Under new CEO, Leominster plastic packaging facility property sold to Arizona leasing firm for $7M
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24 Jytek Drive in Leominster
Three months after naming a new CEO, Leominster plastic packing company Easypak sold its property at 24 Jytek Drive facility to an Arizona real estate investment specializing in net-lease deals for $6.8 million, according to records filed with the city’s assessors office.
The property on which the 40,000-square-foot facility sits was sold by 30 Jytek Drive LLC, which is registered to Andrew Marenco, chief financial officer at Easypak, which is located at 24 Jytek Drive. The company also maintains locations in California, Pennsylvania, Michigan and Florida, according to the company website.
The property was purchased by Store Master Funding XXI, LLC, which is registered to executive management of STORE Capital of Arizona.
The deal was just for the property, not the actual packaging business. The deal closed June 11.
STORE, which was founded in 2011, specializes in net-lease deals, where a single tenant pays for all or most of a property's expenses, such as taxes and maintenance, in addition to rent.
The property was last sold in 2013 for $845,000, according to assessors records. It was last assessed by the City of Leominster at $1.5 million in 2020.
On March 23, the Leominster-headquartered Easypak announced Kevin Andrews had been named as its new CEO, replacing David Furstoss who had been CEO for almost three years.
Andrews joined Easypak having most recently served as CEO at Nebraska farm supply firm QC Supply and Illinois container firm D&W Fine Pack. He earned his bachelor's degree in plastics engineering from UMass Lowell.
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