U.S. real estate firm Hackman Capital Partners LLC has purchased 140 vacant properties from the former Hostess Brands Inc. for $62.5 million.
The deal was authorized by a U.S. bankruptcy court in New York. The portfolio includes equipment and real estate in 34 states and about 3,400 vehicles and bread-delivery vans, seven factories, warehouses and storefronts.
The former Hostess Brand, now renamed Old HB Inc., announced last year it was closing and selling its brands and plants through bankruptcy liquidation. The portfolio purchased by Hackman includes bakery plants in Los Angeles, Oakland, Calif., Wayne, N.J., St. Louis, Philadelphia, Cincinnati and Defiance, Ohio.
Hackman is paying less than $20 a square foot for about three million square feet of property. Similar properties sell for about $30 a square foot in the U.S., according to the Wall Street Journal.