18 August 2017
NHCIBOR, New Hampshire Commercial Investment Board of REALTORS
Minutes of Seacoast Marketing Session which occurs every third Wednesday of every month.
One New Hampshire Avenue (3rd Floor Conference Room)
Pease International Tradeport
Portsmouth, New Hampshire
Thank you to Two International Group for providing this meeting space!
Andre Tremblay with Franklin Savings Bank was the breakfast sponsor. Andre focuses on Southern New Hampshire, but can go throughout New England for good opportunities. Franklin Savings thrives on quick and good service with a simple lending product. Andre has worked for large and small banks. They usually are not looking for debt coverage for loans and you don’t have to worry about a default covenant typically with them. They usually are looking more for an EDR which is much quicker and more affordable than a Phase One environmental assessment. Their closing costs are reasonable and Andre shared that he was once an appraiser. If you would like good simple banking with low fees and quick response, call Andre.
Cash Buyers
Tony Fallon with Tony Fallon Architecture participates with commercial and residential in Maine, New Hampshire, and Massachusetts. Tony recently joined the board of White Horse Addiction Center in Ossipee. The positive change in two years since the day program has commenced is phenomenal. Before White Horse, the Ossipee overdose rate was 6-7 per week and, after White Horse arrived, the rate plummeted to 2-3 per month. They hope to create a cascading series of residential care facilities on a campus along with a hospital based medical detox facility as they continue to quickly grow. If you would like to join in this good work as a board member or other contribution, please contact Tony.
Catie Medeiros with Kane has someone looking for 1000 sf of prime retail space in downtown Portsmouth for around 515K. If there are any lease deals that might switch to a purchase, please let Catie know.
Caitlin Burke with CBRE shared the joyful news of her name change and marriage. Caitlin has a developer looking for one acre of retail in Seabrook on Route One north of Home Depot. Price is negotiable with the focus being more on location.
John Kageleiry with Verium Asset Management is writing an article for the NHCIBOR website about brokers retiring with the variable income scene.
Vince Chestnut with Alpha Locksmiths brings professional security to your door.
Eve Hoefle with Two International Group requested feedback from everyone with regards to important issues for tenants when they are considering what space to land in and whether to continue on where they are. Some possible considerations are room to grow, proximity to amenities, and base lease rates.
Russ Doyle with Two International Group has space at 25 New Hampshire Avenue which can be purchased as a condo in this group of medical offices for 225 dollars psf shell.
Tad Dziemian with Neighborhood Energy brokers electricity and natural gas at discounted rates with no cost for joining.
Jay Lee with NAI Norwood brought the house down with pointing out the absence of chopsticks for our delightful breakfast and thanked Andre for all the lunches.
Scott Kingsley with Primary Bank serves Southern Maine, New Hampshire, and Northern Massachusetts with standard and SBA loans as sparklingly as Jay’s humor.
Joe Friedman with Brooks Properties has a buyer looking for a large residence that could have a commercial component to it preferably in the Exeter school system. They are looking at the whole Seacoast.
Ralph Pope with Coldwell Banker is looking for land for a Bobcat dealer east of Route 125 in the 33, 1, 95 corridor in New Hampshire or Maine with a building and two acres. They do not want to build
Ray Sirois with Service Master cleans you right up.
Robert Cruess with TFM/MSC worked on the Franklin Savings Bank branch that is finishing up in Merrimack complete with an Andre Tremblay sculpture.
Michael J. Farinola, Certified General Appraiser, is licensed in New Hampshire & Maine is happy to help.
Jeff Boufford with Boyd & Boufford Insurance helps with business and commercial real estate insurance. Give him a call if you are buying or selling or just thinking about it.
Scott Forte with Berkshire Hathaway Verani helps with commercial real estate in Maine, New Hampshire, and Massachusetts. Scott is thinking of revving up a similar meeting in Massachusetts and got a show of hands for potential interest.
Bill Johnson with PC Construction is underway with a 40 million dollar renovation in Lawrence on Canal Street.
