Statewide Marketing Session for November 2016
Submitted by Louise Norwood
The November Statewide Marketing Session was held on Tuesday, November 22nd, 2016 at the main office of NAI Norwood Group, Inc., 116 South River Road in Bedford. This month’s breakfast sponsor was Louise Norwood of NAI Norwood Group. NAI has the ability to provide a unique set of services and advisory principles to offer our clients so clientele can focus on their business. We provide buyer and tenant representation; seller and landlord representation; investment analysis, procurement and disposition services; business brokerage; consultation; valuation and feasibility studies; land development and property repositioning.
Bill Jean of Fulcrum Associates, Inc. explained that their firm headquartered in Amherst offers ground up construction services for South Maine, North Massachusetts and all of the State of New Hampshire. Bill went on to say they had active participation on the renovations to the Fisher Cat Stadium; continued serving of two local Hannaford’s in Goffstown and their John Devine location in Manchester; the Residences at Riverfront Landing in Nashua breaking ground December 1st; Hitchiner Manufacturing in Milford and Southern New Hampshire Medical Center. Their largest project is involvement in the 22 million dollar campus on Spit Brook Road in Nashua and to that end they have recently added seven people just in the last six months. Fulcum’s best asset is to become involved earlier on in the process as they can provide an accurate budget having much knowledge and a data base of current construction costs. Bill also announced that the annual CIBOR Christmas party/installation of officers will be held at The Manchester Country Club on December 8th. Lastly, Bill serves on the CHAD foundation as well New Hampshire CIBOR Cares which both do good things for the community. For more information on NH CIBOR Cares, please contact Adam Johnston of Optima Bank.
Kim Matson of R.H. Thackston and Company practices in both Massachusetts and Vermont. She currently is marketing a standalone brick building in Swanzey; as it is 100’ from The Dollar General Store and a high profile grocery store across the street under the flagship of Hannaford’s as well as a long standing family restaurant facility, this property is a great value at $275,000.
Dan Barufaldi of the Dover Economic Development Board announced that The City of Dover has two large projects presently erecting facilities one of which is Rand Whitney and Stonewall Kitchens who will ultimately occupy 279,000 s.f. Dan went on to say that Wentworth Douglas is purchasing a 65,000 s.f. building on Central Avenue not only as a medical facility but also utilizing the rear of the space for a medical supply warehouse. In addition Dan passed out a Population Demographics Snapshot Report of Strafford County which was prepared for the City of Dover. Lastly, Dan explained that the city is going through the process of identifying commercial properties in a rezoning district for the purpose of stabilizing the tax base as it has a great impact on the school system. By providing the proper infrastructure in the community along with the planning board working hand in hand with the abutters, the city hopes to provide jobs, good tax management and economic prosperity for Dover.
Richard Thackston of R.H. Thackston and Company operates his commercial brokerage enterprise in the Bellow Falls region of Vermont servicing Northern Massachusetts, Vermont and New Hampshire. Richard pitched a Keene listing known as People’s Pub which is located adjacent to five large businesses. Someone could easily slip into a five year lease with another five year option. This specialty restaurant is popular with the general community. Richard also has some great office space in a well-established area of Keene.
Jeff Brown of TD Bank in Dover mentioned that Dover was rated one of the top 100 best communities for families and young professionals by Money Magazine. Jeff explained that he likes to involve himself with the brokerage community in order to ascertain how he can best assist them in adding the banking value with their investor client. Their lending institution can provide financing for medical/dental as well as veterinarians and can come up with the down payment formula on short order. Along with these existing businesses add insurance agencies with or without real estate; Jeff can mix and match a financing package and provide a level of down payment that could make the investment performa work.
Rick Mulvee of Tower Realty is seeking investments with a 7% return for a minimum infusion of 5 million dollars up to a billion on a deal. Rick represents the interest of this group and would be glad to discuss anything that may be of interest for building this portfolio. Rick also announced that he will placing 100,000 s.f. of space at the Dow Street mill property on the market for leasing. The new owner is being very aggressive on lease rates. With 3.7 parking spaces per 1,000 s.f., this city location should work nicely for your client. Rick is also looking for large tracts of timber land as he has two buyers in tow. A minimum of 18,000 acres should be considered which have been properly surveyed. Speak to Rick on any leads on these fronts.
