Pepperell, MA There’s a lot of activity going on in this quiet little town on the Mass.-New Hampshire border. Three tenants have signed long-term leases and extensive renovations are underway at Pepperell Place, a 190,000 s/f former mill complex purchased in December 2015 by The Lexvest Group. The Mill St. property, at 20 Mill St., with access to Rte. 3 and I-495, is set on 10 acres.
Pepperell Place - Pepperell, MAThe first tenants at Pepperell Place are: CELLTREAT, 27,000 s/f; All Things Jeep, 20,000 s/f; and Bionostics, 10,000 s/f.
Eric Shapiro, CEO of The Lexvest Group said its affiliate, Lexvest Chapel LLC, spearheaded the purchase, redevelopment, repositioning, and leasing. It is expected that the three initial tenants, who have leased a total of about 60,000 s/f, will create some 30-40 jobs with 100 more expected as the development unfolds.
Shapiro said the $2.25 million loan from MassDevelopment is being used to upgrade building systems, common areas, windows, doors, landscaping, and tenant amenities including a conference room, break room, courtyard and fitness area. The loan is also financing tenant improvements.
According to Shapiro, “We are delighted to be working once again with MassDevelopment which has played a key role in moving this project forward.”
MassDevelopment president and CEO Marty Jones said, “Once again, we are pleased to work with The Lexvest Group, and to redevelop this important property to attract new tenants and companies to Pepperell, providing new opportunities for jobs and economic activity.”
Shapiro said he’s impressed with the variety of sizes and types of businesses considering space at Pepperell Place. Adding to the draw are the area’s strong labor market and low costs.
This is the second major mill project undertaken by The Lexvest Group with financing from MassDevelopment. In 1998, Lexvest acquired Phoenix Park in Shirley. Since then, the visionary Shapiro and his team have transformed that historic 300,000 s/f mill into a thriving business center, now home to some 50 companies and 250 jobs. In both projects, Shapiro pledged to maintain the property’s historic charm while focusing on ways to attract 21st century technology firms.
