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Annual Review December 30, 2016 January 5, 2017 SECTION B
USA $3.95 July 14-20, 2017
Doyle of Larew Doyle & Associates arranges $23.6 million financing FD COVER B
Trinity Financial and RIHousing to complete $22.5 million redevelopment
NE COVER A
RI COVER C
Mendola of NAI Norwood Group brokers $4.6 million self storage sale nerej.com
Sign up for Daily RE Cap! Visit nerej.com/newsletter Volume 56 • Issue 28
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Inside Front Cover
July 14-20, 2017
New England Real Estate Journal
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July 14 - 20, 2017 Volume 56 • Issue 28
Quick Read Slyman of New England Apartment Group brokers $1.215 million sale ON BEHALF OF THE SELLER, UPTON SELF STORAGE, LLC
Mendola of NAI Norwood Group brokers $4.6m self storage sale
SEE PAGE 8A
Cunnane and O’Donnell of Fantini & Gorga arrange $18.5 million
SEE LOWER COVER OF FD/SEC. B
Olympus Group and Cambridge Capital Advisors sell office complex for $7.65m
NAI Norwood Group completed the sale of Upton Self Storage at 226 Milford St. Joseph Mendola, senior advisor of NAI Norwood Group represented the seller, Upton Self Storage, LLC, and collaborated with the buyer, a Joseph Mendola Delaware limited liability company, in this transaction. Mendola is also the Argus Self Storage Sales Network representative of Northern New England. Upton Self Storage sold the property for $4.6 million. The self-storage facility consists of 43,250 s/f and 287 self-storage units. The facility services the Greater Upton-Milford-Hopkinton marketplace.
UPTON, MA
Transwestern’s Lashar, Sandeman & Skeffington broker $6.4 million sale
130 Constitution Boulevard - Franklin, MA FRANKLIN, MA Transwestern Consult-
SEE LOWER COVER OF R.I./SEC. C
4 Sections 80 Pages Editorial Page.......................... 4A L. Sweet.................................... 4A Referral Network .................13A Thru the Years.......................16A Financial Digest.............. SEC. B Appraisal & Consult ........ 7-14B Rhode Island ................... SEC. B Billboard ........................... SEC. D nerej.com
ing Group (TCG) brokered the $6.4 million sale of 130 Constitution Blvd., on behalf of Novaya Real Estate Ventures. The 59,970 s/f industrial building was purchased by Albert Milstein, Barry Kirschenbaum and Sanford Bokor. TCG partners John Lashar and Chris Skeffington, along with vice president Roy Sandeman, represented the seller and assisted in sourcing the buyer. Novaya purchased the building in 2013 as part of a two-building portfolio in a transaction also brokered by TCG and has since launched a significant capital improvement campaign. Novaya completed a full “vacancy preparation” repositioning of the building, which included painting the warehouse, a floor strip and seal, installing new lighting, and upgrading the dock doors with new levelers. In addition, a new roof and upgraded HVAC units were installed as part of the overall improvement campaign.
Upton Self Storage, 226 Milford Street - Upton, MA
REP. SELLER, EASTPOINTE DORSET CROSSING LLC; PROCURE BUYER
Nolletti, Witten and Pentore of IPA arrange $36.5m multifamily sale SIMSBURY, CT Institutional Property Advisors (IPA), division of Marcus & Millichap, handled the sale
Victor Nolletti
Steve Witten
of Eastpointe at Dorset Crossing, a 168-unit multifamily property. The $36.5 million sale price represents more than $217,000 Eric Pentore per unit. Victor Nolletti, executive director leading the Northeast for IPA’s Northeast and Florida team, structured the off-market transaction. “Our granular-level knowledge of the local market and supply chain was instrumental in bringing the sale to fruition,” said Nolletti. “Eastpointe
Eastpointe at Dorset Crossing - Simsbury, CT at Dorset Crossing is a recently constructed core-plus asset and Simsbury is a premier Farmington Valley location with an annual median income of more than $145,000.” Nolletti and Steve Witten, also an executive director of IPA Northeast and Florida, and Eric Pentore, senior associate, represented the seller,
Eastpointe Dorset Crossing LLC and procured the buyer, CS Acquisitions Group LLC. Built in 2015, Eastpointe at Dorset Crossing is situated 12 miles from downtown Hartford. The asset won a “Community of the Year” award from The Connecticut Apartment Association in 2015.
New England Real Estate Journal
Inside Cover A July 14 - 20, 2017
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270-280 Medford St. Malden, Massachusetts
CP
Outstanding Retail or Office Opportunity 8,464 SF: Subdividable to 3,000 SF
Available
Retail | Office | Medical
This property has undergone $200,000 of exciting renovations to the facade and grounds. This property has ample free onsite parking and is fully landscaped. Former restaurant’s equipment intact.
Location Just a 1/2 mile to Malden Center’s Commuter Rail Station. Close proximity to Wellington Station, Boston, Cambridge, Rivers Edge Apartments, and within a densely populated neighborhood. Easy access to Routes 16, 28, 60, I-93, I-95, I-90.
Contact Greg Regazzini, VP, Director of Leasing
[email protected] ph: 781.321.7800, ext. 318 www.combinedproperties.com
Corporate Neighbors
Former Bank Branch
Mystic Valley Elder Services | Comcast | Verizon | Marriott | Super 88 | Brookline Bank | Dunkin’ Donuts | Super Stop & Shop | Bank of America | Cambridge Health Alliance Family Medical Center
Demographics
Population | 2016: 40,207 in 1 mile; 311,474 in 3 miles; 735,567 in 5 miles Households | 2016: 16,453 in 1 mile; 123,987 in 3 miles; 304,030 in 5 miles
Easy Access to 93 90 T 10 mins. to Boston & Cambridge Wellington Station
Median Household Income | 2016: $59,987 in 1 mile; $62,433 in 3 miles; $70,654 in 5 miles Transportation 12,000 pedestrians per day at the nearby MBTA T-station; Daily car count is 15,200 on Commercial St. and 19,300 on Medford St.
Creating Better Places to Live and Work ®
T
r ve i nR e ald M
Comm ercia l St.
Excellent opportunity for retail, professional, or medical office, in a highly visible location at the busy signalized intersection of Commercial and Medford Streets in Malden, MA. Daily car count is 15,200 on Commercial St. and 19,300 on Medford St.
Available
Former Full Service Restaurant/Pub
280 Medford St.
Medford St.
Combined Properties, Inc. | 300 Commercial St., Suite 25 | Malden, MA 02148 | 781.321.7800 | www.combinedproperties.com
New England Real Estate Journal
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July 14 - 20, 2017 1A
COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
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IN IST
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IN IST
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CVS Hyannis, MA $15,223,537
Citizens Bank Hyannis, MA $3,684,211
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Hooters Waldorf, MD $2,583,333
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IN IST
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NE
IN IST
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NE
IN IST
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Wendy’s St Joseph, MI $1,795,240
C
Rite AId Fall River, MA $8,612,500
Fas Fuel Cedar Rapids, IA $1,705,490
D
D
E OS
D
E OS
CL
E OS
CL
Walgreens Epping, NH $5,203,292
Transactions
760
in 28 States
CL
Taco Bell Portland, ME $2,092,213
Webb Place Shopping Center Dover, NH $7,065,000
Closed
Ranked
in Recent Transactions
Industry Leading Team
$3,100,000,000
#1
www.Hor vathTremblay.com 600 Market Street – Suite 686 | Lynnfield, MA 01940 | Main: 781-776-4000 | Fax: 781-823-0245 |
[email protected]
New England Real Estate Journal
2A July 14 - 20, 2017
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KinlinGroverCommercial.com
Bourne
$3,595,000
Plymouth
$1,550,000
Harwich Port
Harwich
$1,299,000
Falmouth
$1,295,000
Barnstable Village
,
sf office building on acres, expandable by , sf, or lease at . s ft . Ben Edgar 508.776.2635
evelopment opportunity units to renovate replace, w condo plans for add’l units. Nat Santoro 508.240.0334
,
s ft Showroom Warehouse building on . acres ust off xit of t . Ben Edgar 508.776.2635
ew Price. ixed use es units ffice units in the heart of almouth. Jim Fox 617.529.8616
Plymouth
$699,000
North Eastham
Wellfleet
$459,000
Harwich
anomet, . acres in retail district. Signage in visible location along te . Ben Edgar 508.776.2635
ixed use , sf medical building with br apt. Possible lease w option part owner financing. Nat Santoro 508.240.0334
Wareham
$895,000
Falmouth
residential acre lots on town sewer. uild homes, estate style home or age restricted . John Callahan 508.737.1322
,
$1,395,000
s ft restaurant building, almost turnkey, seats, . acres at stoplight. or for lease. Ben Edgar 508.776.2635
lot pproved subdivision al waterfront Little Pond. Jim Fox
$850,000
eights,
lots
617.529.8616
$699,000
Yarmouth Port
$587,000
Brewster
$459,000
$449,000
Orleans
$399,000
West Dennis
$349,900
Sports Bar Route 6: Seats 142, full liquor, town water. reative financing possible. Nat Santoro 508.240.0334
edical office, exam rooms, oning. all for details. Nat Santoro
$1,450,000
ixed Use wo br apts, studio, retail display space, wkshop, garages, plans for add’l apts. Bill Lean 508.240.0334
compliant,
508.240.0334
s ft uto usiness. uipment included, spray booth, frame machine, post lift, mig welder. Sandy Clarke 413.531.4458
isibility rleans rotary, one fixer tear down s ft mixed use possible. Nat Santoro 508.240.0334
allery bldg on , s ft st fl plus larger w walkout bsmnt. usiness available. Nat Santoro 508.240.0334
unit bldg some prvt entrances, shared conference, br apt, creative financing. Nat Santoro 508.240.0334
A Consultative Approach to Commercial Real Estate and Businesses
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July 14 - 20, 2017 3A
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4A July 14 - 20, 2017
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Lynne Sweet Taxes
REAL ESTATE INVESTMENTS DESIRED Seeking to acquire multifamily and commercial properties in Eastern Massachusetts and Southern New Hampshire We are looking for: • Multifamily, Retail, Office, Medical and Flex Buildings • Investment Size of $2M - $15M • JV Recapitalizations / LLC Interests • OREO Principal-to-Principal | Brokers Protected Inquire or send info confidentially to: Brett Levy
RIVERSIDE PROPERTIES, INC.
27 Mica Lane #201, Wellesley, MA, 02481 (781) 237-8880 x19
[email protected] | www.riversideprop.com
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Thomas R. King, MAI
Brokers Consultants Appraisers 155 Maple Street, Suite 306 Springfield, MA 01105
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NE NY Tel: 781-878-4540 REAL ESTATE JOURNAL
R.E. tax assessing process for affordable housing The real estate tax assessing process for affordable housing is complicated and has posed challenges to both developers and tax assessors alike. There are a lot of competing interests when it comes to assessing real estate taxes for affordable housing developers. Given the speed that is often required to assess properties, it may be hard for municipalities to single out affordable housing for assessing. With the high rate of development, acquisition, and refinancing occurring in today’s economy, in general, the experts (professionals in the assessing, housing, and legal industries) agree that it is time to address the issue of real estate tax assessing for affordable housing in Mass. The many issues surrounding tax assessing of affordable housing in Mass. appear to stem from a lack of guidance communication, understanding, and/or untimely response time by developers, according to a recent report on real estate tax assessing of affordable housing by LDS Consulting Group, LLC. Simultaneously, experts suggested that there is a need for more regulatory guidance from the State Department of Revenue (DOR). To ameliorate these issues and improve the affordable housing tax assessing process, the study recommends a combination of education and training for the housing and assessing communities. Additionally, for the long term, the study recommends developing and ultimately designating affordable housing use codes. LDS, based in Newton, conducted the research report on tax assessing of affordable housing on behalf of the Lawyers Clearinghouse (LC), in collaboration with Mass. Housing Partnership (MHP), and the Mass. Association of Community Development Corps. (MACDC) as well as members of affordable housing development community. LC provided a grant for LDS to research the issue of real estate assessing and taxation on affordable housing in Mass.
Lynne Sweet, principal, LDS Consulting Group, LLC, Newton, Mass. For full story visit nerej.com
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Published weekly for $139 per year by East Coast Publications 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Periodicals postage paid at Norwell, MA and additional mailing offices. $4.00 Single Copy, $5.00 Special Issue. Subscriptions are non-refundable Publication #ISSN 0028-4890 | USPS #378-860 | Vol. 56, No. 28 Mailing Address: P.O. Box 55, Accord, MA 02018 Express & Overnight Mail: 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993 | Fax: 781-871-1853 www.nerej.com POSTMASTER: Send address changes to New England Real Estate Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Drive, Unit 207, Norwell, MA 02061 REPORT AN ERROR IMMEDIATELY New England Real Estate Journal will not be responsible for more than one incorrect insertion. Disclaimer: The views expressed by contributing writers are not necessarily representative of the New England Real Estate Journal.
