Minutes of Seacoast Marketing Session
Written By - Tony Fallon A r c h i t e c t u r e
501 Barn Door Gap, Strafford, New Hampshire 03884-6233, 603 269 3206 fax 603 941 0409
Thanks to the Sponsor of this meeting:
NAI Norwood at 100 Market Street in Portsmouth: Brian O’Brien, Greg Whalen, Pierre Elie, Chris McMahon, & Chuck Goss. Brian O’Brien introduced Pierre Elie who just joined the firm and in so doing launches NAI Norwood into business brokering. Pierre has marketed businesses up for sale for many years in other parts of the country. Greg Whalen who was born and raised in Portsmouth, took us down memory lane relating that while with Shanley, they occupied the current RiRa’s location beginning in 1977. He then had Weeks, Whalen & Gamester in the 80’s and Seaboard Whalen in the 90’s which managed 2.1 million sf of property. For the last year and a half, he has enjoyed joining NAI Norwood.
Cash Board
Brian O’Brien with NAI Norwood has someone looking for 15 to 30 thousand sf of distribution building in Seacoast area.
Greg Whalen with NAI Norwood has someone looking for 10 to 15 million dollars worth of apartments post 1985 construction preferably on the Seacoast.
Chuck Goss with NAI Norwood has a furniture group looking for 15 thousand sf with a good location for retail in the seacoast.
Bob Anderson with Prudential has a cash buyer looking for 2000 sf of industrial from Route 125 and to the East. It is a chemical company and they have looked at all the active listings.
Fred Attalla with Weichert has someone looking to buy year round hotels along the Seacoast from Northern Massachusetts to Portland in the 3 to 6 million dollar range.
Christian Stallkamp with Kane has someone looking to purchase a $500,000 or so cash producing industrial, retail, office, or flex space and is willing to add value.
David Hampson with Avery Insurance announced that he has also received his real estate license and has joined Keller Williams. He will endeavor to be active in both capacities.
Tom Leone with Weichert recently joined Weichert. Tom is a former CEO and his first listing is a 3 million dollar one in Massachusetts. Welcome Tom!
Bryan Dubois with Dubois Appraisal Services and Joe Nelson Realty has someone looking to buy 10 to 50 apartment units on the Seacoast or anywhere in New Hampshire.
Rick Mulvee with Tower Realty has a purchaser of Bank Notes looking. This entity recently bid on 800 million dollars worth of notes and wound up purchasing 200 million dollars worth of notes for less than 100 million.
Bob Viel with Remax has a buyer looking for up to 20 unit apartments and someone looking for a mobile home park or land for the same.
Susan Miltner with Seacoast Business Machines shared that the lenders that they use are finally loosening up restrictions.
Derek Barney with Deyga Media does web presence and was a guest of David Choate.
David Choate with Grubb & Ellis is looking for small building or condo downtown for general office use in the 900 to 1500 sf range. They have looked at quite a bit already.
Announcements
The Maine Commercial Association of Realtors is having their January Marketing Session on 28 January 2010 in Portland at the AAA building on Marginal Way at 8:30.
PDS is going to be from 9:00 to 11:00 am at a location to be determined on 13 January 2010. The topic will be tax assessments & abatements and it will be set up for continuing education.
There will be a 14 January 2010 Green Series event at PSNH in Manchester. Heather Rowan asked for suggestions for topics.
There will be a core license course at the NHAR Office in Concord on 12 February 2010 from 9:00 am to 12:00 pm.
Bob Viel mentioned that NHAR had the only increase in memberships of similar nearby organizations. Bob also shared that the effort to counter the Somersworth sign tax continues vigorously.
Listings
Chris McMahon with NAI Norwood has 12,500 sf retail at 1981 Woodbury Avenue that could be subdivided down to 2500 sf units.
Brian O’Brien with NAI Norwood has 8000 sf of office available on Route 1 in Hampton for $599,000. The building could be divided into as many as 12 units if customers would like.
Greg Whalen with NAI Norwood has 5 acres for sale on Kearsarge Way in Portsmouth. The Housing Partnership had begun some work at developing the site for workforce housing to the tune of 30 units. A preliminary design is available that has not been brought through zoning and planning although the owner finds that it is zoned to accept workforce housing.
Chuck Goss at NAI Norwood is marketing the gas station & convenience store near the driving range just East of the Lee traffic circle. The owner is flexible with regards to this underutilized property and will consider lease, purchase, or lease to purchase.
Bob Anderson with Prudential is having fun with filling up the old Portsmouth Herald building. There is 15,000 sf available and the rates are from $17 to $27 psf with 90 free parking spots and all downtown at prominent location.
Fred Attala with Weichert is representing a building with 3 acres in Rochester along Route 16 that has an annual income of $75,000 and could expand for boat storage. The asking price for the Rochester offering is $850,000 and it is currently 50% occupied.
Dudley Clark with Shanley has Le Bec Rouge for sale and has recently found out that there are two adjacent lots for sale.
Bill Jean with Fulcrum announced that they are expanding services to property condition assessments, energy audits, and thermal imaging.
Christian Stallkamp with Kane has 21,000 sf of industrial in Rochester in a very long building at 40 feet wide by 400 feet long. This tenant will do a leaseback if desired. Christian also has an office at 102 Tide Mill Road in Hampton, New Hampshire with 4328 sf consisting of some office at the front.
John DeStefano with DeStefano Construction is working with a client who has up to 60,000 sf available at Southgate Plaza. Southgate Plaza is ramping up with a major improvement.
John Konevich with Alliance Capital is finding some high leverage, stated income, and 550 credit score loans that are becoming available.
Bob Goodman with King Realty has a large complex at Brewery Lane in Portsmouth behind CVS that has a whole floor becoming available and other offerings in the same facility.
Bryan Dubois with DuBois Appraisals works on large tracts of land and complex properties particularly in Strafford County.
Gerry O’Connell with Prime Advantage has 1500 sf for $16.50 per month in Newmarket. 1 to 5 rooms and could look at 200 dollars per room.
There was some discussion of a 115,000 sf retail proposal to go in North of the Town Center of Newmarket. This project had stalled and may be getting some traction to be tried again.
Bob Viel with Remax has the Dynasty Plaza listing with 2500 and 3000 sf spaces going for $9.00 triple net. Bob also has some land at 216 Route 108 with city water and city sewer.
Beth Chea with CIT said the the stimulus money is largely used up and that there is a bill to increase the SBA loan caps to $5 million and waive guarantee fees. Beth suggested letters to Congress in support of this bill.
Susanne Dailey with Grubb & Ellis has 6100 sf of medical office on the 108 Medical Mile. It could also be a day care and the owner is willing to hold some paper.
Shawn Shambo with Weichert has 1.5 to 2 acres of land with a commanding presence in Exeter on Portsmouth Avenue for $600,000.
John Wilkinson with Wilkinson Law mentioned that the New Hampshire LLC Tax will require people to look at the LLC structures and that it is an important topic.
Derek Barney with Deyga Media works on website optimization.
David Choate with Grubb & Ellis has 98 Portsmouth Avenue in Exeter with 2880 sf on second floor and 3600 sf on the first. There is an Apartment and Barber Shop on the second floor on this 0.7 acre lot that is going for $12.00 psf triple net or $695,000.
Needs & Wants
Peter Taylor with Anchor Property Management has $300,000 and $500,000 4000 sf buildings for sale.
Brian O’Brien with NAI Norwood has someone with an immediate need for quasi Industrial/Retail 10,000 sf on a couple acres from Dover to Seabrook. So it needs Industrial Zoning but needs to be near retail. The group is looking to purchase.
Greg Whalen with NAI Norwood has 299 Vaughan for sale at 1.4 million dollars. It is the first lot on Vaughan, would be a great restaurant site, and does a dogleg over to the water. Greg is also helping to lease 895 Fore Street in Portland.
Pierre Elie with NAI Norwood has a sign business he is marketing.
Chris McMahon with NAI Norwood has a client looking for 3000 to 4000 sf of medical office at Pease.
Chuck Goss with NAI Norwood pondered how to have DRED help New Hampshire to look better. He asked that if people have stories they can share about how customers chose or did not chose New Hampshire based on what they could find out, to please contact Chuck.
Bob Anderson with Prudential has the waterfront downtown former Foster’s Daily Democrat bureau in Rochester. 1700 sf on ½ acre for $425,000.
Fred Attalla with Weichert has 81 Portsmouth Avenue, the 5 unit Philbrick Building for $749,900. The location can accommodate 7700 more square feet and the seller is motivated.
Dudley Clark with Shanley has 2 acres of land in Exeter that used to be a health and fitness center. The building was removed a year ago and has good car traffic and would work well for retail.
Bill Jean with Fulcrum is ready to help with tenant fitups.
Brian Sowers with Able Restoration is ready to help with flood damages and raffled off Bruins tickets.
Christian Stallkamp with Kane noted for Chuck Goss’s quest to improve the New Hampshire image that a client chose Massachusetts over New Hampshire because the depreciation tax laws were more favorable in Massachusetts. Christian has 9000 sf of industrial at 22 Exeter Road in South Hampton. The building can be added to, divided, or left as is for a single tenant with a lease rate of $6.00 psf.
John Konevich with Alliance Capital has a Massachusetts learning center at a commercial real estate development at 95 and 1 in Danvers looking for investors.
John DeStefano with DeStefano Construction has a customer in Epping on 125 with a 10,000 outbuilding for $10 to $15 psf. John also has a customer with 7500 sf on Islington with condos above.
Gerry O’Connell with Prime Advantage has some medical or dental office space available across from the Wentworth-Douglass facility in Newmarket. The rate is $10 to $12 psf.
Rick Mulvee with Tower Realty Group has a customer that buys 5 to 20 million dollar contaminated properties anywhere in the United States of America and leases them back to the current tenant.
Bob Viel with Remax has a for profit “SPCA” type of business looking to lease a kennel.
Susanne Dailey with Grubb & Ellis has some class A office space for lease at 100 Market Street and offered kudos for Seacoast Business Machines.
Shawn Shambo with Weichert shared that the Alton Circle 2 acre parcel has a price reduction from $440,000 to $420,000. See http://dominatethecircle.com
David Choate with Grubb & Ellis has a customer seeking small, 1000 sf, insurance condo downtown in the $60,000 to $80,000 range in Dover.
Note from Tony Fallon Architecture: These are what I understand people to have said at this meeting. Please contact people referenced to verify and clarify.
Next Meeting is Friday 15 January 2010 at
One New Hampshire Avenue Third Floor Conference Room
Pease Tradeport
