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Ports Authority signs 20-yr. lease agreement with Flexitank

After several months of negotiation, the Puerto Rico Ports Authority and local company Flexitank Inc. signed a new 20-year lease for facilities the agency owns, Ports Executive Director Joel A. Pizá said.

Flexitank will invest more than $1.7 million in improvements to Ports Authority facilities located in the Mercado Central of the Puerto Nuevo pier port area, the agreement established.

“With this transaction, the Ports Authority spurs the development and maximization of assets that were in disuse for several years, adding value to them, while generating additional income for Ports, while private companies create jobs,” Pizá said.

The property leased consists of two warehouses, platform, and parking areas, for a total of 134,613 square feet in Puerto Nuevo.

Flexitank will use the facilities as a logistics consulting service station for transportation, land transportation, storage, consolidation, manufacturing and/or distribution of solid and liquid products (including industrial, textile and agricultural equipment and/or products, among others.)

The rental fee for the facilities will be $18,564.02 per month. Once Flexitank makes the investment in the improvements, it will receive a 25% income credit up to the amount of the investment, Ports explained.

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This story was written by our staff based on a press release.

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