Statewide Marketing Session for June 2018
Submitted by Louise Norwood
The June Statewide Marketing Session was held on Wednesday, June 27, 2018 at the Matheson Education Suite at 116 South River Road in Bedford. This month’s meeting was graciously sponsored by Scott Kingsley of Primary Bank from Bedford. Primary Bank which opened in 2015 is New Hampshire’s newest state-chartered, FDIC insured bank. The locally owned and operated community bank is quickly becoming known for their pursuit of keeping local dollars local. Primary Bank is a commercial lending institution for small to medium businesses throughout Southern N.H. Key words that describe Primary are Local, Creative and Entrepreneurial.
Tom Champagne of St. Mary’s Bank described their lending institution as a Federally Insured State Chartered Credit Union with seven branches, with assets well over $700,000,000 that is headquartered in Manchester, New Hampshire. Tom deals primarily in commercial lending in the Southern New Hampshire territory. In addition to real estate assets, they have the capability of lending on pre-construction projects; business/construction equipment and long term construction financing. St. Mary’s offers local small businesses the chance to thrive, with a variety of customizable, affordable loans.
Bill Jean of Fulcrum Associates explained that their company is a construction management team with over twenty years in the handling of complex building projects in New Hampshire and beyond. Fulcrum prides itself in utilizing a combination of precision planning with cutting-edge construction software tools to better define costs. They will take on everything from a fit-up assignment to ground up from scratch. By employing their resources early on in the process will add beneficial cost comprehension and controls from start to finish. And though there niche is much medical application, they have done a variety of build to suits including The Copper Door and LaBelle Winery to name only two. Bill also commented on the status of steel costs – while the costs have spiked, they hope to see stabilization.
Tad Dziemian of Neighborhood Energy deals in brokering energy at lower rates. Through their negotiating and knowledgeability, they can offer energy solutions for industrial and commercial customers. They focus on reduced spending and budget stability. Tad explained that they offer concierge services to all clients and most importantly, significant savings whether it be in the residential realm or for business/commercial users. Eversource now announces rate changes on February 1st and August 1st; however, they do not calculate cold weather factors in the rates. Check Tad’s web site for additional particulars on a third party energy supply. Just like the stock market, the energy market changes but Neighborhood Energy can assist in locking in the lowest rate possible.
Vincent Chestnut of Alpha Locksmith commented on the fact that increases in steel costs also affect the costs of locks, tumblers, keys and all related materials. Vince will continually keep his costs fair and stable for the consumer. Vince displayed a locking medicine cabinet which he is donating as a door prize which will be awarded at The First Annual New Hampshire CIBOR Summer Mixer on August 2nd at the Brookstone Event Center in Derry.
Joe Robinson of NAI Norwood Group, Inc. pitched a new listing that just came in at 51-53 Bedford Place in Bedford. This double unit comprised of 3,167 s.f., second/third floor suites are bright, flexible and a great working environment for sale at $270,000. Joe went on to say that he is also marketing 10,000 s.f. of manufacturing warehouse for lease at 880 Candia Road in Manchester. The property has two docks, one drive in and has 16’ ceiling height and is out to the marketplace at $6.50 psf NNN. Additionally, Joe has another new listing at 8 Akira Way in Londonderry. This class A office space totaling 4,900 s.f. is being marketed for lease at $14.00 sf modified gross with ample parking in a gorgeous building.
Matt Bacon of NAI Norwood Group is seeking a multifamily investment property close to the Salem/Nashua border with 11-20 units. Matt has recently listed for sale or lease four individual professional office condominium units which can be sold as a total of 8,127 s.f. or separately as the owner is very flexible. Please consult Matt for pricing whether lease or sale. Matt was also pleased to announce that he has listed a fully permitted, residential subdivision in Merrimack that has the capability of supporting sixty-three units.
Joe Bator of Primary Bank stated that the bank offers a wide array of services including but not limited to commercial checking and lending; money market and savings; merchant and credit card services as well as health savings accounts. Thank you, Joe, for assisting Scott in setting up. Hope you will join us again for future meetings.
