And R.A.B. has tapped Cushman & Wakefield to find a new owner for the single-story plant. Noah Balanoff and Stan Danzig of the firm's East Rutherford office and John Berenato of the Philadelphia office are heading the assignment. The asset had initially been listed for lease, and is now listed for sale without an asking price.
"This is an opportunity for a developer or a retailer," Balanoff says. "They would be able to reposition a well-located but obsolete industrial property for another use. The site has a high daily traffic count, and the site's proximity to a new Wal-Mart Super Center does position it for retail. We're already seeing interest from regional and local developers, as well as end-users."
Located on nearly five acres, the facility has frontage along a roadway within this city's redevelopment area, all of which is already zoned for retail and commercial. The adjacent Wal-Mart Super Center is currently under construction.
The offering comes as R.A.B. Food Group is in the process of changing its corporate identity. Known as the B. Manischewitz Co. for most of its 120-year history, the company became known as R.A.B. Foods in 1998 after an ownership change and the acquisition of additional food brands. Now, the company will become known as the Manischewitz Co.
"The name change…reinforces our heritage and core strength in Kosher and the power of the iconic Manischewitz brand," says CEO Bruce Bossidy, in a statement.
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