 2008 : Developer Forest City Covington received an award for technology-based economic development this week from the International Economic Development Council. The council’s awards recognize excellence in the economic development profession. The group lauded the developer as "trendsetting". It singled out what it called a unique element in the project’s master plan: the design and development of an economic base ahead of housing.

Click here for more information

Covington Capital Finds Vital Industrial Property At the Heart of the Two Highest-Traffic Distribution Arteries in the Midwest

CCC Admin — Tue, 07 Oct 2008 02:43:00 +0000

Press Release - October 7, 2008

Click here to view the press release.

Out-of-town investors purchase Cooper Tire building for $7.4M

CCC Admin — Sat, 13 Sep 2008 05:22:00 +0000

Dayton Business Journal - September 12, 2008 : One of the most recognizable buildings in the Dayton area, the Cooper Tire & Rubber Co. warehouse, has purchased by Covington Capital for $7.4 million and its new owners are looking to put millions of dollars into the facility.

Click here for more information.

Molina building $20M facility

CCC Admin — Thu, 21 Aug 2008 05:26:00 +0000

New Mexico Business Weekly - August 21, 2008 : Molina Healthcare broke ground today on its 25,000-square-foot information technology center at Mesa del Sol.

The IT center is being relocated from the company’s headquarters in Long Beach, Calif. The company joins other firms already at Mesa del Sol, such as Advent Solar and Albuquerque Studios, as well as those planning to build facilities there, including Schott Solar and Fidelity Investments.

Click here for more information.

Covington Capital sells Indianapolis warehouse

CCC Admin — Mon, 18 Feb 2008 08:41:00 +0000

Columbus Business First - February 18, 2008 : A Powell real estate firm has closed on its $15.6 million sale of a multi-tenant business center in Indianapolis...

Click here to read article