21 November 2014
NHCIBOR
New Hampshire Commercial Investment Board of Realtors
Minutes of Seacoast Marketing Session
Jerry Bazata with Newburyport 5 Cents Savings Bank was the breakfast sponsor and they have recently landed in the new building with 5 Guys burgers at the site of the former Yoken’s. The Bank has taken on the labor of love of renovating the sign from the former Yoken’s. They are working with the son of the original sign designer and are going to place it where it was. The former Yoken’s owners and the City of Portsmouth have been great to work with on this project. Newburyport 5 Cents Savings Bank is a 700 million dollar lending institution that has placed 40 million dollars in this market. They have 11 million in residential loans and 30 million dollars in deposits. Jerry has been in this area for a while working for Heritage Bank, TD Bank, and Bank of America previously. Jerry has enjoyed working with Two International Group.
Cash Buyers
Tony Fallon with Tony Fallon Architecture helps make things work well. Tony also was soliciting for the Waterville Valley Adaptive Sports Turkey Plunge fundraiser.
Jerry Bazata with Newburyport 5 Cents Savings Bank served on the Ogunquit Playhouse board previously for whom Tony Fallon has done various projects.
Peter Taylor with Anchor Property Management was welcomed back by David Choate.
Paul Alfano with Alfano Law Office specializes in negotiating lower property tax assessments.
Sean Burke with East Boston Savings Bank announced his new house of banking.
Andy Ward with Colliers has someone with 2.5 million dollars to place in a place.
Tom House with THA Architects does tenant fit ups.
Kendra King with Berkshire Hathaway Verani does primarily residential and some commercial. Kendra joined us for the first time.
Jim O’Donnell with 2 The Top Marketing helps you get seen more readily online you see.
Joe Friedman with Brooks Properties is looking for buildings to buy along the Interstate 93 corridor from 20 thousand to 80 thousand sf with at least 50% of the space leased.
Michael J. Farinola, Certified General Appraiser Licensed in New Hampshire & Maine helps set the numbers.
Mark Sullivan with Seacoast Asset Management talked up the better benefits of utilizing a Registered Investment Advisor, RIA, versus a Registered Representative, the latter of which are 99% of those with a securities license. RIAs are necessarily fiduciaries and are legally required to place the client’s interest ahead of their own as well as ahead of the advisor’s employer. Mark shared that most higher income bracket people use fiduciaries because it can make a big difference and likely helped them get where they are. Mark is an RIA and would be happy to assist you and yours. Also please see www.FINRA..org.
Doreen Austin with Northeast Credit Union looped in for a visit. Doreen helps with commercial lending.
Vince Chestnut with Alpha Locksmith brings professional security to your door.
Martha Baroody with CBRE is licensed in Maine, New Hampshire, and Massachusetts to assist with spacious space.
Jenn Marsh with Rochester Economic Development was beaming about the shining star of the Seacoast, Rochester.
Jim Schwartz with Jewett Construction can assist with your design/build deals.
John Konevich with Alliance Capital Funding deals dough via banks, insurance pools, and commercial financial lenders for real estate and business financing.
Peter Gluckler with Masiello Better Homes and Garden Real Estate thanked various people for the 1031 leads.
Julie Lapham with ENH Power assists with residential and commercial electric discounted rates. They have had some luck with doing some bulk buys and some of the bulk buys have combined both commercial and residential entities.
Susan Scanlon with Commercial Properties serves both Maine and New Hampshire as a property manager and commercial broker. Susan has investors looking for retail strip centers with national credit tenants up to 12 million dollars in Maine and New Hampshire. They might consider Northern Massachusetts.
Bryan Dubois with Dubois Associates Real Estate and Dubois Appraisals has a cash buyer looking for sites for new construction of self-storage facilities. They can include a retail portion.
Amy Sharp with TD Bank serves Eastern New Hampshire and was not the last banker round the round.
Timothy Sheedy with Phenix Title Services assists with both commercial and residential closings in Maine, New Hampshire, Massachusetts, and Vermont.
Ute Luxem with Profile Bank profiled her commercial lending commercial.
Susan Miltner with Seacoast Business Machines has been in business for 30 years. They handle Sharp and Xerox multi-function machines with multitalented multitasking magic.
Wendy Rayno with People’s Bank does lots of deals up to 3 million dollars.
Dave Garvey with KW Commercial has a buyer looking for 100 apartment units and more in Southern New Hampshire. Dave also has buyers for gravel in Southern New Hampshire and one that is specifically looking in the Lakes Region.
