Construction is set to begin soon on a logistics complex facing Viracopos Airport Construction is set to begin soon on a 464,000-square-meter logistics complex—a built-to-suit project that BTS Properties is developing for Mercado Livre—sources told Metro Quadrado.
MELI, already the largest occupier of warehouse space in Brazil, now also holds the largest single lease agreement, easily surpassing Shopee—which earlier this year leased 220,000 m² in Guarulhos from developer Marq (formerly GLP).
Given its size, the complex will be used by MELI as a fulfillment center—a more complex operation that can also support smaller distribution centers, which are geared toward last-mile delivery.
The nature of the development also explains, in part, the choice of Campinas, which is emerging in the state as a more affordable option for warehouses located beyond the 15- or 30-kilometer radius of São Paulo.
Guarulhos—which would be the more obvious choice (including for last-mile operations)—is already struggling with a lack of land for large-scale warehouses and commands the highest rents in the country, averaging R$ 42/m², according to data from Cushman & Wakefield.
In Campinas, also according to Cushman, the average rate for high-end developments is nearly half that—R$ 22/m²—although new contracts are already closer to R$ 30/m².
For MELI, other factors working in its favor included the fact that the new complex will be located next to Viracopos (an international airport that serves as Latin America's second-largest cargo terminal) and the city's greater labor.
Currently, the e-commerce giant has only one operation in Campinas—a lease of eight units totaling nearly 10,000 m² at BTLG Log, according to Newmark.
Among the investors BTS Properties has already attracted to finance the development of the new Campinas complex is a Vinci Compass fund focused on logistics, which is investing R$ 250 million for a 14% stake.
