Covington Group, Inc. Announces Sale of Two Logistics Pointe Assets

DALLAS, Sept. 30, 2015 /PRNewswire/ -- Dallas-based real estate investment firm Covington Group, Inc. (Covington) and affiliates today announced that they have sold more than 900,000 square feet of industrial property in Spartanburg, South Carolina and Atlanta, Georgia.

AIC Ventures, an Austin, TX-based investment fund manager, has acquired Logistics Pointe: Spartanburg, a 240,000 SF single-tenant, NNN leased warehouse property in July. Originally purchased from Leigh Fibers, Inc. by Covington in 2013, the facility underwent an extensive redevelopment and was then rebranded as Logistics Pointe: Spartanburg. The property is ideally located within the Greenville-Spartanburg industrial market with excellent highway connectivity to Interstate 85, giving AIC Ventures an opportunity to acquire a stabilized asset in a tightening market.

An adjacent 9 acres of developable land purchased in 2013 were not included in the sale of the property. Grice Hunt of NAI Earle Furman represented the sellers in the deal.

Last month, Covington also completed the sale of Logistics Pointe: Atlanta to an affiliate of San Francisco-based Glen Una Management. Logistics Pointe: Atlanta is a 657,000 SF industrial facility located on 40 acres within the Fulton Industrial Market of Atlanta. A former SUPERVALU grocery distribution center, Covington acquired the property in 2011 and completed a redevelopment and rebrand program that included extensive physical improvements and an aggressive marketing campaign. The property was the first Logistics Pointe facility redeveloped by Covington and was 95% leased at the time of the sale. Brian Budnick of CBRE Capital Markets Atlanta represented the sellers in the deal.

While the terms of both sales remain undisclosed, Ken Sheer, CEO of Covington Group, Inc., stated, "Each of these assets are great examples of Covington's value-add program being successfully executed. By exiting now, we are able to maximize returns for our investors. We continue to aggressively pursue opportunities throughout the Southeast."

About Covington Group, Inc.

Covington Group, Inc. (CGI) 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 80 years of combined industry experience and have developed or redeveloped over 25 million square feet of commercial and industrial property. The collective resume includes build-to-suit and spec warehouses, retail, office, hotels and master planned communities. CGI 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. CGI and its affiliate companies currently own more than 10,000,000 SF of commercial/industrial space in 13 states.

About Logistics Pointe

The Logistics Pointe brand is a value oriented offering from Covington Group, Inc. (CGI) that combines a consistent physical improvement program, a pro-active management effort, and a policy of service excellence.

Logistics Pointe properties offer tenants access to high quality, functional space at a price consistently below comparable Class A and B offerings. The value of a Logistics Pointe property is further enhanced by the CGI's focus on providing reliable, timely tenant services and hands on property management. The Logistics Pointe brand represents value, service and quality to our customers in the marketplace. Currently developed at multiple sites across the southeast, CGI intends to roll out the brand across the country in the coming years.

Logo - http://photos.prnewswire.com/prnh/20150929/272173LOGO

SOURCE Covington Group, Inc.

Related Links

http://www.covingtongroupinc.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED