OCTOBER 2014 STATEWIDE MARKETING SESSION
BEDFORD, NEW HAMPSHIRE
OCTOBER 22, 2014
This month’s Bedford statewide marketing session was held today at 166 South River Road in Bedford at the GMNBR’s conference room. A full house was in attendance and graciously sponsored by Leighton White of Leighton A. White, Inc. of Milford, NH. We appreciate his kind generosity. Leighton explained that their company handles a wide variety of commercial, municipal, industrial and residential site work. Leighton also practices a fair amount of real estate as an adjunct career. They handle some very unique projects including but not limited to sewer work in the mill yard; building bridges and interior demolition in industrial/factory scenarios. Leighton went on to say that his son Dale started in the family business in 1978 and now his two children are involved with one of Leighton’s grandsons recently graduating college with a construction management degree. Covering the spectrum of their business acumen, Leighton A. White Inc. handles subdivision projects and all type of drainage issues.
Don Marshall of Marshall Associates is in the business brokerage business evaluating all types of business enterprises on a confidential basis. He presently has a day care facility available which is 50% occupied with 40 children but at its full complement could generate $200,000 in earnings. The day care center is on the market for $125,000. Don is putting on a course on “Selling Businesses” i.e. things you should know and things you didn’t know about this brokerage skill set. Please call the CIBOR office for the full details.
Andre Tremblay of Franklin Savings Bank can offer commercial loans for a twenty to a twenty-five year term at great rates. Andrea explained that they can structure a loan that works for the individual party in a streamlined approach saving time and money. As Andrea is in charge of the CIBOR membership endeavor, he encouraged anyone interested in joining to log on to the new and improved web site which is very user friendly.
Robert Cruess of TF Moran specializes in civil and structural engineering as well as survey and environmental principles. Robert announced that the Wayfarer project is finally moving forward with the Town of Bedford. In addition TF Moran more recently completed the new Optima Bank branch in Bedford. Another large program that they are involved in is a large apartment complex on South River Road across from Harvey Road which will have a mixed use component with retail on the street level. Robert is in the unique position of offering to front the approvals and be taken care of monetarily on the other end. If the property is viable, he will consider becoming involved.
Bill Jean of Fulcrum explained that their construction firm can handle tenant improvements but the majority of their work is from the ground up construction. They are finishing up a medical building on the South River Road strip; a 200 bed student facility in Durham and a 210 unit apartment complex in Salisbury. They are also involved in a five year master plan for the Jewish boys’ camp Young Judea in Amherst. Their main focus is to negotiate the construction early on in the process to give the client the best possible pricing and expertise. Additionally, the firm and the principals have an active interest in participating in a real estate investment opportunity.
Larry Hirsch of Hirsch and Company is working with a national tenant in need of an 8 to 15,000 s.f. industrial building with the warehouse ceiling clearance of 18-20’ clear. Outdoor storage is a must; no exposure necessary and will purchase or lease. Southern New Hampshire would be ideal. Larry also has another user interested in purchasing strip malls with a 7 to 8% cap also in the southern tier. Insofar as property listings are concerned, Larry has 3,501 to 16,000 s.f. building available at 9 Executive Park Drive in Merrimack at Exit 11 at a reduced rate of $9.95 psf plus utilities and inclusive of taxes and cam. One other offering is a 15,500 to 34,240 s.f. industrial space for lease at 3 Capitol Street in Nashua with two tailboard loading docks and one large drive in door on the market for lease at $4.50 psf NNN.
David Rauseo of Concord Crossing manages a retail center in north Concord. The property features a 22,000 plus CPD traffic volume and is easily assessable off of Exit 17. Several units are available for lease ideally suited for end users such as fast food restaurants, branch bank, car wash, discount stores just to name a few. To the rear of the property there is a two acre site to fully expand the convenience center. The site is backed by 60 acres of land with water and sewer to accommodate a 325,000 s.f. distribution center. A conceptual plan is in place with approval process through the City of Concord to be in the one year range to full approvals.
Vince Chestnut of Alpha Locksmith is a travelling locksmith who can come directly to your property to assist in your security needs. Vince explained that the New Hampshire Firefighters Association are urging building owners to keep one key available in a lockbox and that one key can be utilized to operate all of the locks in any individual building in the case of a fire when time is of the essence.
Beth Chea of Wells Fargo can now offer a 25 year SBA loan fixed with 10% down and with a three year prepayment penalty. Beth was proud to say that Wells Fargo is now the number One lender in New England and has narrowed the gap in the marketplace.
