PHILADELPHIA, PA. — The Tasty Baking Co. has entered into an agreement to sell its Philadelphia bakery property located on Hunting Park Ave. to TKMG Associates L.P. for $6 million. Tasty Baking is moving to a newer facility located in the Philadelphia Navy Yard. TKMG plans to develop the property into a retail center.
“This transaction is an important step in the completion of our manufacturing strategy,” said Charles P. Pizzi, president and chief executive officer of Tasty Baking. “Upon consummation of the transaction, the cash proceeds from the sale will allow Tasty Baking to reduce the debt associated with the investment in our new manufacturing facility at the Philadelphia Navy Yard.”