WaterRower closes on Parker Mill

Sales agreement finalized last August; paperwork finally complete

By Ted Hayes
Posted 5/3/19

After waiting months for paperwork to be finalized, WaterRower recently completed the purchase of the former Parker Mill, paying $3 million for the sprawling property that dates to …

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WaterRower closes on Parker Mill

Sales agreement finalized last August; paperwork finally complete

Posted

After waiting months for paperwork to be finalized, WaterRower recently completed the purchase of the former Parker Mill, paying $3 million for the sprawling property that dates to 1898.

WaterRower had signed a purchase and sale agreement to buy the space last August but the closing was delayed minor environmental recording issues, that have since been completed with the state DEM. WaterRower CEO Peter King said that with that paperwork out of the way, the firm is ready to get to work improving the property.

“There’s a lot to do,” he said. “We want to renovate, bring it back to life and improve that part of Metacom Avenue much as we’ve done” at the WaterRower campus further south on Metacom Avenue.

The sale came as a good opportunity for the rowing machine manufacturer, Mr. King said after the purchase and sales agreement was signed. WaterRower had been renting storage space there for some time and he said the need for such space will continue for the foreseeable future. Though the firm looked into building a warehouse building, the cost of new construction didn’t make as much sense as just purchasing the old mill outright.

Mr.. King said Friday that there are no plans to displace current tenants, including 426 Fitness. Indeed, he said the hope is that more tenants can be found for some of the complex’s unused space, and there are expansion and improvement plans in the works as well.

“It was a good opportunity for us,” Mr. King said. “It made sense for us to buy it.”

This isn’t WaterRower’s only recent purchase. Last November, company officials closed on a deal to purchase the former TPI complex at 373 Market St. for $4.25 million.

The complex was purchased from RBS Warren LLC, a South County-based property management firm. TIP Composites was the property’s sole tenant following the dissolution of US Watercraft in 2017.

Mr. King said the acquisition of the large complex was a good opportunity for his firm as the space will help WaterRower’s future needs and will also help bring much-needed manufacturing space back to town.

“If we can bring some quality industrial space back to Warren, we would like to,” Mr. King said. “Having that open industrial space is very important.”

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