Joint Venture Group Acquires Assets of Pixelle's Paper Mill in Jay, Maine
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JGT2 Redevelopment LLC, a Joint Venture of New Mill Capital Holdings, Infinity Asset Solutions and Camjay LLC, has acquired the assets of Pixelle Specialty Solutions in Jay, Maine. The acquisition includes the real estate of the main paper mill site as well as all mill equipment and the adjacent cogeneration power plant.
"We are thrilled to have acquired the Jay mill and plan on making a significant investment to bring economic life back to the property," said Tony McDonald, President of Camjay. "The site's heavy infrastructure can be repurposed for a variety of industrial uses, and we have already started the process of identifying potential new users for the property."
The new owners plan to sell certain mill assets that are no longer usable on the property. An auction is scheduled for May 7-10, 2024. Once that process is complete, the property will be available for tenants.
The building contains almost one million square feet of space, most served with heavy-duty overhead cranes and ample power, with some space having clear heights over 50 feet. The site also has rail, natural gas, a 26 million gallon per day wastewater treatment plant, and a large number of environmental permits that can be repurposed for a variety of uses.
The buildings also lay out well for multi-tenant space, with several bays having their own loading, parking, and office areas.
In addition to the mill assets, the site has a 150 MW cogeneration plant with an interconnect directly to the power grid. The plant consists of three Westinghouse Siemens Combustion Turbines, each burning primarily natural gas but capable of burning #2 Diesel utilizing a 330,000 gallon diesel tank.
Given the existing interconnect, the site is attractive for a variety of energy uses, including a co-located solar project or battery storage. The property consists of over 1,000 acres, giving access to a large amount of land for solar.
"The energy opportunities here are vast," said Gregory Schain, Principal of New Mill Capital Holdings. "Given what already exists at the site, an energy project in Jay would have a large head start over a greenfield site."
Between a new energy project and an adjacent 29 MW hydroelectric plant owned by Eagle Creek, with "behind-the-fence" access available to new tenants, the property not only has abundant, reliable power, but can also offer energy to tenants at rates more competitive than what is available at retail.
