Thor Urbana Fully Leases TU Park Apodaca I as Cadrex Signs 350,000-SF, 10-Year Deal

Thor Urbana announced a new 10-year lease agreement with Cadrex for 350,000 square feet at TU Park Apodaca I in Monterrey, Nuevo León, bringing the industrial park to 100% occupancy less than one year after it opened. The firm announced the lease Oct. 21.

The agreement means all 450,000 square feet of rentable area at the park is leased. Cadrex, a U.S.-based specialized manufacturing company serving sectors including data center infrastructure, aerospace and medical devices, occupies about 77.8% of the property. The remaining space is leased to a second international company in advanced manufacturing, technology and high-value-add activities.

Cadrex Lease at TU Park Apodaca I

TU Park Apodaca I sits in the Apodaca corridor along one of the main routes connecting Monterrey International Airport with the city. Thor Urbana, a real estate investment and development company in Mexico, said TU Park Apodaca I and TU Park Apodaca II represent a combined investment of approximately MXN 3.5 billion.

"Achieving full occupancy at TU Park Apodaca I in less than a year, with a lease of this scale and a 10-year term, reinforces our conviction in Apodaca's potential and the importance of developing assets that meet the needs of increasingly specialized global companies," said Jimmy Arakanji, Co-CEO of Thor Urbana.

Joe Sitt, Chairman of Thor Equities Group, said: "Mexico remains one of the most compelling markets for industrial real estate investment, driven by its strategic role in North American manufacturing and growing demand for specialized industrial space. The successful lease-up of TU Park Apodaca I reflects our commitment to developing high-quality assets in strategic markets and building long-term relationships with leading global companies."

Cadrex Expands Its Monterrey Footprint

Cadrex operates 22 facilities across the United States and Mexico. The company expanded its Monterrey operations in 2026 with more than 20 new pieces of production equipment and a dedicated manufacturing line for data center racks, designed to meet growing demand from customers involved in artificial intelligence infrastructure.

The lease follows other recent growth by the company in the city. Cadrex opened a third manufacturing building in Monterrey in February 2026, adding 173,000 square feet and bringing its Monterrey campus to 573,000 square feet across three buildings. The company said the expansion was driven by demand at its existing facilities and was intended to support fabrication, subassembly and assembly operations.

Nuevo León Exports and Monterrey Industrial Market

Thor Urbana cited export data from Mexico's National Institute of Statistics and Geography (INEGI) showing Nuevo León's exports reached $33.1 billion in the first half of 2026, an increase of 18.2% compared with the same period in 2025. Exports of computer equipment and electronic accessories grew by a cumulative 90.8%, making the sector the largest contributor to the growth of state exports during the period.

Monterrey's industrial market has been shifting from extreme undersupply toward a more balanced environment. During the third quarter of 2026, reported vacancy fell from 6.8% to 6.1%, while vacant inventory declined from 1.22 million square meters to 1.11 million square meters. Another market report put third-quarter vacancy at approximately 7%, up from less than 1% in early 2024, indicating that estimates vary by methodology and coverage.

Approximately 666,000 square meters of industrial space was under construction in Monterrey during the third quarter. Apodaca accounted for the largest reduction in available inventory, with availability declining by 78,000 square meters during the quarter, and represented 27% of Monterrey's industrial demand, second among the region's major corridors.

TU Park Apodaca II Pipeline

Thor Urbana is advancing TU Park Apodaca II, which will feature 1.6 million square feet of rentable area across seven Class A industrial buildings. The project expands the company's presence in the Apodaca corridor and its offering of space primarily designed for manufacturing and logistics.

The second phase will enter a market with more competing supply than existed during the region's 2023-24 undersupply period, though the first phase reached full occupancy before Apodaca II is delivered.

About Thor Urbana and Thor Equities Group

Thor Urbana describes itself as a real estate development and investment company in Mexico with a vertically integrated platform spanning industrial buildings, luxury hotels, residential communities, corporate offices and shopping centers. The company has a portfolio of more than 2.7 million square meters in locations including Saltillo, Querétaro, Guanajuato, Mexico City, Guadalajara, Playa del Carmen, Cancun, Merida, Metepec, Los Cabos, Tulum, San Luis Potosi, Tijuana, Riviera Nayarit and Belize.

Thor Equities Group develops, leases and manages industrial, laboratory, residential, office, hotel, data center and mixed-use assets. The company reports a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet, and operates in the United States, Europe and Mexico, where it is the largest developer through its Latin American division.

Sources

Thor Urbana press release, GlobeNewswire, Oct. 21, 2026: https://www.globenewswire.com/news-release/2026/10/21/3385728/0/en/thor-urbana-completes-leasing-at-tu-park-apodaca-i-in-monterrey.html