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, aris@latamlp.com
About Jaguar
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.
About PriceSmart
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.
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SOURCE LatAm Logistic Properties