Grupo IGS Snags 3 MSF Mexico Industrial Portfolio

The company purchased the 27-property portfolio from Hines, which assumed management of it two years prior. Along with its listing brokers, Hines brought the portfolio from 73 to 90 percent leased.

One of the 27 properties included in the portfolio
One of the 27 properties included in the portfolio

Hines sold a 2.9 million-square-foot portfolio of industrial and logistics assets in Mexico to Grupo IGS. The portfolio comprises 27 properties located in Monterrey, Ciudad Juarez, Matamoros, Reynosa and Torreon.

Some major tenants include DalTile, Yazaki, Flextronics, GE and Sumitomo. The portfolio was one of the first investments made by a Hines’ separate account investor.

Portfolio Growth 

Since assuming management of the portfolio two years ago, Hines and its listing brokers of CBRE, Simons y Asociados, Citius Capital, and Newmark/Prodensa, brought the portfolio to 90 percent leased up from its previous 73 percent. The companies also increased the average lease rate by 20 percent. 

“We worked extremely hard on the management and leasing of this portfolio. This strategic sale marks a significant accomplishment for our investment partner, for Hines, and for our leasing and management teams,” said Palmer Letzerich, senior managing director at Hines, in prepared remarks. “We are looking forward to redeploying capital in Mexico and continuing our Investment in the logistics sector.”

Savills represented Hines in the transaction. 

Image courtesy of Hines