(Crystal Proenza is associate editor of Real Estate Florida.)
MIAMI-PriceSmart Inc., which operates membership-based shopping warehouse clubs in the Caribbean and Central America, has signed a 10-year, 127,000-sf lease at Flagler Station in Medley. Transwestern managing directors Walter Byrd and Ben Eisenberg, along with VP Thomas Kresse, represented PriceSmart while landlord Flagler Development represented itself.
The total value of the transaction is $9.5 million, according to Transwestern. PriceSmart previously leased at Flagler Station, and is expanding into 40% larger space that will serve as its primary distribution center. It is anticipated that the new center will become operational in June.
"After evaluating several alternatives, it was determined that the best available location to fill PriceSmart's needs was an existing space within Flagler Station that was being vacated by another tenant," says Byrd. The larger and more efficient space will allow PriceSmart to better address current needs and future sales growth, he says.
"I think PriceSmart's continuous growth not only speaks well of their company, but also Miami's strategic location as a main distribution point into the Caribbean basin and all Latin America," Byrd tells GlobeSt.com. San Diego-based PriceSmart currently operates 25 warehouse clubs in Panama, Costa Rica, Guatemala, Trinidad, Dominican Republic, El Salvador, Honduras, Aruba, Barbados, Jamaica, Nicaragua and the US Virgin Islands. Transwestern is a privately held commercial real estate and development firm that specializes in agency leasing, property and facility management, investment services, tenant advisory, development and research for a broad range of property types, including office, industrial, retail, health care and multifamily.
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