Statewide Marketing Session for June 2016
Submitted by Louise Norwood
The June Statewide Marketing Session was held on Wednesday, June 22, 2016 at the GMNBR headquarters/training center at 318 South River Road in Bedford. This month’s breakfast sponsor was Leighton A. White of Leighton A. White, Inc. located in Milford, New Hampshire who specializes in commercial, municipal, industrial and residential site work and all types of related projects whether it be parking lots, sports fields, culvert work, cell towers, stone work, etc. Their firm is especially noted for their polite and professional manner of delivery as well as their expertise in getting the job done in a timely fashion. They are integrity personified. Take a few minutes to get to know this fine firm and their list of satisfied customers at Leighton.white@leightonawhite.com. We appreciate your support to CIBOR.
David Fenstermacher of VHB represents an engineering firm here in Bedford. They offer integrated services in the world of due diligence; permitting; surveying and landscape architecture to name but a few of their specialties. Their firm has done many projects in and around the vicinity to name a few as follows – The Merrimack Premium Outlet; 93 Hooksett Road; Seabrook Commons and the up and coming CVS in Milford. They prefer to develop parcels that have substantial value in the national sector such as Taco Bell, CVS, etc. and to that end 1 to 2 ½ acre sites.
Robin Bousa of VHB attended today introducing herself as the Director of Transportation Systems (Mitigation Strategies). We hope to see you here again soon, Robin.
Don Marshall of Marshall Associates is a business broker servicing a business owner in the disposition of real estate and related future exit plan. When Don is engaged to practice his trade, the first item of business is the evaluation of the package. As a general business broker, he has sold many unusual and unique enterprises. Presently he is working on disposing of a dog rescue business with a 2,500 s.f. building at a price of $399,000. There is also a two bedroom home on the site for the owner to take up residence. The owner is able to derive an annual income of $80,000 and has placed approximately 500 dogs with their shots and microchips in place. A great business for a dog lover.
Tad Dziemian of Neighborhood Energy brokers electricity in New England and New York. He offers lower energy rates. Their office is located in E. Hampstead should you wish to set up an appointment or Tad will come to you. Tad went on to say that EverSource New Hampshire as of July 1 was just under 11 cents but more like 10 cents which Tad can bring in at 8 cents. As a further fyi, natural gas by Liberty is coming in at the 50 cents range but was 89 cents. Tad can match and outperform practically any energy resource in the area generating a great savings for your commercial user or your own commercially owned portfolio plus his company will keep track of the savings that you and your customers will enjoy.
Dylan Cruess of TF Moran are civil engineers headquartered here in Bedford. They were voted business of the year by Business Magazine and the New England Real Estate Journal has declared them business of the month. Dylan extended his thanks to the CIBOR membership for attending their annual barbeque which is always a packed event. TF Moran gives the brokerage committee a great tool in marketing their land parcels or tear down sites by availing of their expertise in the creation of conceptuals; zoning reviews; substantiating parking calculations and can show with great accuracy what type of building and square footage that can be placed on any given site. Dylan remarked that many of the properties being pitched today were engineered by their firm such as Martin’s House of Cloth traffic and parking study; the Greater Manchester/Nashua Board of Realtors building; a proposed retail facility at 2305 Brown Avenue in Manchester and the Lowe’s development in Manchester having Chunky’s as one of their anchor tenants.
Joe Friedman of Brooks Properties explained that he represents the Owner Landlord who buys and manages their commercial real estate portfolio. Brooks Properties have much of their product in the southern portion of the state with the exception of northern Massachusetts. They are always in the market for new or replacement tenancies. Joe touted their starship property at Brookstone Park on Keewaydin Drive in Salem with stellar conference facilities; a nine hole golf course and a great location just five miles east on Route 111. They have a variety of office suites as small as 800 s.f. up to 12,000 s.f. just vacated by Granite State Entertainment moving up to 19,000 s.f.
Rick Mulvee of Tower Realty continues to look for investments for his 2 million up to 20 million dollar client. He further explained that these unique buyers will move quickly and show great interest in old, empty and contaminated buildings. Rick is also marketing a 2,000 s.f. (ready to go) restaurant in the former Tiny Tot Land. This commercial kitchen was recently occupied by Dyn who pushed out between 500 to 700 meals per day. A solid location. Rick handles the leasing for office/retail space in the millyard. With great parking on site and aggressive pricing, this mill space is a good alternative to the Elm Street higher priced office retail product.
Vince Chestnut of Alpha Locksmith presented the group with a novel yet real world invention that prevents children from getting at prescription medications. The mechanism is in the form of a locking medicine cabinet that a parent can set a unique lock providing security for all. Vince commented on the fact that when brokers receive a new listing, one of the first things that is necessary to commence marketing is to get a key from the owner or landlord. He stated that a restricted key is the safest type to insure security. One of the briskest businesses that Vince has found is the rekeying of storage facility units as people commonly lose their key and prefer not to use bolt cutters to gain entrance.
