This groundbreaking rides on the heels of Parque Industrial Tecnologico I, a 690,000-sf industrial park that took a mere 24 months from start to fully leased. "After the success of our first industrial development in the city, Parque Industrial Tecnologico II was a natural step," says Ricardo Zuniga, Hines Mexico's new business development director.
Work on the first undertaking had wrapped up in spring 2000. It is positioned a mile east of the new development. Parque Industrial Tecnologico I has landed such tenants as Agilent Technologies, Hewlett Packard, Pemstar and EM Solutions.
In recent years, Mexico's second-largest city has become a hub for electronics manufacturing. Mark Cover, Hines senior vice president, told GlobeSt.com that Hines' strategy is to stay on after completion in keeping with its full-property management scope. It gives companies a sense of security about opening facilities in Guadalajara. "When a company comes in they know what they are going to get," he emphasizes.
This hands-on management makes it beneficial for Hines to expand its Mexican operations base, explains Cover. Hines began working in Mexico in 1975, and has several commercial and residential properties in Mexico City as well as Del Bosque, an 800,000-sf office-residential complex in the Polanco district. The company additionally has a 21-story office building, Torre del Angel, in the center of Mexico City. Hines also is developing a 750-acre industrial park, Parque Industrial Queretaro in Queretaro, Mexico, where it is partnering with Desarrollos Residenciales Turisticos.
Parque Industrial Tecnologico II is located on 47.5 acres and is being designed by Guadalajara-based Lakma and Fernandez-Medrano, which also mapped out the first park. The latest venture will consist of six single-story buildings, with an eye on a first quarter 2004 completion. The initial 430,000 sf in a multi-building undertaking delivers in June.
Hines is in the midst of negotiations with enough potential tenants to lease up the spec project, according to Cover. Project funding is being provided from a $436-million Market Real Estate Fund II that has been set up by Hines and Trust of the West to develop class-A buildings in emerging markets.
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