REAL ESTATE FINANCING * Condominium Conversions * Construction Loans
* Interim Loans * 2nd Mortgages
* Subdivisions * Sale of Mortgages * Letters of Credit For four decades, we have participated in providing short-term commercial real estate financing. Continually, we have met the needs of our clients and have adjusted to the marketplace with creative alternatives. We offer: • Quick Response and Closings • No “red tape” • Expert loan review by real estate professionals experienced in all facets of real estate; from development to management
Call Richard Bendetson at (617) 227-0893, ext 655, Samantha Bendetson, ext 691 or call Brian Sopp, ext. 663 for more information
Diversified Funding, Incorporated
63 Atlantic Avenue, Boston, Massachusetts 02110 Tel. (617) 227-0893 / Fax (617) 227-2995
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NOVEL IRON
WORK S, INC. FABRICATORS & ERECTORS
• Structural Steel • Steel JoiSt • Metal Deck • MiScellaneouS iron
250 ocean roaD, GreenlanD, nH 03840 PHone: (603) 436-7950, Fax: (603) 436-1403
Email:
[email protected] www.noveliron.com CERTIFIED
NE NY Tel: 781-878-4540
July 14 - 20, 2017 5A
New England Real Estate Journal
6A July 14 - 20, 2017
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OF 109-129 YORK AVE., TOTALING 63,600 S/F ON 3.55 ACRES
McEvoy and Conrad of The Conrad Group negotiate $4.5m sale Glenn Hardman, President
[email protected]
One Chalet Drive P.O. Box 598 Wilton, NH 03086
603 654 2666 603 654 2664 fax 603 540 9837 mobile
www.hospitalitysolutionsllc.com a Roedel Companies Company
109-129 York Avenue - Randolph, MA RANDOLPH, MA The Conrad Group negotiated an industrial/flex building sale in York Industrial Park. The building, located at 109-129 York Ave., totals 63,600 s/f on 3.55 acres. With visibility on Rte. 24, the building was sold fully leased to two tenants. Jim McEvoy, senior vice president
Jim McEvoy
Robert Conrad
of The Conrad Group, said, “This is institutional quality construction with excellent access and visibility with stable occupancy. The building has a new roof and can easily be subdivided to 6,000 s/f bays if needed.” McEvoy exclusively represented the seller while he and Robert Conrad of The Conrad Group represented the buyer. According to the Norfolk County Registry of Deeds the sale price was $4.5 million.
O’Brien Commercial Properties handles leases to BTL Industries O’Brien Commercial Properties has completed a long-term lease with BTL Industries, a European medical device maker, at 362 Elm St., which is now fully occupied for the first time since the building was constructed in 2008. Eric O’Brien The building is under contract to be sold. Eric O’Brien, president of O’Brien Commercial Properties represented the tenant in this transaction.
MARLBOROUGH, MA
Milford, MA
westborough, MA
Marlborough, MA
In-line : 1,440 SF Pad sites : 3,000 - 20,000 SF Anchor Space : Up to135,000 SF
Westmeadow Plaza 1,400 & 1,800 SF Spaces
Wayside Crossing 9,100 SF Proposed
Avison Young hires Davey as a project manager
Milford, MA
Ashland, MA
westborough, MA
Office / Warehouse 10,800 SF Flex Space
3.63 Acres Available Proposed 40,000 SF Building
20,000 SF on 9.63 Acres 70,000 SF Proposed
Framingham, MA
Ashland, MA
• 1.13 Acres • 550 Ft. of Frontage on Mass Pike • Proposed 68 Room Hotel
• 12.10 Acres • Proposed 50,000 SF • Proposed 4,500 SF
Milford, MA
Apartment Land for Sale
• 2,000 Ft. Frontage - 12 Acres • Located on Rt. 16 & 495
Permitted for 200 Apartments - Ashland 5.2 Acres - $39,000 / Unit
FafardCommercial.com
BOSTON, MA According to Michael Smith, Avison Young principal and managing director of the company’s New England region, commercial real estate industry veteran Racquel Davey has joined the firm. Effective immediately, Davey joins Avison Young as a project manager. She will focus on owner representation and managing project teams from initial workplace strategy to project closeout throughout Boston and the greater New England region. Davey brings six years of commercial real estate industry experience to AvisonYoung. Prior to joiningAvison Young, she held project manager and architectural designer positions at Icon Architecture in Boston. In her new role, Davey will work closely with Patrick Schmidt,AvisonYoung’s vice-president of project management in the city. “We are very pleased to have Racquel Davey join our growing operation in Boston,” said Smith.
New England Real Estate Journal
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MANCHESTER, NH 500 COMMERCIAL STREET 14,434 SF Commercial Condominium For Sale
July 14 - 20, 2017 7A
Industrial Lot –Build up to 92,000SF; all services, easy access off Route 101, Exeter, NH
OFFERED AT $1,400,000
FOR SALE: $70,000/Acre
RETAIL SITES FOR LEASE OPPOSITE 300,000 SF MALL Exit 13, Rochester, NH, 5.9 Acres & 10.7 Acres
World Headquarters
INVESTMENT PROPERTY THE “BEANE FARM” 2299 WOODBURY AVE NEWINGTON, NH ASKING: $2,300,000 OFFICE RENTALS PORTSMOUTH, NH - 231 Corporate Drive 2,643 SF Class A corner office space is available for lease within the Pease Tradeport LEASE RATE $16.50 PSF NNN
DOVER, NH - 33 Dover Point Road
1,500 - 4,500 SF First Floor Office For Lease
• New construction • On-site parking for clients and employees • High traffic location FOR LEASE: $15.00 PSF Modified Gross
COMMERCIAL REAL ESTATE (603) 430-4000 • www.netkane.com NEW HAMPSHIRE MARKET
New England Real Estate Journal
8A July 14 - 20, 2017
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PROCURED THE BUYER, THE EDGEWOOD GROUP
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Slyman of New England Apartment Group brokers $1.215 million sale New England Apartment Group, a regional commercial real estate company, completed the sale of Princeton Apartments, an 18 unit apartment complex located in the Fruit Hill neighborhood for $1.215 million. John Slyman John Slyman of New England Apartment Group had the exclusive listing and represented the seller, and procured the buyer, the Edgewood Group. This marks the third apartment building acquisition for the Edgewood Group in the last 12 months as they continue to expand their growing portfolio throughout the state. With its close proximity to down-
NORTH PROVIDENCE, RI
Princeton Apartments - North Providence, RI town and local universities the PrincetonApartments generated significant interest from the market.The property consisted of 17 two-bedroom units
MANCHESTER S NEW TECH-STYLE SPACE 540 N. Commercial Street, Manchester, NH FOR LEASE • Total Available: 43,103 SF • Up to 39,553 SF Contiguous • On-site Parking • Large Windows • River Views • High Ceilings • Flexible Design • On-site Management S odi ed ross
Michael Harrington, 603-785-8601 Chris Melanson, 603-651-7554 Bill Norton, 603-496-3783
Norton Asset Management 603-625-9628
NEREJ 062317
and 1 one-bedroom unit that was 100% occupied. The Edgewood Group has plans to renovate existing units and begin making improvements to the common areas.
Pepple and Gibbons of Associated Brokerage Group handle $1.75m sale
2 Richdale Avenue - Somerville, MA SOMERVILLE, MA Associated
Brokerage Group, LLC completed the sale of 2 Richdale Ave. for $1.75 million.
Justin Pepple
Bernard Gibbons
Sales associate Justine Pepple and Bernard Gibbons brokered the transaction of this two story stand-alone office/industrial building. The building offers a total of 6,000 s/f and features a first floor open space of 4,000 s/f with 20’ ceilings, a garage door, and a three phase electrical system. The second floor, a 2,000 s/f office space with mezzanine overlooks the shop space. Six parking spaces are associated with the building. The property is suited for varied uses including construction, transportation, and light manufacturing, while minutes away from Union Sq. and downtown Boston. Paradigm Solutions, a sustainable energy solution company purchased the property. Associated Brokerage Group is a commercial real estate brokerage firm located in Cambridge, specializing in the leasing and sale of office, retail, and investment properties throughout Greater Boston and Eastern Massachusetts.
New England Real Estate Journal
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2017
July 14 - 20, 2017 9A
SUMMIT
Middlesex 3 C O A L I T I O N
Future of Middlesex 3 Coalition Commercial Real Estate August 9, 2017 The Gutierrez Company 4 Burlington Woods Dr., Burlington, MA The Middlesex 3 Coalition is a regional partnership of nine Middlesex County Communities, Bedford, Billerica, Burlington, Chelmsford, Lexington, Lowell, Tewksbury, Tyngsborough and Westford with the support of the Massachusetts Executive Office of Housing and Economic Development.
Speakers
Robert Buckley Riemer and Braunstein LLP Katie Enright Howard Stein Hudson Mark Reardon CBRE
8:00am-9:00am
Gold Sponsor John Boyle Cushman & Wakefield Charles Reilly Dacon
Corporate Sponsors
Agenda
10:00am-11:00am
Networking and Continental Breakfast
Current projects, Transportation, Future construction plans
9:00am-10:00am
11:00am-12:00noon
Trends of the Middlesex Region Industrial, Lab, Retail, Office
Networking with Attendees and Speakers
Register today for $79, M3 and BACC members $59
Vendor Sponsors
Contact Rick Kaplan, 800-654-4993, ext. 247
[email protected] or Stephanie Cronin,
[email protected] Register at www.m3coalition.eventbrite.com
Sponsorship and Speaking Opportunities Available.
New England Real Estate Journal
10A July 14 - 20, 2017
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RINGUETT OF THE STUBBLEBINE COMPANY REPS TENANT
Brawley, Woelfel and Jacoby of Colliers handle 128,000 s/f lease
45 Patton Ave. Wakefield, RI
Pric eR edu ced
Colliers International’s Southwest team has leased the fully vacant, 128,000 s/f industrial proper-
HUDSON, MA
Listed for $348,500 Former doctors office approved for multiple commercial uses. Includes full office space on 1st floor and two 2nd floor residential apartments. This building is located near the center of town just off the intersection of Route 108 and Main Street. R. D. Denelle and Company, Inc. Realtors
2935 Tower Hill Road, Box 130, South Kingstown, RI 02880 Contact Denny Denelle,
[email protected] office: 401-783-7777 cell: 401-932-9900 www.denelle.com
Steve Woelfel
Kevin Brawley
ty at 4 Bonazzoli Ave. to CPI Radant, a division of Communication & Power Industries (CPI), specializing in the design, manufacture and testing of radomes, antennas, and composite structures for aerospace, defense and commercial uses. Assistant vice president Kevin Brawley, along with senior vice president Steve Woelfel and exec-
4 Bonazzoli Avenue - Hudson, MA utive vice president Doug Jacoby, represented ownership, Lowfield Realty Group, in marketing efforts for the property, stressing its 30foot clear height, ample parking, convenient 495 access, and other building infrastructure highlights. CPI Radant, who also operates out of Stow and Clinton, Mass., was drawn
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Changes
2017 SUMMIT
Run Date:2-24
Construction Trends in Commercial Real Estate
September 28,2017
Corporate Sponsors
Register today! Early Bird Rate $79 ends September 22 Regular Rate $119 after September 22 Sponsorship and Speaking Opportunities Available. 8:00am-9:00am
Agenda
Networking Breakfast Buffet
9:00am-10:00am
Workforce Update, Insurance Costs, Current Challenges in Commercial Construction, Zoning and Permit Changes
NE NY Tel: 781-878-4540
Alan Ringuett
operation. As part of the agreement, the landlord will provide upgraded power to the building and perform some cosmetic upgrades. “Both ownership and tenant saw this as a mutually beneficial opportunity to achieve their desired goals,” said Brawley. “CPI Radant will accommodate its growth in the region while simultaneously realizing efficiencies through consolidation, and Lowfield Realty will secure a quality, long term tenant with aspirations to grow in the market. Both sides worked well together to make the transaction as seamless as possible.” CPI Radant was represented by Alan Ringuett from The Stubblebine Company.
Golden Egg Concepts hires Adorno as proj. mgr. COLCHESTER, CT At the age of 30, Lind-
Boston Marriott Newton
Contact Rick Kaplan 800-654-4993, ext. 247
[email protected] Register at www.constructiontrends.eventbrite.com
to 4 Bonazzoli’s location as well as its size and existing infrastructure to accommodate an expanding business
10:00am-11:00am
Modular Off site Construction, New Technologies improving Cost and Timeliness, Material Costs
11:00-12:00noon
Networking with speakers and attendees
sey Mathieu left the comfort of her business development position with a prominent Hartford-area construction management firm to embark upon the unchartered waters of building her own company, Golden Egg Concepts. Golden Egg Concepts, a niche marketing communications consultancy exclusively serving clients in the design and construction market, has hired Hilary Adorno as project manager. “I started Golden Egg during the height of a recession, as I saw people working harder with fewer resources than ever before. Years later, that ‘do more with less’ mentality remains,” said Mathieu. Since establishing the business in August 2010, Mathieu and a closeknit network of strategic partners has provided strategic planning, graphic design, marketing communications, proposal preparation, public relations and website development services for architects, engineers and contractors – collectively referred to as the ‘AEC’ industry in which she so specifically concentrates.
