Welcome Group acquires Weir Group, PLC Complex

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Feb 24, 2020, 14:44 ET

HOUSTON, Feb. 24, 2020 /PRNewswire/ -- Welcome Group, LLC, a Houston based commercial real estate owner, investor, and developer announced the completion of an acquisition of a three-building complex leased to a subsidiary of Weir Group, PLC totaling 116,917 SF in Houston, Texas. The complex is situated on approximately 15 acres fronting on Hwy 288, just off the northeast corner of Sam Houston Parkway E. and Hwy 288.

The complex is comprised of three separate buildings. 13815 South Freeway (Hwy 288) is 49,272 SF with 10,007 SF of office space. The building was built in 1999 and has 7 oversized grade level doors with 1 acre of concrete for outside storage. This building is used by the tenant to paint, test and store product being manufactured. 13822 H Furman Rd is 51,602 SF with 10,725 SF of office space, and the shop is 100% air-conditioned. This building was built in 2010 with four OH Cranes, 2000 amps of power and has a backup generator. The tenant uses this building as its primary manufacturing facility for the company's products. 13822 J Furman Rd building is 16,043 SF of office space and was built in 2015 as a single-story office building. The site has about 2 acres remaining of raw land left for future expansion.

The tenant of the three-building industrial complex is Seaboard International, which is wholly owned by Weir Group, PLC, headquarters in Glasgow, Scotland. Seaboard International is a manufacturer of highly engineered oil and gas pressure control equipment providing onshore and offshore services for worldwide oil and gas exploration, drilling and production operations. The Weir Group, PLC is one of the world's leading engineering businesses with products and services used in high abrasion mining, infrastructure, and the upstream oil and gas industry.

Ryan Wasaff, Senior VP of Welcome Reality Advisors, and John Wilson, Welcome Realty Advisors consultant, represented Welcome Group in the transaction.

Partial financing for the acquisition was provided by an existing industrial property acquisition facility agented by the Houston office of a large Southwest regional banking institution.

Welcome Wilson, Jr., CEO of Welcome Group, LLC, stated: "We are proud to add a tenant of this quality and stature to our expanding portfolio."

About Welcome Group: Welcome Group, LLC, a Houston-based single-tenant industrial owner, and development firm owns over 110+ industrial buildings in Texas and by the end of this February will own approximately 4.9 million square feet. Welcome Group manages its entire portfolio and specializes in single-tenant office, lab, industrial and manufacturing facilities, and offers build-to-suit, design-build, and sale-leaseback services.

For more information visit welcomegroup.com

SOURCE Welcome Group