Houston-based single-tenant real estate developer Welcome Group recently announced its latest investment: The acquisition of five properties — including two highly-visible projects in Pearland, Texas, and Sugar Land, Texas — as well as its first in South Carolina, part of the firm’s expansion into the southeast U.S. region.
The company — which specializes in manufacturing, lab, warehouse and distribution facilities — currently owns a diverse portfolio of more than 6 million square feet across more than 130 industrial properties in Texas and the southeast U.S.
“We’re looking to expand our footprint in North Carolina, South Carolina and Georgia, in particular,” said President and CEO of Welcome Group, Welcome Wilson, Jr. “That’s really going to set the table for us in terms of long-term growth.”
Earlier this year, Welcome Group acquired two commercial properties in Georgia, marking its first foray outside of Texas. Its second was one of the five portfolio properties purchased most recently, which also represents the firm’s first acquisition in South Carolina. Specifically, Welcome Group now owns Foxbank Industrial Park, a 31-acre facility that incorporates 201,585 square feet of industrial building and warehouse space in the Goose Creek – Hanahan corridor north of Charleston, S.C. Located at 2550 Highway 52 in Moncks Corner, S.C., the property is occupied by Sea Fox Boat Company, which develops and builds a variety of handcrafted saltwater boats.
The multi-property acquisition also included 522 Gillingham Lane in Sugar Land Business Park, as well as the facility at 14740 Kirby Drive in Pearland. These properties contribute a combined total of 143,100 square feet of greater Houston industrial and warehouse space to the firm’s portfolio.
The Sugar Land property is currently leased to Cubic ITS, Inc., whose Trafficware technology promotes green initiatives by optimizing the flow of motorist and pedestrian traffic. Meanwhile, Cardiovascular Systems, Inc. — developer of innovative interventional treatment systems for patients with heart disease — occupies the 8.7-acre Pearland property.
Welcome Group also added 122,773 square feet of flex and industrial space in San Antonio, Texas, with the purchase of 6603 First Park Ten Blvd. and University Park Tech Center V at 6203 Farinon Dr. Both properties include office space and laboratory facilities and are home to testing laboratories company LabCorp and specialty therapeutic medical device manufacturer KCI USA, Inc., respectively.