The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The flagship property that was intended to signal Freeport’s emergence as a logistics, transhipment and distribution hub has been placed on the market with a $5.9m asking price.

James Sarles Realty, in an e-mail blast yesterday, confirmed that offers are being sought for the 86,396 square foot warehouse originally constructed by Florida-based Associated Grocers/International Distributors at the Sea Air Business Centre (SABC).

Mr Sarles could not be contacted for comment before press time last night, but his firm said of the property: “This 86,396 square foot commercial building is strategically located in tax-free Grand Bahama only 55 miles from the Florida coast between the Freeport International Airport and the Freeport Container Port.

“The commercial site consists of 20 acres of freehold property divided into three parcels including two five-acre tracts of undeveloped land for future expansion land and one extraordinary commercial building which is situated on eight acres.
Totaling 86,396 square feet, this building was intended to serve as a distribution centre for product management and the import-export of products.

“The commercial building is located in close proximity to the Freeport Container Port which is a transshipment hub of The Americas.

This unique commercial warehouse with high ceilings and 12 loading bays is 440 feet by 183 feet for a total of 80,520 square feet of warehouse space and approximately 6,000 square feet of office space,” James Sarles Realty added.

“

On the ground level entrance is the lobby, cafeteria, lunch room, locker room, additional storage, male and female bathrooms and  multiple offices with warehouse views. The upper level has a reception area, executive board room, computer room, lunch room and two executive offices. The building is a solid concrete structure and is elevated for flood protection.”

The Associated Grocers/International Distributors investment was intended to signal Freeport’s potential as a logistics hub and distribution centre, with the ultimate goal of creating a free trade zone similar to Panama’s Colon hub and fulfilling the city’s Hawksbill Creek Agreement potential.

However, this never took off and the building has sat practically unused for many years with many investors looking at it but unable to establish sustainable businesses there. The Sea Air Business Centre was developed as a 50/50 joint venture between Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd affiliate, with the former enjoying Board and management control.

“It’s really Hutchison Whampoa that owns that,” one source said of the Sea Air Business Centre, adding that they understood the Associated Grocers/International Distributors property has been placed back on the market after a previous deal fell through. 

“That’s the most valuable property in Freeport,” they said. “People don’t understand what I mean, but if Hutchison did what they were supposed to have done that would have been the Colon area of The Bahamas.”

The flagship property that was intended to signal Freeport’s emergence as a logistics, transhipment and distribution hub has been placed on the market with a $5.9m asking price.

James Sarles Realty, in an a-mail blast yesterday, confirmed that offers are being sought for the 86,396 square foot warehouse originally constructed by Florida-based Associated Grocers/International Distributors at the Sea Air Business Centre (SABC).

Mr Sarles could not be contacted for comment before press time last night, but his firm said of the property: “This 86,396 square foot commercial building is strategically located in tax-free Grand Bahama only 55 miles from the Florida coast between the Freeport International Airport and the Freeport Container Port.

“The commercial site consists of 20 acres of freehold property divided into three parcels including two five-acre tracts of undeveloped land for future expansion land and one extraordinary commercial building which is situated on eight acres.
Totaling 86,396 square feet, this building was intended to serve as a distribution centre for product management and the import-export of products.

“The commercial building is located in close proximity to the Freeport Container Port which is a transshipment hub of The Americas.

This unique commercial warehouse with high ceilings and 12 loading bays is 440 feet by 183 feet for a total of 80,520 square feet of warehouse space and approximately 6,000 square feet of office space,” James Sarles Realty added.

“On the ground level entrance is the lobby, cafeteria, lunch room, locker room, additional storage, male and female bathrooms and  multiple offices with warehouse views. The upper level has a reception area, executive board room, computer room, lunch room and two executive offices. The building is a solid concrete structure and is elevated for flood protection.”

The Associated Grocers/International Distributors investment was intended to signal Freeport’s potential as a logistics hub and distribution centre, with the ultimate goal of creating a free trade zone similar to Panama’s Colon hub and fulfilling the city’s Hawksbill Creek Agreement potential.

However, this never took off and the building has sat practically unused for many years with many investors looking at it but unable to establish sustainable businesses there. The Sea Air Business Centre was developed as a 50/50 joint venture between Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd affiliate, with the former enjoying Board and management control.

“It’s really Hutchison Whampoa that owns that,” one source said of the Sea Air Business Centre, adding that they understood the Associated Grocers/International Distributors property has been placed back on the market after a previous deal fell through. 

“That’s the most valuable property in Freeport,” they said. “People don’t understand what I mean, but if Hutchison did what they were supposed to have done that would have been the Colon area of The Bahamas.”