Hines Sells Retail Center in Hermosillo

(MEXICO CITY, MEXICO) – The Mexico City office of Hines, the international real estate firm, announced today the sale of City Center Pitic to MexFund S.A.P.I, a Mexico-based real estate investment firm.

Financials on the deal were not disclosed. The Mexico City office of CB Richard Ellis (CBRE) represented Hines in the transaction, while MexFund was self-represented.

The 188,063-square-foot, open-air retail center contains more than 60 shops, plus Walmart Supercenter and Sportsworld Fitness Center as anchors. Designed by the Mexican-based architecture firm Oikonos, City Center Pitic's storefront design complements the Sonora desert landscape.

In 2008, Hines, on behalf of HCM Holdings LP, developed City Center Pitic, its first retail project in Mexico. Located on Boulevard Morelos in the uptown neighborhood of northeast Hermosillo, City Center Pitic is in the heart of the city's fastest growing area. The capital of the State of Sonora, Hermosillo shares a common border with Arizona, just 250 miles south of Phoenix.

“Hines is very proud of this retail center’s performance as it has been more than 90 percent leased for the past several years. This sale marks the first institutional retail transaction in the past few years in Mexico, and as Hines positions itself for continued investment and growth in Mexico, we view this transaction as a positive sign of the increasingly dynamic real estate investment market here," said Hines Vice President and Mexico Managing Director Palmer Letzerich.

HCM Holdings LP was formed in 2005 by Hines and the California Public Employees’ Retirement System (CalPERS). Capitalized with $100 million, the fund’s focus is to invest in Mexico’s real estate market, specifically in residential and retail projects.

The fund has an eight-year term and a $200 million capacity, including leverage.

Hines entered the Mexico real estate market in 1992 with the development of Torre del Angel and Del Bosque.

Its Mexico portfolio of owned and managed properties currently exceeds 10 million square feet, and includes two retail centers in addition to numerous office and industrial properties across the country.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,147 properties representing more than 462 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 108 cities in 18 countries, and controlled assets valued at approximately $23.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.

Visit www.hines.com for more information.

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