Tom Howard with JTC is delighted to be back assisting you with geotechnical and environmental navigation.
Matt Bacon with NAI Norwood is not outshone by Jay. Matt has a buyer looking for 5 to 15 acres for industrial in the 93 Salem/Windham areas and may stretch over to Exeter or Raymond. Zoning must allow by right vehicle repair and it is OK if there is a building as long as there are a couple of large drive in doors.
Aaron Bennett with Criterium provides building investigation for residential and commercial.
Justin Powers with Chapman provides CM, GC, and Design Build from their Manchester offices in the 50K to 10m dollar range.
Stu Arnett with ADG provides planning services to municipalities and developers.
Jeff Stutzman with KW Commercial is heading up their business brokerage. Jeff’s background is in risk management for the internet cyber space for companies valued from 15m to 300m. As part of that work he had to look through the balance sheets of the companies which gives him a head start with this new venture.
Vicky Gray with Camden National Bank shared that their service net is New Hampshire, Maine, Massachusetts, and Vermont.
Zach Rubin with Camden National Bank serves up wealth management for the bank. If you have trusts or estate planning that need careful care, give Zach a call.
Michael Bergeron with NH Business & Economic Affairs helps bring companies to New Hampshire and keep them here.
Mike Whitman with Bangor Savings Bank serves the Portsmouth area with commercial real estate lending.
Laura Brown with BDC Capital offers a wide variety of lending resources including investor participation.
Diane Lewis with TD Bank serves the Seacoast of New Hampshire.
Ethan Ash with KW Commercial has a buyer looking for mixed use with some upside potential in the 500K to 2M range from York to Newburyport.
Lynn Merrill with Merrill Bartlett Group has a cash buyer looking for a hot dog stand under 125K that is east of 125.
Fred Attalla with PEYT/Weichert has an investor looking anywhere on the Seacoast from Newburyport to York County for a bricks and mortar investment with a 7 to 8 cap.
Ben Brown with Fulcrum Associates of Amherst, New Hampshire shared that they are family owned and can help with tenant improvements or new construction. Ben has a party looking for land that has approvals to build 120 plus residential units in Southern New Hampshire or Northern Massachusetts.
Marie Degulis with Second Wind Water Systems allowed that they have a long history with residential water treatment and they are shifting to now serve commercial too.
Al Silva with Silva Graphics designs and fabricates signs.
Mary Ellen Humphrey with Durham Economic Development is celebrating her 3rd anniversary and was congratulated.
John Samonas with Samonas Realty sells well.
Eric Beauregard with Bangor Savings noted that they landed on Maplewood Avenue in June with 6 people and their 3.7 billion dollars of assets. They can do the larger transactions and are happy to be here.
Jeff Brown with TD Bank is a commercial lender and can handle the whole waterfront of lending options from C & I, business partnerships, owner occupied, merchants, wealth management, and foreign trade financing. Stop here. Stop once.
Dave Garvey with KW Commercial has a 1031 buyer looking up to 5M with a 7 cap in the multi or mixed use types located on the Seacoast.
Erik Crisman with Brookstone Builders from Manchester, New Hampshire has a buyer for market rate housing from Saco to Hampton to Exeter to Dover with existing buildings.
Andre Tremblay with Franklin Savings Bank spoke of their soon to open Merrimack branch at Exit 10 of the Everett Turnpike. Andre can do C & I and business lending too.
Bob Marchewka with One Commercial has an investor looking to buy office space that could be a condo and would be from 2,500 to 10,000 sf. With the former, they will run in two locations. With the latter, they would move their whole operation to one locale.
David Choate with Colliers has a buyer looking for a shopping center or retail strip asset. It does not need to be pristine but does need to be along the coast.
Announcements
The Statewide NHCIBOR meeting is the fourth Wednesday of the month at the Keller Williams training room at 168 South River Road in Bedford from 9:00 to 10:15 am.
There is a NHCIBOR orientation run by Marie Bodi on 25 September 2017 from 1:00 to 3:00 pm at NHAR in Concord.
