Statewide Marketing Session for October 2015
Submitted by Louise Norwood
The October Statewide Marketing Session was held on Wednesday, October 28, 2015 at the new GMNBR headquarters training center at 318 South River Road in Bedford. This month’s breakfast sponsor was Joe Friedman, President of Brooks Properties, who graciously provided the group with excellent breakfast fare. Brooks Properties specializes in acquiring and leasing high quality commercial and industrial facilities in the lower tier of New Hampshire and neighboring Massachusetts which now totals 40 buildings and 1.5 million square feet of space. Their corporate motto which hangs on the wall of their Salem, New Hampshire headquarters reads “Nothing takes the place of persistence”. Thank you, Joe, for your continued support.
Hailey Kunkel joined us today as a guest. She is most interested in securing employment having just graduated with a degree in civil engineering. Haley explained that jobs in New Hampshire are not plentiful but hoped that by networking and getting her name out there, an opportunity might present itself. Hailey has worked as an intern in construction management and doesn’t mind getting her hands dirty. In addition Hailey assists her parents in their family business “Supporting Strategies”.
Doreen Austin of Northeast Credit Union operates statewide providing lending services in almost any type of need including business lending, real estate and investment. Sixty-five percent of their business is in the commercial/investment realm. Doreen added that they handle SBA loans as well.
Nicole Canavan of Century 21 Northshore is just breaking into the commercial real estate field. She is actively marketing a 9,950 s.f. restaurant in Keene, New Hampshire which has several apartments associated with the property at an asking price of $950,000. Nicole also pitched an interesting property in Chichester which has 14.3 acres with river frontage. This versatile property is a thriving blueberry farm having 1500 blueberry bushes. For additional information, please contact Nicole.
Lee Berard of Berard Martel Architects has been extremely busy with an investment source from New York with several projects in the cue. The investor he has in tow is seeking high quality, long term value investments in the institutional arena. Other projects that Lee’s office is currently working on are in the congregate senior living field; medical facilities and additionally, chemical plants in Reno and Massachusetts respectively.
Robert Cruess of TF Moran has yet again acquired another firm growing their engineering company and increasing their work load. Robert projects that the Woodmont Orchard project in Londonderry alone will yield work involvement for their team for up to fifteen to twenty years out. Additionally, the members of his team are fully involved with a large office engineering project in Lebanon. Other recent assignments have been adjusting a lot line for CR Sparks in Hampton; developing a large hotel in Hampton and a 100 bed health care facility. Robert will be attending the upcoming ICSC and would be willing to hand carry any retail marketing materials to the conference. Please follow up with Robert to take advantage of his generous offer.
Don Marshall of Marshall Associates is in the practice of business brokerage. Presently he has several companies for sale some of which are hair salons combined with mixed use real estate property. Additionally he is marketing two separate kennel businesses one of which is situated on six acres for $700,000 and another on twenty-two acres for $1,000,000.
John Turner of Team Engineering specializes in due diligence from structural, electrical, plumbing, etc. He recently hired Brian Hanson as his new project manager. John and his crew can consult on a project and provide a report in short order for a quick turn around. John is the guy to call. John recommends that you make out a fall check list of interior and exterior property issues that should be addressed now prior to winter setting in including a roof assessment.
Travis Warner of The Bean Group joined us – welcome! He is seeking small investments for his buyer in the $300,000 category. Travis is marketing a three acre property in Hollis near the Lull Farm along with an antique home and barn. An additional 5,000 s.f. could be added on to the structure. The property is located in an agricultural/business zone with thirty parking spaces. For more details, please contact Travis. Lastly, Travis announced that he is working with an investor interested in securing a net lease investment in the 5 to 6 million dollar range. He particularly is seeking industrial warehouse types of property.
Leighton White of Leighton A. White Inc. is better known for their specialty in the site excavation business; however, they handle a broad range of construction preparation whether it be parking lots, generator installation, sand and gravel processing as well as cell tower maintenance. They have done a tremendous amount of work for New Hampshire College. Some of their more recent projects have been a sixteen unit work force housing project in Amherst; working on a 43 acre site in Lyndeborough; and a quarry in Wilton owned by Pike Industries. There is much processed washed stone and screened sand now available as a result of their expertise in this field.
