(MEXICO CITY) – Hines, the international real estate firm, is kicking off Phase One of El Convento CityPark in Mexico City, a logistics park development in the CTT submarket. Phase One of CityPark consists of the three buildings, totaling over 1 million square feet, which upon completion, will offer newly constructed cross-dock and front-load configurations available for lease. Convento CityPark will ultimately consist of eight buildings and over 1.7 million square feet of Class AAA logistics and distribution space.
“We are extremely excited to begin the development of CityPark,” said Hines Director Daniel Manos. “The project enjoys immediate access to Highway 57 inside the toll booth at Tepotzotlan and features 32-foot clear heights and multiple building configurations, including a 50,000-square-meter cross-dock building. As with all Hines industrial/logistics developments, we are including tenant amenities – in this case a multi-use sports field. The park offers the best access in the market along with top-of-market building specs, truck queuing and trailer storage.”
Convento CityPark, formerly known as El Convento, is located in the heart of the CTT submarket, which recently has posted record high absorption and record low vacancy. The submarket remains highly desirable from local and international logistics users.
“With a population of over 23 million people, Mexico City is one of the globe’s premier logistics markets. We are thrilled to announce our newest project in Mexico City and excited by the value proposition this project will offer to our tenants,” said Hines Senior Managing Director Palmer Letzerich. Hines also announced that it has selected Abitat as its general contractor. Founded in 1986, Abitat Constructora is one of Mexico’s leading construction firms.
Construction is projected to commence by the end of 2017 with the first two buildings completed in the second quarter of 2018.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.