JUAREZ, MEXICO—A 35-property portfolio of mainly industrial assets here and in other cities in central and northern Mexico has come to market. CBRE has been tapped to exclusively market the 2.8-million-square-foot LaSalle One portfolio; a spokesman for CBRE tells GlobeSt.com his firm has been assigned to sell it as a package. An asking price has not been disclosed.

The portfolio, leased mainly to single tenants, covers a number of Mexico's key logistics and manufacturing markets. It includes 34 industrial buildings and one office building in Chihuahua, Guadalajara, Juarez, Matamoros, Monterrey, Reynosa, Saltillo and Torreon.

With an average suite size of 65,000 square feet, the portfolio is currently 70% leased to 24 tenants with an average remaining lease term of 3.9 years. No more than 13% of the portfolio's leases expire in a given year, thanks to a balanced rollover schedule.

Seventy percent of the vacancies are concentrated in northern Mexico, and therefore tied to the Maquiladora program that continues to produce significant tenant demand from trade associated with NAFTA.

Further, the portfolio's existing vacancy provides immediate upside potential, in addition to organic rent growth via contractual rent bumps provided by the 67% majority of in-place tenants. Annual NOI is projected to grow 48% over the course of an investor's 10-year hold period.

Jack Fraker and Josh McArtor of CBRE's Dallas office are marketing the LaSalle One portfolio in conjunction with Ernesto Rodriguez and Santiago Mijares of CBRE's Mexico City office, along with Val Achtemeier of CBRE's debt & structured finance group.

Chicxago-based LaSalle Investment Management closed its first Mexican fund at $300 million in May 2009, with a mandate to invest across a variety of asset classes including industrial. The LaSalle One portfolio comes to market a few weeks after Hines sold a 1.3-million-square-foot portfolio of mainly industrial assets in Mexico that it developed in 2009.