HOUSTON – (Realty News Report) – Welcome Group, LLC, a Houston-based commercial real estate developer, has completed two property acquisitions in Georgia, marking the company’s first expansion beyond Texas.
“These initial out-of-state acquisitions represent an important milestone for our company,” said Welcome Wilson, Jr., President and CEO of Welcome Group. “We continue to grow our footprint across the U.S. and remain focused on attractive acquisition opportunities.”
Welcome Group recently closed on the purchases of two single-tenant industrial/office properties in the Atlanta metropolitan area:
The Shaw-Almex facility in Decatur, Ga. This property is a single-tenant industrial/office building originally constructed in 1984 with an expansion completed in 1996. The facility totals approximately 135,000 square feet on nearly 15 acres. Welcome Group purchased the fully leased Shaw-Almex property for $8,900,000, or about $65.66 per square foot.
The Torsion Group facility in Tucker, Ga. This single-tenant industrial/office masonry building with concrete tilt-up perimeter panels was built in 1989 and totals about 49,700 square feet on 3.5 acres. Welcome Group acquired the property for $3,900,000, roughly $78.49 per square foot. The asset includes a long-term lease to Torsion Group Corp. with more than five years remaining on a ten-year agreement.
These two acquisitions expand Welcome Group’s portfolio, which now encompasses 116 properties totaling more than 5.7 million square feet of industrial and office space.
Throughout 2020, Welcome Group completed nine additional acquisitions totaling roughly 840,000 square feet of industrial warehouse and office space. Among those transactions was the purchase of 23 acres within Cedar Port Industrial Park in Baytown—one of the largest industrial business parks in the United States—held for future development.
In early 2020, Welcome Group also acquired 14.89 acres of raw land to develop a 66,151-square-foot facility to serve as JDR Cable Systems’ new U.S. headquarters in Tomball. The global subsea cable supplier’s new headquarters brings additional local jobs. Construction on the project was completed recently, with a grand opening scheduled for May 7.
In addition to acquisitions, Welcome Group undertakes build-to-suit projects and pursues sale-leaseback opportunities across the Southeastern U.S. The firm’s Southeast region acquisitions are overseen by Ted Kakambouras, Acquisitions Director, Southeast Region.
Welcome Group develops and acquires single-tenant commercial, distribution, laboratory, and manufacturing properties, and manages portfolio-level real estate transactions.
April 25, 2021 Realty News Report Copyright 2021
Photo credit: Ralph Bivins, Realty News Report Copyright 2021
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: Welcome Wilson Firm Expands