The next quarterly meeting will be in Portsmouth at the Courtyard by Marriott on 29 September 2017 and will discuss growing your business. Sponsors are sought for this event.
Jeff Boufford and Matt Bacon recruited those non-members to remember to become members.
Catie Medeiros invited one and all to the joint Portsmouth and Dover Chambers Business After Hours event on 24 August in Dover at Silver Square at the new Garrison City Hotel.
On 14 September 2017, at NAI Norwood in Bedford, the NHCIBOR Public Policy Committee is meeting and Governor Sununu is attending.
Listings
Tony Fallon with Tony Fallon Architecture asked a riddle. Who grew up in Massachusetts, played for UNH, played for the Bruins, scouted for the Calgary Flames, now sells for Pella Windows, and has joined Tony in the Friday night pick up hockey game at Dover Arena? The answer is Steve Leach. Steve actually is pretty qualified with the window sales as he truly built his really nice house on a Lake Winnipesaukee Island hauling much of the material out in his pleasure boat. Terrific stories!
Catie Medeiros with Kane has 2,000 sf and 6,000 sf for lease off of Woodbury Avenue for $24 psf modified gross and 4,200 sf for lease on Commerce Way for $16.50 psf NNN.
Caitlin Burke with CBRE has two old listings. One is 1,700 sf of newly renovated medical square feet across from Wentworth-Douglass Hospital and the other is also in Dover where there is 5,000 sf for $10 psf NNN of really nice move right on in space at 121 Broadway.
John Kageleiry with Verium Asset Management shared the rule of 72 for seeing how long it takes to double your money.
Vince Chestnut with Alpha Locksmiths updates locks.
Eve Hoefle with Two International Group requested feedback again on the wholistic picture of what tenants consider in staying or moving with a perspective from the financing side, location, and value.
Russ Doyle with Two International Group has 15,000 sf of office space being built currently that is expected to be available in March of 2018. The first floor of this 30,000 sf building has been leased and the rates will be $18 psf NNN with 7-8 dollars for the NNN.
Tad Dziemian with Neighborhood Energy started assisting residential customers and has come to serve lots of commercial property managers and commercial owners over the last 8 years of attending this meeting. Millions of dollars have been saved and you can too.
Jay Lee with NAI Norwood thanked Mary Ellen Humphrey for being a big help with the process in Durham. Jay has 20,000 sf of space in a 100,000 sf building in Milford available that is being aggressively leased. The units can range from 750 sf to 12,000 sf. The rate is whatever makes the numbers work.
Scott Kingsley with Primary Bank serves up a strong banking background and services working with investors as well as joining other banks through participation deals.
Joe Friedman with Brooks Properties shared a recent sale stat of 30,000 sf of empty office space in Salem that was sold for 136 dollars psf. Brooks is active in the Salem and Derry Interstate 93 corridor with some interest above and below those towns.
Ralph Pope with Coldwell Banker has the affordable deal of deals. 85K buys you a building in Somersworth with a barber shop and a two bedroom apartment upstairs. Any offers will be considered as the barber is close to cutting his last cut and wants to retire.
Ray Sirois with Service Master has been dealing with your disasters for 25 years.
Robert Cruess with TFM/MSC handed out a newsletter that features Bob Marchewka’s Realtor of the Year award.
Michael J. Farinola, Certified General Appraiser, is doing a lot of work in Southern Maine.
Jeff Boufford with Boyd & Boufford Insurance can provide errors and omissions policies for property managers.
Scott Forte with Berkshire Hathaway Verani has a motel in Wells, Maine with 42 units that is on the inner water way and has views of this body of water and the ocean going for 3 million dollars.
Bill Johnson with PC Construction has a couple of people looking to develop 25 to 70 million dollar mixed use projects in Portsmouth.
Tom Howard with JTC helps analyze structural and hazardous soils along with strength of construction materials like concrete pours.