Marie Bodie of CP Management represents this third party property management company with contracts in New Hampshire, Rhode Island, Vermont and Massachusetts. She would be glad to follow up with any of your investor clients converting their self-management properties over to a third party arrangement.
Ron Fredette of KW Commercial has a investor with cash of $2,000,000 looking for a performing asset in the central business district. As Ron represents the Greater Manchester Nashua Board of Realtors, he is marketing the two remaining suites at their new headquarters at 318 South River Road in Bedford. The two suites are comprised of 1,500 s.f. and 1,000 s.f. respectively at a lease rate of $18.50 psf full gross. The building has been completely rehabbed with a great parking ratio and with the shared use of the training room. Ron will soon be adding to his office inventory a 3,100 s.f. office building. Be on the look out for this new listing. Ron announced that he has three sand and gravel sites in New Hampshire; a 200 acre offering in Barrington and a ten lot approved subdivision.
Joe Friedman of Brooks Properties presented the details of their ever growing portfolio of for lease properties in Salem, Derry and Hudson, New Hampshire. Three of their office properties on Keewaydin Drive in Salem range in price from $30 psf nnn to $10.50 psf nnn. Other buildings in Salem are located on Red Roof Lane and Manor Parkway of differing office sizes and pricing. Their Derry properties which are classified as B status have price tags of $10.00 to $12.00 psf nnn. And lastly, their industrial and flex space properties in Hudson and Salem can be leased for as low as $7.00 psf nnn or as high as $9.00 psf nnn. Brooks Properties are always in the market to purchase more property in the I-93 corridor to the Massachusetts border. Lastly, Joe explained that they hold the line on pricing and can stay competitive.
Christine Burke of Burke Emergency Restoration offers 24/7 emergency services in the case of fire, smoke and water damage problems. Christine explained that they will remove all the contents of the premises to insure that the property can be fully sanitized and clean prior to moving back into the space. She recommends that property owners make up a check list of winterizing projects prior to the arrival of winter weather. Of particular concern is keeping roofs cleared, repair loose shingles and rotted eaves to prevent snow/ice dams. Their firm can also install moisture meters to detect mold which is most toxic … Samples can be sent out to an independent lab for analysis. Lastly, her family company is seeking service technicians to assist with demolition. Christine stressed that employees need to have empathy for the property owner as property damage is most stressful to the owner.
Mike McLaughlin of Fulcrum Associates Inc. has just recently commenced his new employ as Director of Construction. Mike stated that Fulcrum is working on a 30,000 s.f. medical facility in Newport and the Tidewater project in Salisbury. Hopefully we will see more of Mike at future meetings.
Bill Jean of Fulcrum Associates, Inc. explained that their team has the capability of ground up construction as well as all types of tenant improvement. Their construction management team can add value early on in the process utilizing their data base of construction costs to provide the client with a realistic proforma. Fulcrum has been selected to a construct a 10,000 s.f. project for Dyn with other assignments being an event center in Tewksbury; four MRI fit-ups for a campus hospital and a restaurant project in Hudson. Lastly, Bill mentioned that he was impressed with Brookstone Park owned and operated by Brooks Properties … A recent golf match was held at their nine-hole golf course.
Dan Barufaldi of the Dover Economic Development is buoyed with the fact that Dover is stepping into the limelight with a new five story hotel that will also house some medical; assisted living; a bank and a coffee shop. Dan let us know that a round about is all part of the new development coming to town. If all of the hotels in town are full due to hockey tournaments or one of the 42 bus tours that come through for shopping excursions to Kittery, the City of Dover derives $300,000 in revenues for each event.
Gary Chabot, State of New Hampshire Economic Development, who covers the I-93 corridor and Rockingham County can provide details on tax credit programs. There are 167 such economic development zones in the state including all of the property along Route 3 in Bedford. For each new job added a business owner’s New Hampshire State business tax can be reduced. There are five of these zones in Dover which are attractive to second tier companies most notably Stonewall Kitchens are relocating into 179,000 s.f. Gary wrapped up his summary with the following items: 1.) The state parks here in New Hampshire had their best year ever; 2.) Work force development has been in the throes of trying to retain a younger work force here in New Hampshire – implementing this theme through international trade and 3.) Dred is presently looking for a person to cover the Keene area.
