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| Location: |
Worcester,
Massachusetts |
| Square
Feet: |
384,069 |
| Acquired: |
October
1997 |
| Status: |
80%
Leased |
This sprawling heavy manufacturing complex was shuttered in 1986
and seemed unmarketable for over a decade, frustrating corporate
and public officials alike. Perceived environmental issues also
hung over the property.
In 1997, Liberty Companies approached the owners of the property
with an offer that included a risk-relieving remediation plan for
any site contamination and a vision for redevelopment. In return,
Liberty was able to acquire the property for just $1 million.
Following a redevelopment investment of $6.5 million by Liberty,
the property was fully leased to an eclectic range of new tenants,
including a charter school and a high school; Biomedical Research
Models, Inc.; NES Companies, LP; Cardinal Freight Carriers Inc.;
Reed Machinery, Inc.; Mead Westvaco Corporation; and Central Massachusetts Collaborative.
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