National developer Portman and real estate private equity firm Rockpoint today announce the forward sale of Covington Logistics Center, a strategic industrial site in Covington, Pa. Purchased by global real estate firm Hines, the 36-acre property features a 501,600-square-foot facility which is fully leased to All-Ways Pacific, LLC. Gerry Blinebury at Cushman & Wakefield facilitated the transaction on behalf of Portman.
“Covington Logistics Center offers industrial users the unique opportunity to further their manufacturing and logistics efforts in a convenient, resource-rich market,” said Tom Griggs, Managing Director at Hines. “The site offers strong labor dynamics, along with the continued emergence of I-81 as the primary freight corridor for the Northeast and Mid-Atlantic. We are confident that tenants will value the facility’s tactical design, favorable location, and abundance of space.”
Covington Logistics Center is strategically located in Northeast Pennsylvania between the I-84 and I-81 interchanges on I-380 and SR-435. The site is located in the highly coveted I-81 / I-78 distribution corridor, the epicenter of the Northeast’s most active highway interchanges. Covington Logistics Center provides one-day access to more than 50% of the U.S. population and more than 60% of Canada’s population.
In February 2023, Hines and Portman executed a lease with All-Ways Pacific, an industry-leading freight industry transportation company to occupy the entire building. Gerry Blinebury and Collin Potter at Cushman & Wakefield represented Hines and Portman in the transaction. The facility features first-rate amenities including expansive, 40-foot clear height ceilings, hydraulic loading bays, and 3,000 amps of power available. Covington Logistics Center marks Portman’s first delivery in the submarket.
“The Northeast Pennsylvania market continues to attract and support manufacturing, warehouse and distribution entities of all kinds, making it a strategic choice for expanding our industrial development portfolio,” said John Gaskin, Managing Director at Portman. “We are optimistic about the future of this region and look forward to further developments.”
Portman launched its industrial business line in 2021 with a mission of developing modern logistics facilities in core markets serving the U.S. supply chain. Portman’s industrial team leverages the company’s proven development platform, to diversify its portfolio of over $1.1 billion in owned assets and assets under development in key markets across the U.S. including Boston, New Jersey, Charleston and Austin.
To learn more about Portman, visit: https://www.
About Portman:
Founded by famed architect John Portman in the 1950s, Portman is a privately owned national real estate investment, development and management firm focused on delivering premier quality office, hospitality, residential, industrial, and mixed-use projects prioritizing occupant experience through first class execution. The diversified, full-service company has developed over 72 million square feet of landmark real estate assets and currently has over 27 projects in development throughout eleven markets across the country employing an unequaled pedigree of experience, industry knowledge, and commitment to excellence. Portman has established a successful global network and has a proven track record with the world’s top financial institutions. Teams in the company’s national offices seamlessly connect to develop, finance, and manage a diverse portfolio in the key strategic and emerging markets throughout the US. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate assets and innovative, experiential places.
About Hines
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $96B in high-performing assets across residential, logistic, retail, office, and mixed-use strategies. Our local teams serve 685 properties totaling nearly 216 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines visit www.hines.com and follow @Hines on social media.
Includes both the global Hines organization and RIA AUM as of December 31, 2022.