New England Real Estate Journal
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CRACK SEALING
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July 14 - 20, 2017 11A
SEALCOATING
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New England Real Estate Journal
12A July 14 - 20, 2017
Over 50 years of commercial real estate
Celebrity Professional Profiles at your fingertips
Antonio Tambone
Donald Saunders
Edmond Dagnino
TO MAXON PRECISION MOTORS FOR NEW HEADQUARTERS
Minnerly and Osvold of NAI Hunneman handle 6.78 acre sale TAUNTON, MA NAI Hunneman recently completed a 6.78 acre land sale to Maxon Precision Motors for a new
Cathy Minnerly
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U.S. Headquarters facility at The Business Park at Myles Standish. The Swiss-owned company is relocating from Fall River. The sale marks the first corporate user at the business park, with plans to initially construct a 55,000 s/f building for product manufacturing and distribution, with the ability to expand to 100,000 s/f. Maxon will be transferring its current Fall River staff of 40 employees and plans to add a minimum of 50-75 new jobs within the next 5 years. The company officially broke ground on the facility on June 22, and hopes to be up and running by June of 2018. Executive vice president Cathy Minnerly and vice president Ovar Osvold represented the seller, Mass Development/Taunton Development Corp., while Maxon was represented by Bernard Giroux from Giroux & Company. “The site is an ideal location for a Maxon’s Headquarters as it offers direct access to major highways, access to a deep and talented labor pool and all the infrastructure to construct a world-class facility,” said Minnerly.
Rendering of Maxon Precision Motor’s new headquarters - Taunton, MA
HFF secures $80m in acquisition financing & advises on the sale of Suffolk Downs for HYM Investment Grp. Holliday Fenoglio Fowler, L.P. (HFF) has secured $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere. Working on behalf of the borrower and buyer, The HYM Investment Group, LLC, HFF placed the shortterm, floating-rate loan with Bank of the Ozarks. Additionally, HFF acted as an advisor to the buyer in the transaction. Suffolk Downs is located four miles from Boston’s downtown commercial core.The site comprises 108.8 acres in East Boston and 52.4 acres in Revere and is adjacent to Rte. 1A, allowing access to downtown and Logan International Airport. The transit-oriented property is also served by two MBTA
EAST BOSTON, MA
Blue Line stations, Suffolk Downs and Beachmont, providing access to downtown. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer of 2018. The HFF team was led by executive managing director John Fowler, managing director Anthony Cutone, director Jennifer Keller and associate Andrew Gray. “We are thrilled to be involved in the capitalization of one of the largest and most exciting mixed-use projects in East Boston and Revere,” said Fowler. “HYM is undoubtedly the right team for the project, and to work with the local communities to bring much needed transit-oriented housing, retail, amenities and businesses to the area.”
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New England Real Estate Journal
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July 14 - 20, 2017 13A
Referral Network This Week’s Real Estate Specialist- West Hartford, CT www.brodercommercial.com 43 North Main Street West Hartford, CT 06107 860-249-1540
ARRANGED BY SANTIAGO - A 5-BUILDING PORTFOLIO OF 40,000 S/F
SVN | Parsons Commercial Group completes leases at 88 Elm St.
Firms appearing on this page are listed to represent the areas of activity in the New England economic region, and are available to answer your questions regarding investment, financing and/or brokerage opportunities in their area. They are willing to cooperate on all legitimate situations.
Southeastern Mass.
Londonderry, N.H.
508-272-9910 Tony Baldwin, CCIM One Park Place, Plymouth, MA 02360 www.baldwin-realestate.com
[email protected]
Residential, Commercial and Industrial
Cape Cod Mass.
Nashua, N.H.
TINKHAM REALTY
HOPKINTON, MA SVN | Parsons Commercial Group | Boston completed several leases at 88 Elm St., part of a 5-building portfolio of 40,000 s/f on 7 acres located near the I-495 onramp. Commercial real estate advisor, Marilyn Santiago, Marilyn Santiago was hired to lease up the flex, office and warehouse properties. “We have completed over 13,000 s/f of leases and brought Building C up to 100% occupancy,” said Santiago. “We have just one suite left in the entire park - a traditional flex unit consisting of 6,400 s/f of warehouse and office space,” said owner, Finley Perry. Building Blocks Academy, a local childcare center for children ages 4 weeks to 6 years old, expanded and leased 7,500 s/f, including an outside playground area. They were left with 5,000 s/f and they began the search for a tenant that would complement the childcare center. They immediately leased the space to Kartwheel Kids who was looking to expand their current business already
located in town. Kartwheel Kids was seeking to offer more classes and add a second location for a larger range of age groups. 88C Elm St. fit perfectly next to Building BlocksAcademy with ample parking and the landlord’s flexibility to create a gym out of previously used office space. “The spaces that were vacant needed to be re-positioned, the layouts were not conducive to what tenants are
seeking nowadays, such as more open areas and less offices. The ownership’s willingness to think creatively was a strong factor in being able to lease the spaces quickly,” said Santiago. Also new to the park is Sign Systems Solutions who leased office space at 88A Elm St. Sign System Solutions specializes in signage programs for healthcare, educational, and corporate clients.
1550 Main St., Ste.104, Springfield, MA 01103 413-736-8338
West Hartford, Conn.
Cheshire, Conn.
Northern Rhode Island
Route 102, Londonderry, NH 603-432-7769 / Fax: 603-434-1545 www.tinkhamrealty.com email:
[email protected]
René L. Poyant, Inc. REAL ESTATE MANAGEMENT
PROLMAN REALTY 100 Elm St. Nashua, NH 603-880-6655
Post Office Square, 20F Camp Opechee Rd. Centerville, MA 02632 508-775-0079
[email protected]
[email protected]
Western Mass.
Portsmouth, N.H.
Macmillan and Son, Inc.
Commercial, Industrial, Investment Real Estate Services
88 Elm Street - Hopkinton, MA
www.brodercommercial.com
BERETTA REALTY CO. Since 1965
43 North Main Street West Hartford, CT 06107 860-249-1540
We Cover the State 330 South Street, Cheshire, CT 06410 203-234-9000 / Fax 699-9316
Connecticut River Valley
Milford, Conn.
Also Serving NH & VT
Arnold Peck’s
SALES • APPRAISALS DEVELOPMENT -401-724-7980
[email protected] 869 Smithfield Ave., Lincoln, RI 02865
Providence, R.I.
A
The Kane Company 603-430-4000 netkane.com
Worcester, Mass.
Southern New Hampshire
446 Main Street, Suite 2200 Worcester, MA 01608 Commercial-Industrial Div. 508-755-0707 www.kelleher-sadowsky.com
Res/Comm’l/Ind Consultants One Verani Way, Londonderry, NH 03053 603-845-2500
Space Available
Central New Hampshire
veranicommercial.com
Brenda Litchfield, CCIM
To list your company call Karen Dowell 781-878-4540 x254
[email protected] nerej.com
Concord Commercial, LLC
Burlington, Mass.
Hanover/Lebanon, N.H.
2½ Beacon Street, Suite 159 Concord, NH 03301
603-225-3200
[email protected]
McLaughry Commercial
Independently Owned and Operated / em e he Cushman & Wakefield Alliance
Commercial Real Estate
www.townandcountryrealty.com
[email protected]
680 Boston Post Rd., Milford, CT 06460 203-877-1345 / Fax: 203-877-6090
[email protected]
146 Westminster Street, 2nd Floor Providence, RI 02903 401-273-1980/Fax 421-4207 www.hayessherry.com
Vermont
South Windsor, Conn.
Warwick, R.I.
800-542-5188
55 Cambridge St., Burlington, MA 01803 781-272-2899 www.rjkellycompany.com
Bruce Waters 93 S. Main St., W. Lebanon, NH 03784 603-298-8904
Andover, Mass.
Bedford, N.H.
Formerly kn
Vermont’s Commercial Real Estate Leader Since 1987
Sales & Leasing Buyer/Tenant Representation Site Selection
29 Church St.,Burlington, VT 05401 802-878-9000, www.jldavisrealty.com
Mark F. Butler, Specialist
Residential & Commercial • Sales & Leasing
800-292-1102
950 Sullivan Ave., #19 South Windsor, CT 06074
[email protected]
www.ButlerRealty.us or email Jeff Butler at
[email protected] Trusted Real Estate Service Since 1977 401-886-7800
Ron Fredette, CCIM, CIPS 138 River Rd., Andover, MA Office: 978-475-2111 Cell: 603-540-4489 Email:
[email protected]
116 South River Road Same photo as New Photo Bedford NH • 603-668-7000January 28 Deer Street Suite 301 Coldstream Office Park 175 Lincoln Street • Manchester, NH Portsmouth, NH • 603-431-3001 Newly redeveloped 2,550+/- SF office/industrial 116 South River Road • Bedford, NH unit New windows, natural timber columns Several Class A office units avail for immed occup. throughout, sandblasted walls, wood ceiling and Units vary from 911+/- SF to 2,181+/- SF, & a www.nainorwoodgroup.com is handicapped accessible One loading dock. 3,899+/- SF stand-alone building . Units can acLease Rate: $7.50 psf, nnn. Norwood for details.
Call Chris
Same photo as January Ridgewood Road & Palomino Lane Bedford, NH
New construction of a 20,200+/- SF state-ofthe-art, Class A medical/professional building
commodate a variety of users. Lease rates vary. Some units broker owned. For more info, call Louise or Chris Norwood.
Same photo as January
225 Lowell Road • Hudson, NH
Several retail & office units from 950-1,700+/SF available on busy Route 3-A across from the
Same p Janu
15 Constitution D
Several Class-A offic 1,771+/- SF to 4,542+/ able in one of Bedford with convenient on-si Lease rate $17.00 psf $1.50 psf for electric). tact Perry Snow or J
Same p Janu
227 Lowell Roa
1,300+/-SF bldg on an a include restaurants, off
New England Real Estate Journal
14A July 14 - 20, 2017
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Vantage Builders renovates Locus Robotics’ 15,000 s/f headquarters WILMINGTON, MA Vantage Builders, Inc. has renovated the new corporate headquarters of Locus Robotics at 301 Ballardvale St. “Locus Robotics is one of the most innovative companies that we’ve encountered and we enjoyed working closely with them on the renovation,” said John Connor, principal ofVantage Builders. “By taking a design-build approach to this project, we were able to shorten the schedule, reduce costs and ensure Locus Robotics’ satisfaction with the new office.” Locus Robotics needed new office space to accommodate recent growth driven by increased demand for its innovative autonomous e-commerce fulfillment robotics products. The company secured 15,000 s/f of firstclass office space on the first floor of its current building. The new location eliminated the need for a disruptive, larger scale move but required significant work before move-in. Building ownership, Berkeley Management, hired Vantage Builders for the 15,000 s/f project. The project began with selective internal demolition and building of new internal walls to prepare the space for the layout created by Sierra Architects.Vantage built out or renovated 17 offices and 50 workspace areas. Four new conference room, each outfitted with A-V equipment, can host a range of meeting sizes, from 6 to 20 people. Visitors and employees are met with a new, inviting reception area that highlights Locus Robotics’ branding. The office areas feature all new light-
ing, ceilings, paint, floor finishes, glass walls, and custom millwork. A new pantry and kitchen area provides a location for employees to congregate to eat and have some needed downtime. The pantry has a welcoming feel, with a luxury vinyl tile (LVT) floating floor, cloud ceilings, custom banquet seating, and
quartz island counters with waterfall details. The office features a dynamic and fully operational robotics demonstration area. Designed like a warehouse, the demo features the autonomous LocusBots performing the e-commerce automation tasks they conduct in their real world warehouse environments.
Shoss joins Bulfinch Cos. as V.P., director of marketing NEEDHAM, MA According to The Bulfinch Companies, Inc., Katherine Shoss has joined the firm as vice president, director of marketing. In her new role, Shoss is responsible for strengthening awareness of the Bulfinch brand and its portfolio of properties through the strategic implementation of traditional and digital channels for brand engagement and visibility. “Kate’s long-standing experience in Boston’s architecture, engineering and construction industries, coupled
with her successful track record of leveraging strategic marketing tactics for repositioning properties, will be an asset to Bulfinch as we continue to enhance the value of and expand our portfolio with future acquisitions,” said Eric Schlager, CEO of Bulfinch. Shoss will utilize her previous experience to direct all marketing efforts including brand strategy and implementation, public relations, industry and special events, social media, digital marketing and awards.
