Tijuana Secures Two Industrial Park Projects Worth US$900 Million

Mexican developer Meor announced plans to build its fourth industrial park in Tijuana, which constitutes a five-phase megaproject integrating manufacturing, technology and business services in a single strategic location. Meanwhile, FIBRA Macquarie México (BMV: FIBRAMQ) announced plans to develop up to four Class A industrial buildings, totaling roughly 750,000ft2 of gross leasable area (GLA), on a 16ha site in Tijuana’s Pacífico/Libramiento submarket.

Meor’s HubsPark Tech Campus will require an estimated investment of more than US$800 million, making it one of the most significant developments in the border region. The first phase, already underway, involves US$150 million to construct 120,000m2 of industrial space across three buildings designed to international standards. Two are currently under construction, featuring 32ft-high ceilings, loading docks, equipped offices, and power capacity for high-consumption operations.

“Tijuana has the third-largest concentration of engineers in Mexico. Projects like this are essential for attracting foreign investment and strengthening the region’s industrial ecosystem,” said Pedro Montejo, Tijuana’s Minister of Economic Development.

Construction is set to be completed in seven years. The 167ha project is expected to generate about 6,000 direct jobs and 10,000 indirect ones, reinforcing Tijuana’s role as one of Mexico’s most dynamic logistics hubs. Baja California’s Minister Economic Development Rodolfo Andrade said the project signals confidence in the state’s economy. “Tijuana is and will remain the engine of Baja California,” he said.

The park will follow Meor’s “One Hub Solution” model, combining industrial facilities with commercial areas, recreation spaces and business services such as transportation, human resources and accounting.

“We want to build more than industrial buildings. We are creating a space where innovation, talent and operational efficiency converge,” said Jonathan Pomerantz, Meor’s development director.

The project is located 22 minutes from Tijuana’s Zona Río and 15 minutes from the financial district, and aims to attract companies in logistics, advanced manufacturing and technology, leveraging the city’s geographic position and skilled workforce. Meor CEO Javier Camarena said the project represents a “quadruple bet” on Tijuana: in manufacturing, technology, infrastructure and human capital.

Regarding FIBRA Macquarie’s new venture, the park will benefit from proximity to two major US border crossings and access to a skilled workforce for manufacturing and logistics operations.

“This project reflects our commitment to growing our development portfolio while maintaining disciplined capital allocation,” said CEO Simon Hanna. “By adding to our presence in a strategically connected area of Tijuana, and through our focus on sustainable, top-tier construction with secured energy rights, we are positioning ourselves for long-term value creation.”

The development is a 50-50 joint venture with Grupo FRISA, which is contributing the land. The total investment is expected to be about US$88 million, with FIBRA Macquarie funding half over time. Projected returns include a net operating income (NOI) yield on cost between 9% and 11%, consistent with company targets.

FIBRA Macquarie’s management platform, MPA, will oversee property management, leasing, and engineering to maximize margins. The site is construction-ready, with initial earthworks already underway. The first building, of approximately 200,000ft2, aims for a LEED® Gold certification as the bare minimum.

As of March 31, 2025, FIBRA Macquarie’s portfolio includes 243 industrial and 17 retail properties in 20 cities across 16 Mexican states, with nine retail properties held through a joint venture with Grupo FRISA.