Deana Theriault of NAI Norwood Group is marketing a 23 unit, fully occupied multifamily on Myrtle Street in Manchester. The property has a good mix of studios; two bedroom and three bedrooms units with new heating plant making this property a great investment at $1,240,000. In addition Deana has 2.9 acres available at 1396 Hooksett Road in Hooksett having sewer and water in the street. This great retail property is situated in the performance zone and is being offered at $299,900.
Stuart Arnett of Arnett Development Group, LLC is involved in the planning and development in various community projects throughout New Hampshire. He specializes in the repurposing of existing buildings, retail strip malls or any project that has reached its usefulness and has fallen into obsolescence. He has done projects in Hooksett, Bow, Pittsfield as well as many others too numerous to mention. Stuart works in concert with the town managers to incentivize all involved. He most recently gave an oversight course for CIBOR members enlisting several town planners from local communities which was most enlightening. Should you wish to receive Stuart’s newsletter, please him know. He is a great resource for the commercial brokerage community.
Chris Melanson of Harrington & Reeves deals in investment and asset management. Chris has available a 3,200 s.f. physician’s space on 387 E. Dunstable Road in Nashua being marketed at $17 to $18 psf on a triple net basis. It can easily be converted to another retail/office use as it is conveniently located off of Exit 1 Route 3 just minutes to the Massachusetts border. In addition Chris has a 3,900 s.f. end cap unit available for sale at 50 Pinewood Road in Suncook. At $95,000 this asset makes a nice tidy space for a small professional buyer user.
Christine Burke of Burke Emergency Restoration operates on a 24/7 basis taking on contracts from Northern Massachusetts up to York County, Maine. They just recently remediated a large mold issue for a facility in Nashua and had everything up and running by the end of the week. The project included but was not limited to tearing out sheetrock and sanitizing down to the studs. Their expertise includes the cleaning up of convalescent homes, schools, hospitals, retail, government buildings and office facilities keeping the ongoing living spaces healthy and dry. They work in concert with 50 preferred insurance vendors and can further give a quick assessment of the issue and validate with an insurance agency within 48 hours. Christine noted that though there are actually more affiliates involved with the Statewide Marketing Session vs commercial brokers, she finds that the relationships she has built through belonging to CIBOR has been invaluable building trust and a high degree of visibility within a diverse group of individuals.
Jeff Boufford of Boyd and Boufford Insurance Agency covers a wide spectrum of coverages including but not limited to commercial property casualty type, builder’s risk and umbrella policies. Jeff is also the new member recruitment liaison for CIBOR. As an affiliate member he can answer any questions you may have in regards to networking and explaining the various resources to brokers and staffers. Jeff was pleased to say that he has found his affiliation with CIBOR to be most beneficial and has brought him business in a variety of ways as well as building friendships.
Scott Kingsley of Primary Bank-New Hampshire promoted his lending institution by explaining that they are capable of lending in all realms of the commercial arena as well as utilizing the tools provided for with SBA financing. They are licensed to grant commercial loans in New Hampshire and Massachusetts adding value for the commercial brokerage community in assisting them as needed. They have experienced the best quarter and are expectant of a great 2017. He is most thankful for the relationships they have forged some of which are for a lifetime.
Robert Cruess of TF Moran announced that they are in need of at least two civil engineers and at least one structural engineer. Robert went on to say that they have a client looking at four out of five sites as a result of the conceptuals that his team were able to submit for each property parcel. He also announced that the Residences at Riverfront Landing are taking fruition with the construction team at Fulcrum taking the reins of the construction. In addition he shared that the 15 acre piece held by the Sullivan family on Kilton Road in Bedford has now been sold to Dartmouth Hitchcock for a price tag of 5 million dollars. Robert quipped that over several decades TF Moran has sketched some 100 concepts for would be buyers. Lastly, Robert will be attending the ICSC in New York December 4th through the 6th and has graciously offered to drop off any good B+ to A- retail site marketing package.
