Maynard-based real estate investment firm The LexVest Group has purchased the site of a 62,259-square-foot industrial building for $4 million.
An entity managed by LexVest purchased the site at 44 Mead St. in Leominster in a deal finalized on Friday, according to Worcester Northern Registry of Deeds records. The property was purchased from an entity managed by Joel Baker of Worcester.
The industrial building on the 4.1-acre site contains 49,807 square feet of industrial space and 12,452 square feet of office space, according to real estate data firm CoStar. The building dates back to 1920, containing eight docks and two drive-in bays.
LexVest plans on updating the site, said Nate Nickerson, owner and advisor of Littleton-based Fieldstone Commercial Properties, who represented LexVest in the transaction and introduced the firm to Baker.
“This is a great outcome for the Leominster market. The LexVest Group is making a real investment in this building — comprehensive interior and exterior improvements, organizing and demising the space into efficient, well-laid-out warehouse and flex units that local businesses can use.” Nickerson said in a Monday press release. “That kind of improvement is exactly what this market needs, and we’re proud to be part of it from acquisition through leasing.”
The property was listed by Harrison Klein of Marcus & Millichap’s Boston office.
LexVest’s other investments include a 190,000-square-foot business center in Pepperell and a 300,000-square-foot business park in Shirley, according to its website. The firm was founded by Eric Shapiro in 1987.
The property at 44 Mead St. received a 2026 tax assessment value of $2.96 million, according to City of Leominster property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
