Logistic Properties of the Americas Inks 121,600 Sq. Ft. Lease with Regional 3PL in Costa Rica
Logistic Properties of the Americas (NYSE American: LPA) (“LPA” or the “Company”), a leading owner and operator of institutional-grade logistics and industrial real estate across Latin America, has announced the successful execution of a new lease agreement at one of its key properties in Costa Rica. The agreement marks a significant milestone in LPA’s regional growth strategy, as a prominent regional third-party logistics provider (3PL) has committed to a five-year lease for 121,600 square feet of high-specification logistics space at the LPA Coyol 4 Logistic Park in San Jose.
The lease is denominated in U.S. dollars and represents a substantial step forward for both the company and the regional logistics landscape. Notably, the agreement reflects approximately a 20% increase in the net effective rental rate, inclusive of common area maintenance (CAM) fees, compared to the previous lease for the same space. This rental uplift is a strong indicator of rising demand for top-tier logistics infrastructure in Costa Rica, and underscores the enduring value of high-quality, institutional-grade industrial real estate in Latin America.
Strategic Asset with Growing Market Appeal
The Coyol 4 Logistic Park, located within the Coyol Free Zone and Business Park area, is situated in what is widely considered the most important logistics corridor in Costa Rica. This region, located near key highways and transportation nodes, has long been the preferred location for companies seeking access to major distribution routes, air cargo terminals, and ocean ports. Its strategic importance has only increased as regional and global supply chains continue to shift and adapt to new economic and geopolitical realities.
The newly signed lease further strengthens LPA’s position as a major enabler of logistics growth in Central America. By offering state-of-the-art Class-A warehouse facilities, Coyol 4 has attracted a number of industry-leading tenants that require robust infrastructure, efficient layouts, and seamless access to major markets.
“Coyol continues to attract top-tier logistics providers,” said Luis Conejo, Country Manager for Costa Rica at LPA. “This agreement highlights the strategic importance of our assets’ location and our role in strengthening regional supply chain capabilities. The demand we’re seeing speaks volumes about the value our properties provide to logistics operators who need reliability, scale, and location advantage.”
A Testament to Execution and Market Dynamics
The 20% increase in the net effective rental rate is not merely a reflection of inflation or short-term price movements. It represents a significant vote of confidence in both the logistics market fundamentals in Costa Rica and the strategic decisions LPA has made in positioning its portfolio. By investing in infrastructure, enhancing property features, and aligning with tenant needs, the Company has succeeded in elevating the value proposition of its assets.
“We are pleased to see a reputable operator expanding into LPA Coyol 4 Logistic Park,” commented Esteban Saldarriaga, CEO of LPA. “This lease is a clear demonstration of our continued success in attracting premium logistics and supply chain tenants across our platform. The rental increase reflects strong market fundamentals and demonstrates our team’s ability to generate value through strategic execution and asset management.”
For LPA, this deal not only enhances recurring revenue but also reinforces its investment thesis: that Latin America, and Costa Rica in particular, offer strong growth opportunities for institutional investors in the logistics sector. The lease also enhances the Company’s credibility and visibility among multinational and regional logistics operators who are seeking best-in-class industrial space to support growing trade and distribution activity.
Expansion of Regional 3PL Footprint
While the name of the tenant was not disclosed, the lease with a regional 3PL provider is significant. The 3PL industry in Latin America is evolving rapidly, as businesses of all sizes increasingly outsource their warehousing, transportation, and fulfillment functions to specialized logistics partners. This shift has created robust demand for scalable and technologically advanced logistics spaces that enable fast, efficient, and secure handling of goods.
By choosing LPA’s Coyol 4 property, the tenant is signaling its intent to expand operational capabilities in Costa Rica and respond to increasing service requirements from customers throughout the region. The facility’s size—121,600 square feet—suggests a major commitment and likely supports high-volume warehousing and regional distribution functions.
The 3PL’s decision to lease space in Coyol is consistent with broader trends across Latin America, where nearshoring, e-commerce growth, and regional supply chain realignment are driving investment in logistics infrastructure. Costa Rica, in particular, benefits from a well-educated workforce, political stability, proximity to North and South American markets, and a growing role as a logistics and manufacturing hub.
Reinforcing LPA’s Regional Growth Strategy
This new lease also aligns closely with LPA’s long-term strategic focus on expanding its presence in high-growth Latin American markets. With a portfolio spanning Mexico, Central America, and parts of South America, the Company is committed to acquiring, developing, and managing world-class logistics facilities that meet the evolving needs of both multinational and regional tenants.
“Our goal is to be the partner of choice for logistics providers in Latin America,” added Saldarriaga. “Every lease we sign reflects our deep understanding of local market dynamics and our ability to execute at a high level across diverse operating environments.”
The company has consistently emphasized that its growth is driven by macro trends such as the rise of omnichannel retailing, the reconfiguration of global supply chains, and the growing need for resilient, flexible logistics networks. LPA’s portfolio is designed to cater to these trends by offering scalable solutions with cutting-edge specifications, environmentally responsible features, and proximity to major population centers and transportation infrastructure.
Outlook and Continued Momentum
As LPA continues to build its portfolio and reputation across Latin America, this lease adds momentum to its expansion in Costa Rica—one of the region’s most dynamic and investor-friendly markets. The Company is expected to continue pursuing additional lease-up activity at Coyol 4 and other logistics parks in its network, while also evaluating new acquisition and development opportunities.
From a broader industry standpoint, the successful execution of this lease is a signpost for the continued institutionalization of the logistics real estate sector in Latin America. As demand continues to rise and supply remains relatively constrained in many high-growth markets, companies like LPA are well-positioned to capture long-term value through disciplined investment, strong tenant relationships, and operational excellence.