Covington Group buys Volvo Group DC in Ohio

by Inside Logistics Online Staff

LEWIS CENTER, Ohio – An affiliate of Covington Group, Inc. has purchased a 583,000-square-foot bulk distribution warehouse in Lewis Center, Ohio.

The purchase represents Covington’s second large-scale acquisition in the Columbus market over the last two years and brings its market portfolio size to over 1.1 million square feet. The property is block and metal construction on a 31-acre site, with 24′ clear height, 32 dock doors, and is located north of downtown Columbus, with access to two interstate highways.

The building is 100-percent occupied by Volvo Group North America and is used to service their slow-moving parts division for trucks and heavy equipment. From this location, as well as a location in Byhalia, Mississippi, Volvo warehouses and supplies all heavy truck and equipment parts to dealers nationwide.

The building acquisition closed in an off-market transaction in 2019, at a below replacement cost basis.

Covington Group, Inc., based in Dallas, Texas, focuses on investment in light industrial, warehouse, and bulk-distribution assets across the United States. It specializes in the acquisition of corporate dispositions, REO’s and other types of vacant or distressed industrial properties.

The company owns and manages approximately 5.5 million square feet in various markets around the U.S. and has developed or redeveloped over 25 million square feet of commercial and industrial property in its 30-year history.