Pepperell Building Redevelopment, Thanks to MassDevelopment Loan, Draws New Tenants
June 7, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Eric Shapiro, The Lexvest Group, 978-862-0136
MassDevelopment has provided a $2.25 million loan to Lexvest Chapel LLC for the repositioning of the 20 Mill Street property in Pepperell, known as Pepperell Place. Lexvest Chapel LLC is an affiliate of The Lexvest Group, a regional real estate development and investment company focused on value-add commercial and industrial opportunities and residential redevelopments. The company is using loan proceeds to upgrade the building systems, lobbies, and core. Exterior improvements include new windows and doors, landscaping, and hardscaping. Amenities such as a common conference room, break room, and fitness room are underway. The 190,000-square-foot building is on 10 acres and offers space that ranges from single-office suites to 65,000 square feet of industrial/flex space. The loan will also finance tenant improvements to the building for the three new signed leases, which total 60,000 square feet of space. The property’s redevelopment will provide space for multiple tenants seeking office, light manufacturing, or assembly and warehouse storage space. Lexvest expects this project will create 100 jobs.
“MassDevelopment is pleased to continue working with The Lexvest Group to redevelop this important property,” said MassDevelopment President and CEO Marty Jones. “These improvements and upgrades will attract tenants and companies to Pepperell, providing new opportunities for jobs and economic activity in north-central Massachusetts.”
Two tenants of Pepperell Place are relocating from Shirley’s Phoenix Park to expand their operations. Occupants are expected to move in this summer. The Lexvest Group acquired Phoenix Park in 1998 and has helped bring more than 60 companies to the park and employ more than 250 people. MassDevelopment also assisted The Lexvest Group in financing the Phoenix Park redevelopment.
“We are pleased to be working once again with MassDevelopment, which has played a key role in our ability to move forward with this project,” said Eric Shapiro, CEO of The Lexvest Group.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.