89.5%
OCCUPIED
MUSTANG INDUSTRIAL PORTFOLIO
NAI Mexico has been exclusively engaged as advisor for the Mustang Industrial Portfolio. The assignment includes the structured marketing and disposition of a multi-asset industrial platform located across key North American manufacturing corridors.
About Mustang Portfolio
3,473,000 SF
21 INDUSTRIAL PROPERTIES
100%
US DENOMINATED LEASES
21
BUILDINGS
CIUDAD JUÁREZ, CHIHUAHUA
Ciudad Juárez's primary economic driver is foreign manufacturing and logistics, which collectively employ over 300,000 individuals. Currently, the city features more than 600 industrial buildings distributed across approximately 60 industrial parks and zones.
9 Buildings
1.4 M SF
73% OCCUPANCY
MONTERREY, NUEVO LEÓN
Monterrey’s diverse industrial base has kept growing year by year, making it a shortlist consideration for global site selection projects. Its more than 100 industrial parks and zones have positioned Monterrey as a Tier 1 Industrial Market in the country.
4 Buildings
630 K SF
100% OCCUPANCY
REYNOSA, TAMAULIPAS
Reynosa is a key export hub, anchored by deep manufacturing roots and immediate U.S. border connectivity. Its integration with the McAllen–Pharr trade corridor sustains consistent industrial and cross-border activity.
8 Buildings
1.5 M SF
100% OCCUPANCY
Land reserve for additional 300K SF GLA.
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Investors gain direct exposure to industrial real estate across three key regions in Mexico through this opportunity. These assets are in key industrial centers that attract operators and foreign investment, offering nearshore advantages, tailored production, overnight U.S. delivery, and access to expanding automotive and pharmaceutical sectors.
Mustang Portfolio
The Opportunnity
- 100% USD denominated industrial portfolio, divided among 3 of the top 10 major industrial markets in Mexico, comprising 21 properties.
- Financing available up to ~70% loan-to-value (LTV), priced at SOFR + ~205 bps.
- Value-add opportunity:
• Annual NOI ~US$20 M at 89.5% occupancy; projected to increase to ~US$22 M upon reaching 100% occupancy.
• In-place rents are 19% below market.
• Land reserve includes 1.24 M SF of land, in which additional 300 K SF of GLA can be developed.
Mustang Portfolio
The Portfolio
- Asset Stats: Located in 3 of the top 10 major industrial markets.
- Asset Stats: 21 properties, totaling 3.5 M SF of GLA.
- Asset Class: Class A: 70%..
- Asset Stats: Class B: 30%..
- Occupancy Rate: 89.5%; expected to increase to ~95% by 2Q’26
Mustang Portfolio
Financial Returns(3-year hold)
- Cap Rates: Going in Cap rate of ~8.20%.
- Cap Rates: Exit Cap rate ~7.74%, subject to market conditions.
- Asset Stats: 21 properties, totaling 3.5 M SF of GLA.
- Target returns:
• IRR: >11.5% unlevered >18.0% levered.
• Equity multiples: ~1.35x and ~1.50x, respectively.
• YoC: going in 7.92%; stabilized 8.80%.
• YoE: going in 9.51%; stabilized 11.76%.
OUR EXPERTS
For more information feel free to contact us:
GARY SWEDBACK
President & CEO
HAROLD HOEKSTRA
COO
JUAN CARLOS LÓPEZ
Capital Markets Director
RICARDO CARRILLO
Senior Vice PresidentWhat WE DO?
NAI Mexico is the exclusive member for Mexico of NAI Global, one of the 3 largest global commercial real estate firms. The team has been working in Mexico for more than 30 years.
Real estate services
With more than 30 years leadership in Mexico, 16 offices and 60+ professionals, NAI provides brokerage services, capital markets advisory and business intelligence for any type commercial real estate project nationwide and throughout Latin America.
Brokerage services
As one of the world’s largest commercial real estate firms NAI utilizes its global platform to support both tenants for operations planning and owners seeking to identify tenants to offer their space.
Moving operations
NAI utilizes its global platform to assist relocation planning to Mexico from global locations including Asia, Europe, Canada and US.
Business intelligence
NAl Mexico Business Intelligence provides over 70 key indicators to support developers, investors and tenants understand the conditions of each market and provide information for the decision-making process.
Capital markets
NAI Mexico provides strategic capital markets advisory for industrial assets across Mexico.
