{"id":1004555978,"date":"2021-10-28T03:23:07","date_gmt":"2021-10-28T11:23:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004555978"},"modified":"2022-12-09T00:48:34","modified_gmt":"2022-12-09T08:48:34","slug":"covington-group-acquires-3-4-msf-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/","title":{"rendered":"Covington Group Acquires Industrial Portfolio for $270M"},"content":{"rendered":"
\"\"<\/a>

Image by startup38 via Pixabay.com<\/p><\/div>\n

An affiliate of Covington Group Inc., along with an institutional capital partner, has acquired seven Class A warehouse\/distribution buildings totaling nearly 3.4 million square feet at Southern California Logistics Centre, in Victorville, Calif., in the Inland Empire for $270 million.<\/p>\n

The transaction, according to Covington, represents the single largest acquisition to date of industrial properties in the Inland Empire North submarket.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Markets for Industrial Transactions<\/a><\/p>\n

\n

Completed between 2008 and 2017, the buildings feature clear heights up to 32 feet, concrete tilt-up construction, large truck courts and ample trailer parking. The portfolio\u2019s tenant roster includes such national tenants as Newell Brands, M&M Mars, Boeing and Plastipak Packaging.<\/p>\n

The seller was a partnership of Stirling, the properties\u2019 developer and operator, and Prologis, the portfolio\u2019s other owner, via a recent recapitalization.<\/p>\n

Southern California Logistics Centre is on the site of the former George Air Force Base in Victorville; it\u2019s the product of a decades-long effort by the City of Victorville to redevelop the base as a multimodal transportation hub.<\/p>\n

In a prepared statement, Ken Sheer, CEO & founding partner of Covington, said this portfolio and the submarket are \u201cuniquely positioned to address the overflow of demand seen from tenants coming from the Los Angeles basin in search of more affordable space that still meets their specific requirements.\u201d<\/p>\n

Tighter than tight<\/h2>\n

As the Ports of Los Angeles and Long Beach together process nearly 30 percent more cargo than a year ago, yet still can\u2019t keep up with the record volume of containers waiting offshore, demand for warehouse space in the Inland Empire is surging. In the third quarter, overall vacancy fell to a razor-thin 1.0 percent, with rents climbing accordingly, Cushman & Wakefield reported recently.<\/p>\n

In April, a Covington Group affiliate sold 60 acres<\/a> at Covington\u2019s 200-acre Hesperia Commerce Center, in Hesperia, Calif., (also in the Inland Empire) to Exeter Property Group for $20.5 million. The buyer plans to develop a 1 million-square-foot build-to-suit facility for home and office furniture distributor Modway Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction represents the single largest acquisition to date in its Inland Empire submarket.<\/p>\n","protected":false},"author":882,"featured_media":1004481265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,34027,21783,1594,21742,15],"tags":[35943,32799],"class_list":["post-1004555978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-inland-empire","category-investment","category-los-angeles","category-latest","category-west","tag-covington-group","tag-cushman-wakefield"],"acf":[],"yoast_head":"\nCovington Group Acquires Industrial Portfolio for $270M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covington Group Acquires Industrial Portfolio for $270M\" \/>\n<meta property=\"og:description\" content=\"The transaction represents the single largest acquisition to date in its Inland Empire submarket.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-28T11:23:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:48:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/industrial-building-generic-image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Covington Group Acquires Industrial Portfolio for $270M\",\"datePublished\":\"2021-10-28T11:23:07+00:00\",\"dateModified\":\"2022-12-09T08:48:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/\"},\"wordCount\":350,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/09\\\/industrial-building-generic-image.jpg\",\"keywords\":[\"Covington Group\",\"Cushman & Wakefield\"],\"articleSection\":[\"Industrial\",\"Inland Empire\",\"Investment\",\"Los Angeles\",\"News\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/\",\"name\":\"Covington Group Acquires Industrial Portfolio for $270M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/09\\\/industrial-building-generic-image.jpg\",\"datePublished\":\"2021-10-28T11:23:07+00:00\",\"dateModified\":\"2022-12-09T08:48:34+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/09\\\/industrial-building-generic-image.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/09\\\/industrial-building-generic-image.jpg\",\"width\":800,\"height\":620,\"caption\":\"Image by startup38 via Pixabay.com\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/covington-group-acquires-3-4-msf-industrial-portfolio\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Covington Group Acquires Industrial Portfolio for $270M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Covington Group Acquires Industrial Portfolio for $270M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/","og_locale":"en_US","og_type":"article","og_title":"Covington Group Acquires Industrial Portfolio for $270M","og_description":"The transaction represents the single largest acquisition to date in its Inland Empire submarket.","og_url":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-10-28T11:23:07+00:00","article_modified_time":"2022-12-09T08:48:34+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/industrial-building-generic-image.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"Covington Group Acquires Industrial Portfolio for $270M","datePublished":"2021-10-28T11:23:07+00:00","dateModified":"2022-12-09T08:48:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/"},"wordCount":350,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/industrial-building-generic-image.jpg","keywords":["Covington Group","Cushman & Wakefield"],"articleSection":["Industrial","Inland Empire","Investment","Los Angeles","News","West"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/","url":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/","name":"Covington Group Acquires Industrial Portfolio for $270M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/industrial-building-generic-image.jpg","datePublished":"2021-10-28T11:23:07+00:00","dateModified":"2022-12-09T08:48:34+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/industrial-building-generic-image.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/industrial-building-generic-image.jpg","width":800,"height":620,"caption":"Image by startup38 via Pixabay.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/covington-group-acquires-3-4-msf-industrial-portfolio\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Covington Group Acquires Industrial Portfolio for $270M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/industrial-building-generic-image.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004555978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004555978"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004555978\/revisions"}],"predecessor-version":[{"id":1004556222,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004555978\/revisions\/1004556222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004481265"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004555978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004555978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004555978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}