Ridge Property Trust, a Chicago-based REIT specializing in industrial property development, investment, and management, announces that FAMSA (the publicly traded Mexican retail firm) has selected Ridge to create a 198,000 square foot build-to-suit in San Antonio. Construction has started with occupancy slated for June of 2008.
The state-of-the-art distribution center is to be located at Fischer Road and Interstate 35 (I-35), and will serve as Class A industrial space to support FAMSA's retail expansion into the United States. FAMSA, Mexico's largest furniture, appliance and electronics retailer, is moving into the United States under FAMSA's National Furniture brand. National Furniture currently has 25 stores in the United States (with eight in Texas). The company plans to reach a total of 300 U.S. stores in the coming years.
"Over the last six months we've established a strong working relationship with FAMSA, understanding their specific requirements and designing a distribution center with 40' clear ceilings that will support their expansion needs moving forward over the next decade," said James Martell, Chairman and Chief Executive Officer of Ridge Property Trust. "Our work with FAMSA provides us with a unique opportunity to leverage our strengths in the build to suit market to create a top tier distribution facility, and at the same time has opened the door for continuing development activities between the two organizations, allowing Ridge to expand its presence in South Texas and move beyond the Mexican border to include land from Monterrey to Tijuana."
Since 2003, Ridge Property Trust has rapidly expanded its activities to create and support cross-border facilities in Northern Mexico that serve MSA zones in Texas and California. The company already has over 1.5 million square feet of master-planned, Class A industrial park facilities in Reynosa, Mexico.
MYCON General Contractors, based in Dallas, Texas, has been awarded the construction contract. The project has a planned construction completion date of May 2008.
FAMSA is one of the leading consumer finance retailers in Mexico, with more than 300 stores in Mexico and the United States. Grupo FAMSA has presence in 71 cities in Mexico and four states in the United States, offering its customers a wide range of products and services, including small and home appliances, furniture, clothing, automotive and financial services. Grupo FAMSA has also been recently authorized by the Mexican ministry of finance to establish and operate a commercial bank.
Ridge Property Trust, a privately-held real estate investment trust (REIT) with ongoing industrial developments in the United States and Mexico, is a leading provider of commercial real estate development services. Combining immediate access to key local decision makers with a highly responsive and streamlined organization, Ridge provides a competitive advantage that makes acquisition and development cost-efficient, customized, and customer-focused.
Backed by Prudential Real Estate Investors, Ridge Property Trust delivers senior executives armed with exceptional local knowledge, worldwide institutional power, discipline, and access to capital - ensuring the best value for brokers, sellers and end users alike. Ridge Property Trust is based in Chicago and has regional offices throughout the United States and Mexico. For more information, visitwww.rptrust.com or call (972) 550-6100.