Kingston Wharves Limited (KWL) has signed a 20-year deal with international club shopping company PriceSmart.
The arrangement allows PriceSmart to enter a new lease to occupy a portion of KWL's 300,000 square foot, Integrated Modular Logistics Complex at Ashenheim Road.
The first phase of the complex is under construction, and set for completion in the first quarter of 2024.
PriceSmart will have access to the facility at the end of 2023 to complete its build-out.
The first portion of the project consists of an initial 75,000 square foot of dry goods warehouse and 57,000 square foot of cold storage.
The agreement with PriceSmart represents a guaranteed 10-year lease arrangement, with the option of renewal in two five-year increments.
Kingston Wharves CEO Mark Williams says this represents a strengthening of the company's ability to take on nearshoring opportunities.
The completed facility will bring KWL's logistics and warehousing capacity to more than 600,000 square feet.
PriceSmart is a United States based company with more than 50 stores in 30 countries in the Caribbean and Latin America.
comments powered by Disqus
All feeds
