Covington Group, Inc. Acquires Industrial Property in San Francisco Bay Area

The real estate firm has acquired a 650,000 SF asset in Antioch, California.

News provided by

Covington Group, Inc.

28 Oct, 2015, 11:00 ET

DALLAS, Oct. 28, 2015 /PRNewswire/ -- Dallas,TX based real estate investment firm Covington Group, Inc. (Covington) is proud to announce the acquisition of a two-building, 650,000 SF industrial facility in Antioch, California.

The location of this asset creates a unique offering in a tightening market, as logistics groups, warehouse users, and light manufacturing companies have been increasingly drawn to the Antioch area because of the lower facility costs, a reliable supply of labor, and a lower cost of living as compared to San Francisco and Oakland.

The acquisition allows Covington the opportunity to purchase a near-stabilized asset at a discount to replacement cost. Covington intends to update the property utilizing an improvement program that it has successfully deployed at similar properties across the country. Once reintroduced to the market, the facility will be ideally positioned to attract value-oriented tenants in need of access to the urbanized core of the San Francisco Bay area.  

The complex is currently 86% leased with a diverse tenant mix and significant remaining term. While the specifics of the acquisition remain undisclosed, Ken Sheer, CEO of Covington Group, Inc., stated, "To find an asset of this size and quality in the East Bay market of California is becoming extremely difficult. We think this acquisition provides a unique opportunity to invest in a tightening market with good fundamentals at a favorable basis."

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 80 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 more than 10,000,000 SF of commercial/industrial space in 13 states.

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

SOURCE Covington Group, Inc.

PRN Top Stories Newsletters

Sign up to get PRN’s top stories and curated news delivered to your inbox weekly!

Thank you for subscribing!

By signing up you agree to receive content from us.
Our newsletters contain tracking pixels to help us deliver unique content based on each subscriber's engagement and interests. For more information on how we will use your data to ensure we send you relevant content please visit our PRN Consumer Newsletter Privacy Notice. You can withdraw your consent at any time in the footer of every email you'll receive. Mit Ihrer Anmeldung erklären Sie sich damit einverstanden, Inhalte von uns zu erhalten.
Unsere Newsletter enthalten Zählpixel, die die Lieferung einzigartiger Inhalte in Bezug auf das Abonnement und die Interessen der einzelnen Abonnenten ermöglichen. Weitere Informationen über die Verwendung Ihrer Daten im Hinblick auf die Zusendung von relevanten Inhalten, finden Sie in unserer PRN Consumer Newsletter Privacy Notice. Ihre Zustimmung können Sie jederzeit in der Fußzeile jeder erhaltenen E-Mail widerrufen. En vous inscrivant à la newsletter, vous consentez à la réception de contenus de notre part.
Notre newsletter contient des pixels espions nous permettant la fourniture à chaque abonné, d’un contenu unique en lien avec ses souscriptions et intérêts. Pour de plus amples informations sur l’utilisation faite de vos données en vue de l’envoi des contenus concernés, nous vous invitons à consulter la politique de confidentialité disponible à partir du lien suivant PRN Consumer Newsletter Privacy Notice. Vous pouvez à tout moment revenir sur votre consentement par le biais des informations situées au bas de chaque e-mail reçu. Регистрирайки се, Вие се съгласявате да получавате информационно съдържание от нас. Нашите бюлетини съдържат проследяващи пиксели, които ни помагат да предоставяме уникално съдържание въз основа на ангажираността и интересите на всеки абонат. За повече информация относно начина, по който ще използваме Вашите данни, за да гарантираме, че Ви изпращаме подходящо съдържание, моля, направете справка с нашето Уведомление за поверителност на потребителския бюлетин на PRN. Можете да оттеглите съгласието си по всяко време в долния колонтитул на всеки от имейлите, които ще получите.