GUADALAJARA, Mexico, Dec. 17, 2019 /CNW/ - ICM Asset Management is pleased to announce that it has entered into a partnership with one of Canada's largest and most diversified institutional investment and pension fund managers to deliver Santa Rosa Park, a 246,340 m² class A build-to-suit and spec industrial project in Guadalajara, Mexico.
"We are excited to be expanding our Mexican real estate platform with an extraordinary partner on an exceptional project," said Bruce Timm ICM's Founder and CEO. "We believe this is a tremendous opportunity for our partner and ICM's investors to potentially generate meaningful value and enhanced investment returns."
Santa Rosa Park is located in one of the most important industrial corridors in the state of Jalisco, home to corporate users including Gatorade, Prologis, Honda, Hershey, and Nestle. There is a limited supply of Class A industrial buildings >15,000 m² with market vacancy less than 1%, leaving many global and national tenants searching for space. ICM believes the site, which will offer an immersive experience for employers and their employees by providing amenities such as leisure areas, cycling paths, and restaurants, is well timed to meet market and tenant demands.
"Santa Rosa Park is a high-quality industrial project in one of Mexico's most important logistics and manufacturing centers," said Scott Myers ICM's Managing Director. "Guadalajara has a number of important strategic advantages. It is the second largest MSA in the country behind Mexico City, it benefits from close proximity to the Port of Manzanillo which is Mexico's largest commercial port on the Pacific, excellent highway, rail, and air cargo infrastructure, and an educated workforce that has helped Guadalajara earn the title as the Silicon Valley of Mexico. Because of these dynamic factors, the Guadalajara industrial market is supply constrained, with a 0% vacancy rate for standing inventory of 25,000 m² or larger, which is where we intend to focus our leasing efforts."
Phase 1 of the project will begin immediately and will include three buildings (85,606 m²) to be completed over a 36-month period, with the first building to be delivered to market in Q2 2021. The developer of Santa Rosa Park, Alveo, has 37-years of experience building industrial warehouses and long-standing relationships with several national and international Class A tenants.
About ICM Asset Management
ICM Asset Management is an alternative asset manager focused on owning, operating and investing in real assets. We offer retail, private client and institutional investors an array of investment opportunities focused on real estate, private equity, private debt and infrastructure strategies. We are headquartered in Calgary and have offices in Atlanta, Munich and Mexico City. ICM Investment Management, a wholly owned subsidiary of ICM Asset Management, is a registered investment fund manager (IFM) and portfolio manager (PM) with provincial securities regulators across Canada.