Covington Group Acquires 1 Million SF Industrial Complex With Excess Land In Santa Clarita, California

LOS ANGELES, Dec. 9, 2021 /PRNewswire/ -- Affiliates of Covington Group, Inc., a privately-held commercial real estate company focused on industrial investment and development in select U.S. markets, along with an institutional capital partner, recently finalized the acquisition of a portfolio of buildings totaling approximately 1 million square feet in Santa Clarita, California. The project, known as Saugus Station Industrial Center, is a 24-building complex with varying clear heights up to 39' and units ranging in size from 8,000 – 133,000 square feet, and sits on 69.5 acres. The purchase also included a separate 24-acre fully horizontally improved land site. 

At the time of acquisition, and for the better part of a decade, the project had been 100% occupied by a variety of tenants because of its ability to offer a desirable in-fill location along with unique features such as several exclusive outdoor storage yards. Over the years it also developed a good reputation as functional space for tenants in the entertainment industry because it offered easily accessible space in close proximity to many movie and television studios and sound stages.

Covington plans to implement a robust property and asset management strategy that will focus on tenant retention and aesthetic improvements to the property to increase curb appeal. "We feel this property provides an opportunity to create a 'best-in-class' entertainment-focused location that will almost be one-of-a-kind in what we are able to offer tenants" stated Ken Sheer, CEO and Founding Partner of Covington.

Craig Peters and Doug Sonderegger with CBRE represented both buyer and seller in the transaction.

About Covington Group, Inc.
Covington Group, based in Dallas, TX, is an entrepreneurial real estate investment and development firm that specializes in value-add light industrial, warehouse, and bulk-distribution investments across the United States. Covington focuses on the development and entitlement of land and state of the art, big box industrial buildings as well as the acquisition of corporate dispositions, REO's, and other types of vacant or distressed industrial properties with the goal of recycling and re-tenanting the asset. Covington owns and manages approximately 8.5 million square feet in various markets around the country and has constructed or redeveloped over 35 million square feet of commercial and industrial property and developed over 10,000 acres of land in its 40-year history.

SOURCE Covington Group, Inc.