PriceSmart Pays $46M For Flagler Station Development Site - Miami Airport Warehouses
February 1, 2017
PriceSmart, a publicly traded warehouse chain and operator of membership warehouse clubs, paid $45.56 million for the site of its new Medley facility.
Records show Section 31 Holdings LLC, an affiliate of Florida East Coast Industries subsidiary Flagler Global Logistics, sold 18.6 acres at 11255 Northwest 106th Street. PriceSmart financed the deal with a $35.7 million loan from Union Bank.
Flagler Global Logistics is the developer behind Flagler Station, the three-phase industrial park at 10800 Northwest 100th Street. PriceSmart contracted Flagler to build a 330,000-square-foot facility at Flagler Station III in late July, and announced it would keep 100,000 square feet at Flagler Station II for refrigerated and frozen space.
The warehouse chain, the largest operator of such clubs in Central America and the Caribbean, hired Transwestern to sublease the remaining 260,000 square feet for $8.25 per square foot.
The last phase of Flagler Station will be the Class A distribution center with a planned delivery date of the second quarter of next year. Freight company Gap Forwarding also leased space at Flagler Station III.
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