An investment group has purchased an industrial office and warehouse at 8700 South Choctaw Dr. for nearly $2.8 million.
Sales documents show Covington-based BIIP LLC, which has owned the property since 2008, sold the building to Next Generation Developments LLC, in a deal that closed Wednesday afternoon.
The 13,000-square-foot building sits on approximately six acres of concrete stabilized yard. It’s currently occupied by United Rentals, a heating equipment supplier, which will continue to lease the building.
“This was an excellent investment on a solid property with a long-term national tenant,” says Lauren Buckholtz, industrial specialist with Saurage Rotenberg Commercial Real Estate, who brokered the off-market transaction. “It was a win-win for both parties.”
In June, Ready Shield Solutions announced it would open an assembly plant in the old Cotton’s Holsum Bread factory on Choctaw Drive, a move expected to generate $46 million in taxes over the next decade. The Choctaw corridor is desirable, Buckholtz says, because of its convenient location and good prices. She also says this particular piece of property—with a long-term, strong tenant who will stay—made the location especially attractive.
The seller was represented by its managers, Bay and Kristin Ingram. The buyer was represented by agent Edward Rotenberg.