Deana Theriault of NAI Norwood Group, Inc. is marketing five multi families three of which are located in Manchester with the other two situated in Laconia. With good cash flows, these winners will not last long. Deana also made us aware of a new listing out in Amherst at the Spruce Park Business Center. This attractive 1,250 s.f. condo can be purchased for $124,900 or individual offices can be leased.
Jeff Lessard of NAI Norwood Group, Inc. announced a new listing at 21 Commerce Park No. comprised of 13,000 s.f. being leased at $11.00 psf modified gross. Fit-ups will be reviewed on an individual basis. The warehouse area has an 11’ ceiling height. A great location at a great price. Jeff has a most unique property for lease at the Ammon Center at the Manchester Boston Regional Airport with the tarmac window side. This 2,700 s.f. office suite is available for $14.00 psf all inclusive.
Jay Lee of NAI Norwood Group, Inc. pitched a company listing located at 2305 Brown Avenue in Manchester. This former gas station site could easily site a 5,000 s.f. retail building with four flexible components or as a standalone. With 26,000 cars per day, the asking lease rate of $15.00 psf with the approximate add ons of $5.00 seems like a bargain for retail. Jay also has a traditionally styled office building in Amherst right on Route 101-A which is also a standalone property. This single tenanted building enjoys great signage with a traffic count of 27,000 cars per day. That along with 21 parking spaces and a lease rate of $12.00 psf NNN, this would make for a nice investment for an owner/user.
Chris Pascucci of KW is marketing a 1,050 s.f. retail end cap unit at 621 Amherst Street in Nashua at a lease rate of $28.00 psf NNN. The property is in a vanilla shell at this time awaiting fit up instructions for a preferable national tenant. No restaurant users can be entertained but take out would be acceptable. In addition Chris has two retail units he is peddling at 433 Amherst Street with spaces as small as 1,760 s.f. up to 2,400 s.f. at $23.00 psf modified gross with the other space location at 483 Amherst Street comprised of 2,000 s.f. being marketed at $17.00 psf NNN.
Jeff Boufford of Boyd and Boufford Insurance Agency has the capability of providing insurance protection for Lessors with both industrial and/or office space. Jeff is also one of the largest insurance providers for self-storage projects north of Boston. He is also licensed in Massachusetts. These storage facilities run the gamut from converted mill buildings, metal buildings and the newer multi story variety. Jeff covers many niche property markets that other providers cannot always get good coverage for. Lastly, Jeff gave the group some food for thought in that he also gives bankers much comfort in that their company can provide reliable and economical environmental coverage. In essence he offers a lot of options at an affordable price point.
Jim Wisniewski of Interiors East is a commercial architect and does not handle any type of residential property. His broad range of services encompasses lighting design and all facets of commercial property design starting in the property bid process and right through the project co-ordination. In handling interior architectural design, Jim has had the pleasure and success of working with Fidelity, Google, Blue Cross, Mass Port, Harvard University and the Fenway Ball Park.
Jeff Brown of TD Bank has now booked two years at this bank and has been getting to know the various CIBOR brokers and affiliates. Jeff went on to say that many people seem to think that community banks are easier to deal with which he countered saying that as TD is more regional in scope, they can offer a wide spectrum of options and can partner up with other resources. In addition, he mentioned several recent transactions some of which were as follows: a summer camp to the tune of 4.1 million dollars; a mega church in the 3.8 million dollar range; a REIT in the 10 million dollar range; a self-storage facility lending package for 2.7 million; a dental buyout for 1.1 Million; a mobile home park for 1.8 Million and a very large project in the Somersworth area.
John Turner of Team Engineering explained that their company is a due diligence property assessment company with building and design services. Though most of the projects he handles in New Hampshire are more traditional in nature, he has completed thirty major solar jobs in the Massachusetts area so Team has growing expertise in this venue. He is always looking for interesting projects.
Chris Melanson of Harrington and Reeves is searching for a 1031 exchange property in the 2.5 million dollar range either in Portsmouth or Manchester. They need to identify by September. Chris also pitched a listing that their company has out for lease at 207 Meetinghouse Road in Bedford. The space is comprised of 2,705 s.f. and is being marketed at a rate of $12.00 psf NNN and was recently occupied by a dental practitioner.
Tim Wege of New Star Properties deals in commercial property management; multi- family management and condominium complex management. The company is extremely adept at turning properties around that are suffering from deferred maintenance issues. He noted that they had recently revitalized a 1970’s condo project pulling in experts in the various fields of expertise dealing with the neglect and providing the necessary TLC to bring it up to today’s standards. Additionally they are working with an offshore Asian owner who was utilizing the services of an out of state management company. To facilitate the areas of concern, New Star Properties has prioritized the various issues that being the roof, façade, parking and painting with close oversight.
Scott Maslansky of The Jordan Institute oversees a clean energy program which has just been launched to assist in the financing of commercial properties. The program is being funded by private lenders as most buyers cannot always get long term loans yet want and need a short term fix to accommodate their tenancies. This comprehensive program provides a positive cash flow – details can be provided by Scott as there is a specific formula to implement this new venture. To date, thirty-two states have adopted this financing program working to clean up properties with environmental issues. Two billion dollars has been spent to date on residential properties. Solar energy is the major market motivator.