Hayley Klein of Hirsch & Company pitched several broker owned office/industrial spaces for lease with two units of 1,500 s.f. or combined for 3,000 s.f. which is conveniently located directly across Northern Blvd. and Wal-Mart in Amherst. These fully air-conditioned units have historically been used as office/service/light manufacturing. Hayley is also marketing a 4,000 s.f. restaurant in Nashua that has great visibility and in a high traffic count location. Sited on 1.79 acres, the asset as great growth potential to add to the existing 125 + seats with a full liquor license priced at $700,000.
Nick Shea of Shea Commercial is currently working with 1031 Exchange clients seeking office or retail. Nick is also marketing a Rite Aid which is fully leased with a five year renewal for $3,200,000. Nick also wished to inform everyone of a retail-commercial, mixed use center in Salem situated on 5.5 acres being marketed for $3,200,000.
Roger Therrien of Service Credit Union is a commercial lender concentrating in the Bedford/Nashua area and the central part of the state. Roger stated that they offer favorable rates fixed for fifteen years. With thirty-five offices in the U.S. and fourteen offices in Germany, they not only focus on good customer relations but are very military oriented supporting our troops in a variety of ways whether in charitable giving or offering an economical banking experience.
Joe Friedman of Brooks Properties is continually seeking properties for the Brooks Properties owners in the I-93 corridor and along the 495 locations willing to purchase assets from 20,000 s.f. to 100,000 s.f. Joe went on to say that they are entertaining selling some of their properties in the Route 111 location as a package for $7,000,000 as well as 6 Wentworth Drive which is a 50,000 s.f. industrial building being marketed at $3,900,000.
Aaron Gill of Northway Bank explained that their lending institution can provide working capital lines of credit; equipment financing and term loans as well as business acquisition financing. They are able to secure a preferred SBA lender for a 51% own occupied facility. In the case of refinancing debt, financing can be structured to improve your balance sheet and enable your business to adjust its capital structure. Aaron commented that the networking platform at NH CIBOR has been very beneficial and he strives to make long relationships in the local community.
Mark Lacoy of Allobar Strategies explained that the savings they provide for residential, commercial and business owners is significant. They offer a unique process to deliver exceptional results to their clients at accessible prices. They guarantee at least two qualified property tax professionals with qualifications and experience directly relevant to the subject property. They have had phenomenal success in reducing the taxes for a high end restaurant and most recently reduced the assessment on a campground. Additionally Allobar was able to drastically reduce a commercial property at the Seacoast. They cover a wide spectrum of properties as has been displayed but large box store retailers as well. Date for filing a tax abatement is July 1st with an appeal date of September 1st.
Cheryl Newcombe of Allobar Strategies stated that she is new to the firm but intends to attend networking events to get the brand out there. The company is situated right across from the Capitol building in Concord so they are always treated to the most recent parade of political activists. Cheryl explained that they work on a contingency fee basis and only get paid when the transaction is complete. In addition they can work on an owner’s behalf negotiating a tax rate for several years into the future. 20% referral fees are also paid to anyone sending business their way.
Heather Rowan is now employed by the office furnishing manufacturer, Kimball Furniture. As a former retail sales person for office furniture and interior design expert, all of her skills are most beneficial for her new position of Market Sales Manager. Kimball’s portfolio of furnishings span over many venues including health care, hospitality, educational and any type of commercial application. Heather can still provide you with top notch design layouts for your client’s review and she is aligning herself with our retail vendors to bring optimum service. Her extensive background will bode well in her new mode of employment.
Art Bonin of A. R. Bonin Co. is currently working on a 1031 Exchange requirement specifically strip mall centers from $1,000,000 up to $2,000,000. Art is also marketing a 22,000 s.f. facility enhanced by (6) loading docks on 2.7 acres at 313 Route 25 in Brentwood. Asking price is $1.2 million and if the property has not been taken under agreement before the Fourth, the owner has authorized Art to retain the best offer over $950,000. Additionally Art has listed a small, turnkey restaurant in Brentwood on 2.5 acres for $300,000. And if you have clients in the market for an RV Park in Southern New Hampshire Art has just the ticket with 100 units on twelve acres of land. The park is operational for five months out of the year; valued at 5 ½ times cash flow. Asking purchase price of $1,250,000.
