Courtesy / Mark McClure
Pepperell Mill in Biddeford.
Updated: January 2, 2025
Real Estate Insider Notebook: The Downs, Pepperell Mill updates
Courtesy / Boulos Co.
Pine State Services, a provider of plumbing, electrical and HVAC that has outgrown its space in Westbrook, sought a new, state-of-the-art headquarters that could accommodate continued growth.
Pine State Services has signed a build-to-suit lease on an office-and-industrial building at 30 Center St. in the Innovation District at the Downs.
The provider of plumbing, electrical and HVAC services has outgrown its space in Westbrook. Its new headquarters in the Downs will allow for projected growth. The new building’s footprint of 25,280 square feet will be nearly double what it has now.
Risbara Brothers Construction will lead the project, which is scheduled for completion by May.
Pine State Services will join Costco, IDEXX and a growing list of businesses in the Downs Innovation District.
Jonathan Rizzo of the Boulos Co. assisted the landlord, Ventinove Holdings LLC, in the transaction.
Pine State Services was represented by Cushman & Wakefield of Dallas, and Porta & Co.'s Vince Ciampi.
Financing package paves way for Pepperell conversion
Mark McClure, managing director of GenX Capital Partners, said the firm closed on a $31 million refinance for Presidium Group, a Dallas-based real estate development firm, to fund the condo conversion of the historic Pepperell Mill in Biddeford.
The financing enables Presidium Group to convert Pepperell Mill from rental apartments to high-end condominiums.
The Presidium Group team leading the Pepperell Mill project includes Chris Rhoades, Andrew Preston and Will Andress.
“It was a very complex deal with many moving parts, but when you’re fortunate enough to have an A-plus sponsor and A-plus lender coupled with top notch legal teams on both sides, you know it will get done," McClure said.
McClure secured the financing through Tryperion Holdings, a private real estate investment firm headquartered in Beverly Hills, Calif. The Tryperion Holdings team consisted of Jeffrey Karsh, Jonathan Etra and Greg Rollman.
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