Matt Bacon with NAI Norwood has a retail and industrial development at Exit 17 off Interstate 93 in the northern portion of Concord. There is great morning, evening, and Lakes Region traffic. Matt is working with the city to expand the potential use groups. A car wash or regional grocer are some options.
Mark Sullivan with Seacoast Asset Management talked up a pilot program at Great Bay Community College. The talk about difficulty in companies finding talent spurred this. Great Bay has an intern program where 600 dollars goes to the college and 600 to the intern. This gives the company a lead on a good person and the student valuable experience. Call Great Bay Community College to find out more. Mark also encouraged everyone to get their 401K participation up to 15%, the maximum allowed annually. 401K is a great program.
Aaron Bennett with Criterium provides 1031 cost segregation.
Justin Powers with Chapman Construction can help with large box stores and small lots too.
Stu Arnett with ADG is helping with the East Coast Greenway which pieces together portions of an old railroad bed for a bike trail that will stretch from Maine to Florida. Governor Sununu will go for a 7 mile bike ride to promote this effort at 8:00 am from Prescott Park on 1 September 2017 and would love for you to join the event.
Jeff Stutzman with KW Commercial has 139 Main Street in Pembroke that does 350K in business and a restaurant on 5 acres on Route 16 South of Conway for 340K. This restaurant is profitable at just opening 1/2 day on Friday and all day Saturday seasonally. Jeff has a car dealership becoming available.
Vicky Gray with Camden National Bank allowed that they have been in Manchester for 3 years and are able to lend to projects with solar power components by looking at asset basis.
Zach Rubin with Camden National Bank will be in Portsmouth this Autumn and is happy to carefully care for legacy family trusts.
Michael Bergeron with NH Business & Economic Affairs can assist with tantalizing tax credits. David Choate asked about efforts to address the shortage of affordable housing and skilled talent. For example, Portsmouth’s Ambit Engineering is losing an engineer due to the high cost of housing. Michael said the State response is developing. It was noted that there is no industrial building inventory and the rate to build new demands a lease rate of 10-12 dollars psf NNN and this is too high. A Massachusetts casino is taking lots of the current scarce construction labor. Jeff Stutzman shared a great VA program that will bring in qualified vets from around the country at 10 dollars per hour paid to the VA in an intro term that often results in the vets flipping into regular job spots. This has worked well repeatedly for Jeff.
Mike Whitman with Bangor Savings Bank is searching for a Market Square location for a branch bank location that they will turn around quickly.
Laura Farago with Colliers has a 2,000 sf building that she is working with David Choate on at 95 Broadway in Dover for 350K. This could be subdivided between the 1st & 2nd floors and offers on site parking and a two bay garage and small attached barn.
Laura Brown with BDC Capital would love to talk with you about how they can partner with 504 program deals and do 90% financing.
Diane Lewis with TD Bank has a client looking to spend 1.5 to 1.8 m for 8,000 to 10,000 sf in the Nashua/Hudson area with 3 acres for a veterinary practice. TD has programs that work well for medical practices that have been up and running for 3 years that offer 10 year fixed rates.
Ethan Ash with KW Commercial has 4,700 sf for 191K 1 mile South of 101. There are two loading docks, well, and septic in pretty good shape for a warehouse in the 101 area. The zoning is grandfathered.
Justin Mikolyski with Creative Office Pavilion plans and design spaces along with furniture systems. They are working on the new KW in Londonderry and he was there a couple of times recently making sure things are OK in their hands-on manner.
Lynn Merrill with Merrill Bartlett Group has 10.63 acres in Kingston with 826 feet of frontage on Route 125. 4 lots make up this deal which can be purchased together for 1.25 million dollars or they may be purchased individually. There is 3,000 sf of current building that was used for car detailing as well as a car dealership. The building & grounds are attractive and well landscaped.
Fred Attalla with PEYT/Weichert has the former Hutchinson Candy Store on Route One in Hampton that is 90% leased and going for 695K. Maybe a condo conversion would be good. Fred also just listed a Bow Street restaurant about which you may call him for details.
