(MEXICO CITY) – Hines, the international real estate firm, today announced the sale of its latest light industrial and logistics park in Guadalajara, Jalisco, Mexico, Parque Industrial Tecnológico IV (PIT IV) to Corporate Properties of the Americas (CPA).
Located just two miles south of the Guadalajara International Airport, PIT IV is the latest Hines industrial and logistics development in Guadalajara, Jalisco, Mexico and the fourth Hines logistics park in city. PIT IV consists of eight best-in-class, light industrial facilities totaling over 1.5 million square feet and is home to some of the most notable international tenants in the market.
Hines Managing Director Rodrigo Peredo stated, “The location and specifications of this park represent another example of where Hines continues to set the standard for quality in Class A industrial and logistics development in Mexico. It is our goal to design and deliver a location where our tenants can enjoy a higher level of productivity for themselves and their customers. It was a pleasure working with the entire Hines team to bring this park from concept to completion.”
The buyer of the park, CPA is a premier developer, owner and operator of industrial and logistics across the county. Hines was represented in the sale by Javier Kutz from Savills. Financials on the sale were not disclosed.
“As we continue our development activities in the major tier one markets across Mexico, PIT IV is exactly the type of quality product and top tier management that our tenants and investors can expect from Hines,” stated Hines Senior Managing Director Palmer Letzerich. “We are currently nearing completion and lease up of our newest park in Mexico City and have several new parks that we will kick off in 2022.”
To date, Hines has invested nearly $4.1 billion1 in the industrial and logistics sector and completed 60 acquisitions2 totaling 43,870,788 square feet. Hines has an additional 36 development projects, ranging from in-design to completed, currently held in our portfolio representing an additional 25,403,260 square feet.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
Corporate Properties of the Americas (CPA), founded in 1997, is one of Mexico’s leading industrial real estate companies, acquiring, developing, and operating logistics and light industrial space throughout Mexico. With over 28 million square feet of warehouse, distribution, and light manufacturing space located in four main commercial hubs – Mexico City, Monterrey, Guadalajara, and Tijuana, CPA provides high-quality facilities to a wide variety of domestic and multinational clients.
Savills is a global real estate services provider listed on the London Stock Exchange. Headquartered in London and founded in 1855, Savills has an international network of over 600 offices and over 34,000 people in over 60 countries throughout the Americas, the UK, Continental Europe, Asia Pacific, Africa and the Middle East. With a presence in Mexico since 2006, Savills offers a broad range of specialist advisory, transactional services, tenant representation and investment advice on purchases and sales nationally and internationally.