Marcus & Millichap brokers Covington Plaza sale

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Covington Plaza, a large shopping center in Fort Wayne, Ind., has sold to an investor for $21 million, brokerage Marcus & Millichap announced this week. Lamar Cos. bought the asset from an unidentified private investor at a price that represents $106 per square foot. Located at 6400 West Jefferson Blvd., the shopping center consists of two buildings situated on a 28.2-acre lot in close proximity to Jefferson Pointe, a new lifestyle center with more than 50 restaurants and specialty shops. According to a press statement, the property is located in a densely populated area with more 178,000 people in a 5-mile radius and daytime population in excess of 94,000 people. *** What's your opinion? Leave your comments below or send a letter to the editor. ...