Statewide Marketing January Meeting Minutes

Statewide Marketing Session for January 2017
Submitted by Louise Norwood

 

The January Statewide Marketing Session was held on Wednesday January 25, 2017 at the Keller Williams Training Room at 168 South River Road in BedfordThis month’s breakfast sponsor was Jeff Boufford of Boyd and Boufford Insurance Agency, LLC who pulled out all stops with homemade breakfast casseroles and accompanying baked goods.  A wonderful treat to kick off the first meeting of the year.  We extend our appreciation to Jeff and his wife who made this possible.  Jeff and his team handle all types of coverage whether residential or commercial.  One specialty that Jeff has much expertise in is the site pollution liability for commercial real estate.  In this day and age with environmental issues at the forefront, it is of great value to call the experts in.

Robert Cruess of TF Moran Engineering has assisted brokers over the years and continues to do so with drafting conceptual plans that visualize various configurations of potential buildings which is an enormous sales tool.  Robert brought us up to date with the lots he is marketing in Bow, New Hampshire.  They have been successful in selling three executive building lots.  The project can be sold in its entirety or individually.  These view-some lots have vistas to Mount Kearsarge and Gunstock and is only an eighteen minute commute to the Amoskeag Bridge in Manchester.  He welcomes builders and clients alike.  Lastly, Robert commented on the large infrastructure plans that will now be put in place by the new administration along with the brisk business that has been coming their way, they are in need of more civil engineers.  He is putting the word out that anyone with those qualifications should give he or Dylan Cruess a call.

Christine Burke of Burke Emergency Restoration specializes in all types of property damage issues including fire, water, smoke issues and with much emphasis of late on mold cases.  Burke will sanitize to the studs with a minimum of disruption and can provide free mold estimates.  Their business operates on a 24/7 basis with no problem being too big or too small to tackle.  Christine also pointed out that should ceiling tiles be stained, that that is good indicator of water and mold problems.  The longer it goes without attention, the more serious the problem becomes.

Brenda Litchfield of Concord Commercial Real Estate is working with two professional groups seeking space in Concord each requiring 4-6,000 s.f.  Their interest is only in a purchase situation and parking is of utmost importance.  Brenda fielded a number of questions to brokers attending for the wants and needs of her clients – a great way to find out first-hand what is available.

Larry Hirsch of Hirsch & Company is seeking an existing 40 to 70,000 s.f. industrial building at a reasonable rate with low ceiling clearance anywhere in Merrimack, Lawrence, Haverhill or Lowell.  Larry is marketing a multi-tenant office complex known as The Medallion Center at 22 Greeley Street in Merrimack.  The complex is made up of thirteen units with a 25% vacancy with a cap rate of 8.3%.  With no interior common area, this wood frame asset with all new windows appears to be of good value.  The owners are divesting themselves of the property due to retirement.  In addition Larry is also marketing an attractive 12,192 s.f. end cap unit at 14 Tinker Avenue in Londonderry at a lease rate of $6.95 psf NNN with drop ceiling and one tailboard loading door.

Chris Melanson of Harrington and Reeves is searching for a 10,000 to 15,000 s.f. office building triple net investment (fully leased) for his client should you have anything coming up.  Chris is also seeking two acres of land south of Manchester with outside/lay down area in an industrial area – no high bay warehouse is required but outside storage essential.  In addition, Chris pitched an attractive 10,000 s.f. office building with river views on Dunstable Road in Nashua.  It can be split into a variety of sizes – Great Landlord and is being offered at $10.00 psf modified gross.  Lastly, Chris pitched a listing at 540 Commercial Street in Manchester with 34,185 s.f. of available lease space being marketed at $7 to $10 psf modified gross.

Don Marshall of Marshall Associates who specializes in business brokerage is marketing an excavation company having a full range of equipment and a book of business that has been consistently bringing in 6.1 million dollars.  Additionally Don is marketing a sports bar on the New Hampshire Massachusetts border that reportedly has 1.5 million in annual sales.  And lastly Don has in his inventory portfolio nineteen acres of land with a home in the upper valley.  Please contact Don for all of your business inquiries.

