Hines Buys Back Industrial Property in Guadalajara
- Dec 30, 2014
International real estate company Hines has purchased back Parque Industrial Tecnológico II in Guadalajara, Mexico, from Union Investment, to whomit previously sold the property back in 2007.
The industrial property was purchased for an undisclosed amount. The transaction was handled by Cushman and Wakefield on behalf of the seller, while Hines worked with Savills for its end of the transaction.
The 1.3 million square-foot Parque Industrial Tecnológico II is located at the corner of Anillo Periferico and Avenida Colón, in the country’s second largest metro area, Guadalajara. The industrial park is part of the Periferico Sur submarket, and is one of three major properties of this type developed in the area by Hines. The building is currently occupied by 22 tenants, the largest of whom are Assa Abloy, Bonafont, and Heinz.
The new owner intends to redesign the façade of one of the buildings, which used to be occupied by Intel. The space at the building is set to be subdivided to provide an array of unit sizes between 10,000 square feet and 131,686 square feet. A local architect will be hired to handle the redesign.
According to Hines Marketing Director Ricardo Serrano, the company expects the asset “to benefit from a combination of strong tenants and occupancy history, construction quality and an excellent location, which is superior to most industrial assets traded in the last three years in Mexico.”
Serrano also noted that the area is experiencing a gradual shift from industrial to office, due to demand for quality Class A space for reasonable rates.
The press statement announcing the transaction pointed out that Union Investment offloaded the property, part of its current strategy in Latin America. Union is currently focusing on Mexico City’s office market, according to Union Investment Real Estate’s head of International Investment Management, Martin Brühl.