HOUSTON – (Realty News Report) – Hines, the Houston-based real estate firm, has sold a 2.9 million-square-foot portfolio of industrial and logistics properties in northern Mexico to Grupo IGS.
The portfolio comprises 27 properties across key northern Mexican markets, including Monterrey, Ciudad Juárez, Matamoros, Reynosa and Torreón. Major tenants in the portfolio include Dal-Tile, General Electric, Yazaki, Sumitomo and Flextronics, among others.
“The tenant mix and geographic diversity made this portfolio a distinctive opportunity in Mexico,” said Hines Director Rafael García Rovirosa, who led the transaction for Hines. Savills served as Hines’ advisor on the sale.
This portfolio was among the initial investments for a Hines separate account investor. Since Hines took over management of the assets two years ago, Hines and its listing brokers — CBRE, Simons y Asociados, Citius Capital and Newmark/Prodensa — increased occupancy from 73 percent to 90 percent.
“We look forward to redeploying capital in Mexico and continuing our investment in the logistics sector,” said Palmer Letzerich, Hines Senior Managing Director.