Industrial Realty Group LLC (IRG), an owner of commercial and industrial properties, announced that its subsidiary, Industrial Realty Mexico (IRM), has expanded its portfolio in Mexico, purchasing a 121,608-square-foot property in Hermosillo.
“IRG is committed to its new business ventures in Mexico. The site in Hermosillo is an opportunity for us to do what we do best — develop a new chapter for underutilized space and restore business activity and resulting jobs,” said Justin Lichter, chief investment officer of IRG.
A former Lowe’s retail store will be redeveloped according to market demand. The site could continue to serve as a retail space or be converted into industrial space.
The acquisition also included significant developable land, which could support retail, commercial or industrial opportunities on the highly traveled, main thoroughfare.
Through IRM, this acquisition marks IRG’s eleventh purchase south of the U.S. border.
