New York, NY, Oct. 15, 2024 (GLOBE NEWSWIRE) — Thor Equities Group, a global leader in urban real estate development, leasing and management, is pleased to announce the sale of a premier industrial facility in Laredo, Texas, achieving an impressive 180% internal rate of return (IRR). This asset was acquired by Thor in May of 2024 and marks a significant milestone in the company’s long-term strategy.
Situated on 18 acres in Laredo, Texas, the 250,000 square foot distribution facility was delivered in late 2023 and features 30-foot clear heights, 3,000 square feet of office space, 48 docks, 233 trailer stalls, and 272 parking spaces. While under contract, Thor Equities successfully negotiated a five-year lease with EELCO, a US Customs Broker with over 30 years of history in Laredo, at a record rental rate for comparable properties in the market. With the rise of nearshoring and an explosion of trade between Mexico and the USA, Laredo has become one of the most crucial land ports in the world. The bustling port, directly across from one of Mexico’s largest manufacturing hubs, facilitated $25 billion in trade value per month in 2022, representing nearly 60% of all annual trade between the USA and Mexico. Additionally, Laredo’s strategic location reaches more than 8 million people within a 250-mile radius.
“We are excited to announce a major update in our cross-border strategy with the sale of this logistics asset in Laredo. This transaction enables us to deliver even greater value to our stakeholders while strengthening our competitive edge in the market. We remain committed to seeking opportunities that enhance our portfolio both in this region and beyond,” said EVP CIO of Thor Equities North America, Jack J. Sitt.
Thor’s recent activity in the industrial sector includes the acquisitions of two facilities in New Jersey totaling 291,500 square feet, and portfolio of 9 assets in Mexico’s Saltillo and Ramos Arizpe markets exceeding 1.6M square feet. Thor Equities’ Chairman, Joe Sitt, discussed the firm’s activity in Mexico and how the recent presidential election in Mexico is reshaping investment strategies on Wall Street Week. The firm has amassed a widespread industrial portfolio with holdings in key markets in New Jersey, New York, California, Georgia, Texas, Pennsylvania, and Illinois in the US; and Spain, France, the UK, and the Netherlands abroad.
Also, in late 2024, Thor completed the acquisition of a 270-acre industrial property which includes a 506,220 square foot facility with a dedicated substation capable of 100 MVA transformation, and 50 MW of in-place power output in the Greater Atlanta metro area. The site is fully equipped with transformers, water, sewer, and natural gas infrastructure in place, allowing for immediate development for data center or advanced manufacturing use.
###
About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow