Mark III Properties, LLC (“Mark III”), celebrated its new partnership with Sumitomo Forestry America, Inc. (“Sumitomo”), on Tuesday, August 14, at a reception in Mark III’s new office on Spartanburg’s west side. Sumitomo, a wholly-owned subsidiary of Sumitomo Forestry Co., Ltd., is a comprehensive housing and wood products corporation that has recently ventured into residential, commercial, and mixed-use development. The company has been diversifying its revenue sources in global markets and has invested in builder related companies throughout the US and Australia.
Mark III began as a development and residential home building company in Spartanburg in 1974. Through the decades the company has created neighborhoods, built single and multi-family homes and offices, developed an industrial park and renovated commercial office space in the heart of downtown Spartanburg. Today, Mark III is one of the most successful land developers for single and multi- family builders in the southeast. At least a quarter of all new homes in the GSA area are built on Mark III lots. Last year the company sold over 1100 lots to top tier local, regional and national homebuilders with over $50 million in sales. They expect continued growth and production this year. Spanning various stages of development from raw land under contract to completed neighborhoods with only a few lots remaining, Mark III has nearly 80 independent projects currently on its books.
The partnership between Mark III and Sumitomo gives Mark III new opportunities for investment in the Upstate and continues Sumitomo’s expansion into housing-related business in the United States. While Sumitomo owns controlling interest, the Mark III team remains wholly intact. Its founder John Beeson continues to lead the company and focuses mostly on acquiring properties for development. His son Jay Beeson serves as Vice President of Operations handling the production side and builder relations and daughter Laura Beeson Henthorn, VP of Administration, manages the office and financing functions. Along with their additional staff of 9, the Beesons are committed to the long term success of Mark III, LLC. Subcontractors, builder partners and lenders will see no difference in the day to day operations of the company, however, this partnership creates new synergies and fosters expansive growth in residential development. With the additional support of Sumitomo, Mark III is pursuing larger and more innovative projects. John, Jay and Laura fully embrace the Sumitomo corporate philosophy and its core values and view this transaction as mutually beneficial. The Beesons’ local knowledge of the market and the development process combined with Sumitomo’s investment and expertise gained from other acquisitions create a promising future for Mark III Properties.