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New England Real Estate Journal
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July 14 - 20, 2017 15A
New England Chapter
The most prestigious designation for office industrial real estate with 2,700 members internationally
New England Chapter President Timothy Brodigan, SIOR
www.siorne.com
Colliers International Boston, MA
ON THE 2017 COMMERCIAL REAL ESTATE MARKET ON JUNE 8
SIOR New England and NAIOP host mid-year market review BOSTON, MA The New England Chapter
of the Society of Industrial and Office Realtors and MA NAIOP held its mid-year market review on the 2017 commercial real estate market at the Boston Hyatt Regency on Thursday, June. Here is a summary from a panel of experts of the relevant points as it relates to 2017 and the economist Hans Nordby of CoStar Portfolio Strategy.The panel of experts included Andrea DeSimone, CBRE on retail; Evan Gallagher, Colliers International on Cambridge and suburbs; Sue Hawkes of The Collaborative Cos. on multi-family; Ben Heller of JLL on downtown office and Ed Maher of NGKF on the capital markets. The Economy: Corporate growth margins are now durable and there is no foreseeable recession. Small businesses are excited and the unemployment is at a 17 year low. 45% of all jobs come from small business. The unemployment rate is real low. We need to slow down because there will be no one left to hire. We will have wage growth. Another driver is that we need more housing. There is a shortage. The U.S. had 1.4 million units built per year and it’s now half. We have worked off the excess but we don’t have enough inventory. There is not enough for sale. Boston housing has a shortage but housing is expensive here so it drives the apartment demand. Risks: First, the Trump administration policies. The executive arm doesn’t have much power to enact changes. You need Congressional approvals. We are in the longest economic cycle. The average cycle lasts 5.4 years and we are over 8 years. We have a chance in 3 years to be in a recession but Nordby’s model has failed twice on predicting recessions so who knows? However the next recession will be milder. Second, What will cause the next recession? Nordby thinks technology, cyclical, venture capital dollars are decreasing and there is less cash going into technology. Capital Markets: Nordby thinks values are bobbling. Boston sales index is increasing but not as fast in the last years especially in multi-family which is not as great. The trading volume in Boston is about the same as last year and the same amount of square feet. It will lead to more stable values. Apartments: The U.S. vacancy rates are predicted to be 30 basis points higher next year. Permitting activity has pulled back. Suburban Boston and Cambridge apartment inventory is very tight and expensive for consumers. The Boston vacancy is tighter than the U.S. average but is getting a little more inventory but
permitting is dropping and vacancy is predicted to go down. We are close to the U.S. average and it’s easier to retain young workers. The rents of 35% of U.S. apartments required consumers to make $70,000 annual income and 57% of renters have to make over $100,000 a year to afford the rent. Most Millennials don’t make $100,000 a year. Boston inventory was 17% growth versus U.S. at 11% so we built more in the U.S. Boston has little supply at the lower rent range. Office: U.S. inventory is tight and has a rosy picture. Vacancy is below the average vacancy. Permitting is pulling back to be disciplined. The type of space being demanded is different. There is high demand for higher class space but there is slow construction activity because costs are high and land price is high. Rents aren’t penciling due to high costs so there is low construction activity and therefore very old office stock. Retail: Boston retail forecast suggest that rents are up 12% for high level locations but 10% of space is in very tight demand while 90% of retail space only has average demand. After Nordby the panelists then gave a 10 minute summary of their sectors. Multi-Family: “Place making” is the difference of this cycle vs. other cycles. We have price appreciation. Rents are only appreciating by 2% this year while last year it was 5%. There has been more construction and more micro-units that have curbed the rent increase. Smaller is better but now amenity wars are critical. It’s all about services and not just about space. Sales are better with service supplied complexes than rentals with services. Services are including concierge, valet, etc. Co-habitating is going well. Fitness centers aren’t has popular since people want specialized fitness such as cross-fit and kickboxing. So gyms are getting smaller in apartment buildings. Suburban housing residents are expecting condos to deliver more in services when they move back into the city. They don’t need as much space since they aren’t moving all their furniture back into the city. Boston rental rates are high as new construction costs will drive rents to $4,000-6,000 per month for high-rise units. It’s a tough market for most people to afford. Studios at $2,000 per month are considered exceptional value. That is a tough rent to afford and the studios are going up in rent. New construction units will be at $5,000 per month or more. Condos at $3,000 per s/f are not sustainable and is unbelievable but the cost of construction is the highest in Boston for the U.S. Even $1,500
per s/f sales can’t be affordable here. There is also a neighborhood “buy” mentality that is impactful on decisions and drives what is being built and where. There is also a great deal of out-of-state consultants during this last growth cycle and an influx of out-ofstate developers, designers, architects, consultants that have different ideas and have influenced the appearance of buildings. Mid-Rise Luxury Condos:A midrise is considered 6-10 stories with full amenities but it isn’t high rise. Mid-rise is hot from $1200-1500 per s/f sales price and it’s affordable than hi-rise luxury. You still need parking especially for 2 bedroom owners. Parking is driving the unit sales. Complexes at mass transit locations is good but you still need parking. Somerville is a big demand market. Conclusion: It is good have foreign capital here but the challenge is controlling it. East Boston is over $800 per s/f in sales price and is the new frontier. The BackBay is $1282 per s/f. You can sell a lot of $3,000 per s/f units. You need mid-rise at $1200 per s/f. We need more affordable units both for sale and rent. The next panelist then proceeded with retail review. Retail Market: Sears, Payless Shoes, JC Penny, Radio Shack, etc. have announced closing of stores and that number is growing. Leadership is changing as CEOs are being let go. Who is doing well? HomeGoods, Marshalls, TJ Maxx. They created a demand and you can’t buy on-line. Walmart is doing well and they just bought Jet for home deliveries. On-line is not slowing down. E-Commerce in 2016 comprised 25% of purchases versus 13.7% in 2010. E-Commerce is growing and can’t be stopped. It’s convenient. Amazon has a bookstore at Legacy Place. How will Retail survive? Retailers will have to invest in technology and in-store experience has to be enhanced. Waiting for consumers to come to the store and buy is now a dead idea. You need a connection with the consumer and an emotional attachment to draw the consumer to a store. The restaurant scene is robust and are new anchors. They aren’t hurt by the internet. You have to go to a restaurant to eat. The only threat is a shortage of good restaurant labor. Starbucks just opened a 43,000 s/f roastery in Chicago and it’s the largest in the world. It serves beer and wine and has bicycles for sale. Centers today need new paint, new planters, etc. to update retail before a retailer shows up to lease. Boston will be “alright” in the retail world. For full story visit nerej.com
Robert J. Nahigian FRICS, SIOR, CRE, FRICS, MCR 335 Auburn St., P.O. Box 66125 Newton, MA 02466 Tel: 617-332-6900, Fax: 617-965-2570
[email protected] www.siorcre.com
Auburndale Realty Company Since 1949
Worldwide Commercial Real Estate Services
Ernest C. Wronka, SIOR, CCIM, GRI The District, 1500 District Ave. Burlington, MA 01803 Tel: 781-229-2233
[email protected] www.wronkaltd.com Garry R. Holmes R.W. Holmes Realty Co., Inc. 321 Commonwealth Rd. Wayland, MA 01778 Tel: 508-655-5626 Fax: 508-651-3415 www.rwholmes.com
R. W. H OLM ES REA LTY C O. , INC .
Thomas O. Sweeney, SIOR Sweeney Real Estate & Appraisal 170 Westminster St., Ste. 750 Providence, RI 02903 Tel: 401-331-9300 Fax: 401-331-9306
[email protected] FedEx Ground DC, Natick MA
Expect Challenge. Achieve Distinction. Design / Build Services: Project Test Fits | Project Programming | Project Estimating | GMP Pricing Construction Documents | Construction Services | On-Time Occupancy
Chuck Reilly 16 Huron Drive, Natick, MA 01760 Tel: 508-651-3600 Dacon Corporation | 16 Huron Drive, Natick, Massachusetts 01760-1337 | 508 651 3600 | www.dacon1.com Fax: 508-655-2229 www.DACON1.com
Michael J. Giuttari, SIOR George Paskalis, SIOR Tel: 401-751-3200 Toll Free: 877-751-3201 www.mgcommercial.com
Karl F. Sherry, Jr. Peter C. Hayes Jeff Finan 146 Westminster St., 2nd Fl. Providence, RI 02903 Tel: 401-273-1980 Fax: 401-421-4207
Independently Owned and Operated A Member of the Cushman & Wakefield Alliance
Michael Giancola SIOR, CCIM 3131 Cranberry Highway E. Wareham, MA Tel: 508-759-3030 www.southeastcommercialre.com
2017 New England SIOR Chapter Officers President
Timothy Brodigan Colliers International
Vice President
Michael Giuttari MG Commercial R.E. Services
Secretary
George Paskalis MG Commercial R.E. Services
Treasurer
Katherine Williams Kane ReloLogic and Maestro Consulting
Listings are a smart way to advertise your business.
Contact Patty Colman,
[email protected] Karen Dowell,
[email protected] 781-878-4540
New England Real Estate Journal
16A July 14 - 20, 2017
nerej.com
Thru the Years ne
New England Real Estate Journal
Anglo Irish Bank acquires and provides financing for $33.9m office/retail property
JLL Capital Markets close $12.25m sale of Four Liberty Sq. Volume 55
Issue 28
nerej.com
July 8 - 14, 2016
1 Year Ago
Casimir Groblewski arranged the debt and the equity portions of the capital stack for the project. SEE LOWER COVER OF SECTION B
Shawmut celebrates topping off of $88 million Brown Univ. project
buildings in the “Packard Crossing” area, containing 763 residential units and more than 300,000 s/f of commercial space. The three newly-designed adjacent developments, 40 Malvern St., 79-83 Gardner St. and 45-55 Brighton Ave., will add another 162 residential units, 20,000 s/f of commercial space, and covered parking for 265 vehicles. When the additions are completed, Hamilton’s holdings in “Packard Crossing” will total 965 residential units and 320,000 s/f of commercial space. David Hacin of Hacin & Associates designed both the 45-55 Brighton Ave. and the 79-83 Gardner St. projects. The 40 Malvern St. project was designed by Dennis C. Rieske of Developmental Resources. Hamilton is one of the city’s largest, privately-owned real estate companies. Its overall holdings in Boston total 5,500 residential units and more than two million s/f of commercial space. Nevertheless, Brown currently has his sights firmly set on Allston. “Allston is a great place to live,” said Brown. “Our goal is to make it even better.” •for full story visit nerej.com•
Drinkwater of Marcus & Millichap recognized by Real Estate Forum for work in retail real estate The 80,000 s/f School of Engineering research building was designed by Kieran Timberlake. SEE LOWER COVER OF SECTION B
4 Sections 84 Pages Editorial Page .............................. 4A C. Todreas..................................... 4A Referral Network ...................... 13A SIOR News ................................. 16A Financial Digest ...................SEC. B Appraisal & Consulting ........7-14B Rhode Island ......................... SEC. C Billboard................................SEC. D
nerej.com
According to Marcus & Millichap, Laurie Ann “L.A.” Drinkwater of the firm’s Boston office has been recognized by Real Estate Forum magazine for her achievements in the retail real estate sector, according to Laurie Ann Tim ThompDrinkwater son, regional manager of the Boston office. Drinkwater, a vice president investments and director of Marcus & Millichap’s National Retail Group and Net Leased Properties Group, was recognized for closing 25 transactions
BOSTON, MA
valued at over $139 million in 2015. She specializes in the sale of singleand multi-tenant retail properties and development sites throughout the Northeast U.S. Drinkwater holds the Certified Commercial Investment Member (CCIM) designation, is a member of the International Council of Shopping Centers (ICSC), a member of the CCIM New England chapter, and is a past president of the CCIM Connecticut chapter. “L.A. is a top quality agent with a 30-year track record of success in commercial real estate. There is no one more committed to the success of the client than L.A., and there is no one more deserving of this honor than she,” said Thompson.
july
July 13-19, 2007
HI-LIGHTS Braun of UMF sells Huang’s 12-unit building for $1.185m of United Multi Family brokered the sale of a building at 218-220 Middlesex Ave. in Medford, Mass. for $1.185 million.
JASON BRAUN
SEE PAGE 14A.
