​MIAMI – Transwestern’s South Florida industrial team today announces 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, Florida. 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.

Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region, follow @TranswesternSE.


Media Contact:
Deidre Krause