15 January 2010
NHCIBOR
New Hampshire Commercial Investment Board of Realtors
Minutes of Seacoast Marketing Session
Thanks to the Sponsor of this meeting:
Rob Russamano partner with Doug Frizzell of UBS They have a number investment programs that are FDIC protected with only $1,000 minimums. With these, if the stocks go up with the investment, the investors get what the increase is. If the stocks go down, the original investment is returned in full with no loss. They also have currency CD’s that are 100% principal protected and last from 3.5 to 5 years. Additionally, they are able to still fund some 2009 tax advantaged programs.
Cash Board
Tony Fallon with Tony Fallon Architecture let everyone know that the landmark Oar House Restaurant will soon reopen with more generous bathrooms that he assisted with.
Tad Dziemian with White Columns Solutions enables customers to save on electrical, data, and telephone charges. He shared one company they assisted with saving something in the 6 figures annually.
Dudley Clark with Shanley has a buyer looking for a substantial seasonal business. They already considered La Bec Rouge.
Greg Whalen with NAI Norwood has a buyer looking to purchase a post 1985 constructed apartment complex that is not listed. They have looked at all the listings and the value range they are seeking to acquire is in the 10 to 15 million dollar range.
Bob Anderson with Prudential has a customer looking for an industrial site along 125 from Plaistow to Epping.
Ralph Pope with Coldwell Banker has someone looking for the unusual combination of 10,000 sf of pet boarding, auto repair, and residential in Dover area and the budget is up to $2,000,000.
Bill Jean with Fulcrum Associates has a cash buyer looking for things medically related. They are open to a variety of arrangements from building new, expansion of existing, and sale/lease backs of existing where owners want to gain some operating cash.
Bob Viel with Remax has investors looking to buy a mobile home park or land for the same.
Rick Mulvee with Tower has an investor looking for deals with “environmental hair” on them. This investor will buy the affected property, clean it up, and ensure that the liability of the original adverse materials will not affect future owners. Often times the original owner buys back the cleansed property.
David Hampson with Keller Williams & Avery Insurance has a buyer looking for a bar with live entertainment with or without real estate.
Francoise Meissner with Consys offers aerial photography from a specially equipped van with a tall mast.
Mick Sheffield with Labrie Associates offers commercial property management and landscape construction. They take care of the inside and outside including meeting the fire department in the middle of the night to ascertain what set off the alarm.
David Choate with Grubb & Ellis has a customer who is buying a business in Massachusetts and wants to move it to New Hampshire. They will be need 10 to 20 thousand square feet and have looked at all the listings within a reasonable commute from North Hampton. One dock and one drive in door are needed.
Announcements
The Maine Commercial Association of Realtors is having its January Marketing Session on 28 January 2010 in Portland at the AAA building on Marginal Way at 8:30.
The CIBOR statewide marketing session will be on 27 January 2010 from 9:00 to 10:15 am at the Greater Manchester and Nashua Board of Realtors at 166 South River Road in Bedford, New Hampshire.
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.
NNEREN recently invested $60,000 in the previsite.com technology which offers seamless virtual tours of properties on the web. Bob Viel of Remax and others agreed it was a worthwhile investment and valuable tool. David Choate with Grubb & Ellis noted that the NNEREN commercial fields are becoming more relevant and that Grubb & Ellis gets a ton of business from the listings they put up into NNEREN. The merger of New Hampshire and Vermont is going forward and Marie Bodi with Inex is exploring setting things up so one could do one entry of a property description that would then be picked up by the various databases. This is a long shot, but worth a try.
Noel Graydon with Norway Savings Bank shared that MEREDA’s annual real estate forecast conference is on Thursday 28 January 2010 at the Holiday Inn by the Bay at 88 Spring Street, Portland, Maine. The time is from 9:00 till 5:00 and Noel has been letting us know about this for some months now. He has repeated often that it is quite worthwhile. See:
http://mereda.org It is on the same day as the MCAR marketing session, so Tony Donovan with Fishman is hoping people stop by for the marketing session on the way to the conference.
We are looking for a sponsor for the next meeting and future 2010 meetings.
Listings
Tony Fallon with Tony Fallon Architecture shared that another tenant fit up he designed was Lighthouse Physical Therapy at 1 Cate Street.
Fred Attalla with Weichert has the 12 month a year operating Seabrook Village Market with a price reduction from $1,750,000 to $1,595,000 for land and business. Fred also has a listing for a restaurant and bar on Route One in Hampton for $299,000.
John Wilkinson with Wilkinson Law Offices has seen some increased activity in development and business start ups.
Dudley Clark with Shanley has Lupos Bar and Grille at Hampton Beach as well as La Bec Rouge up for sale. La Bec Rouge has a night club and restaurant with good section options allowing the business to open up more areas in the Summer and reduce the active area in the Winter months.
Greg Whalen with NAI Norwood has 154 Fleet Street with a price reduction from 895 to 695 thousand dollars.
Bob Anderson with Prudential remains jazzed up about 111 Maplewood Avenue in Portsmouth which is the former Portsmouth Herald building. Progress in the redo is good for the spaces available for office or showroom.
Ralph Pope with Coldwell Banker reminds us of the small office deal over the Page Restaurant for 300 to 1000 sf of space with everything included including wifi for $550 to $1100 per month.
Nina Cutts with The Provident Bank announced the opening of their Hampton branch.
