LatAm Logistic Properties, a leading operator, and developer of Class-A logistic properties in Costa Rica, Colombia, and Peru 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 logistics 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. SOURCE LatAm Logistic Properties