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Friday, May 24, 2024

Investment Group Buys Entertainment-Industrial Complex in Santa Clarita

Real estate company Covington Group, Inc. has acquired a portfolio of Santa Clarita buildings totaling roughly 1 million square feet for an undisclosed price.

The 70-acre industrial complex, called the Saugus Station Industrial Center and located at 25655 Springbrook Ave., is comprised of 24 buildings with varying clear heights up to 39 feet with units ranging from 8,000 to 133,000 square feet.

The deal also includes a separate 24-acre land site.

Craig Peters and Doug Sonderegger with CBRE Group represented both buyer and seller in the transaction.

At the close of sale, the buildings were 100 percent occupied, mostly by entertainment-related companies.

Dallas-based Covington plans to focus on aesthetic improvements to the property in an effort to retain its tenants and embrace the business theme of its occupants.

“We feel this property provides an opportunity to create a ‘best-in-class’ entertainment-focused location that will almost be one-of-a-kind in what we are able to offer tenants,” Ken Sheer, chief executive of Covington, said in a statement.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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