FIBRA Prologis acquires new building in Monterrey

Mexico's FIBRA Prologis said recently it has expanded its real estate holdings with the purchase of a 502,000-square-foot building in the Apodaca submarket in Monterrey, Mexico.

"This newly developed facility is leased to a multinational customer with whom we have recurrent business," Prologis Mexico CEO Luis Gutierrez said. "The high design standards and quality of the property, which is located inside Prologis Park Apodaca, are key differentiators that allow us to attract and maintain longstanding relationships with high-profile customers."

The Class-A building, which has additional land next to it for a potential expansion, was purchased for $38 million. The property was developed by Prologis, which is a sponsor.

FIBRA Prologis is a leading real estate company that specializes in owning and operating Class-A properties. It owns approximately 3.4 million square feet in property in Monterrey that is used mostly for distribution and logistics, according to the most recent data from Sept. 30. It also owns an additional 31.6 million square feet in Mexico.