Mon | May 29, 2017

Former supermarket split eight ways for sale

Published:Friday | September 25, 2015 | 9:00 AM

Owners of space formerly dedicated to supermarket operations at Portmore Pines Plaza - most recently operated as the Empire supermarket - have decided to offer the 27,000-square-foot space for sale as separate shops.

A representative, who identified himself only as Chris and whose contact was placed in an advertisement, said that the retail space has eight different titles for units of approximately 3,400 square feet each.

Each shop is being sold for $44 million. The ceiling height allows owners to add a mezzanine floor.

Pines Plaza management identified the owner of the space as Chris Ryon Limited. The company was incorporated in 1982 and whose shareholders include Lloyd Kerr, Kathryn Kerr, Ryon Kerr and Yvonne Kerr.

Lloyd Kerr is also owner of the Empire Supermarket chain. He acquired the supermarket in the Portmore Pines complex from SuperPlus Food Stores in mid-2010 and opened his store a few months before Hi-Lo Food Stores launched its own supermarket operation in the plaza next door. Another rival supermarket, Progressive, is soon to open up nearby.

Earlier this year, seeking to exit the investment, Empire attempted to sell the business as a going concern. That did not succeed and now the space is being sold as separate shops.

Using the same telephone contact, 'Chris' has also advertised a supermarket in the Kingston 6 for sale as a going concern.

Chris refused to disclose the name or exact location of the store to be sold, which the ad says has been in operation for more than 25 years.

He insisted the operation was profitable, and said its turnover amounted to $100 million monthly.

The asking price for the Kingston 6 supermarket is $100 million to $120 million for equipment and goodwill. The price quoted excludes stock. The current operators pay $5 million for property rental, Chris added.