Hines, Grupo Valoren Form JV for 20M-SF Industrial Park

SAN LUIS POTOSI, MEXICO-A 20 million-sf industrial park will be built here by a joint venture of Houston-based Hines and Mexican developer Grupo Valoren. Parque Logistico, slated for 1,000 acres adjacent to Highway 57 (the NAFTA Highway) and the principal north-south railway, will house more than 120 national and international manufacturing and distribution operations. Build out is expected to take seven years.The first phase of the project, a $7 million investment involving 100 acres, will include a natural gas distribution network, a fiber-optic communications system, a Factory Mutual-standard fire loop, and a state-of-the-art sewage treatment facility. Construction is scheduled to begin this month.Parque Logistico marks the fourth industrial park developed by Hines in Mexico, and the first major investment by Hines in San Luis Potosi since the company’s successful sale of a large real estate portfolio last year. The three other Hines-developed industrial parks include Parque Industrial Tecnológico I and II in Guadalajara, and Parque Industrial Querétaro in Querétaro.San Luis Potosí is a fast-growing city of nearly one million people located 240 miles north of Mexico City on the NAFTA Highway, which is an extension of US Interstate 35. I-35 runs from Canada through the central US and Texas. The JV says Parque Logistico will have intermodal facilities and on-site Customs operations. Approximately 1,000 new jobs will be created within the park in the first two years. An additional 15,000 additional jobs are expected to be created as the park is built out. The 1,000-acre project is 300-acres more than Hines has developed in Mexico over the past 30 years combined.