The final chapter of the more than 140-year fairy tale run for food processor Hansel ‘n Gretel has come to an end.
Hansel ‘n Gretel Brand Inc. sold its Glendale manufacturing factory at 79-40 Cooper Ave. for $9.18 million after closing its business last year, according to Canada-based broker Avison Young. The company opened in Manhattan in 1872 and moved to Glendale in 1970 to expand operations.
The entire two-acre property, which includes a 50,000-square-foot industrial building, two attached residential buildings, two parking lots and vacant land, was such a sweet deal, it was divided and purchased by two investors.
Cayre Investments purchased most of the site, and plans to transform it into a 80,000-square-foot self-storage and retail building, according to Avison Young.
“Over the last few years, self-storage has been driven by robust demand, advanced management and new technology, and it continues to outperform other real estate sectors,” said Jason Meister, vice president of Avison Young. “Manhattan’s residential market continues to reach new heights, which in turn has driven demand for self-storage in the outer boroughs, and the buyer intends to capitalize on this trend.”
Meister and an Avison Young team of principals Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley represented Hansel ‘n Gretel.
The Hansel ‘n Gretel site is located near to The Shops at Atlas Park, a mall with retail, dining and a cinema.
It is also close to Atlas Terminals, a former collection of industrial buildings that was purchased by production company Broadway Stages for nearly $20 million last year.
The company plans to transform the site into TV and film studios and create rental space for local mom and pop retail businesses, as The Courier first reported.