Denise Sandberg of Concord Awning & Canvas is a first time attendee. Welcome and hope we see you at future meetings. Denise explained that their company fabricates awnings for all types of commercial properties for exterior entries as well as shades including black out type. As we are at the cusp of the holiday season, Denise announced that though CIBOR is collecting “peas and carrots” for the needy, that cash donations are most appreciated as the buying power at 19 cents per pound can add much to the stores at the food pantry.
Peter Sandberg of Concord Awning & Canvas accompanied Denise explained that they can greatly improve the look of a building and have done a significant amount of work in the White River Junction area utilizing colorful awnings. They do much interfacing with commercial property managers, Realtors and Investors improving the image of all types of real estate. They can provide a draft of what the building will look like and tabulate a pricing contract for consideration. They like being involved early on in the improvement process offering ideas that turn into reality for the owner.
Jeff Lessard of NAI Norwood Group, Inc. is seeking one to three acres along the I-93 corridor with water and sewer. He has also listed a 1,400 s.f. business condominium in Overlook Park in Amherst for $170,000. Jeff also reported that the construction is commencing at Faltin Drive in Manchester for a 150,000 s.f. shopping mall. Stay tuned for more details.
Jay Lee of NAI Norwood Group, Inc. offered to the group that despite the fact that not many brokers are in attendance and that many affiliates do attend on a regular basis he has put two properties under agreement. Jay went on to say that Robert Cruess and his team were most helpful in establishing the pricing on a piece of land due to lending his expertise in drafting concepts of what could be built on that given land site. Jay has also listed a 1.3 acre site in Nashua for $350,000 only five blocks away from the Residences at Riverfront Landing. Jay is continuing the marketing on a 3,700 s.f. office building at 46 Route 101-A in Amherst which is now for sale at $399,000 or for lease at $13.00 to $14.00 psf
Chris Norwood of NAI Norwood Group, Inc. is working with a tenant looking for a six to ten acre piece of land on which to construct a 50,000 s.f. up to 75,000 s.f. facility with eighteen docks. He is also working with a secondary former client to purchase an investment in a passive role for anything other than multifamily family properties in the $100,000 to $300,000 range in the Auburn, Hooksett or Manchester area. Chris announced that 276 Route 101 in Bedford (the former 17,000 s.f. Grennon property) is now under agreement. Also along the same lines for properties along the Route 101 corridor, Chris went on to say that he is still marketing the 337 Route 101 property better known as the Crossfit Building. This facility is 8,000 s.f. and is priced at $825,000. As it has had a variety of uses through the years such as consignment, travel, home audio and work out center, architectural renderings with a new window line are being drafted to display a multiple of different uses. Putting on his CIBOR hat, Chris made mention of several legislative issues affecting public policy some which could be instrumental to the commercial brokerage community i.e. building code enforcement to the other end of the spectrum such as Uber vs tax industry and the Air B & B rental industry. Also, every five years the forms committee reviews all forms on the books and revamps where necessary.
Louise Norwood of NAI Norwood Group, Inc. brought to the attention of attendees the last remaining lease space of 1,900 s.f. at 19 Kilton Road in Bedford. With a great location, signalized street exit, great signage and common areas inclusive to the space, the $2,500 per month full gross price tag is very desirable. Louise also let everyone know that there has been a lot of leasing activity at 9 Cedarwood with only two office units left at $8.00 psf NNN making for a good Bedford value. Lastly, the marketing of 10 Chestnut Drive in Bedford continues with several lease units still available at $14.75 psf modified gross (inclusive of taxes and cam); the whole complex is a good value for a hands on type owner at $895,000 for a total of 13,690 s.f.
Thank you all for attending and hope that everyone had an enjoyable Thanksgiving. We pause for a moment to remember our friend and colleague, Neal Barrett, who passed away suddenly this past week. He was an integral part of CIBOR and the instructional community. We as brothers and sisters of the New Hampshire CIBOR group, we mourn this loss along with his family and friends.
The statewide marketing session will not be held in December but will resume in January 2017 at the KW Facility on South River Road in Bedford. Allison will send out several announcements prior to the meeting as a reminder. Jeff Boufford of Boyd and Boufford will be our sponsor for January’s meeting.
Wishing you and yours a safe and peaceful Christmas season filled with many blessings. We have much to be thankful for. As traditional and old fashioned as it is, “Merry Christmas and Happy New Year”.