Covington Group, Inc. Acquires Over 800,000 SF of Industrial Property in Columbus, OH and Baltimore, MD
DALLAS, May 30, 2017 /PRNewswire/ — Dallas,TX based real estate investment firm Covington Group, Inc. (Covington) is proud to announce the acquisition of a multi-building, value-add industrial portfolio consisting of a two building, 500,625 SF warehouse & distribution facility in Columbus, Ohio, and a 300,000 SF facility in Baltimore, Maryland.
The two building facility in Columbus offers a unique opportunity to rebrand and reposition a well-located, functional asset within a highly desirable industrial market. Located near the John Glenn Columbus International Airport, the property is currently 70% leased to a single tenant. Attractive upside exists in the lease-up of the current vacancy. Covington believes that through the implementation of physical improvements to the buildings including exterior paint, refreshed landscaping, new signage, and a refocused leasing effort, the remaining space can be successfully repositioned as functional, value-oriented space.
The single building facility in Baltimore is currently vacant and being acquired alongside an additional 38 acres of adjacent land. Together, the building and the land offer an opportunity to create one of the few facilities in the Baltimore industrial market with 300,000 SF of available contiguous space and adequate trailer storage. Covington intends to implement a dramatic physical improvement package including new exterior and interior finishes, energy efficient lighting, a new roof, and a significant truck court expansion. The new improvements will allow the property to be extremely well positioned as a high functioning, lower cost alternative to surrounding Class A space.
About Covington Group, Inc.
Covington Group, Inc. is an entrepreneurial real estate development and investment company that focuses on complex, creatively financed projects across the United States. The partners have more than 130 years of combined industry experience and have developed or redeveloped over 25 million square feet of commercial and industrial property. Covington targets investments ranging from $5 to $50 million and specializes in projects that involve the redeveloping and/or repositioning of Class B & C commercial and industrial assets. Covington Group Inc. and its affiliate companies currently own and manage more than 9,000,000 SF of commercial/industrial space in 12 states.
CONTACT: Mark Milakovich, [email protected]
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SOURCE Covington Group, Inc.