LEWIS CENTER, Ohio, Feb. 18, 2020 /PRNewswire/ -- An affiliate of Covington Group, Inc., a privately held commercial real estate company focused on industrial investment and development in select U.S. markets, recently completed the purchase of a 583,000 square foot bulk distribution warehouse located at 8355 Highfield Drive in Lewis Center, Ohio. The purchase represents Covington's second large-scale acquisition in the Columbus market over the last two years and brings its market portfolio size to over 1.1MM square feet. The property features block and metal construction on a 31-acre site, 24' clear height, 32 dock doors, and is located north of downtown Columbus, with access to I-71 and I-270.
The building is 100%-occupied by Volvo Group North America and is utilized to service their slow-moving parts division for trucks and heavy equipment. From this location, as well as a location in Byhalia, Mississippi, Volvo warehouses and supplies all heavy truck and equipment parts to dealers nationwide.
The building acquisition closed in an off-market transaction in 2019, as a result of key relationships in place, and represented an opportunity to own an asset in a market in which Covington has a long history, at a below replacement cost basis. It is also the first Covington acquisition featuring a new joint-venture equity partner relationship, which was established in 2018 to facilitate additional industrial acquisitions on a go-forward basis. The partnership will focus on acquiring high-quality assets, in major markets across the U.S., where mark-to-market opportunities exist or other value-enhancement strategies present themselves.
About Covington Group, Inc. Covington Group, Inc., based in Dallas, Tx, is an entrepreneurial real estate investment firm that focuses on investment in value-add light industrial, warehouse, and bulk-distribution assets across the United States. Covington specializes in the acquisition of corporate dispositions, REO's and other types of vacant or distressed industrial properties with a focus on recycling and re-tenanting the asset. Covington owns and manages approximately 5.5 million square feet in various markets around the country and has developed or redeveloped over 25 million square feet of commercial and industrial property in its 30 + year history.