Price Smart to build warehouse in Columbia

New York City PriceSmart said Monday that it is buying almost 210,000 sq. ft. 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 U.S.-style membership shopping warehouse clubs in Central America and the Caribbean.