Transactions - NOVEMBER 5, 2018

Thor launches four new projects in Mexico totaling 6 million square feet

by Released

Thor Equities Group and Thor Urbana, a leading real estate company in Mexico, have launched four new projects in Mexico totaling approximately 6 million buildable square feet in October and November.

The Harbor Mérida, a new lifestyle retail and entertainment center encompassing approximately 1.65 million square feet, officially opened on Oct. 19. The project features more than 120 commercial stores from such international and local companies as Sephora, Forever 21, Steve Madden, Under Armour, Innovasport and Miniso.

Montage Los Cabos, a seaside destination with 122 hotel rooms and 52 luxury residences, debuted on Nov. 2.  The resort’s location, including 39 acres on the white sand beach and azure waters of Santa Maria Bay, features spectacular views and immediate walk-in access to the finest swimming, diving and snorkeling in the region.

On Nov. 9, Thor Urbana will open Town Square Metepec, a lifestyle retail center totaling more than 1.7 million buildable square feet. The property is located in the residential area of Metepec, one of the fastest-growing regions in the state of Mexico. With distinctive architecture and an innovative design, it features international brands as well as national retailers, restaurants and entertainment stores that will transform the lifestyle of the area; they include Forever 21, Old Navy, Flexzone, Bimba y Lola, Pandora, Swarovski, MAC Cosmetics, Lacoste, Kipling, Under Armour, and many others.

Furthermore, The Landmark Guadalajara, a mixed-use development comprised of more than 2 million square feet of retail, office space and luxury residences, is launching on Nov. 22. The property is located in the Puerta de Hierro district, the most exclusive and prestigious neighborhood in the state of Jalisco, Mexico.

“We continue to believe strongly in the performance of commercial, hotel and mixed-use properties in major cities and tourist destinations in Mexico and elsewhere in Latin America, particularly emerging areas where we see an opportunity for significant long-term growth,” said Joseph Sitt, chairman of Thor Urbana and Thor Equities Group.

The company is continuing to develop, acquire, reposition and operate commercial, hotel and mixed-use projects in major cities and tourist destinations in Latin America, including the recently acquired Marina Town Center in Puerto Cancún, and the Four Seasons Resort and Residences Caye Chapel, Belize debuting in 2021.

Additional Thor projects opening in the next two years are Ritz-Carlton, Mexico City, the luxury brand’s first hotel in Mexico City; The Park San Luis Potosi, a mixed-use lifestyle retail center totaling 1.6 million square feet; and Bajalta, a mixed-use development in Tijuana totaling 2.5 million square feet. The company’s existing properties in Mexico include Thompson Playa del Carmen and Calle Corazón in Playa del Carmen, and multiple high-end retail properties in Altavista and Polanco in Mexico City.

In addition, Thor Equities Group is rapidly expanding its European holdings, which include a number of new properties in London, Madrid, Paris, Milan and other key global cities.  The company is also continuing to acquire and develop properties in New York, Chicago, Miami, Houston, San Francisco, Silicon Valley and other prime areas throughout the United States.

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