Tasty Baking completes sale of properties
August 9, 2010
by Eric Schroeder
PHILADELPHIA — Tasty Baking Co. on Sept. 8 closed the $6 million sale of its former Philadelphia bakery property and its former corporate offices and distribution center to TKMG Associates, L.P. TKMG Associates is a single purpose entity formed by Metro Development Co., which is a private, Philadelphia company specializing in the development of large-scale real estate projects with leading national retailers.
“The closing of this transaction is a key component in the completion of Tastykake’s operational transition to the Philadelphia Navy Yard as the net cash proceeds from the sale were used to reduce the debt associated with the investment in our new manufacturing facility,” said Charles P. Pizzi, president and chief executive officer of Tasty Baking Co. “As we officially close the chapter of Tastykake’s history in Hunting Park, we are pleased that TKMG Associates, L.P. anticipates developing the site into a retail center to serve the surrounding area, create jobs and further improve the overall quality of life in the community.“