MEXICO CITY – The Mexico City office of Hines, the Houston-based real estate firm, announced the sale of a portfolio of five industrial properties and one retail center to Fibra Uno, a Mexico-based real estate investment trust. Savills represented Hines in the transaction, while Fibra Uno was self-represented.
The 100 percent leased industrial portfolio consists of five properties with 1.3 square feet. Two of the properties are located in Guadalajara, one in Irapuato, one in Aguascalientes and one in San Luis Potosi. Hines developed the portfolio in 2009, and the predominantly international tenant base is comprised of a mix of light manufacturing and logistics operations.
The 98 percent leased retail center, CityCenter Merida, is a thriving, 282,000-square-foot, open-air shopping/entertainment center in Merida, on the Yucatán Peninsula. The property contains more than 60 shops and restaurants, including a Walmart Supercenter, La Europea gourmet specialty store, a Cinemark XD cinema complex, in addition to a host of the city’s most popular bars and restaurants. Since Hines completed the project in 2010, CityCenter Merida has established itself as the most vibrant retail and entertainment center in the city.
“Hines is proud of the quality of the assets we have developed, and we view this sale as another example of the firm’s strength as both a developer, and a shrewd investor in institutional -grade real estate across Mexico,” stated Hines Senior Managing Director Palmer Letzerich. “We have confidence in Mexico’s growth potential, evidenced by the strong returns generated by this portfolio.”
Hines Managing Director – Investment Management, Michael Krause, added, “Over the last 10 years, Hines has invested over $850 million across the major markets of Mexico. This most recent and successful monetization paves the way for Hines to execute on the subsequent five year investment strategy of placing $250 million in select office and industrial acquisitions and developments.”
Hines entered the Mexico real estate market in 1992.