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Family Firm Sells Stake in 10M SF for $453M

MONTERREY, MEXICO-FINSA, one of the largest industrial development companies in Latin America, sells a majority stake in its 10.5-million-sf Mexico industrial portfolio to a subsidiary of GE Commercial Finance Real Estate, keeps the property management assignment and uses a portion of the proceeds to launch a new fund with AIG.

By Brian K. Miller | Updated on November 21, 2005

MONTERREY, MEXICO-Locally based FINSA, a real estate development company, has sold a majority stake in its 10.5-million-sf Mexico industrial portfolio to a subsidiary of GE Commercial Finance Real Estate for $453 million. A source with FINSA tells GlobeSt.com that the Arguelles family-owned business retains a minority stake in the portfolio as well as the property management assignment.

The GE Finance subsidiary that invested in the portfolio is Intramerica Real Estate Group. The joint venture is called Intramerica Industrial Properties I. The portfolio has a 95% occupancy rate and consists of mostly tilt-wall industrial buildings built out specifically for certain international manufacturers, and developable land, according to the source. Geographically, the properties are spread out between central, coastal and US border cities.

“Many of them are labor-intensive and capital intensive operations such as Plastic injection molding and metal stamping that require high electric loads,” according to the source. “Some of the properties date back to the Arguelles family start in the business in 1977.”

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