{"id":1004075139,"date":"2013-05-29T11:27:54","date_gmt":"2013-05-29T19:27:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004075139"},"modified":"2022-12-04T07:31:51","modified_gmt":"2022-12-04T15:31:51","slug":"kimco-american-industries-sell-mexican-industrial-portfolio-for-600m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\/","title":{"rendered":"Kimco, American Industries Sell Mexican Industrial Portfolio for $600M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Kimco Realty Corp. has just taken a big step in its strategy in Mexico. The REIT and joint venture partner American Industries have entered into an agreement to sell their interests in an 11 million-square-foot portfolio of industrial properties in the country to Terrafina, a Mexican REIT advised by Prudential Real Estate Investors, for $600 million.<\/p>\n

It’s all about timing. “There’s been a lot of investor capital flowing into Mexico,” a Kimco official told\u00a0Commercial Property Executive<\/em>. “And with the new FIBRA structures, or Mexican public REITs, there have been a number of IPOs that have taken place and raised a lot of investor capital, and as a result, they need to buy properties.” Mexico’s first public Fideicomisos de Inversi\u00f3n de Bienes Ra\u00edces, FIBRA Uno, raised $300 million with its initial public offering in 2011 and commenced its second follow-on offering, valued at $1.7 billion, in January 2013.<\/p>\n

Kimco is giving the hungry investors in Mexican real estate what they want. The REIT and American Industries will sell Terrafina a collection of 84 properties featuring locations throughout Mexico and an occupancy level of roughly 92 percent. The tenant roster consists of a bevy of multi-national businesses with light manufacturing needs in the automotive, aerospace and consumer goods industries.<\/p>\n

Per the terms of the sale agreement, Terrafina will pay American Industries and Kimco, which owns a 50.7 percent interest in the portfolio, approximately $294 million and assume $306 million in existing debt on the assets. Kimco anticipates that the transaction will close by the third quarter of this year.<\/p>\n

The Terrafina deal comes on the heels of Kimco’s completion of the joint venture disposition of a 2.6 million-square-foot portfolio of nine shopping centers in Mexico, for $271 million. It’s the same story, in terms of the current state of the real estate market in the country.<\/p>\n

“There’s a need for properties and Kimco has a nice, strong quantity of shopping centers properties down in Mexico,” the Kimco official said. “As a result of that increase in capital coming into Mexico, cap rates are falling and retail real estate prices have risen dramatically over the last year. So as a result, Kimco has been selectively considering and looking at opportunities to reduce its exposure in Mexico.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT and joint venture partner American Industries have entered into an agreement to sell their interests in an 11 million-square-foot portfolio of industrial properties in the country to Terrafina, a Mexican REIT advised by Prudential Real Estate Investors, for $600 million.<\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,16,21783,21742],"tags":[],"class_list":["post-1004075139","post","type-post","status-publish","format-standard","hentry","category-industrial","category-international","category-investment","category-latest"],"acf":[],"yoast_head":"\nKimco, American Industries Sell Mexican Industrial Portfolio for $600M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kimco, American Industries Sell Mexican Industrial Portfolio for $600M\" \/>\n<meta property=\"og:description\" content=\"The REIT and joint venture partner American Industries have entered into an agreement to sell their interests in an 11 million-square-foot portfolio of industrial properties in the country to Terrafina, a Mexican REIT advised by Prudential Real Estate Investors, for $600 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-29T19:27:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T15:31:51+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Kimco, American Industries Sell Mexican Industrial Portfolio for $600M\",\"datePublished\":\"2013-05-29T19:27:54+00:00\",\"dateModified\":\"2022-12-04T15:31:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\\\/\"},\"wordCount\":383,\"commentCount\":0,\"articleSection\":[\"Industrial\",\"International\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/kimco-american-industries-sell-mexican-industrial-portfolio-for-600m\\\/\",\"name\":\"Kimco, American Industries Sell Mexican Industrial Portfolio for $600M - 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