Grupo IGS Snags 3 MSF Mexico Industrial Portfolio
- Oct 17, 2017
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.
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