Ben Brown with Fulcrum Associates has someone looking for 25 acres in Southern New Hampshire or Northern Massachusetts on which to build an assisted living facility. They are OK with navigating for permits.
Marie Degulis with Second Wind Water Systems helps clean water pour out and can run continuing education talks for 1 and 3 credits.
Al Silva with Silva Graphics helps you signs stand out.
Mary Ellen Humphrey with Durham Economic Development noted two grand openings in Madbury Commons. Mary Ellen has a broker’s license and so knows how to help optimally.
John Samonas with Samonas Realty likes Mary Ellen. John has 10 level acres in Eliot with public utilities and commercial zoning for the low, low, low price of 325K. John also has 3,000 sf with a full basement that has been a vision center whose physician is retiring. The location is across from Middelton/Wickes Lumber and it has town water and sewer. The price is 599K and the doc will stay on for a year to rent if you want.
Eric Beauregard with Bangor Savings helps with investment real estate and shared that they were the top lender in Maine for SBA for 8 years.
Jeff Brown with TD Bank allowed that TD is aggressively pursuing workforce housing and mobile home deals with a department dedicated to all types of affordable housing loans. Lending in this area helps TD gain CRA, Community Reinvestment Act, credits. Banks are required to earn CRA credits to be able to do things the bank wants to do like build more branches.
Dave Garvey with KW Commercial has a daycare offering with unbelievably good cash flow, two buildings, and a long history of 100 kids attending. The real estate and business can be snapped up for 1.8 million dollars.
Erik Crisman with Brookstone Builders helps with GC, CM, and design/build in all types of developments. Erik is happy to provide estimates for figuring your development deals.
Andre Tremblay with Franklin Savings Bank does affordable housing lending and is familiar with low income tax credits.
Bob Marchewka with One Commercial has three small offices in and around Portsmouth. One goes for 750 dollars per month on The Hill. Another is 3000 sf of industrial/office on Heritage Avenue. The third offering is above RiRa’s overlooking Market Square.
David Choate with Colliers has an accountant looking for 1,500 sf of Class A office space in Portsmouth with a couple of offices, conference, and reception.
Haves and Wants
Michael Bergeron with NH Business & Economic Affairs responded again to what the state is doing for attracting talent. They are looping in with NHHFA and New Hampshire Housing Financing Authority. Talent is the number one topic across the USA and New Hampshire. They are doing a lot of one-off customized solutions. Editor’s note: After our August meeting’s earnest discussion about the vital need for skilled talent and affordable abodes to allow for that, Tony Fallon came across a possible market based solution whose developer is looking for casual money to help further launch this solution. Please contact Tony if interested.
Stu Arnett with ADG says to keep an eye on how your local zoning/planning works with the Accessory Dwelling Unit legislation so you can help promote affordable housing in your town.
Mary Ellen Humphrey with Durham Economic Development suggests those looking for talent to turn to the UNH intern and training programs.
Jeff Brown with TD Bank has a client selling a funeral home. This is a confidential listing of a long established business so give Jeff a call.
Mark Sullivan with Seacoast Asset Management shared that the president of Great Bay Community College is a former motorcycle technician. Mark finds this is helpful with Great Bay providing practical solutions to the talent scene.
John Samonas with Samonas Realty has great spot of 2,000 sf of retail at a lighted intersection in Greenland on Route 33 that was Mizuna Market & Cafe. Steal the deal at $20 psf NNN with $4.50 for the nets.
Ralph Pope with Coldwell Banker is seeking a location for a detox center which will include 20 plus beds for recovery residential component. Dover is where they want to be.
Note from Tony Fallon Architecture: These Minutes are what I understand people to have said at this meeting. Please contact people referenced to verify and clarify.
Next Meeting is 8:30 – 9:45 am on the third Friday, 15 September 2017
In the Third Floor Conference Room of Two International Group’s Building at
One New Hampshire Avenue, Portsmouth, New Hampshire, Pease International Tradeport.
Bank of New Hampshire will be the breakfast sponsor.