The Bridge to Profit: EGI’s Landmark Exit From Cross Border Xpress

CHICAGO, IL – June 23, 2026 – In a move that validates a decade of pioneering investment, Equity Group Investments (EGI), the private investment firm founded by the late Sam Zell, has officially exited its stake in Cross Border Xpress (CBX). The revolutionary pedestrian bridge—a private port of entry connecting San Diego directly to the Tijuana International Airport—has been a resounding success. EGI sold its stake to Grupo Aeroportuario del Pacífico (GAP), the operator of the Tijuana airport, in a transaction that underscores the immense and growing value of innovative cross-border infrastructure.

The deal, which saw GAP acquire the entirety of CBX in a transaction valued at a reported $2.2 billion in late 2025, marks the end of a highly successful chapter for EGI. As a member of the original investment consortium, the firm was instrumental in transforming a bold concept into a critical piece of regional infrastructure. For investors, operators, and policymakers, the transaction is a powerful case study in turning complex logistical challenges into highly profitable, strategic assets.

The Anatomy of a Unique Asset

To understand the significance of EGI’s exit, one must first appreciate the ingenuity of Cross Border Xpress. Opened in late 2015, the 390-foot enclosed skybridge allows ticketed passengers to walk from a terminal in Otay Mesa, California, directly into Tijuana International Airport (TIJ), bypassing the notoriously congested land border crossings. It is, in essence, a seamless fusion of American convenience and Mexican air travel, serving a binational metropolis with deep economic and cultural ties.

The results have been nothing short of transformative. Before CBX, flying out of Tijuana—which offers direct flights to over 40 destinations in Mexico and Asia—was a logistical gamble for millions of Southern Californians. Today, it’s a streamlined process. The CBX terminal on the U.S. side boasts its own parking, check-in counters, and U.S. Customs and Border Protection facilities. Passenger growth has been explosive, surging from 600,000 users in its first seven months to a staggering 4.2 million in 2022—a 44% increase over pre-pandemic levels. By early 2026, the facility had served over 25 million passengers, solidifying its status as a vital economic engine for the region, with an estimated annual impact of $1.5 billion.

This success is a testament to addressing a clear and persistent market need. Approximately 75% of CBX users reside in the United States, illustrating the immense demand for a more efficient connection to TIJ's robust flight network. The bridge has not only facilitated travel and tourism but has also directly fueled the growth of the airport itself, with TIJ’s passenger volume more than doubling from 4.8 million in 2015 to 12.5 million in 2024.

The Zell Doctrine in Action

The CBX investment is a textbook example of the philosophy championed by EGI’s founder, Sam Zell. Known for his contrarian, often audacious, investment style, Zell built an empire on identifying assets with what he termed "high barriers to entry." CBX is the physical embodiment of that principle. A privately funded, binational port of entry is not an asset that can be easily replicated. It required navigating complex regulatory landscapes in two countries, securing public-private partnerships, and undertaking significant construction.

“Investments with high barriers to entry and significant growth potential are a core focus for EGI, and our global network of trusted partners helps us identify, develop, and execute transactions like this one,” said Mark Sotir, President of EGI, in a statement announcing the exit. His words echo Zell’s long-held belief in finding unique opportunities where competition is structurally limited. EGI didn't just provide capital; it supported the development of a world-class operation, from adopting advanced customer-facing technologies to recruiting a high-performance management team.

This hands-on, value-creation approach is a hallmark of the firm. By taking a concept that had lingered for decades and executing it with precision, EGI created an entirely new asset class. The successful exit to a strategic buyer like GAP demonstrates the final piece of the Zell doctrine: liquidity equals value. EGI nurtured the asset to maturity and sold it to the most logical long-term owner, crystallizing its gains and proving the viability of the initial thesis.

A Strategic Consolidation for GAP

From the perspective of the buyer, Grupo Aeroportuario del Pacífico, the acquisition is a masterstroke of vertical integration. As the operator of Tijuana International Airport and a dozen other transportation hubs in Mexico and the Caribbean, GAP was already a primary beneficiary of CBX’s success. Owning the bridge outright provides the company with complete control over a critical passenger funnel, allowing for unparalleled strategic and operational synergy.

The integration enables GAP to manage the entire passenger experience, from parking in San Diego to boarding a flight in Tijuana. This can lead to streamlined operations, unified marketing efforts, and new revenue opportunities through bundled services. It also positions GAP to better manage future growth. With CBX projecting 8 million annual users by 2038, direct ownership allows GAP to align the bridge’s expansion plans—including enhanced connections to California’s transit networks—with the development of new routes and capacity at TIJ.

For GAP, acquiring CBX is not just about buying a bridge; it’s about solidifying its dominance in a key regional market. It transforms a symbiotic partnership into a fully integrated business unit, securing a vital revenue stream and strengthening the competitive moat around its Tijuana operations.

A Bellwether for Binational Investment

While the EGI-GAP transaction is a significant corporate event, its implications extend far beyond the companies involved. It serves as a powerful proof-of-concept for private investment in large-scale, cross-border infrastructure. In a region where economic integration is accelerating due to trends like nearshoring, the success of CBX provides a compelling blueprint for the future.

The U.S.-Mexico border is buzzing with similar, if distinct, projects aimed at enhancing connectivity and trade. The development of the high-tech Otay Mesa East Port of Entry and the planned expansion of the World Trade Bridge in Laredo are part of a broader push to modernize the arteries of binational commerce. What the CBX story adds is a clear demonstration that these projects can be immensely valuable and attract sophisticated private capital.

EGI’s successful journey—from initial investment in a novel concept to a multi-billion-dollar exit—sends a clear signal to the market: there is tremendous value locked within the logistical challenges of the U.S.-Mexico border. As the two nations continue to deepen their economic partnership, the demand for more bridges, ports, and integrated logistics solutions will only grow. The sale of Cross Border Xpress proves that those who are bold enough to build them can expect to be handsomely rewarded.