The former Nabisco plant at Roosevelt Boulevard and Woodhaven Roads in Northeast Philadelphia - where cookies and crackers were baked for decades - has been sold to a partnership for $10.2 million, according to Richard Gorodesky, senior vice president of commercial real estate services firm Colliers International.
The buyers of the 27.5-acre site are Provco Group of Villanova and MCB Real Estate of Baltimore, Gorodesky said. Plans call for razing the nine-story baking facility and an adjoining two-story structure, he said.
The nearly 600,000-square-foot facility was owned by Mondelez International Inc., which operated the site as a baking and distribution center for Nabisco, Oreo, Cadbury, and other brands.
A one-story portion of the structure covering 130,000 square feet will remain. It currently is leased to Jako Enterprises for light assembly and distribution.
The building has long been one of the most prominent commercial structures in the Northeast.
"Not only because of its size, but also because of the aroma" emanating from the baking plant, Gorodesky said.
The deal closed last week, and is a reflective of a robust local commercial real estate market, Gorodesky said.
"It's a healthy market in Philadelphia, for good properties," he said.