July 10, 2017
On Monday, June 26th, a development team led by The Provco Group, LTD commenced demolition of the former Nabisco facility located at the intersection of the region’s biggest thoroughfares – Roosevelt Blvd and Byberry Road in Philadelphia, PA.For many decades, the Nabisco factory was an iconic landmark for the Northeast region of Philadelphia. The 600,000 sq. ft. facility was originally built by the National Biscuit Company in the 1950’s and became renown for the aroma of fresh baked cookies that billowed throughout the neighborhoods. The baking operation ceased production in 2015 and the 27 acre property sold a year later to a joint venture led by Provco, Goodman Properties and MCB Real Estate. Shortly thereafter, a portion of the facility was leased to Jako Enterprises, Inc., a company that owns and operates over 50 retail sneaker stores under the brand, Kicks USA.
“We are thrilled to own this iconic, landmark property”, says Michael Cooley, Vice President of Real Estate for the Provco Group. “The goal and commitment to our neighbors of the Somerton Civic Association and District Councilman, Brian O’Neill, is to create a project not only unique to Roosevelt Blvd., but to the region.”
Like many iconic buildings in Philadelphia, this one has a lot of sentimental value. When the project went public, Cooley was contacted by former Nabisco employees who expressed their respect and appreciation for the building as the facility provided over 800 jobs at its peak. “It was great to hear from former Nabisco employees who reached out to express their appreciation of the building.” Cooley states, “They asked me if I could save some of the bricks and give them away for keepsakes… This is a special place to many people so I plan to also use some of those old bricks for the new streetscape amenities we’re building so that a piece of the factory stands forever.”
With demolition underway, the first phase of development will deliver a Wawa convenience store and gas station pad, which is likely to commence this fall in aim for a summer-2018 opening. Cooley goes on to say, “I am in dialogue with several, unique, retail and family entertainment concepts that don’t currently exist in this region. These types of uses would not only generate net-new jobs but also create a destination that draws folks from a distance. Ultimately, we want to provide uses that will better serve the neighborhood and are excited to work towards delivering a quality project that residents of Northeast Philadelphia can be proud of,” says Cooley.
About The Provco Group:
Provco is a Villanova based Real Estate Company with over 40 years of experience developing a multitude of regional and national projects targeting new or value added commercial real estate properties with a core focus on the redevelopment of underutilized properties for retail, office, residential or mixed-use.
About Goodman Properties:
Founded in 1985 by Bruce Goodman, Goodman Properties has become one of the Delaware Valley’s leading real estate development and management firms. Over the past 31 years, the company has evolved into an elite developer of specialty stores and premier regional shopping centers with more than 5 million square feet of diverse commercial, residential and office space, managing over 650 tenants across their portfolio. Goodman is dedicated to developing the highest quality, community shopping centers with stunning architectural elements and beautiful landscaping.
About MCB Real Estate:
MCB Real Estate is a privately held, institutionally capitalized commercial real estate investment firm based out of Baltimore that currently owns and operates approximately 6 million sq. ft. of retail, industrial, office and mixed-use assets. The founding principals have over 45 years of combined real estate experience in acquisitions, development, private equity, structured finance, workouts, management, operations and law. MCB leverages their industry expertise and relationships to achieve strong risk-adjusted returns with a focus on value-add/opportunistic and core/core plus transactions.