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Devens Lot 9-B Sold to Equity Industrial Partners
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July 20, 2005 Contact: Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com MassDevelopment today announced the sale of lot 9-B at Devens to Equity Industrial Partners. Equity Partners, a Needham, MA based investor in industrial properties, will construct a parking lot to complement an adjacent 380,000 square foot warehouse located at 15 Independence Drive, which will be leased by Kraft Foods and used by Kraft's Veryfine business in Littleton. Kraft plans to consolidate warehousing and distribution for its Veryfine product line at Devens. "This agreement is another win for Devens and the economy in this region of the state," said Robert L. Culver, MassDevelopment president/CEO. "Veryfine is an exceptional corporate neighbor, having won many local and national awards, and we're happy to welcome this business to the Devens community." Kraft manufactures its Veryfine beverage line and processes locally grown cranberries at a plant in Littleton, MA. The company stores its finished product at warehouses in Littleton and Ayer. C&S Wholesale Foods, Equity Industrial's current tenant at 15 Independence Drive, will support the agreement by relocating to Kraft's leased warehouse in Ayer. "This deal demonstrates the power of partnership, and how a number of unrelated organizations can work together to support job creation, business development and a regional economy in the Bay State," said Charles Kibbee, project manager, Equity Industrial Partners. "Our firm is pleased to expand our portfolio of real estate holdings at Devens, given Devens' notable progress in terms of development and growth." Veryfine initiated operations at its Littleton manufacturing plant in 1931. The then-100,000 square foot plant was originally used to process vinegar, and eventually as a bottling operation for apple juice, apple sauce and fruit drinks. In 1983, Veryfine chose to focus the Littleton plant's production on bottled drinks. In March 2004, Kraft Foods acquired Veryfine. The Littleton plant pumps $40 million annually into the regional economy for raw materials, payroll, taxes, goods and services. MassDevelopment, the state's finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth. In fiscal year 2004, the agency arranged financing for or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts. Kraft Foods markets many of the world's leading food brands, including Kraft cheese, Maxwell House and Jacobs coffees, Nabisco cookies and crackers, Oscar Mayer meats, Philadelphia cream cheese, Post cereals and Milka chocolates, in more than 150 countries.
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