MEXICO CITY– (BUSINESS WIRE)–Today FIBRA Macquarie México (BMV: FIBRAMQ) announced the execution of a lease for the first phase of its recently completed industrial development in Ciudad Juárez, Chihuahua.
The phase one building comprises 201,000 square feet of gross leasable area (GLA), which was fully leased upon construction completion in the fourth quarter of 2019 and will be occupied by a U.S.-based manufacturer of laser printers and imaging products.
“Our first development project in Ciudad Juárez has been successful for FIBRA Macquarie from a number of aspects. The first phase of the project, which was built to LEED certification standards, commenced construction, was completed and leased to a high-quality customer with an annualized NOI yield in excess of 11%”
The customer, which has been operating in Ciudad Juárez for the past 20 years, intends to use the facility for logistics and distribution. The triple-net lease is U.S.-dollar denominated.
“Our first development project in Ciudad Juárez has been successful for FIBRA Macquarie from a number of aspects. The first phase of the project, which was built to LEED certification standards, commenced construction, was completed and leased to a high-quality customer with an annualized NOI yield in excess of 11%,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “We have begun construction on the second 217,000 square foot building with expected completion prior to the end of the second quarter of 2020.
Given the continued strength of the Ciudad Juárez industrial market, which is currently experiencing record low vacancy, we are optimistic that our phase two building will also be well received by prospective customers. Through this development initiative we continue to deliver accretive risk-adjusted returns to our certificate holders.”
Consistent with phase one, the building is being constructed in accordance with our commitment to sustainable LEED-standard building practices.
About FIBRA Macquarie
FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 234 industrial properties and 17 retail properties, located in 20 cities across 16 Mexican states as of September 30, 2019. Nine of the retail properties are held through a 50/50 joint venture.