FIBRA Macquarie Buys Tijuana Land With 90MW Substation

FIBRA Macquarie México is expanding its nearshoring-ready industrial platform with a major land acquisition in Tijuana’s Boulevard 2000 corridor, securing access to a 90MW dedicated substation for a future Class A park. The move builds on strong 2025 results and aligns with its sustainability strategy, including IFC-backed financing for green industrial parks.

FIBRA Macquarie México is doubling down on nearshoring-driven industrial demand with a landmark land acquisition in Tijuana that comes with one of the market’s most sought-after constraints already addressed: dedicated electricity capacity.

FIBRA has announced it has acquired a 124ha industrial land parcel in Tijuana’s Boulevard 2000 submarket for a total consideration of US$113.8 million, excluding transaction costs and taxes. The site is expected to support a phased, multi-year Class A industrial park with an estimated potential of 315,870 m² of gross leasable area (GLA). Crucially, the acquisition includes permit rights tied to a 90MW dedicated substation, positioning the project to attract power-intensive tenants and larger-format users seeking long-term operating certainty.

Power availability has become a defining differentiator for industrial real estate across Mexico’s northern border markets. In that context, FIBRA Macquarie framed the deal as its largest development project to date and a material expansion of its future pipeline.

The company says it expects to develop a Class A park built to at least a LEED Gold standard, targeting a stabilized yield on cost in the 9% to 11% range. These parameters closely mirror the return profile FIBRA Macquarie highlights in its latest performance update, where management emphasized selective growth opportunities supported by balance-sheet flexibility.

The purchase is structured through installment payments spread over three years. FIBRA Macquarie disclosed an initial cash payment of US$19.9 million on Feb. 19, followed by additional US$19.9 million payments in subsequent months, then US$39.8 million in February 2027 and US$34.1 million in February 2028 (excluding transaction costs and taxes).

Following the transaction, the company said its total land bank for industrial development stands at approximately 789,677 m² of buildable GLA, reinforcing a strategy oriented toward long-duration development in core markets.

The Tijuana land acquisition arrives as FIBRA Macquarie reports a strong close to 2025. In its 4Q25 and full-year 2025 results, the company reported AFFO per certificate of US$0.166, up 8.3% year over year, alongside record full-year AFFO of US$118.3 million, up 4.1%.

Operationally, FIBRA Macquarie highlighted continued strength in industrial leasing dynamics. It reported last-twelve-month industrial leasing renewal spreads of 19.8%, a sizable increase versus the prior year. For the fourth quarter, it also pointed to industrial same-store NOI growth of 6.7%, in US dollars, YoY and modest increases in leased industrial GLA quarter over quarter.

Beyond operating metrics, the company underscored progress on financing and ESG credentials. It reported closing two five-year sustainability-linked unsecured credit facilities totaling US$600 million, and achieving LEED Platinum certification for an MCMA industrial property, which it described as having a world-record category score of 91 under the relevant standard referenced in the release. 

FIBRA Macquarie’s updated guidance and capital plans help explain the timing of a land-heavy, power-enabled bet in Tijuana. In the results release, the company said its forecast 2026 cash investment for its industrial development program on existing land reserves and projects under development is expected to be US$50 million to US$100 million, excluding any new land acquisitions.

Separately, recent reporting also points to additional funding aimed at expanding energy-efficient industrial infrastructure. The International Finance Corporation (IFC) is providing a US$50 million loan to support FIBRA Macquarie’s plan to develop greener industrial parks, tying the initiative to nearshoring-ready job creation and efficiency-focused design, MBN reports. IFC communications reports that the financing will support next-generation industrial parks across key hubs including Mexico City, Monterrey, Ciudad Juarez, Reynosa, Tijuana, and Guadalajara.

Taken together, the IFC-backed green parks plan and the Tijuana substation-linked land position FIBRA Macquarie to compete for tenants that increasingly screen sites based on power reliability, sustainability standards, and speed-to-market. In border markets like Tijuana, where nearshoring demand remains structurally supported by proximity to the United States and established manufacturing ecosystems, dedicated capacity can become a deciding factor for high-quality, long-term occupiers.

FIBRA Macquarie’s leadership described Boulevard 2000 as one of Mexico’s most compelling long-term industrial investment corridors, citing expectations for strong supply-demand fundamentals driven by long-term nearshoring trends. The company also pointed to the project’s potential social and economic spillovers, including employment opportunities for nearby communities.