KEY TAKEAWAYS: Northpark warehouse sold for $1.5 million in Covington Property is one of only two distribution facilities in the park CAP3 made unsolicited offer shortly after lease listing Sale signals strong demand for limited industrial space on Northshore   A warehouse property in N orthpark Business Park has sold for $1.5 million, highlighting continued investor demand for limited industrial space on the Northshore, according to SRSA Commercial Real Estate. The roughly 19,200-square-foot office-warehouse at 215 Park Place is one of only two distribution facilities in the business park, making it a scarce asset in a market with strong demand from logistics and light industrial users. SRSA brokers Barry Spizer and Steve Reisig represented the seller, Ruddigore LLC. The buyer, local investment group CAP3, was represented by Lee Audibert of Property One Inc.. The transaction followed an unsolicited offer from CAP3 after the property had been listed for lease for about 30 days. Although FedEx vacated the building, the company remains obligated under its lease, providing immediate income for the new owner. Real estate professionals said the deal underscores the tight supply of industrial properties in Northpark Business Park and the broader Covington area. Features such as multiple loading doors and proximity to interstate access contributed to the property’s appeal for potential tenants. “Quality warehouse space in Northpark Business Park is extremely scarce, and this property attracted serious investor interest almost immediately,” Spizer said in a statement. “We look forward to seeing CAP3 build on this investment, and we are excited about the opportunities ahead as businesses and investors continue to recognize the Northshore as a strong market for office and industrial real estate.” SRSA said the sale reflects growing interest in the Northshore as companies and investors seek opportunities outside more saturated urban markets, particularly for industrial and distribution assets. ...read more read less