Signs 20-year deal with PriceSmart

Kingston Wharves Limited (KWL) continues its logistics build out, which is gathering momentum with this phase of the business set to benefit from a new deal with international club shopping company, PriceSmart.

The company has just signed a 20-year deal with PriceSmart, which operates out of Jamaica with two locations off Red Hills Road, St. Andrew and Portmore, St, Catherine. The deal 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 in Kingston

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 feet of dry goods warehouse and 57,000 square feet of cold storage. The agreement with PriceSmart represents a guaranteed 10-year lease arrangement, with the option of renewal in two five-year increments.

The completed facility will bring KWL’s logistics and warehousing capacity to more than 600,000 square feet. Kingston Wharves CEO Mark Williams is excited at the prospects saying the deal represents a strengthening of the company’s ability to take on nearshoring opportunities.

PriceSmart is a United States based company with more than 50 stores in 30 countries in the Caribbean and Latin America.