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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.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.
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