PriceSmart Becomes Owner/Occupier Of New 330,000 SF Industrial Build-To-Suit In Miami’s Flagler Station

Feb 01, 2017 No Comments by

Transwestern's South Florida Industrial Team Byrd Eisenberg Kresse & GaviriaTranswestern’s South Florida Industrial Team announced that PriceSmart Inc. (NASDAQ: PSMT), the largest operator of membership warehouse clubs in Central America and the Caribbean, acquired a new 330,000-square-foot distribution center it plans to fully occupy in March 2017.

Flagler Global Logistics built the Class A facility in Flagler Station Phase III located at 11441 NW 107th St. in Medley.

Transwestern Senior Managing Directors Ben Eisenberg and Walter Byrd, Senior Vice President Thomas Kresse, and Senior Associate Carlos Gaviria facilitated the purchase on behalf of PriceSmart for $45.56 million, or $141.27 per square foot.

In addition to the new building, PriceSmart will retain approximately 102,000 square feet of space from its currently occupied building in Flagler Station Phase II, where it’ll continue to operate a recently expanded refrigerated and frozen distribution facility. It is currently anticipated that in March, 2017, PriceSmart will relocate its corporate office and distribution center for dry goods into the new, larger and more efficient building and subsequently vacate and make available for sublease approximately 260,000 square feet of space in Flagler Station Phase II.

“The expansion and new configuration provided by PriceSmart’s new facility enables the company to more effectively serve its growing customer base in Central America and the Caribbean, while allowing increased flexibility through ownership,” said Eisenberg. “Since demand for industrial space in the Medley submarket has continued on an upward trend for the past 11 quarters, pushing the submarket’s vacancy to 3.6 percent, we are seeing strong interest for large blocks of space.”

The property in Flagler Station Phase III provides significant space and land for PriceSmart’s operations to thrive. PriceSmart designed the state-of-the-art distribution center with 32-foot clear heights, 120 dock high truck loading positions and cross-dock space, additional spots for 102 trailers, and 30,000 square feet of office space.

Flagler Global Logistics was represented in-house by Dan Marcus, executive vice president of real estate development, and Chris Sutton, vice president of development.





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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex
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