Dan Barufaldi of the Dover Economic Development announced that the city is expending $100,000 in a marketing program to dispel any concerns about parking. He further went on to say that since the city has successfully implemented an intern program for industrial businesses; Dover now has many highly skilled people with a 100% success rate. Rochester and Somersworth are following suit having established similar programs to train workers right instate which makes any business more conducive to stay in the state and hire within. Dan explained that there are three buildings about to be vacated in Dover ranging from 14,800 s.f. to 49,000 s.f. with high bay warehouses. All are quality buildings.
Rick Mulvee of Tower Realty has an investor who is looking for an investment property in the 2 to 5 million dollar range and likes to hold for a more lengthy period of time than most. This individual is interested in a wide spectrum of properties but needs to make economic sense. He has no interest in multi family projects however. Rick is working with a 60,000 s.f. user with 50% of the facility being high bay. The ideal location is in and around the Manchester Regional Airport. This is an out of state group who deals in assembling trailers for transportation.
Paul Alfano of Alfano Law Office deals in tax abatements evaluating real estate and ultimately can service a client by representing them in a court case should there be no resolution with a city or town as the case may be. Paul recently settled a case for the Iron Horse property here in Bedford reducing the assessment by $1,000,000 at least until the property is sold or leased. His fee is basically a percentage of the savings. As a reminder, Paul wanted everyone to know that March 1, 2015 is the deadline date for petitioning the town with a tax evaluation complaint.
Heather Rowan of Office Resources offers an array of services from free space planning, budgeting and costing out office furnishings that are suited for a particular business. As an aside she is working with a woman who is in need of approximately 1,500 to 2,000 s.f. for a medical care project from Hampton to Portsmouth. Their wide range of office equipment includes but not limited to sports medicine facilities and will handle the smallest requirement up to the largest business office need. It is best for them to begin the sequence of assisting a customer/client by getting involved early in the preliminary process. As for Heather’s role as an affiliate member of CIBOR, she announced that the social committee has been busy planning and hosting after hours this year with the most recent to be held on Wednesday, October 29th at the Georgetown Bank in Hampton just off Route 101 at Exit 13 from 5 to 7:30 p.m.
Gary Chabot of the State of New Hampshire DRED underscored that we should be aware of the revitalization areas in the state for our client/customers in order to save taxes. Contact Gary for more in depth information. Gary is a long standing member of CIBOR and brings much expertise to the table in terms of state wide economic overviews and programs available to the small, local business leaders.
Rob Schaefer of RA Schaefer and DMW Architects deals in multi family housing and is particularly adept at laying out a property parcel to ascertain its viability for its end use. Rob has been working on a 48 unit project in Bedford, Massachusetts. All of the preliminaries have been completed but recently the investor bailed from the development and is now seeking would be investors to join forces in this residential condominium project having been dormant for the past eight years. The foundation is in the ground and the owner is now considering all alternatives to sell or partner with an investor. The project would need to be updated code wise.
Derek Rogers of Soil Away Restoration and Cleaning prides their company on a quick and professional response for any loss incurred. With the twenty-five years in the business, the principal still stays involved with any project and is known for being hands on. Within one hour they can have boots on the ground dealing with any biohazard problem. Their expert services and integrity are well known in the industry.
John Turner of Team Engineering would like to remind clients that with the snow season around the corner, their company can evaluate the roof load and circumvent any future problem with snow load capacity and assist in giving definitive answers. John went on to say that they have a new product in their property assessment tool kit which is a more economical way of dealing with the expense of a full blown survey. “The service covers all aspects of a full PCA (Property Condition Assessment), but not to the detail of the ASTM Standard.” A long laundry list of services is included for an approximate cost of $1,000. As an update they are still on a holding pattern with the Villa project.
Adam Johnston of St. Mary’s Bank has the ability to loan $200,000 to several million dollars. Adam said that they have an experienced team at St. Mary’s Bank and is proud of their track record. Adam is involved with CIBOR Cares and is presently looking for auction items to benefit charity. Jim DeStefano can also be contacted as well should you have something you would care to donate.
Steve Scheiner of St. Mary’s Bank was accompanying Adam as his first time to the marketing session. He piggy backed on Adam’s comments by adding that they can extend lines of credit to businesses during a growth spurt.