Ron Fredette of KW Commercial is working with a client seeking two to five acres to construct a daycare with a footprint of 12,000 s.f. or an existing building along I-93 Exits 1-5.  As wedding venues are so popular, Ron made us aware of a wedding event center in the New Found Lake area with 225’ of shorefront.  The facility is being marketed at 2.9 million at an 11% cap rate.  Ron also has a 40,000 s.f. office/warehouse facility on 6 ½ acres for sale at 45 Chenell Drive in Concord.  The property is fully air conditioned with plans on the drawing board to expand the building to another 20,000 s.f. at a sales price of 2.8 million dollars.

Jeff Lessard of NAI Norwood Group, Inc. is working with a client in the two million dollar range seeking an industrial building ranging from 40,000 to 50,000 with plenty of yard space geographically from the Mass. border up to Concord.  For anyone looking for a pad site, Jeff has a one acre piece along Route 101-A in Amherst just behind Dunkin Donuts and Taco Bell.  A 12,000 s.f. retail build to suit would be ideal – site has public utilities and is being offered at $13,50 psf NNN.  Also, Jeff just listed a 1,500 s.f.  newly renovated business office condo at the Overlook Park in Amherst for sale at $170,000.

Bill Jean of Fulcrum Construction has a keen knowledge of the construction industry as their company does tenant improvements as well as ground up development.  As their business is seeing an unprecedented growth, they are seeking another employee to fill the gap.  Though their headquarters are located in Amherst, they bring their expertise to Northern Massachusetts to Southern Maine and all locales in between.  There are two individuals he is working with seeking development opportunities with a build to suit scenario/lease back situation.

Dave Gambaccini of KW Commercial announced that he is looking for seven acres in the Southern New Hampshire environs to build a 20,000 s.f. warehouse.  He is also seeking a convenience store along with gas pumps almost anywhere in New Hampshire for a well-funded buyer.  Dave has recently listed an end cap unit flex/condo space on 25 Harvey Road in Bedford.  This immaculate 2,200 s.f., well fit-up unit was the former home of T-Bones having a beautifully laid out office along with a mezzanine which is being offered at a lease rate of $8.25 psf NNN.  Lastly, Dave is marketing a 3,200 s.f. two story, two unit office space in Plaistow currently on the market at a sale price of $275,000.

Scott Kingsley of Primary Bank conveniently located along Route 101 in Bedford offered the fact that their lending institution is capable of providing 100% financing utilizing cross-collateralization through the 1031 exchange vehicle.  The BFA offers a 540 program with 2 to 2 ½% down payment.  Please call Scott to discuss various options to assist your customer/client as they can be most creative.

Chris Pascucci of KW Commercial has a customer seeking a minimum of four to eight unit multi-families only in Nashua.  On the listing side Chris is marketing a 35,000 s.f. industrial building at 2456 Brown Avenue in Manchester at a lease rate of $6.00 psf NN.  Much of the building is lab space and has the added benefit of a back-up generator.  Chris went on to say that he also has an industrial listing at 19 Park Avenue in Hudson with three separate units with a 20’ ceiling clearance which can be combined into one large space – choose either 9,600 s.f.; 5,400 s.f. or 4,800 s.f. at a lease rate of $6.50 psf NNN.

Vince Chestnut of Alpha Locksmith recommends that if you have a huge ring of keys that you face the teeth all the same way to reduce the chance of confusion.  And in the case of a vacant building with multiple locked rooms, Vince can provide one master key to gain access making life easier to show your prospective buyer.  Vince went on to say that he can master lock and key a system for those brokers dealing in multi families.  Most recently Vince changed the locking system for some of the Riley Associate properties and is available to travel to Vermont and Massachusetts as well.

