PEPPERELL -- The old mill lot, which sits on the Nashoba River, has been empty since spring 2011 after the company that owns it, Perry Videx, took down the buildings. The property is now being put out to bid for development.
The empty lot on the Nashua River where the Pepperell Mill once stood has officially been put out to bid for development. Perry Videx, the New Jersey-based company that owns the property, has contracted Omni Properties, LLC, a real-estate brokerage company out of Concord, to assist in the bid process and the sale of the property.
Perry Videx initially bought the old mill and the property on which it stood in order to recycle the equipment within that had gone unused for years. After removing all of the equipment, they demolished the dilapidated brick buildings in spring 2011. Over the years, interested parties have come forward to Perry Videx about purchasing the property, but nothing has yet panned out.
Now that Omni Properties is in the picture, the companies are putting a concerted effort toward finding a buyer.
"We're not developers. We are actually in the used equipment business and we bought the old mill to resell the equipment, so (our company) is not going to develop anything," said Ken Miller, executive vice president of Perry Videx. "We're looking at getting a developer to come in to buy the property from us."
On Nov. 5, Omni Properties released a bidding package to potential buyers.
"Perry Videx has asked us to put together what I would call a 'call for offers,'" said Omni Properties owner George Robb. The detailed, 20-page package contains everything from zoning maps to a discussion of the adjacent Swift River Hydro Plant, sending out the package to their network of commercial brokers in southern New Hampshire and Massachusetts, said Robb.
The bidding package was developed with several criteria for the application to buy, including the purchase price, the buyer's name, the deposit amount, the required due-diligence period, the amount of time from the offer's acceptance to the execution, the property's intended use and the closing date; it also makes note of Pepperell's concerns and interests.
"The Town of Pepperell wants this site developed to its highest and best use (industrial, commercial, residential, office and retail) in order to effect its most viable potential re-use," the package introduction states.
Robb said Omni Properties plans to work directly with Pepperell community and local officials to identify a suitable buyer for the property.
"We'll put together our knowledge of development combined with input from what the community is looking for, what would the community would desire there. We'll help measure with the community what's feasible. The target being that we would identify a really credible company to come in," he said.
A member of Omni Properties is also a Pepperell resident.
"Frank Harnett Sr. of Pepperell, is an experienced commercial broker. He's a part of the Omni Team. It's through Frank that we're involved in this," said Robb.
Robb said with the economy combined with the marketing process, he expects the process to take between six months and a year to more forward with a buyer. Still, Perry Videx and Omni Properties are not rushing into anything.
"As an empty lot, it's got a lot of promise because of where it is," said Miller. "It will take some time to find the right developer and find the right thing to go in there."
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