Covington Group Completes First Sale Of 1,055,360 Square Foot Build-To-Suit For Modway Industries In Hesperia, California
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HESPERIA, Calif., March 31, 2021 /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 finalized the sale of approximately sixty (60) acres of vacant industrial land located in the City of Hesperia, California for a build to suit of a 1,055,360 square foot facility. The land site is located near Interstate 15 and U.S. Route 395 and is part of a 200-acre industrial project known as Hesperia Commerce Center. The project has been fully developed and entitled by Covington to accommodate 3.4 million square feet plus of state-of-the-art warehouse and distribution buildings, as well as a 15-acre site with visibility on Highway 395 and Interstate 15 slated for smaller service-commercial industrial buildings.
"The Hesperia Commerce Center was thoughtfully designed with attention being given to industrial trends in recent years that show continued demand drivers for buildings larger than 1,000,000 square feet in the Inland Empire region that can accommodate significant truck parking and potential e-commerce needs. We feel that our project, as well as the Northern Inland Empire region as a whole, is uniquely positioned to address this demand given the favorable highway access, attractive occupancy costs, and proximity to a sizable labor pool and affordable housing," stated Ken Sheer, CEO and Founding Partner of Covington.
There are plans to construct a build-to-suit on the 60-acre site for Modway, Inc., a major distributor of living, dining, bedroom, outdoor, lighting and office furniture. The building will feature 1,055,360 square feet and will increase Modway's ability to serve regional and national distribution requirements and further scale their business to expand e-commerce capabilities going forward. Modway's current West Coast distribution is being handled from a 310,550 square foot facility in Fontana, California, so the move will constitute both a relocation and an expansion of their existing operations, ultimately bringing 200 jobs to their new location. With that in mind, the plan is to swiftly move through the construction phase and deliver the building to allow Modway to be operational by the fall of 2021.
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 7 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.
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SOURCE Covington Group, Inc.
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