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An affiliate of Provco Group has paid $10.2 million for the former Nabisco and Mondelēz International factory at 12000 Roosevelt Blvd. in Northeast Philadelphia in a deal that was sealed up a year after the plant ceased production and was shuttered.
The purchase by a local, prominent developer means the property will not simply sit idle as a reminder of what it had once been but will eventually have a new purpose. Provco, based in Villanova, plans to develop a mixed-use project that involves retail and industrial uses.
A portion of the facility, a single-story section totaling 130,000 square feet, was already reconfigured as a distribution center and has been leased to Jayco, an apparel retailer. The remainder of the plant, a nine-story bakery structure that housed the production facility, along with all of the other two-story space will be razed to make way for new development. An executive from Provco couldn’t be immediately reached for additional comment.
The deal took over a year to get to the finish line, said Rich Gorodesky, a broker with Colliers International who arranged the sale. The buyer first looked at the property in March 2015 and negotiations and due diligence dragged out the deal, a typical situation in real estate transactions.
An initial $25 million asking price was whittled down by more than half, but the seller was OK with that, Gorodesky said. “There were no contingencies, such as a zoning contingency,” he said. “What made it work is the ability not to have those contingencies and the tenant for the industrial space could move in by right.”
This landmark property has a long history in Northeast Philadelphia. The 600,000-square-foot factory sits on a tad over 27 acres and was built in 1955 by Nabisco. It was one of the company’s main production facilities and at one point employed 700 people operating eight ovens for three shifts a day, seven days a week, churning out Oreos, Teddy Grahams and Lorna Doones, according to Gorodesky.
Production was full throttled for more than five decades though that began to change in 2000 when Philip Morris bought Nabisco Holdings Corp. Then Kraft, which bought Nabisco, operated the factory until 2012 when it spun out its snack business and called it Mondelēz.
Mondelēz closed the site as part of the company’s plan to move the manufacturing of its baked goods and other products to more modern facilities in Virginia and New Jersey. The facility and its equipment were antiquated and it was put up for sale.
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