Tad Dziemian with Neighborhood Energy brokers electricity and natural gas as well as offering energy optimization services.
Bill Jean with Fulcrum Associates serves up construction from tenant improvement to ground up.
Bob Marchewka with One Commercial has someone looking for 6,000 to 8,000 sf in the Seabrook or maybe the Brentwood area that comes with a couple of acres and would allow for parking of vehicles. Maybe something that they could subdivide would work.
David Choate with Colliers has an industrial property investment buyer looking in the 650 thousand dollar range.
Announcements
The statewide NHCIBOR marketing meeting occurs on the 4th Wednesday of the month from 9:00 to 10:15 at 166 South River Road in Bedford.
David Choate reminded all of the benefits of attending the meeting by sharing that Jim Giampa’s trotting out the Depot Square listing in Hampton at the October meeting resulted in a signed purchase and sale agreement for a cash deal that will close this year with no appraisal.
2015 breakfast sponsorships are all taken and David Choate is taking reservations for 2016.
Listings
Tony Fallon with Tony Fallon Architecture passed around a sign up sheet to sponsor him in the Turkey Plunge for Waterville Valley Adaptive Sports.
Bill Cormier with Hourihane Cormier and Associates has a medical office offering on a ¼ acre at the entry to Rochester with lots of parking for $159,900.
Paul Alfano at Alfano Law Office passed out a tri-fold illustrating the annual deadlines for filing tax assessment appeals at the local and state levels. When one makes the case for a tax assessment lowering with a trial lawyer, the results are usually better.
Andy Ward with Colliers highlighted a new listing at 472 High Street in Somersworth that was a former Remax office with many private offices and a reception area. It covers 5,186 sf and there were ADA upgrades in 2004 and Andy shares that this is a good looking building. It is yours for 595 thousand dollars or 10 dollars NNN.
Tom House with THA Architects has a ¼ of a century of architectural experience and has worked with David Choate and lots of people at this meeting. Joining has been worth it.
Kendra King with Berkshire Hathaway Verani has a couple of 1000 sf office spots on Portsmouth Avenue in Exeter. Kendra also touted Straw Point in Rye on the residential side.
Russ Doyle with Two International Group has 15 Rye Street next to Lonza that is high end office space at a good value. Set yourself up in the 23,000 sf that is available at 14 dollars psf NNN with nets at $7.82.
Jim O’Donnell with 2 the Top Marketing helps local business listings move up the search engine ladder and corrects lots of inaccuracies found on online listings.
Marie Bodi with CP Management is a third party property manager in Exeter servicing Southern Maine, New Hampshire, Massachusetts, Vermont, and Rhode Island.
Joe Friedman with Brooks Properties in Salem highlighted Brookstone Park in the center of Rockingham County on Route 111. Joe has a variety of offerings there from 2,400 sf to 4,000 sf to 6,000 sf to 12,000 sf all with walking distance to the on campus golf course oh so pretty.
Mary Ellen Humphrey with Durham Economic Development shared an RFP for reuse of the former town offices on 0.95 acres with 67 parking spaces. Mary Ellen said they are open to things that may be of benefit to the town in this charming building in the historic district. This is adjacent the Three Chimneys Inn and Restaurant with the RFP available online.
Michael J. Farinola, Certified General Appraiser Licensed in New Hampshire & Maine helps with commercial appraisals.
Mark Sullivan with Seacoast Asset Management had to leave early for a Vets Count meeting and noted that next month there will be a bin in the lobby for a food drive ready for your non-perishables.
Doreen Austin with Northeast Credit Union brings commercial lending to deals.
Vince Chestnut with Alpha Locksmith noted that the one thing everyone touches in a building is the hardware and that you should give your building a solid feel with solid hardware on the doors.
Martha Baroody with CBRE has two multi-family listings. One is a 10 unit with six 2 bedroom units and four 1 bedroom units. The other listing is a mixed use in Dover.
Jenn Marsh with Rochester Economic Development passed out a map of the areas of Rochester that have the 79e designation which constitutes downtown from Care Pharmacy to Studley’s Florists to the Walnut/Washington/North Main Streets intersection. This covers virtually all of the commercial area downtown. They have some parts of Gonic covered by this too and it works only for redoing existing buildings.
Jim Schwartz with Jewett Construction noted that they are family owned and operated. They have been so since 1972.