Deana Theriault of Verani Realty has a ten unit multi family facility on Hanover Street going out at a 10 cap rate with a price tag of $629,900. The apartments are a combination of one and two bedroom units with a ten car parking lot. Deana also has a 6,000 s.f. stand alone building located on Elm Street in Milford. This class B property situated at a four way intersection is for sale at $499,900.
Eric Crisman of Brookstone Builders, general contractors, announced that they are responsible for the new Caterpillar facility in Londonderry. The company is seeking large tracts of land in the state and is appealing to membership to contact him should anyone have large tracts for development purposes.
Suzanne Brunelle of Devine, Millimet and Branch explained that the firm is a full service law office. They have recently grown from 24 employees to 70 employees. Their practice specializes in real estate from assisting in financing to the permitting process from beginning to end. Suzanne is licensed in both New Hampshire and Maine. Suzanne sits on the CIBOR board of CIBOR Cares and is co-ordinating the award program for this next spring event.
Tom Champagne of St. Mary’s Bank explained that they are a full service commercial, lending institution. St. Mary’s is prepared to lend from $250,000 up to $5,000,000. They will participate with other lending institutions in the case of larger loan packages. St. Mary’s loans on a wide variety of projects including but not limited to multi family, equipment and SBA situations. Lastly,
St. Mary’s is a local lending institution with a wealth of experience.
Jeff Rapson of Verani Realty is working with a 50 student charter school in the Pembroke area and is seeking a suitable property in which to house them.
Denise Clermont of CBRB Amherst pitched a positive cash flow, 13 unit property comprised of 12,500 s.f. all fully leased located in No. Woodstock. In addition Denise announced that she is marketing a 2,500 s.f. salon located in a mixed commercial/residential zoned spot at 479 Nashua Street in Milford. With (20) parking spaces and good exposure, the asking price of $255,000 sounds like a fair and accurate amount.
Rick Mulvee of Tower Realty deals with an investor who will consider properties with “hair on them”. He will not shy away from the largest building void of tenants in the ugly category and environmentally contaminated. Not only can the investor close within seven days but will hold for several years and as Rick terms it “patient money”. Target investment money from as low as $5,000,000 up to $20,000,000. Rick can preview what you have in advance of a showing. Rick highly commended Robert Cruess’ team for supplying conceptuals and how helpful they are in showing on paper various structural schemes. Rick will be marketing the what will be the former Dyn restaurant which has a top of the line kitchen facility and will be offered at $10.00 psf nnn.
James Goodhue of Primary Bank announced that the bank has now been opened for ninety days and with $30,000,000 in their coffers, they can be very aggressive in their lending program. Some of the investors that are presently seeking properties through their institution are …. 1.) An investor who recently sold a Walmart for $13,000,000 is seeking to do a 1031 exchange; 2.) A couple of borrowers are seeking large tracts of land and yet another, 3.) Is seeking to sell a 70 acre site in Concord.
Louise Norwood of NAI Norwood Group, Inc. announced two redevelopment properties one of which is owned by The City of Concord for $1,600,000 for a three story 22,780 s.f. on a .74 double lot. The city seeks to have the building demolished and make way for mixed use. The other is located on Canal Street in Penacook better known as Penacook Landing situated within the confines of the village district on 2.82 acres currently owned by The Town of Penacook. Please contact either Judy Niles-Simmons or Chris Norwood for details. In addition 288 Route 101 in Bedford comprised of 14,000 s.f. is on the market for $1,400,000. With one educational tenancy in place, the property lends itself well for an institutional user or medical user. Judy Niles-Simmons is the listing agent. Lastly, we have been contacted to announce a soon to be marketed 30,000 s.f., sixteen unit flex/industrial complex which is fully leased with long term tenancies. Location to be announced. Price to be determined.
Thank you all for attending and making each meeting most enlightening. Look forward to seeing you at the next marketing session in November. Have a great fall