F & M Tool & Plastics president sells property in $25M leaseback deal
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175 Pioneer Drive, Leominster
A corporation registered to the co-founders of Concord’s Arris Partners, LLC has purchased two properties, comprising 16 acres, along Pioneer Drive on the Leominster, Lunenburg border from the president of F & M Tool & Plastics, Inc. in Leominster for $25 million.
F & M Tool & Plastics will remain at the location after, said John Garofalo, manager and co-founder of Arris Partners.
“They are committed long-term to the location and the community,” said Garofalo on Monday.
The deal between the seller, 175 Pioneer Drive, LLC of Leominster, registered to Mark Gasbarro of F & M Tool and Plastics, and the buyer, Pioneer Drive, LLC of Concord, registered to John Garofalo and Tom Sibley of Arris Partners, closed on Friday, according to the Worcester North Registry of Deeds.
Arris Partners was founded in 2017 and is a privately held real estate investment firm focussed on property acquisition, development, and management. It owns industrial properties in Leominster, Holbrook, Marlborough, and Chicopee.
Arris bought another fully-leased property in March at 25 Tucker Drive, leased to furniture manufacturer AIS, Inc.in Leominster, which it acquired for $66.5 million.
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