Statewide Marketing Session for August 2015
By Louise Norwood
The August statewide marketing session was held on Wednesday, August 26, 2015 at the GMNBR conference room at 166 South River Road in Bedford. This month’s breakfast was sponsored by Marie Bodi of CP Management of Exeter, New Hampshire. Thank you, Marie, for providing an excellent breakfast fare.
Andre Tremblay of Franklin Savings Bank, also our CIBOR affiliate of the year, deals in commercial real estate lending and can offer a 20 to 25 fully amortized loan. Andre went on to say that he has an active buyer seeking 40-50 unit apartment buildings anywhere in Maine or New Hampshire. The investor is also interested in apartment complex purchases in North Carolina. Franklin Savings Bank recently moved to Riverway Place in Bedford. Additionally, Andre is also chair of the CIBOR membership committee encouraging non-members to earnestly consider joining this high end professional group. There is much synergy amongst the members. You can also contact Doreen Austin of Northeast Credit Union to make application.
Jeff Rapson of Verani Realty is quite new to the industry and to CIBOR. Welcome Jeff. Jeff deals primarily in residential real estate on a one to one basis but overlaps into the commercial realm. At this time he is on a search for a two to five family apartment building. Jeff focuses his business in the North End of Manchester with buildings that house professional types such as doctors, attorneys, cpa’s and alike in the 2,500 to 5,000 s.f. range.
Don Marshall of Marshall Associates is a general business broker who works with business owners and assisting them in managing their due diligence. Don is marketing a marble and granite company in the Rockingham County area and is looking for an active buyer. And should your client be seeking a restaurant facility, Don is the person to contact as he has a wide variety of restaurants that he is presently marketing.
Robert Cruess of TF Moran, Inc. with offices in Bedford and Portsmouth specializes in civil engineering; structural engineering and landscaping engineering just to name a few of their specialties. His company has been actively working on the Whole Foods Market here in Bedford which is targeted to open at year end. Robert stated that the news seems positive on the Northern Pass i.e. Kinder Morgan. New Hampshire and Hawaii have the highest electrical rates in the United States. To this end Robert attended an EverSource event noting that the State must address the situation in order to derive more business to our state. Robert stated that he has noted that the Seacoast has something called “subscription economy” with contractors automatically rolling over your contract with substantial rate increases and using fuel surcharges as an excuse for charging higher fees. He is warning those property owners with annual vendor contracts to read the fine print.
Nicole Ennis of Frasca and Frasca is a first time attendee. Welcome Nicole. The law firm has been in business for 40 years and is a family owned business specializing in estate planning, residential and commercial closings. They can turn a closing around in less than 48 hours. They are located in a lovely 100 year old building in downtown Nashua. We look forward to seeing Nicole at future meetings.
Christine Burke of Burke Emergency Restoration (family owned and operated) are experts in their field remediating all types of environmental issues including but not limited to fire and smoke damage; water; mold; odor and are still dealing with ice damage from this year’s fierce storms. She recommends to improve ventilation and remove humidity which are culprits in causing this problem. They cover a wide geographic area including New Hampshire, Massachusetts and Maine and can be reached for emergency services 24/7. They offer free estimates.
Michael Hauptly-Pierce of RE Marble & Granite, Inc. now offer both residential and commercial turn-key services. Michael’s high energy allows him to compete and respond to inquiries within twenty-four hours. On a side note he is actively seeking a small warehouse for his microbrewery in the Concord to Manchester area in the vicinity of 1,500 to 2,200 s.f. with three phase power, a minimum of a 10’ clearance and with the appropriate zoning to conduct this business.
Deanna Theriault of Verani Realty is marketing a highly visible office building at 633 Elm Street in Milford situated at a four way traffic intersection. This free standing building enjoys a traffic count of 30,000 cars per day. The property is available for sale at $499,900 or for lease at $10.00 psf NNN. Additionally Deanna has a third floor unit available for lease on Gilchrist Lane in Londonderry. Though it is small, the location is prime just behind St. Mary’s Bank and is being offered at $14.00 psf modified gross which is a bargain.
Jay Lee of Verani Realty announced that he is about to get the go ahead on a ten unit apartment building on Hanover Street which will be marketed at $630,000. In addition Jay has a great listing at 1100 Hooksett Road in Hooksett comprised of 1,560 s.f. with an asking price of $130,000. The unit was fit up by the New England Heart Center to the tune of $100,000. Sounds like another bargain for a medical user.
