Statewide Marketing Session for July 2015 By Louise Norwood
The August statewide marketing session was held on Wednesday, July 22, 2015 at the GMNBR conference room at 166 South River Road in Bedford. This month’s breakfast was sponsored by Rob Batchelder of Bank of New England. A very fine spread was enjoyed by all. Many thanks for our sponsorship.
Larry Hirsch of Hirsch and Company announced that he has two cash buyers one of which is trying to complete a 1031 Exchange anywhere from $1,000,000 to $5,000,000 for a partially leased property. This is a strong investor. In addition Larry has a European manufacturing company interested in a ten to fifteen acre site to erect a high image building in the 80,000 s.f range with the ability to expand up to 120,000 s.f. They are interested in the Everett Turnpike corridor or up along Route 93. May need sewer depending which town they settle in. As for available space, Larry has several retail suites in The Bedford Square shopping center available to lease from $20.00 to $22.00 psf NNN. Lastly, Larry has a 25,400 s.f. Industrial/R & D building for lease at 55 Heritage Avenue in Portsmouth at $5.95 psf NNN.
Marie Bodi of CP Management is in the practice of third party property management. Their territory covers a wide spectrum including but not limited to Boston, Rhode Island and all of New Hampshire. Marie is trying to organize a networking session at the Brooks Properties golf and function center in the vicinity of September 11th, 2015. She is working with Joe Friedman of Brooks Properties to make this fall event a must come to function.
Don Marshall of Marshall Associates specializes in business brokerage. Don is presently working on two assisted living properties in Greater Rochester priced at $425,000 and $2,700,000 respectively. In addition he represents four restaurant owners in various categories from high to low.
Rob Batchelder of Bank of New England explained that they are strictly a commercial real estate lending institution. This is their 20th year in business – Rob is anxious to do business through CIBOR affiliation – their business concentration is in Southern New Hampshire and Southern Maine as well as in Massachusetts. Rob displayed an attractive coffee table hard cover book with an array of transactions they have closed on.
Leighton White of Leighton A. White, Inc. is presently working on the quad for the Southern New Hampshire University. You can find out more on their site work capabilities on Facebook or their comprehensive web site. Their company has recently acquired the aggregate rights of Pike Industries and can now provide several gravel, sand and crushed stone products for your construction projects.
Robert Cruess of TF Moran recently attended the ICSC. His take away was that all of the dollar stores are not so much on the forefront as they once were. Now there seems to be more movement in the larger building site opportunities. The market looks positive in that commercial venue. Robert announced that on Thursday, August 20 TF Moran will be holding their annual Chamber of Commerce cook-out from 5 to 7. This barbecue is even larger than the CIBOR event. Good food and drink will be provided with good networking possibilities. Additionally, the Cruess family will be hosting an open house on Saturday, August 1st from 3 to 5 displaying “The Home of the Future”. Please contact Robert for more details. Robert and his firm are now very active in Portsmouth and were contacted recently by one of their clients in search of a 25,000 s.f. Industrial building in Portsmouth. Please contact Robert for more details.
Gary Chabot of The State of New Hampshire Economic Development stated that there are several instate companies seeking to expand. He announced that Jack Duggin of the Economic Development Board has acquired the Brox land. Additionally, DRED is working with the Town of Merrimack to create an economic revitalization zone.
Christine Burke of Burke Engineering Restoration specializes in the remediation of water, fire, odor, mold and smoke issues not only in New Hampshire but in Northern Massachusetts. They can handle biohazard problems. Christine noted that the ice dam build ups this winter that were left untreated into this hot and humid season has produced mold issues. They have been working on a number of libraries, schools and municipal buildings. They offer free estimates and with twenty-five employees and ten trucks operating 24/7 they provide expert service. Google them for all favorable reviews. Their company continues to grow to the point that they are actively looking for new employees who perhaps did not go the ivy league college route but have mechanical skills.
Andre Tremblay of Franklin Savings Bank is looking for an apartment complex of from 30 to 40 units at a reasonable price in either Maine, New Hampshire or North Carolina. Franklin can offer a twenty to twenty-five year fully amortized loan. Andre is also the chair of CIBOR membership and encouraged non-members to join the team to achieve more business and enjoy the camaraderie.
Jay Lee of Berkshire Hathaway Verani announced that he has two very strong overseas investors interested in properties with a 10 to 12 cap rate. Jay also let the membership know that he has a 1,450 s.f. office condo available for sale in Hooksett priced at $130,000 for either retail or office. Jay also is marketing land sites on Loudon Road in Concord i.e. a 3/4 acre site for $400,000 and a three acre site for $1,000,000.
