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Delaware trust buys Hershey chocolate plant. Friday, September 30, 2011
Milton S. Hershey’s historic chocolate factory has left the Hershey family.
The Hershey Co. sold the 105-year-old Derry Township factory for $50 million to Chocolate Realty, a Delaware statutory trust.
The most likely buyer was widely believed to be the Milton Hershey School Trust, a $7.5 billion endowment created by Milton Hershey.
The trust was established to provide income in perpetuity for the Milton Hershey School in Derry Township, a residential educational organization for disadvantaged youths.
Earlier this year, the trust had said it was interested in the property but would make an offer only if it could do so within the guidelines left by Milton S. Hershey.
To that end, the trust hired a Lancaster firm, High Real Estate Group, to provide a market analysis and examine the environmental and other costs that would be necessary for adaptive reuse of the properties.
.........and the Milton Hershey School Trust did not tender an offer for the property,” said Connie McNamara, trust spokeswoman.
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http://www.pennlive.com/midstate/ind...tml#incart_hbx
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