Steve Korzyniowski of Macy Custom Metal Fabricators can make any property more attractive. Macy’s has been in business for forty years presently employing twenty-eight full time people. Their forte is wrapping stainless steel for most any application including building exteriors but also kitchen walls for both custom residential work and/or restaurant kitchens. They look smart and are easy to maintain. They also do a high volume of custom stainless steel railing work having just completed a substantial job for Elliott Hospital and for the Puritan Restaurant. Steve has a passion to find and create “maker space”. The space will be equipped with welding, milling, lathes and other items in which the general public can come in and do their own thing. He is presently searching in Manchester for a 5,000 s.f. space with a drive in door (for automotive work); three phase power and with a lease rate of between $5.00 to $10.00 psf.
Sean Skabo of Merrimack County Savings explained that they are a full service commercial lending institution based in Concord and operate down to and including Massachusetts. This mutual savings bank was chartered in 1867 and has recently partnered with the Meredith Savings Bank. By doing so, this has allowed them to offer better rates with more cash to loan out. Sean is also the Chair of Economic Development in Concord. Concord is undergoing a restoration/renovation to their downtown area. Much of the city has already had quite a face lift and is now offering office spaces on the second floor of many of these historic buildings.
James Gallagher also of Merrimack County Savings Bank piggy backed on Sean’s summary that the bank deals in commercial real estate lending in both New Hampshire and Massachusetts. Their institution just completed a $21,000,000 transaction at the Seacoast and a $53,000,000 transaction in Wenham, Massachusetts. He is looking for distressed properties for a non-profit client for low income housing in either Manchester or Nashua.
Doreen Austin of Northeast Credit Union is a leader in the credit union commercial lending stage in New Hampshire. The credit union has been operational for eighty-five years and does everything that a regular bank does. They just recently closed a forty-two unit investment property in Exeter and two metal buildings which were part of a business acquisition.
Ryan Belanger of NH Roofer has a cash buyer for single housing units. On many occasions he has had to replace a roof that had much ice damage caused by improper ventilation. He has available in his repertoire a roof guaranteed for 100 years which is sloped to resist ice, snow loads and all elements. He also explained that rubber material has been going up and that the pricing to reroof with this commodity has now escalated due to VOC laws. Ryan also commented on the “maker space”. Essentially they are seeking a landlord/owner who has high visibility in the community that would appeal to the general populace.
Kiersten Gerow of Exchange Authority LLC deals in 1031 exchanges in order that investors can defer their capital gains tax. They are involved in both residential and commercial exchanges. They have been particularly busy and she has appealed to the membership to sign on to www.1031taxreform.com and fill out the survey. The powers that be are once again trying to repeal and reform this tool that is so frequently utilized in the real estate industry.
Christine Soutter, Economic Development Manager, City of Somersworth gave an overview of the former police station in the heart of downtown now being marketed. The building comes with tax incentives and further if the upper story is converted to residential, the owner would receive seven years of tax free money. There is plenty of parking along with a small park which is most desirable though the renovation in of itself will be fairly pricey. Christine also commented that she would like to see a “maker space” in the Somersworth area. Somersworth is a classic mill town with many of the beautiful old homes on the “hill” are being converted to multifamily homes. Christine passed around an up to date listing sheet of various properties that offer tax credits and/or ER zoning.
Ben Asselin of Eastern Bank can provide permanent financing. They service New Hampshire, northern Massachusetts, Cape Cod and the Boston area. The transition of their bank has gone smoothly and they look forward to doing much business in this area and beyond.
Joe Freidman of Brooks Properties is continually looking for projects to purchase on 495 all the way up to Manchester on I-93. The owners are interested in anywhere from 20,000 to 80,000 s.f. commercial/industrial/office/warehouse properties. Of their multitude of commercially oriented owned product and depending on the type of use & building, rates range as low as $6.00 psf NNN up to $30.00 psf NNN. Their newest construction for a finished shell is running at $23.00 psf NNN. Brookstone Park offers facilities for corporate events; seminar; training and weddings. They can accommodate as small a group as 50 up to 400 people
Bill Jean of Fulcrum Associates is headquartered in Amherst with the capability of doing small fit ups all the way to ground up construction development. Their more recent accomplishments have included 210 units in Salisbury, Massachusetts; a 210 privately funded dorm in Durham with another complex to commence in the spring. Your client will gain the most value by starting the development process early in the game which will ultimately save money and not jeopardize budgets.
