First Rock delivers third Costa Rica project
Published:Friday | October 10, 2025 | 12:07 AM
First Rock Real Estate Investments Limited has completed its third development project in Costa Rica.
The latest project involves a modern KFC restaurant and a distribution centre and was executed through subsidiary company First Rock Latam SA.
It is the third KFC facility set up by the company for the franchise operator.
Shaun Myers, vice-president of First Rock Capital Latam, says the distribution centre covers about 8,000 square feet and that US$2 million was invested in the set-up of the centre and the restaurant.
“Our total investment to date when it comes to KFC in Costa Rica is about US$4.5 million,” Myers told the Financial Gleaner.
The project, which commenced in April of this year, was handed over to the franchise operator in June, while the distribution centre was handed over in August.
Located in Coyol, the main industrial hub of Costa Rica, the development “particularly the distribution centre, holds significant value for KFC as it will enhance and streamline their logistical operations across the region,” First Rock said in a release.
Meanwhile, First Rock is looking towards other deals in Costa Rica amid the market downturn in Jamaica, where the company recently secured a new financing arrangement with investment company Mayberry that allowed it to rescue one of its residential developments, Hambani, that had been taken over by its bank for overdue debt.
Myers said as far as Costa Rica is concerned, First Rock had found the sweet spot.
“There are certainly more industrial real estate acquisitions on the horizon for us in Costa Rica. This will include warehouses and other like facilities. We can’t say more at this time, except to say that we’re already under negotiations to strike those deals,” he said.
First Rock’s current focus is regional expansion to drive business for the company. Additionally, the company has said it plans to change its operating model to become a real estate investment trust.