Susan Scanlon with Commercial Properties has 4 Sheep Drive in Kennebunk that is Class A space covering 8,700 sf that could swell to 18,000 sf if needed. It is really nice space and would be good for a medical practice.
Don Marshall with Marshall Associates is a general business broker hailing from Exeter. Anyone who knows of a business owner thinking of selling can do them and you a favor by passing on Don’s name.
John Konevich with Alliance Capital Funding is an independent commercial lending broker with hard money and stated income programs that are underwritten to the residential form 1003 to assist with financing under reporting entities.
Christian Stallkamp with CBRE showed up after getting the kids on the bus. Christian has 24,000 sf in Newmarket with 7,200 sf of space leased up and 16,800 sf available. This flex space has about 4,500 sf of office. The lease rate is 5.25 dollars psf and the place is yours for 1.6 million dollars.
Lynne Bagby with Asset Preservation is a certified 1031 exchange arranger.
Peter Gluckler with Masiello Better Homes and Garden Real Estate had a good November with lots of listings under contract. Peter has 5 developable lots in Wells and Kittery as well as a 9 room motel going for salvage pricing in York for a limited time.
Mark Daniel with People’s United Bank serves up commercial and business dough spinning through the Exeter and Seacoast areas.
Julie Lapham with ENH Power has Provider Power for a parent company and they have a dedicated in house commercial contract specialist team that can turn around proposals in a day or two. There are good reasons they are highly rated.
Mindi Messmer with Barton & Loguidice noted that the FEMA flood elevation maps have been redrawn and are due for being accepted by New Hampshire in about a year. Tony Fallon notes that we are in the appeal period for those wishing to contest this change.
Kathy Rush with Berkshire Hathaway Verani has two small 500 sf units in Hampton going for 500 dollars per month.
Bryan Dubois with Dubois Associates Real Estate and Dubois Appraisals has an appraisal client with a nice property in Barrington at the intersection of 9 and 125 that covers 33 acres. Bryan won’t be listing this and the owners are looking for someone to list it.
Amy Sharp with TD Bank has a 10 year non-recourse loan that helps investors investing in investments.
Timothy Sheedy with Phenix Title Services has a number of offices in Maine, New Hampshire, and Massachusetts. They work on lots of 1031 exchanges and are happy to help.
Greg Legier with Lake Sunapee Bank is based in Concord, New Hampshire and currently has a number of new deals in the 4 million to 11 million dollar range and can go to 18 million. They recently acquired two banks in Nashua but don’t have sites set on the Seacoast as yet.
Laura Farago with Colliers has the deal of deals in the form of industrial land in Rochester. A California based owner has a temporary massive price drop on Nadeau Drive in the Gonic Industrial Park. These 17.5 acres (7.5 buildable) were listed at 350 thousand dollars and are temporarily being listed for a couple of months at 150 thousand dollars. Ramp on up and do some land banking.
Ute Luxem with Profile Bank finds that sometimes they can offer a better deal through Rural Development and New Hampshire Business Finance Authority than through SBA.
Bob Viel with Remax Legacy works in both Maine and New Hampshire and has a couple of new listings. One is a professional office space at 660 Central Avenue in Dover that entails 1659 sf and can be bought for $159,900 or leased for $1,500 per month. This is beautiful professional space with 4 offices. Bob also has some flex space on Central Avenue covering 1272 sf that is yours for $1,400 per month.
Susan Miltner with Seacoast Business Machines says if you never see your copier rep to call her and she will be right there.
Wendy Rayno with People’s Bank has 13 years of experience on the Seacoast and can go to 90 million dollars on loan values.
Dave Garvey with KW Commercial has 23,000 sf in Wolfeboro going for 1.2 million dollars. This manufacturing space has two levels and there is some 20 foot clear height and a radiant heat slab. Dave also has a campground in Lee with 2,000 feet of waterfront that has 80% of it traditionally being seasonal rentals and prices out to a 10 cap.
Tad Dziemian with Neighborhood Energy is based in Hampstead and brokers electricity and natural gas. They have an 8 month term of 8.5 cents per kwh in New Hampshire and a 20 month term of 9.9 cents per kwh in New Hampshire. Gas rates continue to go up due to limited pipelines coming into New England and increased demand with 3 coal plants getting shut down.
Bill Jean with Fulcrum Associates in Amherst has a project in Durham on Main Street providing private student housing with 197 beds that was leased in 36 hours after hitting the market. They are also building 210 market rate units in Salisbury, Massachusetts.
