Statewide Marketing Session for February 2016
Submitted by Louise Norwood
The January Statewide Marketing Session was held on Wednesday, February 24, 2016 at the GMNBR headquarters/training center at 318 South River Road in Bedford. This month’s breakfast sponsor was John Turner of Team Engineering PLLC. John Turner, Professional Engineer (P.E.), realized a boyhood dream in 1993 when he opened the New Hampshire office of the nation’s leading provider of building-related engineering services. For the better part of two decades, John Turner and his team provided quality Engineered Building Inspection & Design services for residential, condominium and commercial clients for most of New Hampshire and parts of Massachusetts. Thank you, John, for a great breakfast. It was enjoyed by all.
Bill Jean of Fulcrum Associates, Inc. is headquartered in Amherst with their focus being on tenant improvements and ground up construction. Fulcrum offers a diverse range of services with some of their most recent accomplishments in the marketplace being a skating rink; hospital fit ups; fit ups for MRI installations; 210 residential units in Salisbury; a 20 unit condo project in Hampton and a 30,000 s.f. medical project in Newport. Bill commented that their company also was involved in a $4,000,000 environmentally secure clean room at the Osram facility in Manchester. Their company leads the way in offering a complete proforma for a business desiring to develop a construction project from the ground up. Bill has the current rates of various construction elements at his finger tips and would be glad to share.
Suzanne Brunelle of Devine, Millimet and Branch represents a full service law firm with her specialty being in title issues. She is familiar with the art of permitting right up to the closing and registering the documents. Suzanne announced that Matt Johnson and Bob Quinn will be addressing critical issues for real estate practitioners. Meeting is to be held at the Manchester Country Club on March 8th at 1:00 p.m. Please contact Suzanne for more details.
Adam Johnston of Optima Bank and Trust explained that the bank is nicely situated between the new Starbucks and Chipolte on South River Road in Bedford. Optima is a small community bank that uses a common sense approach in dealing with loan transactions. They can offer financing for most any type of business function, gas stations, multi-tenanted buildings, old lumber yards and a variety of non-conforming applications not always on the radar. Adam made everyone aware that the second annual awards evening will be held on June 6th at The Puritan. He encouraged those brokers who had a particularly difficult transaction or a closed transaction that was noteworthy to submit materials to be considered for this prestigious award. This year they are adding another category for affiliates. For additional information please contact Adam.
Karl Norwood of NAI Norwood Group pitched Aron Brown’s new listing at 109-147 Key Road in Keene. This former Department of Employment Security Office is comprised of 5,084 s.f. and is being offered at $14.00 psf NNN. Karl went on to explain the newest listing from their office – 75, 85 and 95 Faltin Drive which was all part of the former Osram site off South Willow Street in Manchester was recently purchased by Brady Sullivan. There are several buildings in the portfolio with heavy power, multiple dock doors and drive-ins. The facility can accommodate a variety of tenancies. The balance of the property is being redeveloped for retail. Following up on the article in today’s Manchester Union Leader, the former Lowe’s will soon be housing another Chunky’s Movie Theatre which was brokered from the NAI Norwood Group office.
Robert Cruess of TF Moran announced that their firm won the New Hampshire Business Review award for Engineering. Congratulations, Robert. The annual TF Moran cook-out will be held again on June 16, 2016 with guaranteed good weather. One of the projects Robert is presently involved is an 87 acre residential site in Bow with spectacular views. Lots will range from 2 ½ acres to 6-7 acres and should be on line for sale in July of this year. At this time the lots are not being slated for a “view tax” by the Town of Bow. Very special lots for very well-heeled individuals.
Tim Wege of New Star Properties deals in commercial property management. Tim has joined us for the first time and is seeking all types of commercial property owners to represent and commercial property condominium associations. He is developing a client base of multi-family owners who may just have a few properties and the person who has already acquired a significant portfolio too large for the owners to manage in house. Welcome, Tim.
Jack Mannix of EndPoint, LLC specializes in environmental consulting that involve hazardous waste spills and all types of environmentally contaminated issues. As his firm can offer a broad range of services, they are recognized in this field as true professionals having the licensing capability to sign off on clean-ups in New Hampshire, Massachusetts and Connecticut. Having this credential can pave the way for a customer to be in compliance and be guided through the regulatory process by an accredited individual. Jack works closely with John Turner on due diligence projects and gave him high marks for his thoughtful and innovative style of handling solutions to property issues.
Vince Chestnut of Alpha Locksmith encourages property owners to reduce the number of keys to their respective complexes by obtaining a master key system or at least take all of the keys off the ring and face the teeth all the same way making life a bit easier. Another tip – when changing locks upon vacancy or change of employees, be sure that a master key fits all of the units and hide appropriately for any emergencies that may come up when you least expect it.
Deana Theriault of NAI Norwood Group is working with a client attempting to complete a 1031 exchange in the ten million dollar range. In addition Deana has a new land listing comprised of 5.6 acres on Route 4 in Epsom being offered at a price of $210,000. With 17,000 cars per day the site has a sizeable traffic volume. Deana is asking for assistance in identifying a 1,500 to 2,000 s.f. office space with storage in the Nashua marketplace. Her customer will purchase and/or lease.
Jay Lee of NAI Norwood Group expanded upon the 1031 exchange investor in that he is interested in single net lease properties in the 30,000 to 50,000 s.f. range with a fair amount of acreage or perhaps a self-storage complex. Jay has just recently listed a standalone building at 46 Route 101-A in Amherst with 1,400 s.f. on the main floor and with 1,100 s.f. on the second level. This building is currently occupied by a real estate agency but will be vacating in the spring. The lower level also has a financial advisor tenancy. With 27,000 cars per day and at a rate of $12.00 psf NNN, this is an excellent property for your client’s consideration. Jay is also working with a small investor interested in a “leased” retail condo from $150,000 to $300,000. Will not consider vacant property.
