Mexico City Shopping Center Sold By Hines to Local REIT
- May 21, 2015
Mexico City, Mexico—Real estate investment trust FibraShop recently completed the acquisition of a major retail property located in the Mexico City area. The City Center Bosque Esmeralda was purchased for an undisclosed amount from international real estate firm Hines. The asset had been marketed on behalf of Hines by real estate company Savills.
City Center Bosque Esmeralda offers a total of 318,353 square feet of retail space. The four-level, open-air shopping center is anchored by Comercial Mexicana and High Fitness Center, while the facility’s tenant roster also includes names such as Tok’s and a Kash entertainment center. The complex was designed by Cincinnati-based KA Architecture.
Palmer Letzerich, senior managing director of Hines, noted that the property is “the most recent that Hines Mexico has brought from concept and construction through leasing and disposition.” Letzerich also mentioned that the property fits in well with the new owner’s portfolio, as FibraShop focuses on acquiring upscale retail centers across Mexico. The facility totals more than 90 stores and dining spots, and features some of the best common areas and amenities available on the market. The REIT now owns 14 retail properties, located in 12 Mexican states. The portfolio totals more than 381 million square feet of space.