Hillcrest Development is set to buy a former Nestlé plant in Minneapolis, US.
Nestlé announced in 2011 it would close its St. Louis Park health care and nutrition products plant over a two-year period, axing 243 jobs.
The plant had operated for nearly four years as a manufacturing site for nutritional food and drinks, including thickened fruit juices, Boost, nutritional energy drink and tube-feeding products.
Scott Tankenoff, managing partner, Hillcrest Development, confirmed the deal and said the company is interested in redeveloping the site, which comprises a 311,000 square feet. manufacturing facility for multi-tenant manufacturers.
The predicted land sale will close in 2014.
The plant became the base of Nestlé’s North American health care nutrition unit after the company closed its $2.5bn purchase of Novartis Medical Nutrition, a Swiss company that based its US and North American headquarters in St. Louis Park.
At the time of the sale, Novartis was the world’s No. 2 health care nutrition manufacturer, with annual sales of $950m in 2006.
Hennepin County records indicate the 25-acre site is owned by Novartis Nutrition Corp. and has a market value of about $6.6m.