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Former Nestlé plant sold for redevelopment

By Jenny Eagle+

04-Dec-2013

St. Louis Park, Minneapolis
St. Louis Park, Minneapolis

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.

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