Sears warehouse sells for $64.5M
COVINGTON TWP. - A Texas real estate firm sold a 1 million-square-foot warehouse for $64.5 million to an Indiana company.
A division of Duke Realty, a property development and investment company in Indianapolis, acquired the Sears distribution center at the Covington Industrial Park from US Industrial REIT II, according to paperwork filed with the Lackawanna County recorder of deeds.
Helen McCarthy, a Duke Realty spokeswoman, confirmed the 76.2-acre acquisition.
US Industrial REIT II, a division of USAA Real Estate Co., San Antonio, acquired the property in 2008 for $56.1 million from First Industrial Realty Trust, a Chicago development firm.
The park is on Route 435 near Gouldsboro.