C/0 Welcome Group LLC

Work has started on a huge industrial park that spans 160 acres in Durham north of Bragtown.

Houston developer Welcome Group LLC started construction on its 1.3 million­ square-foot industrial park, Welcome Venture Park, off Hamlin and Old Oxford roads near KBI Biopharma. The industrial park will have buildings designed to attract industrial, flex and life sciences companies.

The move continues the  flow of outside investment into the Triangle. This is Welcome Group's first property in the Triangle .and one of its first projects in North Carolina as it expands into the state.

Welcome Group, started by the Wilson family in Houston in 1952., focuses on land acquisitions, design,   construction financing, development, construction and management. It has developed more than seven million square feet of industrial space spread across 126 properties.

The Durham industrial park will have 1O buildings ranging in size from 25,200 to 255,000 sq are fee. Spaces will be available starting at 3,600 sq are feet. Phase 1 includes four shallow bay/warehouse buildings with 24- to 32-foot clear heights, 120- to 240-foot dep hs, 30- to SO-foot bay widths and spaces for flex and light industrial product starting at 3,600 square feet. The total square footage in the four buildings 392.,400. There will also be outdoor amenities and gathering areas.

The company anticipates completing Phase1 by the end of 2024 with the first buildings delivering in the third quarter of 2023.

Welcome Group declined to provide further information on a lull timeline and cost of the project.

The business park will have green spaces and natural areas for gathering areas. The company has designed the park to provide space for small and large businesses and include office spaces along with the warehouse space.

The project is on four lots at 1225,1507,1539 Hamlin and1420 Old Oxford roads in north Durham. Welcome Group acquired the assemblage of land for $12.859 million in January 2022, according to Durham County deed records. The total assessed value for the lots is approximately $3.3 million.

Industrial space in the Triangle continues to be developed despite the U.S. seeing a softening in the industrial market overall. Beacon Partners is developing Knightdale Gateway Business Park, a 511,000-square-foot industrial park.

And147 Exchange, a Class A industrial building in Durham totaling 274,370 square feet, finished construction in February. In Raleigh, Alexander Commerce Park will have 441,280 square feet of industrial space across three buildings.

Colliers International Raleigh is handling the leasing for the business park.