Conrad Group sells 19,000 s/f industrial building for $1m
Rendering of Packard Crossing at Brighton Avenue - Allston, MA
Founder’s Message Real estate is still the best investment Should what happens in England effect what happens in the USA? Not really, but apparently it does as the stock market took a pretty large dive. If you came upon an extra thousand, ten thousand, or even maybe a hundred thousand, where would you safely invest it?You could buy a bunch of scratch tickets and scratch. Your chances of making a profit might be Roland Hopkins one in ten. You could go to the horse race track and bet only on the favorite in each race. Lots of fun, but the favorite only wins 33% of the time and pays little. You could buy a race horse, but then have to feed him, vet him and find a place for him or her to live (I tried that one). How about investing on the stock market – only blue chip stocks? How could you lose? Oops. England breaks wind and the market crashes the very next day. Hey, I got an idea. How about buying a piece of real estate? If it’s a small building on a small piece of land, guess what, you insure the building, and even if it burns down, you’re covered, and the land will still be there a hundred years from now – and even longer. So what’s the best investment you can make? Real estate! Now I will tell you an interesting and true story. I never invested in real estate because I honestly felt it would be competing against my own clients. But I did meet some smart young brokers who when offered a discounted commission on a sale, the discount going into a small ownership of the property, between ten and twenty years later those patient investors woke up very rich. They invested in real estate that never went away and never will go away. Can you imagine the Colosseum in Rome being remodeled into condos? I’m not suggesting to Warren Buffet to sell all his stocks and buy real estate. But speaking of Warren, probably the smartest man in our world, didn’t he open some real estate offices all over the country a few years back. Hmm...I wonder what he was thinking. Roland Hopkins is founder of the New England Real Estate Journal, Norwell, Mass.
WEEKLY COMMERCIAL/INVESTMENT NEWSPAPER
Bayview Financial completes renovations on 80,000 s/f, 12-story 185 Devonshire St.
Hamilton Co. files plans with BRA for an $85m mixed-use development ALLSTON, MA Harold Brown’s Hamilton Company has filed plans with the Boston Redevelopment Authority for a three phase, $85 million mixed-use development encompassing more than 2 acres of the city. When integrated with its 24 existing holdings in the Packard Corner area, the new streetscape will transform the area into an affordable “home destination” for renters currently priced out of the city’s increasingly expensive housing market. Brown wants Packard Corner, once home to a long-defunct automaker, to be re-named as “Packard Crossing,” predicting that families and individual renters will “cross-over” intoAllston from other parts of Boston and beyond. Hamilton’s “Packard Crossing” streetscape will extend from Commonwealth to Harvard Aves. with Brighton Ave. as the major interconnector. Hamilton’s goal is to re-invest “in excess of ” $100 million in the area and create a new paradigm for Allston that will “bring Boston to Allston,” said Brown. Since its founding by Brown 62 years ago, The Hamilton Co., with headquarters at 39 Brighton Ave., has acquired and/or developed 24
THE LARGEST
Scott, Robinson, Close and D’Amato of Apartment Realty Advisors sell 124 units
NAI HUNNEMAN IS SOLE BROKER FOR 30 OFFICE CONDOS AND 3 RETAIL CONDOS
THREE PHASE PROJECT AT 40 MALVERN ST., 79-83 GARDNER ST. AND 45-55 BRIGHTON AVE.
Fantini & Gorga arranges $ 16.4m for North Common Estates project
FEATURING RHODE ISLAND
FEATURING F.D.
Quick Read
An affiliate of Atlas Real Estate Partners purchased the 26,000 s/f office and retail building. SEE PAGE 6A
NEW ENGLAND
OVER
3.2
3.2 OVER
ROBERT SENNETT purchased 149 King St. in Hanover, Mass. for $1 million. The 4-acre property contains a 19,000 s/f single-story building. SEE LOWER COVER, SEC. MASS.
Cregans of Paramount Props. sell 2 industrial buildings DANIEL AND JOHN CREGAN of Para-
mount Properties Group have sold 2 buildings totaling 29,048 s/f for $615,000 and $970,000 respectively.
SEE LOWER COVER, SEC. R.I.
Also inside:
5
Editorial Page ....................6A B.Berliner, R.E. Planning ..6A Financial Digest............SEC B Appraisal .....................15-26B Massachusetts .............SEC C
sections, 148 pages Spotlight ....................... 7-18C Project of the Month ...12-13C Rhode Island ................SEC D RIBA ................................. 24D N.E. Billboard ............... SEC E
BOSTON, MA Bayview Financial, L.P.,
has purchased an 80,000 s/f office building at 185 Devonshire and
10 Years Ago
Jeff Becker began doing something that has not been done in Boston since the early 1980s. The FL based firm is now giving local businesses the option to buy prime Boston office space by converting the12-story Financial District landmark into office and retail condominiums. Bayview Devonshire LLC, a wholly owned subsidiary of Bayview Financial, L.P. has invested several million dollars to turn the building into 30 office condos and 3 retail condo units, hoping to replicate earlier success it enjoyed with similar concepts in South Florida. The Boston office market is heavily comprised of office users, which occupy 1,200 – 8,000 s/f, and 185 Devonshire speaks well to this audience by offering an abundance of 1,100 – 6,300 s/f units. Additionally, small investors interested in owning office space as a long-term investment and rental vehicle are showing interest in buying blocks of space. Bayview has retained NAI Hunneman Commercial as the exclusive sales agent. “This is an exciting opportunity for small-to-midsize firms to own space at a building that has a superior Boston location, turn-of-the-century charm and all the latest amenities,” said Jeff Becker, senior vice president of Hunneman, who, along with colleague Bob Fitzgerald, also a senior vice president, is leading Hunneman’s sales efforts. Built in 1914 in classic revival architecture style, 185 Devonshire St. has undergone previous extensive renovations in 1986 and 1992. The day-to-day operations and maintenance of the building will be provided by professional on-site management.
Plunkett, Minnerly and Bryer of C&W lease 85,000 s/f on behalf of Campanelli On behalf of Campanelli Companies and CommonFund, Cushman & Wakefield leases Bos-
BOSTON, MA
25 Years Ago
J.P. Plunkett
Jason Bryer
ton Business Park at Rte. 128 totaling 85,000 s/f. CSN Stores will be relocating from South Boston this
Cathy Minnerly spring. C&W’s senior directors J.P. Plunkett and Cathy Minnerly and associate Jason Bryer represented the landlord. Richards Barry Joyce & Partners represented the tenant. Business Park at Rte. 128 is located at 100 Meadow Rd. It can accomodate users needs from 50,000-800,000 s/f.
45 Years Ago
Newsletter
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Newsletter
New England Real Estate Journal
nerej.com
July 14 - 20, 2017 17A
News Outside the Region Walker of Arbor Realty Trust handles four loans totaling $48.808 million
Breslin Rlty. celebrates Blink Fitness grand opening in Philadelphia
Hunt Mortgage Group provides $23.5m loan for two Atlanta properties
Kaufman Dolowich & Voluck opens new office in Philadelphia
Heiss of Largo secures financing for medical office portfolio–$18.1m
HAMMOND, LA Arbor Realty Trust, Inc.
PHILADELPHIA, PA
Breslin Realty recently celebrated the grand opening of Blink Fitness at 330 W. Oregon Ave. in Whitman Plaza. Blink Fitness opened to the public on Tuesday, June 6th, and is occupying 14,000 s/f of the shopping center. The transaction was arranged and negotiated for the landlord by Robert Delavale of the Breslin Organization. Blink Fitness is a budget-friendly gym owned by Equinox Fitness, with over 50 locations in the northeastern U.S.
ATLANTA, GA Hunt Mortgage Group provided a first mortgage bridge loan in the amount of $23.5 million to refinance The Marquis Brookhaven Portfolio that consists of two multifamily properties. The borrower is Terraces at Brookhaven, LLC. The new bridge loan will refinance the existing debt and preferred equity on Terraces at Brookhaven, a 244-unit garden-style multifamily complex. The financing will also be used to acquire and partially renovate Northeast Terrace Apartments, a 100-unit garden-style multifamily complex. The loan is structured as a 36-month floating rate loan with two one-year options to extend. The loan is interest-only for the entire term.
PHILADELPHIA, PA Kaufman Dolowich & Voluck LLP (KDV), a leading national law firm, has opened an office in Center City. KDV also has an office in Blue Bell, PA that opened in 2000. PhilipVoluck and Gregory Hyman, who currently co-manage the Blue Bell office, will also co-manage the new office. According to Voluck, who joined KDV in 2000 to open the Blue Bell office and is co-chair of KDV’s Labor and Employment Law practice group, “Having a downtown office in addition to our suburban presence provides flexibility for our clients and attorneys who do business in Philadelphia and South Jersey.” KDV’s two Pennsylvania offices primarily focus on the same practice areas as KDV’s other offices, namely, defense litigation with a focus on professional liability.
TORONTO, ON
has completed the recent funding of four loans totaling $48.808 million: • Tangi Lakes Townhomes, a 185unit multifamily property, received $13.471 million funded under the Fannie Mae DUS Loan product line. The 10-year loan amortizes on a 30year schedule. • A 32-unit multifamily property in Bridgeport, Conn. received $1,880,000 funded under the Freddie Mac SBL product line. The 20-year acquisition loan has a fixed rate for 10 years and amortizes on a 30-year schedule. • A commercial property in Westbrook, Conn. received $32.6 million funded under Arbor’s balance sheet bridge loan program. The loan, structured as a three-year interest only floating rate loan with two oneyear extension periods, allowed the borrower to acquire the property and provide Tenant Improvement capital to execute a new long term 10-year lease to H&M, which will substantially improve the operating cash flow •A seven-unit multifamily property in Philadelphia received $856,845 funded under Fannie Mae Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Austin Walker inArbor’s NewYork City office the loans.
G.S. Wilcox arranges $19m for class A office building in Morristown MORRISTOWN, NJ According
to G.S. Wilcox & Co., it has arranged a $19 million loan for the class A office building, 1776 On the Green. The multi-tenant office building stands at ten stories and has a total of 145,358 s/f of rentable space with an additional 1,136 s/f of storage space. 1776 On the Green is located on 67 Park Pl., and is 79% leased. The Morristown-based mortgage banker secured the financing over a 10-year term from Mutual of Omaha, a corresponding life insurance company lender of the firm. Gretchen Wilcox, president; Al Raymond, principal; and Wesley Wilcox, senior associate, handled the transaction.
Cronheim Mortgage arranges $17 million for two Louisiana properties SHREVEPORT, LA According
to Cronheim Mortgage, it has arranged $17 million in financing for two multifamily properties: Pier/Landing and Sherwood Place in Baton Rouge. Structured with 10-year terms at a fixed rate of 4.00% and 30-year amortizations, the financings were placed with the United States Life Insurance Co. and the Variable Annuity Life Insurance Co., on behalf of whom Cronheim acts as correspondent and servicing agent. Dev Morris, Andrew Tsukamoto, and Andrew Stewart originated and closed both loans. The subjects are one- and two-bedroom garden apartment complexes. Both properties are owned and managed by the NYC-based Sachs Investment Co.
Griffin Industrial Realty to purchase 277,000 s/f industrial/warehouse bldg. CONCORD, NC According to Griffin Industrial Realty, Inc, it has entered into a purchase and sale agreement for the acquisition of a 277,000 s/f industrial/warehouse building. Under the purchase and sale agreement, the purchase price of the building is $18.6 million, to be paid in cash at closing. The building was constructed in 2015 and currently is approximately 60% leased. This acquisition marks Griffin’s first industrial/warehouse building in the area.
Newsletter
Contos elevated to co-CEO at RE/MAX Holdings, Inc. DENVER, CO According to RE/MAX Holdings, Inc., the company has appointed chief operating officer Adam Contos to RE/MAX coCEO, sharing responsibilities with co-founder and now Co-CEO Dave Liniger. The company is the parent company of RE/MAX, LLC and Motto Franchising, LLC, franchisor of the Motto Mortgage network of mortgage brokerages. The appointment allows Liniger to focus on furthering the company’s leadership position in the industry while driving special strategic initiatives.
T.R. ENGEL completes management of $16m resort renovation project According to T.R. ENGEL Group, LLC, (TRE), it has completed its role as project manager of the $16 million renovation and repositioning of the South Shore Harbor Resort and Conference Center. TRE is continuing as asset manager of the resort. TRE is also assisting joint venture ownership with project management services at the 291-room, new-build InterContinental Hotel at the Minneapolis-St. Paul Airport. The hotel will be connected to the airport.
LEAGUE CITY, TX
Duke Realty to develop 37,000 s/f medical facility
SANTA CLARITA, CA According to Duke
Realty, it will break ground early this summer on a two-story, 37,000 s/f, off-campus medical office building (MOB) on 3.85 acres on the south side of Soledad Canyon Rd. in the Canyon Country neighborhood, which is about 33 miles northwest of Los Angeles. The MOB will be owned by Duke Realty and has been 100% preleased by Facey Medical Group, an affiliate of Providence Health and Services, a not-for-profit Catholic health system.
Gardner Capital partners with SHA and Duvernay & Brooks for housing proj.
