Statewide Marketing Meeting Minutes April 2015

Statewide Marketing Session for April 2015

The April statewide marketing session was held on Wednesday, April 22nd, 2015 at the GMNBR conference room at 166 South River Road in Bedford.  This month’s breakfast was sponsored by Devine Millimet and we were joined by both Suzanne Brunelle and Karen McGinley respectively.  Thank you both for providing a great breakfast fare.  

Jack Mannix, Senior Project Hydrogeologist of EndPoint LLC elaborated on their business concepts in the field of engineering and assessment of environmental issues.  His recommendation is to get a member of a potential ownership team to assess a potential environment problems prior to going to a Purchase and Sales.  Their company is conveniently located at 25 Buttrick Road in Londonderry, New Hampshire.

Paul Alfano of Alfano Law Office deals in tax abatement.  Paul explained that every five years municipalities re-evaluate properties.  In that there is a small window of time to sit down with clients to get a reduction in their evaluation, he urges that you file by March 1st.  He charges a $250 upfront fee and then is paid a percentage of the savings that the client realizes.  Paul is well versed on this topic and can guide your customer/client through the process.  Another venue he utilizes to change evaluation is by arguing in the case of high rents which are above market and/or conversely rents that are below and come to some equitable arrangement.  There is also the personal property component in which stripping out these personal assets will derive a lower assessment.  His job is to convince the assessors.

Bob James of Keller Williams of Nashua joined us for the first time.  Welcome, Bob!  Bob has a 5,200 s.f. downtown Nashua property for lease with another 4,000 s.f. component.  He also made mention of the fact that Aubuchon is vacating from the downtown Nashua vicinity and that they are repositioning to be in larger strip malls with outside area for other exterior related wares.  Additionally, Bob has a new listing at the lighted intersection of Bridge Street in Nashua namely a one acre piece as a ground lease.  There are three conceptuals that are on the drawing board i.e. an automotive use, donut shop and self-storage.

John Turner of Team Engineering encourages a building survey and property condition assessment prior to a purchase.  He gave us an updated Villa report that though the facility is still under agreement that they are dealing with easement and contingency issues but making head way.  RDF Corporation will be purchasing the building and Bill Norton will be marketing various sections of the real estate.  Goffstown has just approved a commercial flex zone which will play into the transaction.  John touts their company as a one stop shop as they deal in mechanical, electrical and structural property issues.  They are presently working on a project at the Carisbrooke residential building in Manchester converting the swimming pool area into a club house facility.

Steve Scheiner of St. Mary’s Bank stated that the bank was started in 1908 and has grown exponentially.  St. Mary’s can offer lines of credit for all types of commercial business and property types.  Steve is looking forward to attending future marketing sessions.  Thank you for your input.

Andre Tremblay of Franklin Savings Bank announced that they have moved into their new office space at 302 Riverway Place in Bedford to further their expansion plans.  They offer a full range of banking plans and can provide either a 20 to 25 year fully amortized loan anywhere in New England.  Should there be a rather complicated transaction, they will work together with the client to assist in achieving the loan goal.  Andre also highly recommended Attorney Paul Alfano in the realm of tax abatement problems.  Andre rounded out his presentation with a search he is working on with three major clients all looking for apartment projects.  One client will invest in a project that has a minimum of twenty up to eighty units and the other two banking clients are more interested in larger projects eighty units or better.  They are all active buyers in his portfolio of clients.  Lastly, Andre wanted all attendees to know that he shares CIBOR membership duties with Doreen Austin should there be interest in joining this professional group either as a Realtor or Affiliate.  CIBOR now has a beautiful new web site – check it out!

Kim Reagan of R.J. Finlay & Co. let membership know that they are marketing 3,000 s.f. of lower level space on Liberty Lane in Hampton which would be ideal for a data center application.  It is well equipped with fiber and all other major technology for that type of user.  Kim was pleased to announce that 166 South River Road is fully occupied – additionally in Bedford 160 South River Road’s top floor comprised of 13,000 s.f. is available and can be split into three defined sections.  160 is slated for renovations and with a start date of either September or October of this year.  R.J. Finlay & Co. also has ownership of the 30 Temple Street property in Nashua which is now 80% occupied with great parking.