Bob Marchewka with One Commercial has 2,400 sf of medical office in Exeter at 1 Hampton Avenue that is very nicely done. The tenant is going out early next year. Probably willing to cut a deal like three months free rent.
David Choate with Colliers has a new listing that is exciting. There is going to be 10,000 sf coming up on the Route 1 Bypass where Atlantic Orthopaedics & Sports Medicine is leaving for a new building adjacent the new National Guard building on Lafayette Road. The move is 15 months out and the underlying zoning is Single Residential B. They are looking for one or two buyers for a leaseback and the price is two million dollars.
Haves and Wants
Tony Fallon with Tony Fallon Architecture mentioned that the former Our Lady of Peace in Berwick across from the future waterfront park and adjacent Kennebunk Savings is still available and would make a great function hall and/or restaurant. Tony is also fishing for larger projects with his Adaptive Ski Teammate, Cris Salomon and his team at Banwell Architects.
Jerry Bazata with Newburyport 5 Cents Savings Bank will consider refinance deals and is aggressively looking to participate with other banks on loans.
Peter Taylor with Anchor Property Management casts a net that covers a lot of areas but is looking particularly for places to help in the Seacoast.
Bill Cormier with Hourihane Cormier and Associates has a buyer for Colliers on the former Hostess building on Hancock Street in Rochester and is working on leasing it up for his buyer client. It is very close to and quite visible from Columbus Avenue/ Route 125 which has a very high traffic count. The 10,000 sf there is half leased with the Columbus Avenue side mostly taken up and the Hancock Street side still to go. 5 dollars psf with 3 dollar nets nets a delightful deal.
Paul Alfano with Alfano Law Office spoke of his handy dandy tri-fold which Tim Sheedy has a stack of on his desk. Of note, Paul gained a 2.5 million dollar reduction over 6 years for an entity in Lebanon. Paul has also helped a lot on landlocked land and usually works on a contingency basis. David Choate reached out to the brokers saying that the tax abatement service could be a very helpful and creative way to get some deals unstuck and to not worry about the municipality getting upset.
Sean Burke with East Boston Savings Bank saves deals from doom.
Andy Ward with Colliers has a retail offering of 2,600 sf in a new building on Portsmouth Avenue in Stratham near Talbots. Food and clothing vendors are verboten but a salon or eye glass set up could be good. The rate is 13 dollars NNN. This used to be a kitchen & bath store.
Tom House with THA Architects assists with lots of multi-family, senior housing, and commercial as well as land planning.
Kendra King with Berkshire Hathaway Verani has a cottage on White Pond in Ossipee for $199,900.
Russ Doyle with Two International Group trotted out 15 Rye Street again with the mid range pricing and top range finishes. A nice place at a low price so says Russ.
Marie Bodi with CP Property Management manages properties across New England. Marie did a side bar note that near her home on State Street, Barbara from Berkshire Hathaway Verani has a listing on Sheafe Street with two bedrooms and two parking spots.
Jim O’Donnell with 2 the Top Marketing shared that there are many factors that bring up the ranking of a website and that he and his son know the ropes and rungs to get you there.
Joe Friedman with Brooks Properties talked up Exit Two in Salem on Interstate 95 where there have been amazing highway changes. They have 50,000 sf available from $8.40 to $22.50 psf NNN at that exit for your entrance. Tony Fallon noted that it seems like Exit 3 has been under construction for 20 years or so.
Mary Ellen Humphrey with Durham Economic Development noted that the RFP for the former town hall is due 30 January 2015 and it is, again, available online. David Choate mentioned that the former fraternity that was in the center of the town loop has been purchased by UNH and that there will be a forthcoming RFP on this that will exclude housing.
Doreen Austin with Northeast Credit Union will happily help prospective business buyers see if they can afford the businesses they hope to take on.
Vince Chestnut with Alpha Locksmith has seen a number of buildings that had put secondary locks without a permit having to remove them at the insistence of insurance carriers. Tony Fallon notes that exit doors are to open with one simple action such as a lever set or panic bar. There is an exception for front doors in certain uses that allow a double cylinder deadbolt.
Martha Baroody with CBRE has a 3 apartment deal in Rye that generates 100 thousand dollars per year and is going for 589 thousand dollars down from 689. This is on Route One in the same building as Memories Frame Shop.
Jenn Marsh with Rochester Economic Development has the last three sites near Skyhaven Airport at the Industrial Park where the Albany International & Safran juggernaut went in. Come on in via your private jet to the newly expanded Skyhaven.