Peter and Denise Sandberg of Concord Awning specialize in the crafting and installation of window and door awnings for commercial properties as well as residential.  They have the ability of creating a rendering for approval for your customer/client.  This visible change can do wonders for the cosmetics of a building.

Stuart Arnett of Stuart Arnett Development Group specializes in planning and governmental projects in the State of New Hampshire.  The commercial guidebook from the Housing Finance Authority presents the new guidelines for accessory dwellings.  It is always wise to approach the planning board early on as the state law is broad and sometimes has unintended consequences.  As Stu interfaces with many of the local communities, he can be most helpful in putting a plan in place for infrastructure needs of towns.  He has been working closely with the towns of Bow and Hooksett.

Marie Bodi of CP Management is headquartered in Exeter.  Marie is marketing along with her team two luxury units in a desirable area of Nashua – one floor living residential suites with great access to all shopping, eateries and medical facilities.  Marie suggested that the education committee should look seriously at conducting courses on the topic of property management.  Great suggestion.

Jeff Brown of TD Bank is based in Dover.  In particular Jeff wished to point out that the interest rates are going to start increasing whereas the Fed is looking to as many as five rate increases, TD’s in-house economist claims that two rate increases are on the horizon.  Jeff has been a regular participant for some time and has finally come to the conclusion that a membership in CIBOR is in his future.

Kaylee Gendron of Office Interiors Ltd. explained that the company has been in business since 1986 and is headquartered in Dover.  Not only are they purveyors of name brand office furnishings but they also assist in space planning and design for office layouts.  Kaylee is seeking more exposure in the Bedford and Nashua area to expand the customer base.  Their office is known for giving their customers detailed office conceptuals which create a great visual for the client.

Joe Friedman of Brooks Properties shared with us that Brooks has been purchasing, managing and leasing properties along the I-93 corridor since 1981.  They promote good Landlord practices and are diligent in keeping their tenants with an eye toward key tenant improvements.  Several of their properties along I-93 along the border range in size from as small as 800 s.f. up to 50,000 s.f.   Also in the event that you may have a client seeking a 1031 exchange property, Joe has a 100% fully occupied, 24,250 s.f. building situated on the Lawrence/Andover town line.  Lease is in place with a high profile day care center.

Rick Mulvee of Tower Realty commented that investors have been coming out of the woodwork and in particular he has been looking statewide for a Class A building in the 1 to 2 million dollar range.  And of particular interest Rick shared that there is a user/buyer in need of either building or buying an existing 100,000 s.f. of office space in downtown Manchester.  Pretty tall order in the downtown environs.  Another requirement that Rick is working on is for hotels anywhere in the United States with a minimum of 120 rooms or better.

Adam Johnston of Optima Bank & Trust is centrally located along the South River Road strip – they operate in multiple locations in the state as well as Southern Maine and Northern Massachusetts.  Adam is key in the loan department for all types of commercial lending.  They are capable of financing all new commercial real estate deals.  Adam also weighed in on CIBOR Cares – generous donations were made by both Colliers and TF Moran in the memory of Jim DeStefano and Neal Barrett.  Doug Martin and Bob Rohrer have been instrumental in raising funds for the organization which contributes to many of the veterans’ projects or any other immediate care need.

Brian Hansen of Team Engineering explained that Team provides both structural/commercial building inspections.  Team’s approach is vertical engineering assisting the client in ascertaining bearing walls as a helpmate in redesigning an entire space.  This is most helpful to brokers trying to get some concrete answers towards a successful purchase transaction.  Brian also commented on CIBOR Cares in that it made possible replacement floors in the homeless shelter.

Duane Himes of Weston & Sampson explained that they are an engineering firm dealing in all types of environmental issues from asbestos, lead paint, waste water treatment and a wide spectrum of issues pertaining to property remediation and mitigation.  They work closely with state agencies in Concord, Massachusetts, Maine and all over New Hampshire.