SARASOTA, FL According to Gardner Capital, it received a reservation of housing tax credits from the Florida Housing Finance Corp. to help fund the redevelopment of the existing public housing apartments at Amaryllis Park Place in the Newtown neighborhood. Gardner Capital will partner with Sarasota Housing Authority (SHA) and Duvernay & Brooks, LLC to fund and develop Amaryllis Park Place.
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Kevin Heiss, managing director of Largo’s Canadian operations, secured $18.1 million in financing for the acquisition of a medical office portfolio located throughout four cities in Southern Ontario. The portfolio consists of four buildings totaling 140,000 s/f. The tenant mix is well diversified and features over 70 tenants. Heiss arranged a 10-year fixed rate loan with 27-year amortization through one of Largo’s correspondent life insurance companies.
CBRE Capital Markets complete $45 million acquisition of Torre Plaza CUPERTINO, CA According to CBRE Capital Markets’ Debt & Structured Finance team, it has secured $45 million in long-term financing for the acquisition of Torre Plaza, an 88,580 s/f, classA, institutional-quality office building. Shawn Rosenthal of CBRE’s Midtown Manhattan office secured the loan on behalf of the borrower, an affiliate of Harbor Group International, LLC. The ten-year interest-only loan was provided by J.P. Morgan. The three-story property is situated on a 4.2 acre site and is 100% leased to a leading online retailer.
Greystone Brown R.E. Advisors completes sale of 140 units–$6.115m Greystone Brown Real Estate Advisors has closed on the sale of ChaletValley, a 140-unit apartment community, for $6.115 million.Augsburg Investments, LLC sold the asset to Dalton Valley, LLC. Taylor Brown, Walter Miller, Chandler Brown, and Bo Brown of Greystone Brown represented the seller. Chalet Valley is a class B+ garden-style apartment complex with 1-, 2-, and 3-bedroom units and amenities including a swimming pool, laundry and large pet park. The buyer plans to invest $10,000 per unit in renovations.
DALTON, GA
Newsletter
New England Real Estate Journal
Back Page A July 14 - 20, 2017
nerej.com
Cummings is now in Andover 40 Shattuck Road
Location 2,500 to 35,000 SF Available Cummings Properties has expanded to Andover with its acquisition of 40 Shattuck Road. This first-class 120,000 SF office/R&D building features a two-story atrium lobby and an expansive ribbon window system.
Floor Plan
Lobby
Located just off River Road at I-93 and I-495, the property offers convenient access to major highways, and proximity to many desirable amenities, including restaurants, hotels, and daycare.
Corporate neighbors
40 Shattuck Road is located in a thriving corporate center:
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Financial Digest
July 14 - 20, 2017 Section B
Quick Read Cornerstone Realty Capital arranges $8.5 million in financing
SEE PAGE 2B
HFF handles $180 million in financing for One Congress St.
SEE PAGE 4B
Summer musings, possible misgivings - by Pastuszek
SEE PAGE 7B
24 Pages Appraisal & Consulting .. 7-14B Appraisal Institute .........10-11B Counselors of R.E...........12-13B REFA News............................21B
New England Real Estate Journal nerej.com
PROVIDED BY THE WASHINGTON TRUST CO.; FOR REDEVELOPMENT OF PONTIAC MILLS
Doyle of Larew Doyle & Associates arranges $23.6 million financing WARWICK, RI Alan Doyle, principal of Larew Doyle & Associates, arranged $23.6 million in construction/ mini-perm and historic tax credit bridge financing for the redevelopment of Pontiac Mills, a 250,000 s/f multi-building mill constructAlan Doyle ed in 1863 by a textile manufacturer known for fine cotton fabrics marketed under the “Fruit of the Loom” trademark. Designed for 131 loft style apartments and 45,000 s/f of commercial space, this unique redevelopment overlooks the Pawtuxet River and is located close to the Warwick Mall, Rte. 2, I-95 and the TF Green airport. The first phase of this two-phased development will be completed in the first quarter 2018. The developer is Union Mill, LLC, an experienced mixed-use mill developer. The construction and historic tax credit bridge financing is being provided by the Washington Trust Company.
MORTGAGE FINANCING FOR METHUEN VILLAGE AT RIVERWALK PARK
Cunnane and O’Donnell of Fantini & Gorga arrange $18.5 million Fantini & Gorga arranged $18.5 million in first mortgage financing for Methuen Village at
METHUEN, MA
MassDev. issues $15.5m tax-exempt bond for Belmont Day School
BELMONT, MA MassDevelopment has issued a $15.5 million tax-exempt bond on behalf of the Belmont Day School, an independent, coeducational institution that serves students from pre-school through eighth grade. The school is using bond proceeds to build, furnish and equip a 25,000 s/f building it will call “The Barn” that will include classrooms, a gymnasium, common areas and a new driveway. The school will also use proceeds to fund other capital improvements to its campus. Prospect Inc., an affiliate of the East Boston Savings Bank, purchased the bond. “With the variety of upgraded resources available in its new building, Belmont Day School will better serve students and families,” said MassDev. president and CEO Marty Jones.
Jason Cunnane
Tim O’Donnell
Riverwalk Park, a 91-room assisted living residence located on Gleason St. in the downtown area of the city. “We were delighted to have secured this attractive financing package consistent with our client’s objectives,” said Jason Cunnane, senior director at Fantini & Gorga, who with Tim O’Donnell, principal, arranged the financing with a regional financial institution. “The strong historical occupancy and operations at Methuen Village combined with its excellent resident amenities, city center presence, and picturesque setting along the Spicket River attracted strong interest among capital sources.” Methuen Village opened in 2009 and includes a mix of assisted living
Methuen Village at Riverwalk Park and memory care rooms. Located in the heart of the city, Methuen Village is surrounded by a balanced mixture of residential, commercial
and healthcare related uses affording residents easy accesses to the area’s numerous religious, cultural and medical facilities.
CATIC receives a positive SOC 2 report CATIC has received a positive SOC 2 report (Service Organization Controls), a third-party verification that the company’s critical controls are effectively designed to manage the security and confidentiality of its data. This verification provides assurances that the company has proper controls and procedures in place to protect this sensitive data. Given the increasing threats to
ROCKY HILL, CT
the safety of personal and financial information, it is more important than ever that companies effectively manage and safeguard their data. In receiving this positive SOC 2 report, CATIC can provide reassurance to those who interact with the company that they have implemented the systems and processes that are necessary to ensure that data is safe and secure. For full story visit nerej.com
Inside Cover B July 14 - 20, 2017
Financial Digest
New England Real Estate Journal
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(508) 753-1125 Fax (508) 885-3587 NE NY Tel: 781-878-4540
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July 14 - 20, 2017 1B
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Financial Digest
2B July 14 - 20, 2017
New England Real Estate Journal
FOR ACQUISITION AND RENOVATION OF 89-UNIT PROPERTY
Cornerstone Realty Capital arranges $8.5 million in financing
Serving New England’s real estate valuation and consulting needs since 1972 Faneuil Hall Marketplace 4 South Market Building, Floor 4 Boston, MA 02109
NEW BEDFORD, MA Cornerstone Realty
Specializing in counseling and valuation assignments involving investment properties for a wide range of public, private and institutional clients. Services include valuation reports, litigation support, arbitration, tenant counseling and valuation review. David L. Cary, MAI, MRICS Edward K. Wadsworth, MAI Elisha F. Lee, Jr., MAI Scott Rand, MAI
Thomas J. Jensen, MAI Matthew G. Pattison, MAI Gregory Curtis, MAI
For further information contact:
David L. Cary, MAI, MRICS Senior Managing Director
617-451-9110 617-451-0039
email:
[email protected]
website:
www.irr.com
phone:
and an upgraded bathroom. Common areas will be improved as well to include new carpets and updated fixtures.
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
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LOCAL & REGIONAL EXPERTISE:
Since 1994 Spiegel Associates has been involved in arranging financing for eal state related transactions.
CAN FINANCE ANY PROPERTY STRUCTURE:
Property types include: condominium construction, single fa il subdivision, office, retail, assisted living, hotel & specialized properties.
RELATIONSHIPS ARE THE BASIS OF OUR BUSINESS: Whether it is relationships with our capital sources or with our clients, we are constantly striving to improve our dealings.
P
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Capital arranged $8.5 million in financing for the acquisition and renovation of an 89unit apartment property know as The Willows. The property consists of 89 apartment units and is made up of two and Paul Natalizio three-bedroom units. The property has off street parking with 180 parking spaces available throughout the complex. The buildings are wood frame structures with asphalt shingle roofs, vinyl siding, and full basements. Upon completion of the renovations, the apartment interiors will feature updated vinyl flooring, fresh paint, new kitchen cabinets, appliances,
loanS : • Office Buildings • Retail Centers • Industrial Buildings • Apartment Buildings - Agency & Conventional - Bridge Loans
erM anent
ConS
loanS : • Office Buildings • Retail Centers • Industrial Buildings • Apartment Buildings - Agency & Conventional
trU Ction
lanD aCQ U iS ition / D eV eloP M ent / ConS • Subdivisions / Condominiums • Single Family Spec Houses W
inD
&
taX eX
trU Ction
loanS :
S olar enerG y • Construction & Permanent Loans eM P t
B
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/ taX CreD
The city is located in Bristol County with a population of 95,000 people. The city is surrounded by Dartmouth, Acushnet, and Fairhaven with Buzzards Bay to the south. Located 60 miles south of Boston and within 30 miles of Providence and Cape Cod via I-195, the city offers tenants access to these major employment hubs. Nicknamed “The Whaling City” because of its importance in the whaling industry in the early 19th century, the city offers museums to learn about this historic city. Other amenities include Buttonwood Park Zoo, Carabiner’s Indoor Climbing, New Bedford Bay Sox, Whaling City Golf Course, beaches and bike trails. Paul Natalizio, president at Cornerstone, said, “New Bedford is a city with a strong working class. The ease of access to major roadways makes this a desirable location for residents and provides an excellent opportunity for our client to create additional value.” Cornerstone was able to deliver a 10 year fixed rate structure including a 3-year interest only period, followed by 30-year amortization. Cornerstone specializes in structuring and sourcing innovative financing for all property types.
Financial Digest A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
itS
S B a loanS
Publisher Jeff Keller x244
[email protected]
SPIEGEL
ASSOCIATES
Sidney J. Spiegel
617-593-4145
[email protected] Commercial Mortgage Financing
Publisher Jill Graham x231
[email protected]
NE NY Tel: 781-878-4540
Financial Digest
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July 14 - 20, 2017 3B
$ 8 7,200,000 First Mortg ag e Loan for
400 Su mmit Driv e in
Bu rling ton, Massach u setts on b eh alf of
Th e Gu tierrez Company The undersigned arranged the above financing with State Farm Life Insu rance Company , for whom it will service the loan.
Goed ecke & Co., LLC 10 High Street Boston, MA 02110 6 17 -7 9 0-9 000
17 20 Post Road East Westport, CT 06 8 8 0 203 -221-1151
www.goedeckeco.com
Financial Digest
4B July 14 - 20, 2017
New England Real Estate Journal
FLOATING-RATE LOAN THROUGH OXFORD PROPERTIES GROUP
HFF handles $180 million in financing for One Congress St. BOSTON, MA Holliday Fenoglio Fowler,
L.P. (HFF) has arranged $180 million in financing for One Congress St. and
John Fowler
Riaz Cassum
the Government Center Garage, an 11-story mixed-use asset comprising a 1,960-space parking garage with 202,854 s/f of office space and 23,212 s/f of retail space. HFF worked on behalf of the borrower, a joint venture between National Real Estate Advisors, LLC and its Boston-based development partner, The HYM Investment
One Congress Street and the Government Center Garage - Boston, MA
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Member FDIC Member SIF
visit melrosebank.com call 781.665.2500
Group, LLC, to secure the short-term, floating-rate loan through Oxford Properties Group. The HFF debt placement team was led by executive managing director John Fowler, senior managing director Riaz Cassum, Jennifer Keller director Jennifer Keller and associates Xave Jacoby and Chris Thomas. The legal team working on the financing, restructuring and land use matters consisted of four firms: Difede Ramsdell Bender PLLC and Goulston & Storrs represented the borrower and Milbank, Tweed, Hadley & McCloy LLP and DLA Piper represented the lender. “Over the next 10 years, the property will be the location of one of the largest and most exciting mixeduse developments in Boston, while providing unprecedented demand for parking,” Cassum said. “This financing represents the first step in a long-term development plan and the formation of a strategic lending relationship.”