Marie Bodi graciously provided this month’s breakfast – thanks to Marie and CP Management for a delicious spread. CP Management is a third party property management firm out of Exeter servicing all of New Hampshire, southern Maine, Massachusetts and Rhode Island. Marie and Joe Freidman are working on hosting a broker golf tournament event either in October or November depending on weather. Marie is a past affiliate of the year and does much on the CIBOR team. Thank you Marie for all of your good works on behalf of CIBOR.
Jim Wisniewski of Interiors East specializes in commercial architectural design. Some of their clients are Blue Cross Blue Shield; Harvard University and Fenway Park just to name a few. He is also working on a prototype for the Equinox Brand (high end fitness) hoping to locate in a 40,000 s.f. facility in the southern New Hampshire tier. They hope to expand with three more facilities within driving distance of the first to absorb the market and make for more customer convenience. Jim also explained that he belongs to another networking group aptly named “The Wolf Pack” which is comprised of (65) people who meet weekly at the Puritan Restaurant in Manchester. Jim is also adept at space planning evaluating the appropriate amount of square footage for a would-be client/customer for both interior and exterior applications. In addition he can provide three D renderings.
Leighton White of Leighton A. White, Inc. deals in all forms of site excavation. They have been in business for thirty-seven years with his son Dale now at the helm. With twenty-five employees their forte is anything from Industrial excavation, parking lots; changing out hydrants, sewers and electrical lines; and communication towers along with maintaining the private roads leading to same. They interface with Fulcrum Construction and TF Moran on a regular basis. Their firm is presently finishing the quad at Southern New Hampshire University in Durham. To view their work, you can log on to their web site.
James Goodhue of Primary Bank joined us for the first time. Primary is a start up bank located in the Route 101 Plaza in Bedford anchored by Harvest Market. They are flush with capital for commercial construction. Jim was involved in his prior life as a lender in the Boston area, Connecticut and Rhode Island and was born right here in Bedford. He is working with a 1031 customer from Texas who has forty-five days to identify either retail or residential complexes in the range of 4.2 million up to 6.5 million dollars either in southern New Hampshire or northern Massachusetts. Looking for off market listings.
Rick Mulvee of Tower Realty has a group of buyers who will entertain properties with “hair on them” i.e. large older buildings; contaminated sites or conversions. They have the cash to solve the problems that be. They carefully plan for an exit strategy. As Rick says, they have patient money! Another one of his investors is seeking office, industrial or multi tenancy buildings and has a two million dollar pocketbook. Rick is marketing the last of the 10,000 s.f. space at 150 Dow Street and depending on fit-up, rates can range from $7.50 psf to $15.00 psf. Dyn is the largest and most prominent tenant in the building Lastly, Rick spoke of a 12,000 s.f. condo unit he has available for either lease or purchase at the former Tiny Totland building with excellent parking. The property can be purchased “as is” at $70 psf or at $120 psf with a finished build out. And for those of you who have a hotel listing or about to list one, please contact Rick as he has been working with a hotel buyer that has thirty-seven hotels in his portfolio. He can close quickly and has seventy-five million dollars at his disposal and is focused on Salem, Concord and Portsmouth.
Louise Norwood of NAI Norwood Group, Inc. continues the search for a 15,000 s.f. m/l industrial building with some retail presence for sale only in the Bedford, Nashua and Manchester triangle. The users specialize in nutritional supplements and bariatric supplies for all of the local hospitals with a good percentage of their business being transacted via e-commerce. Pre-qualified and ready to go. Louise also pitched two properties that NAI is presently marketing the first being 288 Route 101 in Bedford. This 14,000 s.f. office building is for sale at $1,400,000 and the last 7,000 s.f. is being leased at $10.00 psf NNN. The other property is a 2.44 +/- acre parcel with two small homes directly across the street from The Hollis Country Kitchen. This development site has high visibility ideal for retail, professional office, bank, service or another restaurant type use. Sale price is $645,000. Judy Niles-Simmons and Perry Snow are the listing agents.
Thank you all for your participation. It was a great meeting and I hope you found much merit in attending. The vibrancy of the meetings depends on a great exchange of ideas plus it is a good networking tool in placing a name with a face. Enjoy what is left of the summer and see you in September.