Adam Johnston of Optima Bank & Trust expounded on their lending capacity of Four Point Five Million Dollars with the ability to participate with other lending institutions to get the job done. They have much interest in providing funding for business expansion and related equipment needs of the business owner. Their facility is located on South River Road in Bedford in between the newly opened Starbucks and Chipolte. With a great, convenient location and committed owners and lenders, Optima offers your client a more common sense approach to lending requirements.
Chris Norwood of NAI Norwood Group, Inc. explained that the company is a full service commercial firm with headquarters in Bedford and a satellite in Portsmouth. Chris announced that he and Judy Niles-Simmons have recently listed the former Grennon’s building located at 276 Route 101 in Bedford. This 17,000 s.f. retail/industrial building is sited on six acres and will most likely be a redevelopment play in the home improvement realm. This vacant building would lend itself well to products or services complimenting the neighboring businesses that specialize in kitchens; painting products; carpeting and bathroom restoration. Listed at $1.7 million, this is a great location for a home furnishings store or related use. Also, out on the Route 101 corridor at 377 Route 101, Chris and Judy also have the building known as the Crossfit property. With 8,000 s.f. on a 1.773 acre site, the martial arts user/24 hour fitness center owner could stay on maximizing the value.
Matthew Bacon of NAI Norwood Group, Inc. is seeking a three to four unit multi-family dwelling along with an adjoining single family residence in a rural location. Matt announced a new listing that both he and Perry Snow have co-listed at 44 Franklin Street in Nashua. The 13,000 s.f. office space can be subdivided down and utilized as either office or medical. Matt also wished to make the group aware of a new 1,560 s.f. office suite available at 31 Lowell Road in Windham near Route 111 at the Cobbett Professional Park co-listed with Deana Theriault. Lastly, Matt provided detail on Chuck Goss’ listing at the Lee traffic circle – the 2,500 s.f. end cap retail space abuts FriendLee Pets and Family Dollar and McDonalds.
Denise Clermont of Coldwell Banker announced that she has listed a 127 acre parcel subdivision in Amherst. A rare opportunity to own a great chunk of land in Amherst or develop the project individually or for a builder interested in a long term project. Priced at $895,000. Denise is also marketing a 13 unit multi-family in North Woodstock comprised of two commercial uses and eleven apartments. This property has a positive cash flow for your investor buyer.
Marie Bodi of CP Management represents a third party property management company headquartered in Exeter. Marie announced that Jerry O’Connell was awarded Realtor of the Year and that Tony Fallon was awarded Affiliate of the Year at the TF Moran Annual Cook-Out. Congratulations Jerry and Tony. Please remember Marie with all of your property management needs and requirements.
Tom Champagne of St. Mary’s Bank with offices on the West Side of Manchester deals in commercial lending from loans as low at $250,000 up to 5-6 Million Dollars. Larger sums can be coordinated collaboratively with other lending institutions. Tom pointed out that having St. Mary’s draft a proposal early on in the planning stages will assist on both sides through the approval process. They can draft a simplified two page report stating rates, payment schedule and a short criteria for consideration.
Stephen A. Jones of Building Envelope Specialists focuses on masonry buildings in particular with all modes of exterior protection. They find that involving themselves early in the process at the drawing stage they can dictate the materials and methods used in sealing the building properly. They utilize a flashing detail which is impervious to weathering. Steve went on to say that the control joint accounts for expansion and contraction. Mortar and sealant is designed to handle only two sides so it is most important to indicate on the drawing outline how the joints should be handled in the building process. Lastly, Steve commented on the system they employ in the protection of drawings typically stored and used in a construction trailer so they will not get soiled yet provide ease of access during the construction job.
Bill Jean of Fulcrum Associates, Inc. explained that they are a construction management group offering preconstruction services to engage the customer in the early stages of planning. By doing so, the project will evolve more smoothly and give the customer more leverage. More recent projects in various stages of completion are two Hannaford’s; a 28,000 s.f. medical facility in Newport; a 228 resident facility and club house in Nashua; an expansion for Dyn in Manchester; a medical renovation for Southern New Hampshire Medical Group; three MRI projects as well as other too numerous to list here. As far as CIBOR is concerned, Bill wanted everyone to know that there were still slots for this Friday’s quarterly meeting which will cover tenant representation.
Louise Norwood of NAI Norwood Group, Inc. pitched a 5,050 s.f. retail space located at 19 Kilton Road in Bedford which formerly housed Martin’s House of Cloth. A great location at a signalized traffic light with prominent signage makes for a fine medical/retail site. Additionally at the same location a 1,900 s.f. second floor office space has just become available at a full gross rate of $2,500 per month. Lastly, Louise pitched a 1,350 s.f. upstairs space at 10 Commerce Park North in Bedford at a most economical lease rate of $12.00 psf modified gross.
Though Leighton White was not able to be with us as he is recuperating in the hospital, he was with us in spirit and we wish him a speedy recovery and hope to see him at all of the upcoming CIBOR events.
Thank you for your participation. It was a lively meeting and much knowledge and information is always plentiful. Looking forward to seeing you in July.
Wishing you all a Happy Fourth of July as summer swings into full gear.