Hines, advised by international real estate advisor Savills, has acquired Parque Industrial Tecnologico II in Guadalajara, Jalisco, Mexico from Union Investment for an undisclosed price. The 120,770 m² Class A industrial park was originally developed by Hines and was sold to Union Investment in 2007. At 95% occupancy the park currently has 22 tenants including Assa Abloy, Bonafont, and Heinz.
Parque Industrial Tecnologico II is located on the corner of Anillo Periferico and Avenida Colón, making it a landmark location in Mexico’s second largest city. Within Guadalajara, the Periferico Sur industrial submarket offers excellent transportation and close proximity to universities and a robust labor market. Parque Industrial Tecnologico II is one of three logistics parks that Hines has developed in the area and has managed it since inception.
Hines’ business strategy for this asset involves engaging a local architect to redesign the façade of a building, which was previously leased by Intel as its headquarters, and subdividing the existing space to provide offices ranging in size from 929 m² to 12,233 m².
Ricardo Serrano, marketing director at Hines, comments: “We expect Parque Industrial Tecnologico II to benefit from a combination of strong tenants and occupancy history, construction quality and an excellent location, which is superior to most industrial assets, traded in the last three years in Mexico. The gradual shift from industrial into office in the area is driven by the lack of availability of large, quality Class A space at reasonably prices below price B rates.” Union Investment was represented by Cushman & Wakefield.