Tony Donovan with Fishman discussed a property that he has been working on in Bowdoinham, Maine right off of 95 near the malls. This former Log Home Manufacturer has had some movement with the shops now sold to a high end cabinet maker. The model log homes that were left on the site are now scoped out to become a business park. There is 10 acres for expansion and the asking price is $575,000 with tenants available to stay.
David Garvey with Garvey & Company Ltd has a project working its way through the Newfields Planning Board.
Vicky Gray with TD Bank reminded us of the escrow program that they have to assist with real estate money held in escrow.
John Konevich with Alliance Capital Funding shared they have access to stated income financing for people with 550 credit scores and above at a 7 ¾ % variable and debt 1.2 to 1.
Al Silva with Infinite Imaging noted that his former place of work, Sign A Rama, is moving and their space in Greenland will become available.
Nancy Carmer with Portsmouth Economic Development mentioned that 33 Deer Street unit 1A on the end overlooking the Piscataqua that comes with 2 parking spaces is available for 30 dollars psf triple net.
David Choate with Grubb and Ellis noted that Great Waters Bank did not come fully together and so their space on Congress Street is going to become available for something like 35 dollars psf triple net. David also has learned that the Gap is leaving and that there is a fair amount of cycling of tenants in and out of properties in downtown Portsmouth.
Bill Jean with Fulcrum Associates has experience with build outs of tenant spaces.
Noel Graydon with Norway Savings Bank announced that their increase in lending for 2009 was double digits above 2008.
Bob Viel with Remax has a new listing on .27 acres on the Mousam River in Sanford, Maine for $39,000.
Rick Mulvee with Tower has 775 Canal Street in Manchester with 43,000 sf on the first floor with multiple entrances. This mill building has heavy floor loading capacity and tall ceilings along with wide column spacing. The allowable and appropriate uses are industrial, retail, and office for the site with great quantities of onsite downtown parking.
Susanne Dailey with Grubb & Ellis is offering a 1600 sf office on the 3rd floor on Central Avenue in Dover that would be ideal for a home based business ready to get out of the home. Susanne also has 66 3rd Street in Dover which could be retail or office and was once a dance studio and the Kettle Bell.
David Hampson with Avery Insurance & Keller Williams encouraged people to suggest to their customers to carry business income coverage. He finds it is much less than contents or building coverage, a good value, and so well worth it.
Shawn Shambo with Weichert brought forward the Alton Circle parcel that can be seen at http://dominatethecircle.com. They have had a lot of interest of people wanting to have a portion of what is built there such as the Subway tenant would love to have part of the future facility. Shawn would of course be happy to hook up any developer with the parties interested in part of the deal.
Mick Sheffield with Labrie Property Management shared that 1/3 of their business is sweeping parking lots.
David Choate with Grubb & Ellis has 22 Industrial Way in Exeter which has a lot of nice office space. 1st Floor has 4428 sf rentable with kitchen and lounge for $12 plus utilities. There is 8470 sf more in open concept space on the second floor.
Needs & Wants
Fred Attalla with Weichtert has the development with the Countryview Restaurant in Greenland. There is a two family home in the front and the Countryview Restaurant would like to stay as a tenant. There are 3 buildings on the one lot and owner financing is available. The owner is open to a creating condos too. Fred also has the Philbrick’s building on Portsmouth Avenue in Stratham for $695,000 and could do a sale/leaseback. It looks possible to create 40 additional parking spaces and there are 5 units here.
John Wilkinson with Wilkinson Law mentioned that there are some things available to mitigate impact of the proposed LLC tax in New Hampshire. John also suggested that people consider the Pensco Trust self directed IRA.
Paul Collins with Keybank knows of an oil company in Somersworth for sale.
Greg Whalen with NAI Norwood has 299 Vaughan which is near the 111 Maplewood building Bob Anderson was talking about earlier. 299 Vaughan is available for lease or lease with the option to buy with on site parking for $8.95 psf. Greg also has something with 47,000 of industrial, heavy load, heavy electric, & 7 self leveling docks in the 4.5 to 5 million dollar range. It was built not too long ago for $8 million.
Ralph Pope with Coldwell Banker knows of an existing PGA Golf 18 hole golf course which has 150 to 200 homes built and the potential for 400 more homes and 9 more potential holes. The price has been reduced from 27.5 million to 20 million dollars.
Tony Donovan with Fishman has a 128 acre former farm that could have some residential and some manufacturing on it in the Gorham area. There are existing barns and a 1700 classic old home 10 minutes outside of Portland for 1.2 million dollars.
Vicky Gray with TD Bank shared the that Red Cross receives no federal funding and so gains all money from donations.
John Konevich with Alliance Capital Funding has an abundance of hard money to bring to deals through a pool of investors.
Nancy Carmer with the City of Portsmouth noted that on the 1st of January, the new zoning ordinance did get approved.
Rick Mulvee with Tower offered a warning that The State of New Hampshire has been viewing the change in LLC after a property has changed hands as a taxable event. The money in question can be significant and care here is needed.
Susanne Dailey with Grubb & Elllis has 10,700 sf of dead storage with lower ceilings and not much parking in Dover for $3.50 psf. The access is difficult and this really would be for long term storage.
David Hampson with Keller Williams & Avery Insurance has a bakery looking for 1000 sf for $1,0000 per month.
Shawn Shambo with Weichert has a videographer looking to buy an existing production company be it just a client list or an established business with equipment. The hoped for purchase price is in the $300,000 to $400,000 range.
David Choate with Grubb & Ellis has a staffing agency that is looking to lease 600 to 1000 sf and parking is important.
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 19 February 2010 at
One New Hampshire Avenue Third Floor Conference Room
Pease Tradeport
