Business & Tech

$16 Million Asking Price for Former Hostess Bakery

The 20-acre property was purchased, along with more than 100 others, from Hostess earlier this year as part of a $62.3 million deal.

The former Drake’s bakery on Demarest Drive is for sale for $16 million.

Hackman Capital Acquisition Co. purchased the 20-acre property in October and 131 other formerly owned by Hostess Brands Inc. for $62.3 million.

The company has hired CBRE Inc., a real estate broker, to market the 257,000-square foot facility, NorthJersey.com reported. The 44-year-old building is located near routes 80, 23, and 46.

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“Each property will be sold separately and each deal will be negotiated as if it was just that building,” William Waxman, CBRE executive vice president told NorthJersey.com. “I don’t think anyone’s looking to purchase the whole package.”

More than 300 people lost their jobs when the bakery closed after Hostess filed for bankruptcy a year ago.  It was one of 100 properties Hostess put up for sale in May after an auction for the property failed to attract any potential buyers.  

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