Christine Burke of Burke Emergency Restoration is in the business of rescuing property from fire; smoke; mold and something called puff back from starting up furnaces in the fall. They cover New Hampshire, Massachusetts and Maine on a 24/7 basis. She exclaimed that she loves NorEasters as that provides business in the water extraction realm of the business due to flooding and to prevent mold from forming. In the case of puff backs which disburses an oily soot residue on all surfaces, they can effectively remove this debris with their specialized equipment and well versed employees.
Tim Sheedy of Phenix Title Services, LLC handles both commercial and residential title services. Their territory covers a wide span from No. Colebrook to Martha’s Vineyard. With six offices in New Hampshire and other satellites in Massachusetts and Maine, they can turn a title search around in a minimum of three days. Tim has become an active participant at the marketing sessions and hopefully has found the meetings to be meaningful to his business.
Andrew Ramsdell of TD Bank can make loans for the small business owner for ten years fixed. Andrew is located at the TD in Concord explaining that they are not limited to lending in New Hampshire; are creative in their lending arena and can offer solutions to any business lending situation. He highly recommended Phenix Title Services for their expertise and expediency in turning title searches around in short order. TD networks with prospects to assist in their real estate needs both in buying and selling same. They are working with a company who is disposing of real estate in Deering as they are purchasing a facility in Antrim. In addition they can offer great federal and state programs to assist a client as well.
Marie Bodi of CP Management offers third party management throughout the better part of New England. They are a recognized commodity being a trustworthy and seasoned management team. They too like to become involved on the ground floor so they do not have to clean up some else’s mess. They are most interested in managing 40 unit projects or above.
Eric Miltner of Seacoast Business Machines made his maiden appearance at the marketing session. Welcome Eric. They offer a wide range of recognizable office equipment and authorized dealers of same.
Joe Friedman of Brooks Properties markets properties along the Salem Route 93 corridor with square footage as small as 2,400 in Methuen and 50,000 in Salem. Their portfolio is located at Keewaydin Drive, 8 Industrial Way, Red Roof Lane and several in Derry. They run the gamut of college property, medical driven, industrial and office off the Exit 2 interchange. At the Exit 3 location they are owners of a high end event center which is available to host family reunions, corporate events, weddings and seasonal celebrations. On December 12 they will be hosting “A More the Merrier” event – the facility can accommodate as few as 20 up to 250 patrons.
Mike Turcotte of Turn Cycle Solutions is a locally owned and trusted general contractor serving the Southern New Hampshire area specializing in energy efficient construction, energy audits, code compliance testing, energy efficient upgrades, blown in insulation and high efficiency boilers/furnaces/AC/hot water heaters among other energy related solutions. Mike shouted out a thank you to Larry Hirsch for a project they just completed 60% of which was funded by Public Service.
Lynne Bagby of Asset Preservation in Boston addressed the group today to discuss 1031 exchanges. I am quoting directly to give everyone a clear understanding of the new guidelines. “The time frame an exchanger has to complete the acquisition of a replacement property in a 1031 exchange ends at midnight on the earlier of the 180th day after the date the relinquished property was transferred or the due date (including extensions) for the income tax return for the taxable year in which the transfer of the relinquished property occurs. Even though an exchanger may be entitled to a filing extension, to extend the 180 day period the exchanger must actually obtain the filing extension. Consequently, some exchangers closing on the sale of relinquished property late in 2014 may need to file for an extension to utilize the entire 180 day exchange period. As a general rule, exchangers should not file a tax return until the 1031 exchange is complete. More specifically, if the 180th day following the closing of the sale of the first relinquished property falls after the due date filling the 2014 tax return (generally April 15, 2014 for individuals), an exchanger must file IRS form 4868 with the IRS to actually extend the filing date. If an exchanger does not file for such an extension, they will not be able to acquire any replacement property in an exchange after the tax return due date.”
Louise Norwood of NAI Norwood Group, Inc. has a requirement for a buyer who is seeking a 20,000 to 25,000 s.f. building in the Milford area to house his antique car collection. As for listings, 835 Hanover Street in Manchester which is a 6,438 s.f. business condominium is being marketed for both sale at $110 per square foot or for lease at $8.80 psf NNN. In addition, 9 Cedarwood Drive in Bedford has five individual units available from as small as 1,120 s.f. up to 5,000 s.f. at a recently reduced lease rate of $8.00 psf NNN. Cedarwood is located just off the golden South River Road corridor.
Thank you all for attending and making this session not only interesting but productive as well. And, thank you, too, to Leighton White for providing an excellent breakfast venue. We are most appreciative. See you next month the day before turkey day.
Submitted by:
Louise Norwood
NAI Norwood Group