New York, NY, June 07, 2024 (GLOBE NEWSWIRE) -- Thor Equities Group, a global leader in real estate development, leasing and management, is pleased to announce the acquisition of a premier industrial facility in Laredo, Texas. This latest acquisition marks a significant milestone in the company's expansion with the Port of Laredo being the United States’ leading international trade port.
Located on 18 acres in Laredo, Texas, the 250,000 square foot distribution facility was delivered in late 2023 and features 30’ 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 history in Laredo, at a record rental rate for product of comparable size in the market. Due to nearshoring and an explosion of trade between Mexico and the USA, Laredo is one of the most crucial land ports in the world. The bustling port is directly across the border from one of Mexico’s largest manufacturing hubs and facilitated $25 billion in trade value per month over 2022, representing nearly 60% of all annual trade between the USA and Mexico. Furthermore, Laredo’s strategic location in its market reaches more than 8 million people residing in a 250-mile radius.
"The acquisition in Laredo is a testament to our forward-thinking approach and ability to identify exceptional investment opportunities,” said Chairman of Thor Equities Group, Joe Sitt. “Through a well-executed cross-border strategy we can capitalize on global economic trends and provide solutions for tenants in both Mexico and the USA while building a resilient portfolio.”
Thor has amassed a widespread industrial portfolio with holdings in key markets in New Jersey, New York, California, Georgia, Pennsylvania, and Illinois in the US; and Spain, France, the UK, and the Netherlands abroad.
Thor’s recent activity includes the firm’s push into the data center sector which Chairman, Joe Sitt, discussed on CNBC’s Squawk on the Street show. Mr. Sitt discussed the voracious appetite for new technology driving the demand for data centers and interest from investors. Thor’s Chairman also spoke on Bloomberg Markets to discuss Electreon, the leading provider of wireless charging solutions for electric vehicles; as well as inflation, luxury retail, and opportunities across the evolving real estate market.
###
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.
Attachment