Jay Lee of NAI Norwood has a cash buyer in need of a three quarter to a two acre site either in Hillsborough or Rockingham counties.  In addition Jay is marketing for sale a retail/condo land site at 185 Elm Street in Milford.  Great opportunity to build a small retail facility within an existing strip mall.  Jay is looking for an existing restaurant and/or diner in Manchester so please contact him with anything you might have or anticipate will be coming into your inventory.

Andre Tremblay of Franklin Savings Bank stated that their headquarters is in Franklin; however, they participate in banking transactions all over New England primarily long term commercial keeping the mortgage terms as simple as possible.  As Andre has some thirty years of experience, he can handle complex deals.  He has clients who are looking to sell apartment projects that are made up of 40 to 60 units.  Following up on Robert’s lot offering in Bow, Andre informed us that Bow is currently seeking a change in zoning at Exit 1 to include “mixed use”.  There is no town water but the location is great off of the I-89 North corridor.

Erik Crisman of Brookstone Builders, Inc. came in to say “Hi” and let us know that he are continually seeking projects for both fit-ups and ground up construction.

Jeff Boufford of Boyd & Boufford graciously provided a great homemade breakfast prepared by his wife.  Way to go Jeff. Prior to speaking to his insurance practice, Jeff mentioned how much he appreciates having the brokerage flyers as well as banker information.  He went on to say that insurance rates are soft at this point with a lot of competition.  Jeff explained that their insurance company deals in a myriad of insurance coverages and plans but his main focus at the meeting was to touch on their site pollution liability insurance for commercial real estate.  Coverage for a $1,000,000 liability limit begins at $2,500.  Some of the line items that are listed include but are not limited to air release at manufacturing facilities; bats in the walls; dangerous dust; chemical storage facility and situations that may arise from a foundry having solvency issues; environmental crimes; science lab disposal; septic system’s leaching field; ventilation pollution due to faulty vents and septic system loss which are only a portion of potential problems that can arise from businesses, schools or medical applications.  A whole course could be taught to cover these very real problems that should be considered.  Jeff offers commercial insurance for new construction, retail, industrial/office, business condos, self-storage/warehouse and vacant buildings.  Boyd & Boufford handles policies of all types from soup to nuts – as a local insurance brokerage firm, Jeff Boufford continues to be a trusted name in the industry.

Rick Rostoff of Linear Retail Properties, LLC from Burlington, Massachusetts shared with us that their firm now owns twenty properties in the state and have much visibility in the Nashua market namely Spit Brook Road and a recent purchase of the Maple Tree Mall in Manchester which is currently 50% occupied.  Their goal is to purchase up to 100 million dollars’ worth of property in 2017 with 20-30 million worth of investment in New Hampshire alone.  Their typical protocol is a thirty day due diligence/all cash.  Of the eighty-four properties they have in their inventory, they have paid out real estate fees on at least two-thirds of the transactions.  Their minimum consideration is $2,000,000 and look at properties that need repositioning.

Louise Norwood of NAI Norwood Group, Inc. announced that they have listed Building B at Coldstream Park which is the first time this property has ever been on the market.  This Williamsburg style building is comprised of 7,500 s.f. and is being marketed at $900,000.  In addition a 23 unit income producing multi family property located at 120 Myrtle Street in Manchester listed by Deana Theriault was pitched.  For more information, please contact Deana which is being listed at $1,210,000.  Lastly, Louise pitched 10 Chestnut Drive in Bedford which is an approximately 14,000 s.f. multi tenanted complex currently deriving a 7% cap rate.  The complex is for sale or lease at a price of $895,000 and $14.75 psf modified gross respectively.

Again, we want to extend our thanks to Jeff Boufford of Boyd & Boufford Insurance for providing a full breakfast, making all of the attendance copies and generously giving away all of the abundant left overs.  Our next meeting will be held once again at Keller Williams in Bedford on the fourth Wednesday of February.  Please bring any advertising materials, property flyers and brochures which are helpful in deciphering my notes.  Thank you for doing so. We look forward to seeing you then and to an early spring.

 

 

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