Jim Schwartz from Jewett Construction is looking for Project Managers and Superintendents.
Susan Scanlon with Commercial Properties covers the entire State of Maine. Susan recently hired a tenant rep for placing tenants and they offer a development capacity as well. If you have a lot that is good for retail and medical office, ring on in.
Don Marshall with Marshall Associates uniquely offers realistic pricing, confidentiality, and confidence in the transaction of businesses.
John Konevich with Alliance Capital Funding welcomes turn downs from banks and assures the bankers that the turn down taken won’t be helped by an entity competing for deposits and other services. John thanked Amy and Doreen for recent referrals.
Christian Stallkamp with CBRE brought us up to date with the Portwalk Place roll out. Christian said it is going very well and that he just leased out another 4,100 sf restaurant and can do leases down to 800 sf. The overall commercial space of this final, third phase is 10,000 sf of office and 20,000 sf of retail/restaurant.
Lynne Bagby with Asset Preservation shared a tip on 1031 exchanges. If a new property cannot be found in time, and the first property hasn’t sold, then a reverse exchange can be considered.
Peter Gluckler with Masiello Better Homes and Garden Real Estate has a food service products producer looking for 4,000 sf in Dover that is not a client of his. The party called him about one his listings in York.
Mark Danie with People’s United Bank has a client in Exeter who has 6,000 sf and is looking for 8,000 sf.
Mindi Messmer with Barton & Loguidice has 25 years of experience in Environmental Consulting and noted that the FEMA map change can have a drastic impact. Tony Fallon notes that some people are said to be paying 30,000 dollars per year for insurance to FEMA due to homes installed not per regulations. David Choate thanked Mindi for helping with a closing that was in jeopardy due to a bank requiring a Level 2 analysis. The bank had prices of 20 thousand dollars from a couple of firms in MA and Mindi did the work for half that price.
Kathy Rush with Berkshire Hathaway Verani has a residential listing that could possibly be a retreat center or high end hunting lodge on 41 acres with a boathouse on Moosehead Lake in Maine. 995 thousand dollars delivers the deal.
Bryan Dubois with Dubois Associates Real Estate and Dubois Appraisals apprised us of the appraising side of his biz.
Timothy Sheedy with Phenix Title Services noted that if you are going to approach Paul Alfano to assist with tax abatements, don’t wait until 28 February for the 1 March deadline. Call him now.
Greg Legier with Lake Sunapee Bank enjoyed this, his first meeting.
Laura Farago with Colliers has a new, small listing in Exeter at 28 Front Street. It entails 1,200 sf near the post office and chamber of commerce. This offering has 3 offices and two toilets for 1,300 dollars per month.
Bob Viel with Remax Legacy has a drop from 75 to 65 thousand dollars for a restaurant business at 169 Port Road in Kennebunk. The equipment and furnishings are valued at 50 thousand dollars. Bob also has Lyons Mills Condos in Nottingham that have dropped from 499 to 425 thousand dollars and are serving up the cap of 16, chap. Bob also mentioned a lot in Somersworth with water, sewer, and 3 phase power that is yours for $94,900.
Susan Miltner with Seacoast Business Machines resurrected the brochure of the day award and awarded this meeting’s prize to Jim O’Donnell with 2 the Top Marketing. She asked all to use the 98 pound bright and not the 96 pound for a huge positive difference from a small change.
Dave Garvey with KW Commercial noted that the campground in Lee from the second round is a solid 10 cap.
Tad Dziemian with Neighborhood Energy illustrated the difference in gas rates gained with their offering under a dollar while the standard rates are coming in at 1.16 and 1.23.
Bob Marchewka with One Commercial has a variety of small office spaces in Portsmouth from a single office on The Hill to 1,500 sf at Mirona Rd. Bob also has a couple 4,800 sf offerings coming up at the turn of the year as well as a 6,000 sf footprint build to suit just off Route One.
David Choate with Colliers asked for help with a search for 3 to 5 thousand square feet in the Greater Portsmouth area for A Safe Place and SASS which are merging.
Note from Tony Fallon Architecture: These Minutes are what I understand people to have said at this meeting. Please contact people referenced to verify and clarify.
Next Meeting is 8:00 – 9:45 am Friday 19 December 2014 at
One New Hampshire Avenue, Third Floor Conference Room
Pease Tradeport
The sponsor will be Optima Bank