Fair Lawn's landmark Nabisco factory will be torn down after $146.5 million sale
The iconic Nabisco property in Fair Lawn has been sold to a development and construction company in a $146.5 million deal.
The sale was confirmed by Mondelēz Global Senior Director Laurie Guzzinati, who said, “We have completed the real estate process."
The Nabisco factory closed down production for good in July after more than six decades in the borough. About 600 workers lost their jobs when owner Mondelēz made the decision to close the plant.
A deed recorded with the Bergen County clerk shows that CLPF Greek Fair Lawn LLC purchased the property in early October. It lists the buyer's address as 33 Cotter's Lane, East Brunswick, the address of a company called Greek Development. It specializes in industrial design and previously developed distribution centers, manufacturing sites and food storage for companies including Wakefern Food and PharMEDium.
The mid-century Nabisco factory that once filled the air with the smell of baking cookies will be demolished and a new building constructed on the site.
“We’re really excited," said Mayor Kurt Peluso. "I think that it shows a lot about the community of Fair Lawn that we had such a large company leave and the property never went dormant.”
The building on Route 208 drew lots of interest, Peluso said: “A lot of people were really enthusiastic about making Fair Lawn their home.”
The sale was authorized by Robert Omark, global project and process leader at Mondelēz Global.
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The former Nabisco property has an assessed value of $29.3 million. The closure did not cause the borough to miss any revenue, Peluso said. Mondelēz was paying more the $1 million in taxes and was still responsible for payments after the building shut.
“Not a dime was lost,” Peluso said.
Importantly, Fair Lawn will not get a residential complex at the site, something borough officials were eager to avoid.
"We were pretty keen on making sure that part of town stays industrial, and it’s going in that direction," Peluso said.
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He would not say who the tenant of the new building would be, only that it will remain an industrial facility.
Peluso is optimistic that the new company will bring in jobs, an achievement after the more than 600 jobs lost.
“If we can help provide employment in this new property, we’re really excited about that aspect,” he said.
According to Peluso, the new company wants to be part of the town. "They’re looking to sponsor events like youth sports and access-for-all programs," he said.
There's no set date for the new building, but Peluso said it will take time for the Nabisco plant to come down and a new building to be developed.