PriceSmart branches out from Central America to build first warehouse in Colombia

PriceSmart said it is buying almost 210,000 square feet of property in Barranquilla, Colombia, to build its first warehouse club in the country.

The transaction is currently planned to close this year. PriceSmart plans to open the warehouse club in the summer of 2011.

PriceSmart, based in San Diego, owns and operates US-style membership shopping warehouse clubs in Central America and the Caribbean, including Costa Rica, Panama, Guatemala, El Salvador, Honduras and Nicaragua.

Original source: Bloomberg