Chris Pascucci of Masiello Commercial is seeking land for development purposes at a highly visible, high traffic area with a lighted intersection up to $3,000,000. Chris is also marketing a 4,200 s.f. building on something less than an acre at 580 Laconia Road in Tilton with an asking price of $229,000. Chris described another listing he has at 287 Daniel Webster Highway which is sited on two levels for a total of 2,300 s.f. and another availability at 301 Daniel Webster Highway comprised of 1,000 s.f.
Robert Cruess of TF Moran announced that on August 16th their team would be hosting the largest barbeque of its kind at 48 Constitution Drive in Bedford namely the annual Manchester Chamber of Commerce summer fete. TF Moran’s project of the month was featured in The New England Real Estate Journal namely the redevelopment of 19,200 s.f. for the Bedford Land Rover dealership on South River Road. Robert will be attending the ICSC convention in Boston in July and has graciously offered to bring any marketing materials for retail facilities or sites to this not to be missed venue. Robert is seeking a retail project for a 1031 Exchange – anyone having something of interest, please contact him directly.
Leighton White of Leighton A. White Inc. specializes in site work in the commercial/industrial vein along with underground utility implementation. They have a stellar reputation with a history of forty years in the business. In addition they own a stone quarry so can provide any conceivable kind of sand, rock, gravel and related materials for any type of construction project your client has on the drawing board.
Lindsey Goodrich of Berkshire Hathaway Verani has a cash buyer in search of a passive income investment up to $2,000,000 either industrial or retail. Lindsey is also marketing two units at 2180 Candia Road in Auburn at an ask price of $329,900. Lastly, she is presently engaged in seeking another investment in the $1,000,000 range for a client wishing to purchase either industrial or office.
David Fenstermacher, Project Manager for VHB focuses on due diligence research and analysis whether it be a new development project; redevelopment, land acquisition, permitting compliance or traffic and parking improvements. Their multidisciplinary services also include traffic studies; environmental and land planning just to name a few of their services. Some of the projects they are currently engaged in is the Wentworth Douglas Hospital; the Merrimack Premium Outlets; the I-93 Service Area Redevelopment in Hooksett and Bow; the Seabrook Commons Retail Development and other various hotel and retail high profile projects. Dave was pleased to announce that the Junior Golf tournament yielded a profit of $30,000. Congratulations, great charity!
Murray Beaulieu of Boosted Profits (tax cost remediation) who has been in the business for some seventeen years has saved his clients well into the billion of dollars. His sweet spot is small to medium size projects. Murray explained that built into the tax code are programs and incentives designed to encourage U.S. businesses to grow, expand and hire American workers. Large corporations take advantage of these programs every day; however, smaller firms are largely unaware of these benefits though they are available to every business. There is no cost to the business owner until he produces a direct refund into your pocket, credit or a cost reduction. The majority of accountants are unaware of this perk so when in doubt contact Murry for a 15 minute survey with no risk involved.
Matt Lefebvre of Elm Grove Realty has a cash buyer in tow looking for multifamily properties from one half million up to $5,000,000 in the southern quadrant to the middle of the state. This investor will take on a complete gut job. Other interests for Matt’s buyers are – strip malls and a gym operator interested in purchasing a 10,000 s.f. facility in the Lakes Region. Matt is presently marketing a child care business along with the real estate for a price tag of $960,000. He also has a small 1,200 s.f. property with basement located at 5 Northern Boulevard at an ask price of $149,900. “Entrepreneurial” Matt also described two other multi units for sale in Nashua with the first property being comprised of seven units at $695,000 and the second property with six units is being offered at $595,000. Elm Grove is also developing and leasing small office suites on 26 Pleasant Street in Concord with gross lease rates offering brokers a full fee. Last but not least Matt has a listing consisting of fifty-nine units in ten buildings and just recently the addition of two more buildings which brings the total to seventy-six units at a price point for the full package at $3,459,000.
