SAN JOSÉ, Costa Rica, Sept. 18, 2017 /PRNewswire/ -- LatAm Logistic Properties, a leading operator and developer of Class-A logistic properties in Costa Rica, Colombia, and Peru, today announced it has signed a new build-to-suit lease agreement with PriceSmart, the largest operator of U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, for a 16,000-square meter regional distribution facility in Costa Rica.
The new logistic facility, which will support PriceSmart's sales growth, will be located in Alajuela, Costa Rica at LatAm Parque Logistico Coyol. The park offers a key location for the distribution of goods with excellent connectivity to Juan Santamaría International Airport and the major highways that connect to the local consumer population, Central American countries as well as the Pacific and Atlantic seaports. The state-of-the-art facility will be utilized as a regional distribution center for Latin America. Construction is planned to commence in September 2017, and PriceSmart will occupy the facility upon its expected completion in April 2018.
LatAm Parque Logistico Coyol currently includes three buildings totaling 52,000 square meters leased to Expeditors, Mabe, Kraft-Heinz, among others. At full build-out, the park will include around 82,000 square meters of logistic space.
"We are pleased to support the ongoing success of PriceSmart in the region and to strengthen our relationship with such an important retailer in Latin America," said Mike Fangman, Founder & CEO of LatAm Logistic Properties. "We continue to see strong demand for new modern logistics facilities; developments such as this one enable us to provide solutions for our regional customers. We are very pleased to be completing this transaction, and look forward to adding the new facility to our overall portfolio."
"One of the keys to PriceSmart's success is a very efficient and advanced logistics operation. Our new Regional Distribution Center located in Alajuela, Costa Rica, will support this effort. Having a regional facility should enable PriceSmart to adequately stock multiple sales locations in Central America and positively impact service and value for our members," said Rodrigo Calvo, Executive Vice President for Real Estate of PriceSmart Inc.
About LatAm Logistic Properties
LatAm Logistic Properties develops, acquires and owns Class-A industrial properties in the target markets of Costa Rica, Colombia, Peru, and Panama. LatAm Logistic Properties was founded in 2013 by Mike Fangman and Jaguar Growth Partners joined as an investor and strategic partner in 2015. LatAm leverages its team throughout the region via a deep understanding of global customer demands, international best practices in design specifications and construction best practices along with local expertise in market dynamics, site selection and regulatory approvals. Please see www.latamlp.com for additional information.
For additional information please contact Aris Stamatiadis, firstname.lastname@example.org
Jaguar Growth Partners is a privately-held investment management firm specializing in real estate private equity in growth markets globally. Founded in 2013 by Gary Garrabrant and Thomas McDonald, Jaguar invests in and develops scalable real estate-related operating platforms and companies poised to grow in markets characterized by an expanding middle class, aspirational youth, urbanization and other secular trends found in emerging global economies. Commencing their investment activities in the 1990's, Jaguar's founders are regarded as pioneers in real estate investing and company-building in emerging markets through growth capital investments, working in active collaboration with local operating partners. The Firm capitalizes on a broad array of investment opportunities and is at the vanguard of institutionalizing the most compelling growth markets. Jaguar is distinguished by its global insights, partner orientation and proven approach to optimizing value and liquidity. Please see www.jaguargrowth.com for additional information.
PriceSmart, Inc. (NASDAQ: PSMT) is the largest operator of membership warehouse clubs in Central America and the Caribbean, and has recently entered the South American region with clubs in Colombia. It serves over 1 million cardholding members at 40 wholly owned and operated warehouse clubs in 12 countries and one U.S. territory. PriceSmart was pioneered by Sol and Robert Price, founders of The Price Club; Robert Price is Chairman of the Board.
PriceSmart's membership club model is similar in many respects to U.S. clubs like Costco and Sam's, with some differences:
- Smaller store size (50,000 to 75,000 sq. ft.) to align with the size of the markets in which it operates,
- Lower membership fees – average US$35.00,
- Merchandise tailored to local preferences as well as for retail and wholesale customers,
Currently PriceSmart warehouse clubs can be found in the following countries: Colombia (7), Costa Rica (7), El Salvador (2), Guatemala (3) Honduras (3), Nicaragua (2), Panama (5), Aruba (1), Barbados (1), Dominican Republic (3), Jamaica (1), Trinidad and Tobago (4), and U.S. Virgin Islands (1). Online shopping is available to members in all countries.
SOURCE LatAm Logistic Properties