BayCoast Bank promotes Wallace to executive vice president and CFO
SWANSEA, MA According to BayCoast Bank, James Wallace has been promoted to executive vice president and chief financial officer. Wallace has been with BayCoast Bank since 1990. He started as the bank’s and beJames Wallace auditor, came controller in 1992. In 2004, he was promoted to senior vice president, and he became the bank’s chief financial officer in 2006.
a T
Financial Digest
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July 14 - 20, 2017 5B
SOME RECENT FINANCINGS $25,500,000
$13,000,000
603 Concord Ave. Multifamily
Franklin Street Mixed Use
Cambridge, MA
Boston, MA
$16,000,000
$6,900,000
Radisson Hotel Multifamily
4-20 Home Depot Drive Mixed Use
Manchester, NH
Plymouth, MA
Permanent Loan
Permanent Loan
Refinance
Acquisition
FANTINI & GORGA Skillfully Linking Borrowers and Lenders
John R. Gorga • Tim O’Donnell • Heather C. Baldassari Casimir R. Groblewski • Wayne L. Clough • Derek L. Coulombe • Keith Wentzel Jason Cunnane • Chris Miller • Despina Hixon • Jon Garcia • Lindsay Feig 155 Federal Street, Suite 1600, Boston, MA 02110 Tel: 617-897-1149 • Fax: 617-951-9944 • www.fantinigorga.com
NE NY Tel: 781-878-4540
Financial Digest
6B July 14 - 20, 2017
New England Real Estate Journal
TWO VALUE-ADD ACQUISITIONS AND TWO PERM. REFINANCES DON GRIFFIN APPRAISALS Inc. Professional Appraising Throughout New England Donald J. Griffin, MAI, SRA Commercial Real Property Valuation / Consulting Expert Witness, Market Analysis, Eminent Domain Financing, Sub Division, National Credit Tenant Retail, Office, Industrial, Apartment, Mixed Gas-Convenience, Hotel, Restaurant 14 Cottage St., Unit A, Pepperell, MA 01463
978-925-9546
E-Mail:
[email protected]
Colliers International places $85m financing for Atlantic Mgmt. BOSTON, MA Building upon a strong, long-term relationship with Atlantic Management, Colliers International’s
Thomas Welch
Adam Coppola
Capital Markets group has rounded out the second quarter of the year with over $85 million of acquisition financing and refinancing for the investor/developer. The team of Thomas Welch, Adam Coppola, John Poole and Tonia Jenkins secured four loans from four distinct lenders for two value-add acquisitions and two permanent refinances. One refinance included a flexible, customized permanent loan arranged with Brookline Bank for Brook House Condominiums, a 25,267 s/f mixed
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
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Client:
at StonehamBank
They Set It. You Collect it. Rent collection is effortless with ZRent • Ideal for landlords with multiple properties • No more checks or trips to the bank
To learn more visit
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• No more rent payments that are delayed or lost in the mail
Expect More. Get More. Do More. Member FDIC Member SIF
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John Poole
Tonia Jenkins
office/medical condominium project with 114 parking spaces. The second refinance was arranged for One Enterprise Rd. in Billerica, where Nationwide Life Insurance Company provided a 15-year, non-recourse, fixed rate loan on the fully occupied, 162,000 s/f industrial building anchored by household names, MIT and Safelite, among others. Some of Atlantic’s most notable activity of late centered on its newsworthy acquisitions of 135 American Legion Highway in Revere – better known as the NECCO candy manufacturing facility (acquired in partnership with Jim Vitas of VMD Companies), and 50 Otis St. in Westborough – the former Astra Zeneca GMP manufacturing facility. Though future plans for the two sites – a cumulative 1.2 million s/f and 111 acres – are currently undisclosed, Colliers has provided Atlantic with $70 million in bridge financing from LoanCore for NECCO and another $6.5 million from Bank of New England for Atlantic’s purchase of Otis St. “This batch of financing represents a very diverse application of first mortgage debt to address extremely different circumstances best addressed by a highly varied group of bank, debt fund and life insurance company lenders,” said Welch. “We’re thankful for the depth and breadth of Colliers long term lending relationships and particularly for the role we play for this top tier sponsor whose impeccable track record and reputation appeals so strongly to lenders and investors across the full spectrum of capital providers.”
Appraisal & Consulting New England Real Estate Journal July 14 - 20, 2017 Section B
Summer musings, possible misgivings: A few seasonal observations and questions Bill Pastuszek Shepherd Associates
Coming out of a nicely timed July 4th holiday, and one that was much needed according to my informal survey, we move right into the heat of the summer. A few seasonal observations and questions.
factors. Participants also cited a “reduced tolerance for risk” as an important reason for tightening CRE credit policies. Is this harbinger of the future? • The survey indicates tightening terms on multi-family, land development and construction loans. Debt service coverage ratios trended up on multi-families. • Based on several reports and anecdotal evidence, CRE loan demand has been less robust. Commercial
There are many more questions about real estate, real estate valuation and economic matters. There are answers out there; not all of them good ones. But, unsatisfactory answers should spur the questioner to ask more questions, perhaps better questions. In many things, certainly in matters of the economy and in real estate, asking the right questions is as important as the answers sought. The worst case scenarios are not asking questions or accepting facile answers. • It’s a hot market out there but exactly how hot? Are we so conditioned that we continue to chug along and maybe miss something? • Always good to take note that the market, while monolithic at the highest level, has varied gradations and subtleties. That’s what analysts and appraisers are hired to do, to look after the subtleties and provide an accurate, micro view. The view from 30,000 feet can sometime make us blind to what is happening on the ground. • The Mass. Association of Realtors reports that the number of closed homes sales dipped in May while Median Prices (homes and condominiums) hit an all-time high. Something not seen recently. Should we worry? • The Fed’s Senior Loan Officer Opinion Survey on Bank Lending Practices notes that, “on balance, banks reported tightening standards on CRE loans….banks reported tightening most credit policies on CRE loans over the past year. In doing so, banks cited a less favorable or more uncertain outlook for CRE property prices, capitalization rates, and vacancy rates or other fundamentals as their most important
and Industrial (C&I) appears to remain relatively steady, with many bankers willing to be more generous with smaller companies. • Overall car sales are off dramatically from last year. Could this be an area of concern when couple with slow GDP growth? • Overall housing inventory is significantly down from a year ago. MAR reports a statewide 2.9 months of supply, which is probably lower in many close-to-Boston communities. Why aren’t more people selling? • Investor surveys suggest that cap rates are stable or modestly higher across the spectrum. Investors are reported to be cognizant of the potential for additional rate increases and market corrections in response to new deliveries of supply and less pronounced tenant demand. Worried, or, is this a sort of good news item? • Interest Rates. Economic growth is likely to be a strong driver of higher rates. While the Fed indicates a willingness to raise rates, a slow economy may work against that plan, which is “data dependent,” i.e., a work in progress. Working out the results of the quantitative easing is a major task, which will require some
resolve and effort. • Big warehousing, big retail, and big grocery. Amazon is becoming the big disruptor. Again. The company has built huge warehouses, opened bookstores (!), is giving a new meaning to home delivery, and threatens to create a new level of competition in the grocery business. Does this have real estate implications? Oh yes. Think about it. There are many more questions about real estate, real estate valu-
ation and economic matters. There are answers out there; not all of them good ones. But, unsatisfactory answers should spur the questioner to ask more questions, perhaps better questions. In many things, certainly in matters of the economy and in real estate, asking the right questions is as important as the answers sought. The worst case scenarios are not asking questions or accepting facile answers. In any case, let’s talk about this
at the end of the summer. In the meantime, let’s remain vigilant and think about the next opportunity to get to the beach or the mountains. Future column: Looking forward to the issuance of 2018 USPAP. A favorite biennial event, if not for you, certainly for me. Soon I will provide you with highlights for your condensed reading pleasure.
Bill Pastuszek, MAI, ASA, MRA, heads Shepherd Associates, Newton, Mass.
Cyclical patterns and impact on policies in global trade David Kirk
Kirk & Company Current economic commentary includes the forecast of impending cyclical patterns and the impact on the domestic economy of protectionist policies in global trade. Both matters are complex and ever changing. Old algorithms are obsolete. New ones are untested, lacking any record for predictability. However, both have clear intuitive and logical tendencies. The counselors meet in Montreal September 24-27, for the annual meeting, and the agenda allows for the measurement of many of the economic forces ahead with a focus on commercial real estate at home and abroad. Economic cycles have predictable wavelike patterns with labels of expansion and contraction for the peaking and troughing phases respectively. However, the duration and amplitude of the cycles are only apparent retrospectively. Accordingly, forecasts of how long and when are frequently derived from historic cyclical patterns. Because the recent and ongoing economic expansion has included dramatic sectoral changes in employment, as well as cyclical changes, the next cyclical phase of contraction is elusive. Commercial real estate is dependent on economic and demographic demand factors. Commercial real estate cycles
are dependent on economic cycles and property inventory characteristics. Similarly, property cycles are forecast using historic cyclical patterns. Past patterns do not change much. So
Commercial real estate will be directly impacted by emerging patterns of reordered trade relationships and cyclical activity in the markets. Both were anticipated and adjustments have occurred as the waves have rippled through the markets. the discussions in Montreal on the economy will be brief and complete. The counselors’ meetings are typically forward looking and include innovation and emerging trends impacting commercial real estate. The Montreal meeting will be the first annual meeting outside the United States in a long time. However, the European Chapter of the counselors has convened in Vienna, London, Paris, Istanbul and Berlin and will convene in Rome in 2018, and the meetings have been well attended by a diverse international group of counselors with diverse perspectives on the global and U.S. economy, including global trade and political strife. The
Montreal meeting will have a similar international mix of attendees and panelists, and the conversations will contain diverse global perspectives. Panels are not topically trade; however, many will include important trade tangents and stimulate trade sidebars. Panels will focus on infrastructure, related innovations and public/private partnerships in commercial development. Waterfronts, bridges, transit, utilities and communication chief among them. A business forum will focus on digital cash alternatives, such as Bitcoin, in commercial real estate. All changes for the built environment. Commercial real estate will be directly impacted by emerging patterns of reordered trade relationships and cyclical activity in the markets. Both were anticipated and adjustments have occurred as the waves have rippled through the markets. However, these adjustments will continue as the actual cyclical patterns evolve and the global trade patterns shift with updated provisions and enforcement. Counselors are consistent about reconciling the apparent domestic and global economic framework with the outlook for the built environment. The Montreal agenda and venue will be particularly appropriate for that endeavor. Enjoy the summer action and activities. No doldrums expected.
David Kirk, CRE, MAI, FRICS, is principal and founder of Kirk & Company, Real Estate Counselors, Boston.
8B July 14 - 20, 2017
Appraisal & Consulting
New England Real Estate Journal
Whitehouse, Fugate educate real estate appraisal industry
But first a Recap... Everyday at 2:00! Sign up now for our FREE Daily Recap e-newsletter at nerej.com/newsletter and have the news delivered to you.
Laura Dwyer
RI Coastal Resources Mgmt. Council Rhode Island will be particularly susceptible to the impacts of climate change and sea level rise by 2100, and one of the industries to feel those impacts acutely is the real estate and appraisal industry, according to experts who recently spoke to members of the Massachusetts and Rhode Island Chapter of the Appraisal Institute. “The ocean absorbs all of the heat the earth generates” – 93.4%, said senator Sheldon Whitehouse (D-RI). “It’s the earth’s heat regulator.” And as a direct result of all of that heat absorption, said the Rhode Island’s senator, the oceans are warming.”