Marilyn Charbonneau of NBT Bank explained that theirs is full service bank. Marilyn is working with an SBA customer who is in the market for a small, retail café space. With four locations in and around the state with its newest branch in the Keene environs, they are well equipped to handle the financial services of the public. Marilyn suggests that she conduct an analysis to demonstrate how NBT can save you annual fees. And in particular NBT Bank offers a health savings account for self-employed individuals especially in the 65 and over group likening it to a medical savings account. All good financial products for any need.
Romeo Danais explained that he is a private developer/entrepreneur/investor interested and always on the lookout for industrial facilities up to 100,000 s.f. in the southeastern quadrant of the state. He is requesting that the brokers keep his 109,000 s.f. former BJ’s warehouse at 400 Quality Drive in Hooksett with 24’ ceiling height and a multitude of cross docks on their radar as the building has been recently vacated. The building has the added value of a triple duty sprinkler system and at the moment there is a refrigeration system and freezer cases available for an interested party. Romeo exclaimed that he has the best working life doing what he does and has been at it for some forty years.
Duane Himes of Weston & Sampson introduced their company to the attendees stating that their company offers interdisciplinary design, engineering and environmental services for public and private entities with offices here in Manchester and Portsmouth. Duane stated that they can address Brownfields issues; environmental and geotechnical consulting; landscape architecture and site assessment. They have been involved with old mill properties and a host of properties that had what seemed like insurmountable problems but were able to remediate. And they can also handle waste water projects and are immersed serving several communities with their waste water pumping stations.
Marie Degulis of Secondwind Water Systems was pleased to inform us that they recently had a client with an assortment of failed water systems but were successfully able to remedy the water issues with the correct filtration and softening equipment adding to their list of satisfied customers. Marie spoke about a new or perhaps newly discovered contaminate known as PFOA that has invaded our surrounding area. They can provide the resources to capture and address the enemy by disintegrating or incinerating this culprit. The most recent challenge has been addressing the quality of water that has been polluting local community water systems due to the Saint-Gobain’s plastics company which leaked this element into the Merrimack Water District.
David DiPerri, CPA of Empire Business Sales is marketing a sign business for $700,000 and a textile mill for $2.1 million in Maine. Please contact David for more in depth details. The crux of their business model is that they work with privately-held companies, family-owned businesses, and/or public companies with a sales range of $2,000,000 to $10,000,000. They offer strategic planning for businesses, analyses for future possible earnings and an optimal price for selling the enterprise. As a point of reference Empire Business Brokers is the oldest national business brokerage in the US dating back to the 1980’s.
Ray Dugdale of Colliers International explained in some detail the distinction between Colliers International and the financial arm of Colliers. Don and David Eaton formed the loan brokerage company as a separate division and joined the Colliers people but on their own separate platform. They will compensate brokers who bring them financing business up to 20 basis points. Ray would welcome the opportunity of getting together for coffee or lunch with anyone who has interest in their services.
Stepfani Croteau of Allen & Majors Associates explained that they have offices in both Manchester and Woburn, Massachusetts going into some detail of the land survey problems that can surface during due diligence pointing out that encroachments are often discovered which can totally change the trajectory of a sale and end up in land court. It is important to know where the property boundary lines are and immediately alleviate the problems. They are also skilled to assist with the permitting process and can deal with change of use. Stepfani encouraged the membership to purchase their tickets now for the summer mixer or risk the disappointment of a full house.
Jeff Boufford of Boyd and Boufford Insurance deals in commercial insurance brokerage; can expedite binders and is adept at handling everything from residential to commercial applications. During the soft insurance cycle is a good time to get insurance premiums quoted. Jeff encourages clients to seek out independent, aggressive rates and to seriously consider purchasing pollution insurance which is very reasonably priced. This policy can cover issues that a buyer could never foresee. For all of your insurance needs, speak to Jeff about his laundry list of insurance products.
Marie Bodi of CP Management stated that her company is a third party property management company headquartered in Exeter serving New Hampshire, Massachusetts, Maine, Vermont, Rhode Island and Florida. Marie touted the services of Secondwind Water coming to the rescue with their emergency services replacing a well pump that had failed at a forty-two lot subdivision. If anyone can provide Marie with a vendor who deals in sprinkler systems, she needs some counseling for a fire suppression system for a thirty-five unit facility in Hampton which will require some specialty engineering.
