Covington Companies – the collective name of four, four-generation, family-owned businesses – has added a fifth enterprise to further its goal of preserving and enhancing Conway’s commercial landscape.
Effective July 31, 2015, Covington Real Estate Group joined Covington Roofing, Covington Properties, Covington Construction, and Covington Classic Auto Sales in the family enterprise. George Covington Sr. is at the helm of Covington Companies. His three children – Stephanie, George Jr. and Jason – have partnered to launch Covington Real Estate Group.
The Covington family established Covington Real Estate Group in response to requests to manage commercial buildings for property owners. The family name recognition that comes with more than 90 years in business puts Covington Properties top-of-mind for those seeking retail, office, warehouse or industrial space. They currently have 1.4 million square feet of lease space within over 70 buildings and more than 150 tenants.
"Our family has been in business in Conway since 1923, and we started buying, renovating and leasing out our own property in the early 1980s when Covington Properties was formed. Our extensive history with property management has resulted in a large number of people coming to us asking our company to manage their property for them," said Stephanie Covington, principal broker of Covington Real Estate Group.
Without a licensed broker or a formal real estate company, however, Covington Properties could only recommend rental properties it owned. The family saw an opportunity, and Stephanie secured a broker’s license in commercial real estate.
George Covington Sr. said the addition of Covington Real Estate Group was a logical next step for the full-service commercial property management company.
"With our construction, roofing and property management background, we can consult with the property owner about improvements and changes to their building to help lease it," said Jason Covington. "To prospective tenants, we can advise and price the remodel of a building for them to lease."
"We are going to concentrate on using local contractors for repair and maintenance of the properties," said George Covington Jr.
"Because we are based right here in Conway, we can take care of things more quickly than some of the bigger companies that are based in Little Rock and elsewhere," he added.
"We’re pretty excited," Stephanie said. "People have been calling us for a long time to try to get us to lease their buildings for them. Now we’ll be able to."
Even though Covington Companies has expanded its services to include commercial real estate management for buildings it does not own, it is still in the business of buying and selling property. In the past year, Covington Properties has purchased approximately 125 acres of vacant land near IC Corporation on Dave Ward Drive, which is now under development.
"We didn’t buy the plant; we bought the land beside IC Corporation where the company used to park buses," said George Covington Sr. "We now own some of the empty lots on both sides of the road."
The purchase includes about 25 acres on the north side of Dave Ward Drive and 100 acres on the south side. The company has plans to subdivide and sell the 1,500 frontage feet on both sides of the highway into commercial lots that could house a motel, restaurants or any other commercial space.
Mr. Covington Sr. is chairman of Covington Companies. George Covington Jr. is president of Covington Roofing & Sheet Metal, Jason Covington is president of Covington Construction & Equipment and manages Covington Properties, and Stephanie Covington is principal broker at Covington Real Estate Group and president of Covington Classic Auto Sales.
To learn more about Covington Companies, visit CovingtonCompanies.net or call 501-329-3357.