Somerset Riverside LLC has purchased the former Montaup Electric Co. plant in Somerset for $2.25 million.

Somerset Riverside LLC is part of a group of companies owned by William Thibeault in Everett, which has developed several retail box stores, apartments and office buildings in the Boston area. Thibeault’s companies also include a C&D recycling facility and remediation companies specializing in the clean-up of brownfield and contaminated properties.

The Somerset plant at 1606 Riverside Ave. sits on 38 acres overlooking the Taunton River. Camden Iron and Metal LLC of New Jersey held the mortgage on the building. The affidavit of foreclosure and the foreclosure deed were filed last month with the Bristol County Registry of Deeds in Fall River after Thibeault was the highest bidder on the site.

The Montaup property was assessed at $6.6 million. In August 2013, when the last auction was advertised, the town was owed $317,408 in back taxes by the prior owner.

The property came with a large past due tax lien and had been left in disarray by the prior owner with multiple DEP violations and environmental issues.  Thibeault had a crew on site to secure, assess and start the remediation cleanup the day after closing.  

In the past, Thibeault had purchased a former brownfield, junkyard site in Revere for $6.75 million. Following extensive environmental remediation, permits were obtained for a BJ’s Wholesale Club and 231 residential units. 

Thibeault said he is assessing the highest and best use for the Somerset property and has had several interesting end users already inquiring about the site, according to a press release.