LPA Expands Lease Agreement with Scharf at Parque Logístico Callao in Peru
Logistic Properties of the Americas, together with its subsidiaries, has announced the expansion of its existing lease agreement with Scharff Logística Integrada S.A. (“Scharf”) at Building 100 within Parque Logístico Callao, a premier logistics park strategically located adjacent to Jorge Chávez International Airport in Callao, Peru. The transaction marks another step in LPA’s ongoing strategy to optimize its portfolio, strengthen tenant relationships, and capture rising demand for high-quality logistics infrastructure in key Latin American markets.
The expanded agreement underscores both the strength of LPA’s asset base and the continued demand for modern, airport-adjacent logistics facilities in one of Peru’s most constrained and strategically important industrial submarkets.
Expanded Lease Strengthens Long-Term Partnership with Scharf
Under the terms of the agreement, Scharf—an existing and long-standing tenant at Parque Logístico Callao—will lease an additional 38,438 square feet of logistics space at Building 100. This expansion significantly increases its operational footprint within the logistics park, enabling the company to scale its distribution and warehousing capabilities in line with growing demand from its client base.
The new lease is scheduled to commence on June 1, 2026, providing both parties with a clear timeline for transition and operational integration. The expansion reflects Scharf’s continued confidence in the location, infrastructure quality, and operational advantages offered by LPA’s logistics assets.
By extending its presence within the park rather than relocating to a new facility, Scharf reinforces the value of Parque Logístico Callao as a long-term logistics hub supporting high-volume, time-sensitive distribution activities.
Strategic Location Drives Demand for Airport-Adjacent Logistics Space
Parque Logístico Callao is widely recognized as one of Peru’s most strategically positioned logistics developments due to its direct proximity to Jorge Chávez International Airport, the country’s primary international air cargo gateway. Its location provides tenants with immediate access to Peru’s key import and export channels, as well as major transportation corridors connecting Lima with the rest of the country.
This airport-adjacent positioning makes the park particularly attractive for companies involved in high-frequency, time-critical logistics operations, including third-party logistics providers, automotive distributors, pharmaceutical companies, and e-commerce fulfillment operators.
In recent years, Callao has emerged as one of the most supply-constrained logistics submarkets in Peru, with limited availability of Class A industrial space and sustained demand from multinational and regional operators. This imbalance between supply and demand has supported steady rental growth and low vacancy rates across premium logistics assets in the region.
Market-Aligned Rental Rates Reflect Strong Demand Dynamics
The lease expansion with Scharf was executed at market-aligned rental rates, reflecting prevailing conditions in the Callao logistics submarket. According to LPA, the new agreement represents a double-digit increase compared to the prior lease rate for the expanded space, highlighting continued upward pressure on logistics rents in high-demand areas.
This pricing strength underscores two key trends shaping the Peruvian logistics real estate market:
First, demand for modern, institutional-quality logistics facilities continues to outpace new supply, particularly in proximity to key infrastructure nodes such as airports and ports.
Second, tenants are increasingly willing to secure additional space within existing logistics parks rather than relocate, given the operational efficiencies and infrastructure advantages offered by established developments.
For LPA, this dynamic supports its broader strategy of capturing embedded rental growth within its stabilized portfolio while minimizing vacancy risk and tenant turnover.
Management Commentary Highlights Portfolio Optimization Strategy
Speaking on the transaction, Álvaro Chinchayán, Country Manager for Peru at LPA, emphasized the importance of long-term tenant relationships and location-driven demand.
“We are pleased to expand our relationship with Scharf, a long-standing logistics operator with a growing presence at Parque Logístico Callao,” he said. “This transaction reflects continued demand for high-quality logistics space in strategically located, airport-adjacent submarkets and reinforces our strategy of supporting customers as they scale operations within our logistics parks.”
His remarks highlight LPA’s focus on tenant retention and expansion as a key driver of portfolio stability and revenue growth, particularly in high-performing markets like Callao.
