April 7, 2010 (FinancialWire) — Tasty Baking Co. (NASDAQ: TSTY) said that it has entered into a purchase and sale agreement with TKMG Associates, L.P. and its guarantor, Metro Development Co., for the sale of Tasty Baking’s Philadelphia bakery property at 2801 Hunting Park Avenue and its former corporate offices and distribution center located at 3413 Fox Street for $6 million. According to Tasty, these are the properties that the company is vacating in connection with its move to the Philadelphia Navy Yard.

TKMG Associates, L.P. is a single purpose entity formed by Metro Development, which is a private, Philadelphia company that specializes in the development of large-scale real estate projects with national retailers.

Metro Development has developed over five million square feet of retail space and currently its affiliates own and manages around one million square feet of retail space with over two hundred tenant leases under its management.

Pennsylvania-based Tasty Baking is a baker of snack cakes, pies, cookies, and donuts with manufacturing facilities in Philadelphia and Oxford, Pennsylvania.

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