Jockey renews efforts to sell Jamaican factories
Published:Sunday | August 5, 2012 | 12:00 AM
Jockey International has renewed efforts to sell factory space it owns in Hanover, following the shuttering of business by lessee Sandy Bay Sweets last December.
Hilco Real estate, an asset-disposal company based in Illinois, has been engaged to sell two oceanfront manufacturing properties and equipment as turnkey operations. The company is also willing to consider other offers.
One of the factories comprises 87,649 square feet of manufacturing and cold storage facilities on 10 acres in Sandy Bay. The second property is a 52,195-square foot manufacturing warehouse and distribution facility in Lucea.
The two properties are to be sold via sealed bid, due by September 13.
"Jockey International owns both facilities. We do not have listed asking prices," Geoffrey Schnipper, vice-president of Hilco Real Estate, said Tuesday.
"We are asking all buyers to submit offers," he told Sunday Business while declining to disclose any valuations for the properties.
Also for sale is the candy-making equipment owned by Sandy Bay Sweets.
"They (Sandy Bay Sweets) are cooperating with Jockey in the event we can find a turnkey buyer for the building and the equipment," Schnipper said.
Property manager Dalton Taylor said Tuesday that the factories have been available for sale for some time, but that the lease was nevertheless offered to Sandy Bay Sweets to manufacture confectioneries.
The venture came to a halt in Christmas 2011.
Jockey, which initially operated the factories, exited the Jamaican market four years ago, in 2008.
Boom period
The American garment company first entered Jamaica in 1984 during a boom period for the local sector, and was the last of the free zone export apparel makers to pull out.
At the time, the closure was linked to the shuttering of a Cooleemee, North Carolina, knitting facility, from which Jockey Jamaica sourced its fabric.
In May 2010, Sandy Bay Sweets announced an investment of US$1.2 million in a cookie- and candy-making business at the Jockey factory under its Just Delicious brand.
The Sandy Bay property is said to be suited for use as food/candy production operation, or for use as a warehouse or distribution facility. Offers will be accepted for the entire facility, including all machinery and equipment, or as stand-alone real estate purchase, Hilco said.
The property includes 3,749 square feet of ocean-view executive offices and a 5,882-square foot kitchen and lounge.
The second property in Lucea also has a 2,406-square foot multifamily residence on the grounds which is currently occupied.