(Crystal Proenza is associate editor of RealEstate Florida.)

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MIAMI-PriceSmart Inc., which operates membership-based shoppingwarehouse clubs in the Caribbean and Central America, has signed a10-year, 127,000-sf lease at Flagler Station in Medley.Transwestern managing directors Walter Byrd and Ben Eisenberg,along with VP Thomas Kresse, represented PriceSmart while landlordFlagler Development represented itself.

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The total value of the transaction is $9.5 million, according toTranswestern. PriceSmart previously leased at Flagler Station, andis expanding into 40% larger space that will serve as its primarydistribution center. It is anticipated that the new center willbecome operational in June.

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"After evaluating several alternatives, it was determined thatthe best available location to fill PriceSmart's needs was anexisting space within Flagler Station that was being vacated byanother tenant," says Byrd. The larger and more efficient spacewill allow PriceSmart to better address current needs and futuresales growth, he says.

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"I think PriceSmart's continuous growth not only speaks well oftheir company, but also Miami's strategic location as a maindistribution point into the Caribbean basin and all Latin America,"Byrd tells GlobeSt.com. San Diego-based PriceSmart currentlyoperates 25 warehouse clubs in Panama, Costa Rica, Guatemala,Trinidad, Dominican Republic, El Salvador, Honduras, Aruba,Barbados, Jamaica, Nicaragua and the US Virgin Islands.Transwestern is a privately held commercial real estate anddevelopment firm that specializes in agency leasing, property andfacility management, investment services, tenant advisory,development and research for a broad range of property types,including office, industrial, retail, health care andmultifamily.

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