LatAm Logistic Properties starts construction of two logistic buildings in Costa Rica

WCN Editorial Team 29 Jun 2021 NORTH AMERICA BUILDINGS

LatAm Logistic Properties has commenced construction of two Class-A logistic buildings in Costa Rica.

The two buildings with about 30,260m2 of total space will be constructed in LatAm Parque Logístico San José - Verbena, a new Class-A logistic park, which is currently under construction in San José's downtown Alajuelita submarket, in Costa Rica.

The park will comprise five sustainable and modern logistic buildings with approximately 77,100m2 of total area. It is being developed and operated under sustainability standards compliant with EDGE certification from the IFC.

This project is expected to create approximately 500 jobs during the construction phase and about 800 jobs during operational phase.

LatAm Parque Logístico San José – Verbena involves an investment of approximately $64.5m, which will be funded through co-investment with strategic local partners and bank financing that will cover about 60% of the total investment.

LatAm Logistic stated that the two logistic buildings already have three pre-lease agreements, for about 17,190m2 of total area, with each having a term period of ten-years.

The agreements are signed with companies which are dedicated to import and distribution of home furnishing, e-commerce, and marketing and distribution of health care products.

These facilities are scheduled to be delivered between the fourth quarter of this year and second quarter of 2022.

LatAm Logistic Properties regional acquisitions director and Central America regional manager Aris Stamatiadis said: “The desirable last mile location and the modern world-class standards of LatAm Parque Logístico San José - Verbena will provide our customers the ability to optimize their distribution networks, last-mile distribution capability and obtain significant operational cost efficiencies.

“The park customers will be comprised mainly of e-tailers, retailers, third party logistic operators and consumer goods distributors in a variety of sectors such as healthcare products, apparel, home goods, and auto parts, among others.”

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LatAm Parque Logístico San José – Verbena / Project Rendering. Credit: PRNewsfoto/LatAm Logistic Properties S.A.

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