Rick Mulvee of Tower Realty has a two million dollar cash buyer as well as a five to twenty million dollar buyer who prefers properties with hair on them; vacant or in any condition in which they can add value.  These buyers also hold for a period of least five to seven years and will reposition the properties to market at a later date.  They are all primarily interested in investing in New Hampshire.  Rick also has the marketing responsibility of the LeMay Jewelers Building at the corner of Elm and Pearl with Pearl Street ending at the large Pearl Street parking lot.  This property could play well for a local developer as there is a sixty million dollar student housing project of 1,200 units that has been proposed nearby.  Though it has been on the table for 2 ½ years, the project is getting closer to reality. With twelve exclusive parking spaces at a price of $835,000, this building could realize quite the potential.  Lastly, Rick has one unit left at 150 Dow Street comprised of 5,000 s.f. at a modified gross rate of $7.50 psf.

Suzanne Brunelle of Devine, Millimet and Branch was gracious enough to provide us with a wonderful breakfast.  Many thanks, Suzanne.  DMB has been a cornerstone in the community for sixty-five years with offices in Manchester and Concord and most recently opening an office in Portsmouth.  They offer a full array of services ranging from business planning, resolution of environmental compliance, health care, tax, employment matters, estate planning, zoning and a host of other governmental and business regulatory issues.  Suzanne claims that “easements” are her life.  Should you be in need of litigation in a larger arena, Matt Johnson of their office specializes in handling cases of a larger magnitude.

Marie Bodi of CP Management represents this third party management team.  Marie recommends the services of Tad Dziemian for energy issues.  He was able to assist in reassessing several issues of three of CP’s customers. Tad was able to jump on the Public Utilities Commission to reverse three months’ worth of energy remittances – Tad spoke with the boards of the respective properties to explain that their energy provider will claw back three months or better so not lose revenue.   Bob James of Keller Williams was enthusiastically welcomed by Marie as he has now entered in the world of commercial real estate.

Tad Dziemian of Neighborhood Energy operates out of Hampstead, New Hampshire and brokers supply of electricity and gas for both commercial and residential clients.  He has worked tirelessly with the PUC to promote and support the claw back situation that Marie spoke about.  Tad recently attended a Chamber of Commerce seminar featuring Jeb Bradley as the keynote speaker who discussed the high cost of energy in the State of New Hampshire.  To that end, the Kinder Morgan pipeline and the Northern Pass would do much to alleviate the struggle we are experiencing with cost.  He went on to say that the Marcellus Shale deposits will set the stage for the U.S. to be one of the largest export suppliers.  He feels that the K-M pipeline is essential.  As the third quarterly meeting slated to be presented in Portsmouth will feature EverSource, it was recommended that Tad reach out the planners of the event to have input in that presentation in September.

Joe Freidman of Brooks Properties has a cash buyer for 20 to up to 100,000 s.f. of office buildings along I-93 up to Manchester.  Brooks Properties offers a variety of office space including lab and medical on three sides of the interchange.  With 1,300 s.f. to a whole building of 50,000 s.f. , Joe can accommodate the smallest of users to a large corporate giant.  Another successful project is Brookstone Park offering 2,400 s.f. up to 18,000 s.f. showcasing an event center which can accommodate up to 250 to 300 people.  With a nine hole par 3 golf course and a mini course which hosts tournaments, this corporate event complex offers the sophisticated office Lessor prime real estate with added perks.  Please note that the center can also be leased to outside parties as well.  It was suggested that CIBOR host an after hours event.

Doreen Austin of Northeast Credit Union, a long time CIBOR affiliate member, deals with a wide variety of both residential and commercial real estate transactions.  They recently completed a 3.5 million dollar residential project; have expertise in handling business acquisitions; hospitality real estate and can provide fit up dollars for renovations for existing clients.

Attorney Karen McGinley of Devine, Millimet and Branch co-sponsored the breakfast for this month’s session.  Many thanks, Karen.  Karen serves on the Bedford Planning Board and is well versed in zoning and planning issues.  Karen’s specialty practice deals in condominiums with a creative bent.  She has sought approvals for a condo complex in Keene and which morphed into a sub condo complex of offices, medical and residential.  On a smaller scale she has worked on a medical condo complex for Catholic Medical Center.  Karen gave us a thumb nail sketch of the former Wayfarer Hotel and what the redevelopment plans are there going forward.  An exciting vision of residential apartments; a Whole Food grocery store; restaurants; upscale work out center and an assortment of retail are in store for the Bedford and environs community.