Deana Theriault of Berkshire Hathaway Verani has a class B, 6,000 s.f. property available on Elm Street in Milford for $10.00 psf NNN with a 30,000 cars per day traffic count. In addition she has a 2,800 s.f. flex space available on Zachary Road in Manchester for $8.50 psf modified gross.
John Turner of Team Engineering specializes in due diligence engineering prior to purchase. Their company can handle all sorts of smaller properties and projects. John announced that “The Villa” has closed. Team can also provide other services i.e. cost segregation and research on condo reserves. Their company is presently working on a variety of projects including a half-way house and restaurant facility.
Adam Johnston of Bank of New England explained that they meet once a week to discuss loan approvals. They are in a position to lend up to $13.5 million and can finance any overage balance with a partner institution. They will listen to all types of special projects. Adam chairs the CIBOR Cares committee and made mention that the first awards event was highly successful. The event was given good press by the Manchester Union Leader and The New England Real Estate Journal.
Paul Alfano specializes in real estate tax abatement and study of impact fees. He is working diligently with Mark Dickey of NAI on the proposed legislation in which the state would extract additional tax dollars from rental income. They have brought their opposition to the legislators hoping to nip this in the bud. Paul noted that every five years municipalities conduct reevaluations and in doing so property owners have a brief window to negotiate. Taxes should only be assessed on the real estate and definitely not on the business portion that is conducted on that site.
Bill Spinelli of The Bean Group has a 104 unit apartment building for sale in Nashua and feels he is marketing to the wrong investors. He is presently looking into marketing on an assisted living basis. The facility is a168,000 s.f. rehabilitated project ready to go. He is also offering a 2,400 s.f., 78 seat restaurant with a liquor license. The owner is flexible to a lease and/or sale.
Kiersten Gerow of Exchange Authority LLC recently sent out an e-mail blast addressing the reform or elimination of the 1031 Exchange mechanism. This would destroy investment business and commercial real estate should the deferred tax plan be destroyed. Please become informed on this urgent and highly important real estate issue. Kiersten went on to say that like kind exchanges will deter and defer tax consequences.
Joe Friedman of Brooks Properties reiterated the upcoming golf tournament and would be seeking sponsorships from affiliates and brokers alike. Joe represents the owners for a variety of real estate holdings on Keewaydin Drive, Manor Parkway, Red Roof Lane and Industrial Way all in Salem. In addition they have more office, flex and industrial space in Derry and Hudson. Spaces range from in terms of rates from $19.00 psf NNN to $10.00/$12.00 psf NNN.
Tom Champagne of St. Mary’s Bank can handle equipment financing and a wide variety of business lending. Their concentration is in the southern New Hampshire tier. Their loans can range from $250,000 to $1,000,000 with the capability of participating with other lending institutions. They also have an SBA lending arm.
Matthew Bacon has just joined NAI Norwood Group and will be a regular attendee. Welcome, Matt!
Vincent Chestnut of Alpha Locksmith can redo all types of locks and can offer services to property owners that have converted from a one business user property to a multi-unit facility. Alpha brings professional security to your door.
Bill Jean of Fulcrum Associates specializes in construction management and tenant improvement. The best value is to start the process early in the planning stage so a performa can be established early on. Fulcrum is involved with many projects including private housing in Durham involving three construction pieces; 210 housing units in Salisbury which are being marketed at rates from $1,600 to $2,400 per month; a medical facility in Amherst which will be a primary service for Southern New Hampshire as well as 140,000 units in Tyngsboro.
Tad Dziemian of Neighborhood Energy brokers electricity, gas, propane and oil. Tad explained that there are terrific bargains at this time and some of these commodities are now $1.00 less than last year. He deals with medium to large consumers both residential and commercial. Tad can offer cost analysis on third party supply – let him know if you would like to receive his monthly newsletter.
Louise Norwood of NAI Norwood Group continues to be in search of a 10,000 to 15,000 s.f industrial building to purchase in either Bedford, Amherst, Manchester or Bedford for a nutritional supplement provider with a retail venue as well. Properties offered for lease are as follows – a 2,540 s.f. office suite at 18 Constitution Drive in Bedford at a lease rate of $13.95 psf NNN and a variety of office suites at 9 Cedarwood Drive in Beford with a great new lease rate of $8.00 psf NNN.
Thank you all for attending and have a great rest of your summer. See you in August.