PRISM finalizes $15M revamp of commercial warehouse inventory
The Puerto Rico Industrial Solutions Management platform, known as PRISM, announced the completion of its capital improvement plan that called for $15 million in upgrades for its portfolio of industrial storage and distribution properties.
The investment will allow the company to have “a greater inventory of modern, revitalized, and restored structures for the establishment of companies in Puerto Rico,” said PRISM CEO said Ryan Christiansen.
“We feel optimistic about the economic activity that should be generated in Puerto Rico as a result of the approval of the Fiscal Control Plan, and the disbursement of federal funds destined for different projects that should impact the infrastructure, the electrical network, technology, housing, among others, which will have a positive effect on the demand for spaces for storage and distribution,” said Christiansen.
PRISM’s property inventory currently stands at 2.3 million square feet and more than 90% of its structures are already occupied.
“The net operating income of these real estate investments represents an increase of 94% since the acquisition and we still have more than 200,000 square feet available to rent on the open market,” said Christiansen.
PRISM’s portfolio includes five industrial parks located in Puerto Nuevo in Cataño, Hato Tejas in Bayamon, La Cerámica, Sabana Gardens, Victoria in Carolina. This warehouse conglomerate groups 21 buildings with spaces for rent ranging from 1,800 to 300,000 square feet.
Improvements included painting, paving roads, streets, and sidewalks, repairing, and refurbishing docks, replacing rolling doors, new lighting, and improvements to systems and controls for the security of stored goods such as hiring guards, installation of cameras and security fences.
The facilities operated by PRISM are distinguished in the market by their concrete structures that have a wide variety of spaces, and that can be used for industrial, commercial and/or office purposes.
“In 2019, the year PRISM was created, we acquired one of the largest inventories of warehouses and industrial properties, of which most of the infrastructures were in critical condition,” said Christiansen.
“We took on the task of developing and executing a plan to improve these structures and convert them into class A industrial warehouses,” said Christiansen.
One of the competitive advantages of these buildings, and one that is highly attractive to investors, is that the warehouses occupy spaces that are close and accessible to the main highways, the Luis Muñoz Marín airport, and the Port of San Juan, he said.
Multinational companies such as FedEx, Walgreens, Baxter, Unites States Postal Services, DSV Air & Sea, FEMA and Alliance Duty Free, among others, operate in these facilities.