Steve Scheiner of St. Mary’s Bank is able to loan in increments as small as $50,000 to $6 to 7 million dollars. Or they can source it out with participating lending institutions. Steve also mentioned that they have investors that look to St. Mary’s for investment product. As St. Mary’s is a local community credit union they have more latitude in processing loans up to $1,000,000 without cumbersome waits and decisions from a Board of Directors.
John Turner of Team Engineering who so graciously hosted this month’s statewide marketing session, deals in the trade of due diligence including structural studies and a host of other areas of building concern. In addition they can provide advice on capital improvements to rectify the situation. John is involved with the 875 Elm Street property in Manchester converting a former bank to high end apartments. John made everyone aware that the Home Show will be on the event schedule soon where he will be an exhibitor giving away a “Go Pro” camera.
Joe Friedman of Brooks Properties primarily plies his real estate expertise in the I-93 corridor. One of the properties Joe accentuated was a lease space at 596 Lowell Street in Methuen comprised of 80,000 s.f. of first class office/manufacturing space. Joe also wished to bring to everyone’s attention various listings on Red Roof Lane in Salem – very attractive buildings with 9 Red Roof Lane being a 4,000 s.f. standalone building with many upgrades. Brooks Properties are also divesting their interest in a 30,000 s.f. building at 6 Manor parkway in Salem being marketed at $4.5 million.
Dave Gambaccini of KW Commercial is on the search for restaurants with a restauranteur looking for a 50 seat facility all the way up to another food purveyor desirous of a 300 seat facility anywhere from Salem to Manchester with or without the business still intact. As the Ted Hebert building at 922 Elm Street has housed a non-profit music school for many years along with a variety of small businesses, the new owner of the building is increasing the rents forcing the non-profit to search for other options. Any assistance you can give Dave would be most appreciated. Dave commented on Adam Johnston’s (St. Mary’s) expertise and good financial counsel.
Dan Barufaldi of Dover Economic Development explained that the city council has a goal setting to redefine and realize more commercial development in the City due to the need for additional commerce changing up the ratio of heavy commercial. The approximate 30 properties and various clusters are being identified along with their proximity to utilities and transportation. They hope to complete the 5% shift over a ten year period. This course of action will provide more job opportunities. He went on to say that the city has had much success with the new parking facility. All funds for the parking garage was funded by the city’s parking meters. Dan is pleased that Dover will be adding more employment due to the opening of the British Beer Company; New England Foot Wear (Under Armour) and a multi access machine company with 30 employees growing to 100 in two years. DRED has passed legislation to recertify all of the ER zones (economic revitalization). For more details please contact Justin Avery of DRED to requalify for these tax incentives for new job creation.
Mike Harrington of Harrington and Reeves is on the search for a 10,000 s.f. office building to purchase for his clients. As they live on the Seacoast they would prefer to be on the seacoast side of Manchester (101). Client has voiced desire to be on the outskirts and not downtown. Mike introduced a new development project at Exit 5 off I-93 which was the former home of Herrington Catalog on Symmes Drive in Londonderry. Herrington has since relocated to 1050 Perimeter Road in Manchester. The property is comprised of four separate lots one of which has a 36,000 s.f. warehouse. Lots are available for sale with municipal water and sewer and natural gas with a traffic flow of 18,000 cars per day. Mike is also kicking off the marketing of a new project in Raymond at Exit 4 developed under the auspices of local developer Elmer Pease focusing in to E-Commerce users. The signature property will be known as “Granite Meadows” looking towards buildings from 100,000 to 500,000 s.f. of high bay (30 to 40’clear). The smallest incremental space will be 50,000 s.f. – all approvals are in place. Will be available for Fall of 2016 with lease rates in the $10.00 psf NNN range.
Chris Melanson is a newcomer to Harrington and Reeves and attended his first statewide marketing session. Chris hails from the Lakes Region and comes from a residential background but is getting his feet wet in the commercial sector. He hopes to bring his listings to the table at the next meeting. Welcome, Chris. We look forward to having you join us again.
Marie Bodi of CP Management has really been in the trenches of late with broken water pipes, etc., etc. Their portfolio of managed properties extends from New Hampshire, Maine, Massachusetts and Rhode Island. Marie announced that the next CIBOR networking social will be held in Exeter on March 15 from 5-7 at the Neighborhood Bar. Please consult the events section of your CIBOR newsletter for details.
Louise Norwood of NAI Norwood Group, Inc. promoted a new listing at 19 Kilton Road in Bedford which was the former home of Martin’s House of Cloth comprised of 5,050 s.f. of retail/medical/office space being offered at $17.50 psf single net plus utilities. The property is fully sprinklered at a lighted intersection with abundant parking and with handicapped accessibility. Another new listing was presented located at 360 Route 101 in Bedford (Pine Tree Place). The business condominium is attractively fit-up with 2,520 s.f. of first class office space with a full basement. The property is on the market for lease at a rate of $16.50 psf modified gross and/or for sale at $275,000.
Please consult the schedule of events in the newsletter as there will be some interesting courses offered some of which have been approved for course credits.
Thank you for attending and sincere thanks to John Turner for providing a great spread which was enjoyed by all. Looking forward to seeing you at our next Statewide Marketing Session on March 23, 2016.