CEO Highlights Embedded Value Creation in Stabilized Portfolio
Esteban Saldarriaga, Chief Executive Officer of LPA, noted that the lease expansion reflects the company’s ability to generate incremental value from existing assets without requiring new development activity.
“This lease expansion demonstrates our ability to generate incremental value within our stabilized portfolio by capturing embedded rental growth while deepening relationships with high-quality customers,” Saldarriaga said. “Callao remains one of Peru’s most strategic logistics corridors, and demand for institutional-quality logistics space in this submarket continues to outpace available supply.”
His comments underscore LPA’s asset-light growth philosophy, which prioritizes maximizing returns from existing logistics parks through lease optimization, strategic expansions, and tenant upgrades.
Scharf Expands Operations to Support Automotive Supply Chain
Scharf, one of Peru’s leading third-party logistics (3PL) providers with more than 30 years of operating history, will utilize the newly leased space to support auto parts distribution operations for a global automotive brand.
This expansion aligns with broader trends in Latin America’s automotive supply chain, where demand for efficient, near-airport distribution centers is increasing due to rising vehicle imports, aftermarket service requirements, and just-in-time inventory management models.
By expanding within Parque Logístico Callao, Scharf gains access to Class A infrastructure designed to meet stringent operational requirements, including high throughput handling, efficient loading configurations, and optimized connectivity to air freight networks.
The additional space will enable Scharf to improve operational efficiency, expand storage capacity, and enhance service levels for its automotive clients.
Parque Logístico Callao Strengthens Role as Key Logistics Hub
Parque Logístico Callao continues to solidify its position as one of Peru’s most important logistics ecosystems, benefiting from its proximity to the country’s primary air cargo hub and integration with major road infrastructure.
The logistics park is designed to accommodate a wide range of distribution and warehousing needs, offering Class A facilities that meet international standards for efficiency, safety, and scalability. Its tenant base includes logistics providers, importers, exporters, and multinational corporations requiring rapid access to Peru’s domestic and international supply chains.
The park’s location provides critical advantages, including reduced transit times, improved supply chain reliability, and enhanced connectivity to Lima’s industrial and commercial zones.
Strong Leasing Momentum Supports LPA’s Growth Strategy
LPA continues to advance its portfolio through disciplined leasing activity focused on occupancy growth, rental rate optimization, and tenant diversification. The company’s strategy emphasizes strengthening relationships with high-quality tenants while maximizing the long-term value of its stabilized logistics assets.
The Scharf lease expansion reflects several core elements of this approach:
- Deepening relationships with established tenants
- Capturing embedded rental growth in supply-constrained markets
- Increasing occupancy within stabilized assets
- Leveraging strategic infrastructure locations near key transport hubs
These factors collectively contribute to improved cash flow visibility and long-term asset value enhancement across LPA’s portfolio.
Outlook for Peru’s Logistics Real Estate Market
The broader logistics real estate market in Peru, particularly in Lima and Callao, continues to benefit from structural demand drivers such as expanding e-commerce activity, increased international trade flows, and growing reliance on outsourced logistics services.
However, the market remains constrained by limited availability of high-quality industrial land near key infrastructure nodes. This imbalance is expected to support continued rental growth and sustained demand for premium logistics facilities.
For landlords like LPA, these conditions create favorable dynamics for lease renewals, expansions, and pricing optimization, particularly within well-located assets such as Parque Logístico Callao.
Strategic Expansion Reinforces LPA’s Market Position
The expansion of Scharf’s lease at Parque Logístico Callao reinforces LPA’s position as a leading provider of institutional-quality logistics infrastructure in Peru. By securing additional occupancy at market-aligned rates and deepening relationships with established tenants, the company continues to demonstrate the strength and resilience of its portfolio.
As demand for modern logistics space in airport-adjacent submarkets remains robust, LPA is well positioned to benefit from ongoing rental growth, high occupancy levels, and sustained tenant demand. The Scharf expansion not only enhances near-term revenue visibility but also strengthens the long-term strategic value of one of Peru’s most important logistics hubs.
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