By Liz Segrist
Published June 12, 2013
Dallas-based The Covington Group Inc. continues to invest in the Upstate with its recent purchase of an industrial warehouse in Wellford with plans to redevelop and lease it.
Building improvements on the 240,000-square-foot warehouse will begin next week. Covington plans to invest roughly $2.5 million in renovations, which include new roofs, sprinkler systems, parking lots, lighting and dock doors. Covington anticipates work to be completed by Nov. 1.
The warehouse, which is designed for multiple tenants and sits on 18.8 acres, will be marketed to manufacturers, suppliers and logistics companies, among others.
The Covington Group, formerly Covington Capital, plans to market 60,000 to 240,000 square feet as available for lease. It will be rebranded as Logistics Pointe Spartanburg. CBRE The Furman Co. will handle the leasing.
“Whether it’s a warehouse in Wellford, Duncan, Greenville or Spartanburg, it doesn’t matter,” said Michael Skunda, Covington’s senior vice president. “The fact that it’s very close to I-85 and that it was in this market was very compelling to us.”
Cushman & Wakefield Thalhimer handled the sale negotiations of 2800 Nazareth Church Road on behalf of the seller, Leigh Fibers. The terms of the sale were not disclosed.
Covington has invested in the Upstate previously. It purchased two buildings off Augusta Road in Greenville and three buildings off Highway 14 in Greer last year, totaling approximately 682,000 square feet of warehouse space in the Upstate market.
The buildings, rebranded as Logistics Pointe Greenville and Logistics Point Greer, are currently 90% occupied, Skunda said.
The Covington Group is a private equity and real estate investment group. The company focuses on entrepreneurial investments and the redevelopment of buildings and assets.