Covington Group to Renovate Butterfield Trail Industrial Portfolio in El Paso
EL PASO, TEXAS — Dallas-based Covington Group Inc. has begun a multi-million dollar capital improvement project for the six-building, 548,629-square-foot Butterfield Trail portfolio in El Paso. Affiliates of Covington Group acquired the portfolio from Butterfield Trail Trust 1 earlier this year for an undisclosed price. Covington Group has hired Christian Perez Giese and Chad McCleskey of CBRE’s El Paso office as the portfolio’s leasing agents. The portfolio, made up of warehouse and flex buildings, was 69 percent occupied at the time of purchase. The most significant capital improvements are underway at 19 Leigh Fisher Blvd., where there is a 120,000-square-foot vacancy. Improvements include a white box inside the warehouse area, new exterior and interior lighting and exterior paint and landscaping, as well as removal of a former tenant’s manufacturing infrastructure and overall deferred maintenance to the property. Covington expects to complete improvements to the entire portfolio by the end of this summer.