Don Marshall of Marshall Associates is a business broker assisting clients both in selling existing businesses or procuring a business for a would-be buyer.  As a general business broker, his goal is to assist and motivate his clients.  He wants to improve a client’s quality of life.  He commented on the Kinder Morgan and Northern Pass projects that have proven to be a rather negative portrayal.  However, in order to get lower rates the energy capacity needs to be increased.  The projects will make for sound energy policy and make for an attractive economic platform for New Hampshire.

Don St. Germain of St. Mary’s Bank has recently had some changes all to better serve the general public.  St. Mary’s can rush transactions through and can lend in the 1.5 million dollar range very rapidly to compete favorably with any lending institution.

Bill Jean of Fulcrum Associates, Inc. represents the construction management team for a host of projects including but not limited to tenant improvement and all types of ground up construction from soup to nuts.  Fulcrum’s philosophy is to begin working with the client early on to derive the best benefits in providing a qualified performa; building design and cost controls for all types of applications.  No job too big or too small as they are working on medical fit-ups; a 210 bed student facility in Durham, a restaurant and condo units in Hampton.  Fulcrum also completed a 10,000 s.f. expansion for Dyn in the mill yard and are finishing up the newest bank in Bedford (Primary Bank at the corner of 101 and Wallace Road).  Bill also encourages the public to become educated in the energy situation here in New Hampshire as it affects the growth of New Hampshire’s economy.

Adam Johnston has recently joined the Bank of New England as a commercial lender as they restructure an already well positioned bank.  Bank of New England can offer loans up to 13 million dollars for commercial construction and development.  Adam put on his other hat for CIBOR Cares announcing that the first awards event will be held on June 1st.  CIBOR Cares is the charitable arm of CIBOR which raises and donates funds for some very worthy local causes.

Lisa Parda of Realty Scape Brokerage is a full service property management/general construction company dealing in multi-family housing from two family to twenty unit buildings from Concord down.  They are interested in the purchase of additional properties for their portfolio up to one million dollars.   She is offering a mixed use building in Keene comprised of thirteen units for a selling price of $495,000.  Additionally she is also marketing a ten unit residential building on School Street in Keene for a selling price of $289,000.

Dwight Feeney of Enteprise Bank offers quick turn around closings and can lend up to 30 million dollars.  They also offer SBA 504 plans for owner occupied buildings with a down payment of 10 percent vs. 20 percent for conventional financing.  In addition, they can offer a fixed rate on a second mortgage in the 4 percent interest range.  The bank is known for its professionalism and ability to give the customer a rapid response.

Christine Burke of Burke Emergency Restoration has the resources to take care of fire, water, smoke and mold damage.  With a twenty-four hour emergency team on staff, they can handle both residential and commercial problems very quickly.  This has been a particularly busy year for them having received 200 calls for flooding, ice damage with consequences of mold which poses a health issue – they utilize an independent lab which they offer as a free service to ascertain the degree of hazard.  Additionally, they can handle odor, smoke, fire and soot issues; bio-hazard removal and any damage caused by property disasters.

Rick Rostoft of Linear Retail Properties joined us from Boston stating that they have ownership of 74 retail properties including 10 shopping centers with two located in Salem and one in Manchester.  As vice president of acquisitions he is eager to add to their portfolio .  They can invest from two million up but their sweet spot is five to ten million dollars.  He made it clear that they pay fees to all licensed real estate brokers.  Some of the properties which hold high interest for them are retail in the form of shopping centers with the exception of retail condos in Portsmouth as well as ground up shopping areas either newly constructed or under construction.  They use an aggressive cap rate.  We hope to see more of Rick.

Louise Norwood of NAI Norwood Group, Inc. is marketing a small executive three room office at their 116 South River Road headquarters for $1,750 full gross previously leased by Franklin Savings Bank.  Also, being marketed is a 2,540 s.f. medical suite at 18 Constitution Drive in Bedford ideally suited for a dental practice or like type medical facility.  Available immediately at $13.95 psf NNN.

Great meeting and look forward to seeing you all in May.  Have a great spring!

Submitted by:
Louise Norwood

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