January 23, 2019
Houston’s Welcome Group is set to receive up to $300 million of investment from New York real estate firm Almanac Realty Investors. The funds could increase the value of Welcome’s office and industrial portfolio to above $1 billion, and allow it to expand outside of Texas.
Welcome hopes to purchase properties in Florida, Atlanta, and Baton Rouge, LA., according to the Houston Chronicle. It currently owns more than 85 single-tenant office and industrial buildings in Houston, San Antonio, Dallas and Austin.
“Our tenants are in buildings that cost $125 a square foot to build because they have extra yards, big cranes and extra electric power,” Welcome Group Chairman Welcome Wilson Sr. said. “That’s why we keep our tenants so long, because the building is designed specifically for what they need.”
Almanac’s investment will net it an undisclosed state in the Welcome Group and three seats on its board of directors. Almanac, formerly Rothschild Realty, has put $5.3 billion into 42 North American companies.
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