Steve Mangekian of Alpha Inspection has a most successful inspection business with five key inspectors on staff. He and his team offer comprehensive inspections throughout New England from Radon testing, building permit review, lead paint testing, septic inspection as well as bank draws and Phase I environmental site assessments. During a due diligence process, they will interview anyone who will discuss the facility and provide very simple, easy to understand reports that any lay person can decipher. He conducted his first inspection back in 2005 and highlighted the fact that he had completed at least one hundred of Steven Cotran’s listings!
Fred Richards of Masiello Commercial has a cash buyer seeking a fully leased medical building in New Hampshire from $2,000,000 up to $3,000,000. Additionally he has a retailer who requires a 10,000 to 15,000 s.f. facility on a state highway with high visibility. The building would need a showroom component and warehousing.
Steven Cotran of Remax Area Realty has a property in the Town of Gilford currently utilized as a restaurant. He is particularly promoting this Gilford property and would be happy to co-broker the sale or offer up a referral fee for successful leads. He has a variety of cash buyers interested in the purchase of individual residential housing units.
Nicole Gorski of Officeworks best described their business as a full service office furniture company with a team of experienced industry professionals ready to solve your workplace challenges. For more than six years they have been headquartered in York but their client list includes companies from coast to coast. They can provide solutions that fit both your budget and the aesthetics of your space. Nicole would be happy to provide test fits for your review and approval. They are known for their tremendous space planning and furniture selection, procurement and installation.
Robin Comstock, Economic Development Manager of Somersworth, joined us for the first time explaining that Somersworth is up and coming being only a 15 to 20 minute drive to the City of Portsmouth. Robin supplied everyone with a list of all the available property listings in the Somersworth proper vicinity from industrial-warehouse to retail and office highlighting the 69,000 s.f. former Fairpoint facility located at 100 Tri City Road just off the Spaulding Turnpike. Now with Wentworth Douglas merging with Massachusetts General, this will offer ample opportunities for many medical providers. Robin is most excited about the status of business development in Somersworth and would be happy to share her wealth of knowledge with brokers and business owners alike.
Scott Kingley of Primary Bank (who provided all of the breakfast treats), tells us that the bank is now in its third year with much success. Primary offers full service commercial lending in New Hampshire, Massachusetts and Maine. Scott is most excited about the upcoming NH CIBOR first annual mixer at The Brookstone Event Center, Route 111, Derry, New Hampshire on Thursday, August 2nd. He went on to say that the New Hampshire Board of Realtors has also been invited so it would be a good idea to get your reservation in. There are twelve sponsorships available at $500 apiece. If anyone would like to donate something for the silent auction, please contact Scott. One of the outstanding offerings will be a well filled basket of wine! Scott tells all that membership in the New Hampshire CIBOR trade organization with their monthly marketing sessions has been invaluable in receiving leads from both the Bedford and Portsmouth venues.
Louise Norwood of NAI Norwood Group is seeking approximately 3-4,000 s.f. of medical space to accommodate an oral surgeon who is looking at a time frame of late fall to early winter. In addition, Louise and Joe Robinson have listed an accredited surgical double condo comprised of 2,250 s.f. The units are not confined to being medical as they would convert nicely into an attractive business/service office. Well priced at $270,000. And lastly, Louise wished to remind everyone of a small broker owned office unit on the second level of Building E at Coldstream Park, 116 South River Road in Bedford. Unit can be retrofit to a tenant’s required configuration – 1,386 s.f. being offered at $15 psf gross plus tenant electric.
I wish to thank all of you that attended this fast paced exchange of information and shared camaraderie. As they say, “we have come a long way, baby”. Hope you can make it to the next marketing session to be held the Fourth Wednesday of July and if you could bring your marketing materials or any print items on your businesses or listings, it would be greatly appreciated.
Have a wonderful, safe and patriotic Fourth of July with family and friends.