Hines Breaks Ground On Parque Industrial Tecnologico Ii In Guadalajara, Mexico
GUADALAJARA, MEXICO - At a groundbreaking ceremony today, Hines, the international real estate firm, launched its newest industrial development in Guadalajara, Mexico, Parque Industrial Tecnológico II. The project, which sits on a 47.5-acre (19.2-hectare) site, is located on the corner of two of the most important thoroughfares in the city, Anillo Periferico Sur and Av. Colon.
Guadalajara, Mexico's second largest city, has become home to a number of international manufacturers in the rapidly-growing electronics industry. Tenants such as Agilent Technologies, Hewlett Packard, Pemstar and EM Solutions along with eight other multi-national companies have already made their home in Hines' recently completed Parque Industrial Tecnológico I. The fully-leased, 690,000-square-foot (64,000 m²) industrial park is located on Camino al Iteso #8900, a mile east of the of the new project.
Two Guadalajara-based architectural firms, Lakma and Fernandez-Medrano, have been selected to design approximately 1.3 million square feet (120,000 m²) of flexible Class A industrial space in six, single-story buildings in the new development.
"Hines is very excited to have the opportunity to consolidate its presence in the Guadalajara industrial market," said Ricardo Zuñiga, new business development director for Hines Mexico and original project manager for Parque Industrial Tecnológico I. "After the success of our first industrial development in the city, Parque Industrial Tecnológico II was a natural step."
Parque Industrial Tecnológico II will be a U.S.-quality industrial park development that will provide tenants the flexibility to accommodate many different types of operations, meeting the needs of the growing technology manufacturing sector in Mexico. Located in the center of Guadalajara's prime industrial corridor adjacent to a community with abundant affordable housing, Parque Industrial Tecnológico II will be easily accessible to amenities such as banks, restaurants and numerous commercial and public services.
The first group of buildings, 430,000 square feet (40,000 m²), is scheduled for completion in June 2001. Entire project completion is expected at the end of the first quarter 2004.
Parque Industrial Tecnológico II will be funded by the Emerging Market Real Estate Fund II, a $436 million dollar fund created by Hines and the Trust Company of the West, to develop Class A buildings in selected emerging markets.
"Hines has proven its commitment to Mexico and the State of Jalisco by developing Parque Industrial Tecnológico I, which has been an overwhelming success," said Hines Senior Vice President Mark Cover. "We will continue our commitment with this second industrial park that will accommodate a broad range of companies needing manufacturing space."
Hines entered the Mexican real estate market in 1975. Since that time, the firm has completed several commercial and residential properties in Mexico City as well as Del Bosque, an 800,000-square-foot office/residential complex in the Polanco District. In 1997, the firm acquired a 21-story office building located at Reforma 350 in the heart of Mexico City, which they renovated and renamed Torre del Angel. In Querétaro, Hines and partner Desarrollos Residenciales Turisticos are currently developing the 750-acre Parque Industrial Querétaro.
Hines is a privately-owned real estate firm involved in developing, managing, leasing and acquiring real estate, as well as providing a wide range of advisory services. The Hines portfolio currently includes more than 640 properties representing 209 million square feet (19,500,000 m²) of office, mixed use, industrial, retail and residential properties and large, master planned communities and land developments. With offices in 72 U.S. cities and 11 foreign countries, and assets in excess of $10 billion dollars, Hines is one of the largest real estate organizations in the world. Access www.Hines.com for more information.