“A three or four-degree change in water temperature wouldn’t make much of a difference to you and me, but for life in our oceans, it’s what [scientists] call an ecosystem change,” he told a room full of real estate appraisal professionals on June 26 at Save The Bay. The talk given by Whitehouse, along with Grover Fugate, executive director of the R.I. Coastal Resources Management Council (CRMC), Teresa Crean of the University of Rhode Island’s (URI) Coastal Resources Center and R.I. Sea Grant, and Marc Guerin of Citizens Financial is part of a series targeting Rhode Island industries and organizations to educate them on the impending impacts of rising seas and climate change in the Ocean State. The CRMC, the state’s coastal management and permitting agency, is unique, according to Fugate – unlike other coastal states, it is a direct-per-
mitting agency, making the same land-use decisions as municipalities, but with a professional staff of engineers, biologists, and policy analysts that cities and towns do not typically possess. “We will never stop people from building on the shore, but they should understand their risk,” Fugate said. The R.I. Shoreline Change Special Area Management Plan (Beach SAMP), currently being developed by the CRMC, URI CRC and R.I. Sea Grant with other partners, aims to do just that. Part of the ongoing effort includes Climate 101 training for municipalities, developed by URI and coming to all 21 coastal communities soon, according to Crean. In addition to understanding the implications of sea level rise, Fugate said the industry also needs to be prepared for increased severe storm activity and erosion, and what that means for Rhode Island real estate. A 2013 Federal Emergency ManagementAgency (FEMA) study estimated that high-risk flood hazard zones (or Special Flood HazardAreas or SFHAs) will increase by 45% nationally by 2100, and by 55% in coastal areas, assuming no change in shoreline, according to an article on Freddie Mac’s web site: (http:// www.freddiemac.com/research/insight/20160426_lifes_a_beach.html). It is estimated that our erosion rate will double by 2065, and increase by two-and-a-half by 2100, Fugate said. The Matunuck area of South Kingstown currently averages approximately 4 feet of erosion per year. And wind and impacts of sea level rise on ground water are other factors that largely haven’t been taken into account. “Rhode Island has not experienced a major hurricane since 1954 – we don’t have that institutional knowledge and memory anymore,” he said. And the most recent maps developed by FEMA underestimate risk to coastal properties from storm surge, erosion and flooding by reducing the flood elevations and not recognizing the effects of sea level rise during the structures’ lifetime. Through the Beach SAMP, tools are now available to help people anticipate future conditions, and let them build for those future conditions. “We’ve developed STORMTOOLS and CERI so that we no longer have to wait until a storm hits to see what the damage will be – we can see it before it happens,” Fugate said. Both STORMTOOLS and CERI (Coastal Environmental Risk Index) are GISbased mapping tools - STORMTOOLS provides coastal flooding, sea level rise, and storm event scenarios; and CERI predicts storm surge and wave action, combined with erosion maps and assigns damage functions to structures – developed under the SAMP to give a more detailed projection of future conditions. If a structure is in a high-risk flood hazard zone or a SFHA as determined by FEMA, a buyer must get flood insurance in order to get a mortgage. CONTINUED ON PAGE 10
Appraisal & Consulting
nerej.com
July 14 - 20, 2017 9B
The law of appraisal: A common definite objective Durkin Law
Appraisers and appraisal organizations must unify with a common definite objective to reform and reduce the growing quagmire of the appraisal regulatory system? Appraiser Regulatory Quagmire: Appraisal law is made up of orders directed to appraisers issued by a sovereign backed by threats and subject to penalty if the appraiser does not comply.The principal laws are federal and state statutes. The secondary laws are Codes of Federal Regulations and Codes of State Regulations. The statutes delegate to the executive (Governor or President) or executive agencies the power to implement the statutes by creating regulations as in Code of Federal Regulations or Code of State Regulations. If you are an appraiser, you should know of the law and regulation. Lender Appraisals: Federal statutes includes those that apply to real estate appraisals performed for federally regulated financial institutions and include Title XI of FIRREA(1), Dodd Frank (2), Truth in Lending Act. (3) Housing and Economic Recovery Act (HERA) of 2008 (4), Fair FHA Appraisals Act of 2007. The Code of Federal Regulations (CFR) published in the Federal Register by departments and agencies of the executive is divided into 50 titles. Many apply to appraisers. The regulations that flow from these statutes include: Banking regulators issued FIL-82-2010, “Interagency Appraisal and Evaluation Guidelines,” in 2010. The FIL applies to lenders regulated by members of FFIEC. FILs do not apply to nonbank lenders.TheAppraisal Subcommittee (ASC) issues Federal Regulations.(5) Fannie Mae Guidelines are neither a statute nor regulation. Each state has a real estate licensing statute from which state professional licensure regulations evolve. USPAP is Problematic: USPAP needs clarity. USPAP Rules are vague, ambiguous, equivocal, and open to subjective interpretation. More often than not, a state regulatory agency will misinterpret a USPAP Rule. The regulatory process favors the prosecutors whose burden of proof in alleging a violation of USPAP is 51% more likely true. Prosecutors, hearing officers, and often the board itself will subjectively misinterpret regulatory process. Dodd Frank has a mandatory whistle blower requirement that mandates that a material violation of USPAP be referred to the license board. The concept of materiality tightens the requirement of relevancy and is intended to exclude insignificant non-material matters that are too remote to be worthy of consideration. Evidence must be relevant to the issues, but if the rel-
evancy is not direct and immediate, then the evidence is not material. If it is not material, it is not relevant and should be discarded because it is not material. Because USPAP is ambiguous, (having more than one possible meaning or interpretation),
CONTINUED ON PAGE 11
Roger P. Durkin Attorney-At-Law
* Shareholder Disputes * Valuation Disputes
* Appraiser Standards and Appraiser License Defense * Will, Trusts, Copyright and Trademark Law
234 Lewis Wharf, Boston, Mass. 02110
(617) 720-0332
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189 WELLS AVENUE, SUITE 200 NEWTON CENTRE, MA 02459 (617) 928-1778 • FAX (617) 663-6208 e-mail:
[email protected] website: www.shepherdnet.com
William J. Pastuszek, Jr., MAI, SRA, MRA
crop 2”
Roger Durkin
the prosecutor and his or her named expert witness are free to misinterpret the rule. A finding by the real estate license board of a USPAP transgression can be admissible and relevant evidence of negligence in a civil law suit. USPAP Rules are statutory-like because USPAP is referenced in the enabling statute, but USPAP is neither a statue nor a regulation. USPAP is like a statute in that a finding by the license board can be viewed as a statutory violation. FIRREA requires appraisers to adhere to the USPAP for all federally related transactions. USPAP is not a federal statute, but USPAP is the standards guiding industry professionals. USPAP is accepted by the IRS as generally accepted appraisal standards but it is not an IRS Regulation. USPAP needs to be clear and unambiguous. IRS Appraisal Regulations: Ap-
Appraisal & Consulting
10B July 14 - 20, 2017
New England Real Estate Journal
New England Chapter www.appraisalinstitute.org
President’s message: Volunteers of distinction
Thomas S. Andolfo, MAI, SRA, AI-GRS Andolfo Appraisal Associates, Inc. 216 Weybosset St., Providence, RI 02903 Tel: 401-273-8989 www.andolfoappraisal.com Jonathan Avery, MAI, SRA Christopher H. Bowler, MAI, SRA Avery Associates 282 Central Ave., Acton, MA 01720 Tel: 978-263-5002 www.averyandassociates.com
Avery Associates
Kevin T. Quinn, MAI, MRICS Joseph J. Blake and Associates, Inc. Two Financial Center 60 South St., Boston, MA 02111 Tel: 617-348-3838 www.josephjblake.com
David L. Cary, MAI, MRICS, Thomas J. Jensen, MAI, Edward K. Wadsworth, MAI, CRE, Elisha F. Lee, Jr., MAI, Matthew G. Pattison, MAI, Gregory Curtis, MAI, Scott Rand, MAI
Integra Realty Resources 4 South Market Blg. Fl. 4, Boston, MA 02210 Tel: 617-451-9110, www.irr.com
William E. Coyle, III, MAI, SRA Mary L. Coyle P.O. Box 3341, S. Attleboro, MA 02703 Tel: 508-761-7865 P.O. Box 1323, Pawtucket, RI 02862 Tel: 401-725-2200
Richard J. Dennis, Sr., MAI, SRA, MRA Richard J. Dennis, Jr. Casey and Dennis 40 Driftway, Scituate, MA 02066 Tel: 617-523-0023
[email protected]
William E. Coyle, III MAI, SRA Mary L. Coyle
Casey and Dennis
H. Randolph (RAN) Glennon, MAI, AI-GRS, CRE President Eastern Appraisal & Consulting, Inc. Two Monument Sq., Portland, ME 04101 Tel: 207-772-1112, Fax: 207-772-0829
[email protected] www.easternac.com
Allan D. Foster, MAI, CRE, CCIM Foster Appraisal & Consulting Co., Inc. 100 Erdman Way, Leominster, MA 01453 Tel: 978-534-1350 X23, Fax: 978-534-1913
[email protected] www.thefostercompany.com Claude A. Giroux, SRA, ASA, MRA C.A. Giroux SRA Appraiser and Consultants P.O. Box 487, Taunton, MA 02780 Tel: 508-823-4171, Fax: 508-822-3855
[email protected] www.claudeagirouxsra.com
Farms, land, easements, development rights, contamination, community and private water supply, cranberry bogs, churches, gift tax appraisals, litigation support and testimony.
Michael J. Hart, MAI Senior Appraiser Landvest, Inc. Ten Post Office Sq., Boston, MA 02109 Tel: 617-357-0430, Mobile: 617-821-7742
[email protected] www. landvest.com
To list your company call Jeff Keller 781-878-4540 x244
[email protected] nerej.com
Karen Friel
Appraisal Institute David Cary, Jr, MAI was recently named a Volunteer of Distinction for Region IV of the Appraisal Institute. Cary’s service to the Massachusetts and Rhode Island Chapter has been ongoing for more than two decades. “David Cary has shown a great commitment to the Appraisal Institute,” said Appraisal Institute president Jim Amorin, MAI, SRA, AI-GRS. “We are proud to have volunteers like Dave who have dedicated themselves to the advancement of our organization, the valuation profession and their local communities.” Cary has served the Mass. and R.I. Chapter as a member of the nominating committee; a member of the board of directors; and chair of the social committee. He was president in 2009; vice president and regional representative from 2007-08; treasurer and chair of the finance committee in 2007. Cary was a member of the national Young Advisory Council from 1998-99. He joined the Appraisal Institute in 1992, and received his MAI designation in 2002. Our chapter runs because of volunteers like Cary. Many others who have served the chapter in the past and others currently serving dedicate their efforts to making the appraisal profession stronger. But as a chapter volunteer, I have learned that service with the Appraisal Institute is definitely not a one-way street. There are a great many professional and personal benefits that coming from serving. The most obvious benefit is the opportunity to form professional relationships. Peer relationships are important because many appraisers are sole practitioners working in relative isolation. It is important to have a professional source to turn to for data leads, contacts or perhaps to discuss a particularly challenging appraisal assignment. In fact, USPAP’s Scope of Work Rule notes that an appraisal’s Scope of Work is acceptable when it meets or exceeds: • The expectations of parties who are regularly intended users for similar assignments; and • What an appraiser’s peers’ actions would be in performing the same or a similar assignment. Chapter service facilitates these critical peer relationships. Chapter volunteers have the opportunity to hone their organizational, communication and leadership skills far beyond those used in professional appraisal
practice. The Mass. and R.I. Chapter runs cutting edge educational events that often feature practicing appraisers presenting ideas and case studies that are not found in the textbooks. These events are organized and set up by another set of chapter volunteers along with our executive director, Lianne Andreucci. Chapter committee assignments allow volunteers to pursue their own interests within the organization. Chapter volunteers can work on broad industry problems both on the state and national level or on a more personal level they can mentor the next generation of appraisers in the candidate/advisor program. Volunteer opportunities at the regional and national levels of the Appraisal Institute present yet another set of opportunities. Assignments on national committees such as government relations, education, admissions and designation qualifications offer opportunities to shape the profession
going forward. These positions can also be stepping stones to national director and officer positions. A national officer of the Appraisal Institute is a voice for the profession speaking nationally and internationally before professional and governmental bodies including the United States Congress. Testifying before Congress is a long way from the traditional appraisal practice but the Appraisal Institute volunteer system is inclusive and rewarding. Consider getting involved in the Mass. and R.I. Chapter or on the regional or national level. We’d love to work with you for the betterment of the profession.
Karen Friel, MAI, MRA, is the 2017 president of the Massachusetts and Rhode Island Chapter of the Appraisal Institute and principal at Friel Valuation Advisors, Carlisle, Mass.
Whitehouse, Fugate educate R.E. appraisal industry CONTINUED FROM PAGE 8
For owners of existing structures within flood zones, taking out a line of credit, obtaining a reverse mortgage, or acquiring any federally-attached loan will require the borrower to purchase flood insurance. For property owners looking to build, any structure built within the Special Flood Hazard Area will require flood insurance if a mortgage is needed, and new construction will have to meet the most recent building codes, according to Beach SAMP web site: http://www. beachsamp.org/relatedprojects/coastalpropertyguide/flood-zones/ . The site also advises that for properties not currently in a FEMA flood zone, checking the 500-year flood zone might assist in determining future risk. “Many lenders assess flood-risk for the life of the loan, and with increasing sea-level rise and shoreline change, the long-term impacts on the property may come into play.” Most likely, impacts of climate change and sea level rise on the real estate appraisal and associated markets will be felt locally at first, said Brad Hevenor, an appraiser and vice chair of the Rhode Island Chapter of the Appraisal Institute. Superstorm Sandy was a good example of that – there was an immediate market response in some neighborhoods, which suggested that buyers’preferences for waterfront properties was at least “temporarily rattled,” he said. And there has been an acknowledgment of flood risk among borrowers, even if it’s often only a cash-flow issue with property owners who are unhappy with flood insurance rates or requirements, he added. The
largest unknown is what it will take for permanent changes in the market. “While we have the benefits of convincing data and projections regarding sea level rise, one of the biggest uncertainties is whether economic disruptions will happen gradually, or whether there could be a precipitating event or series of events which causes a more rapid shock to real estate markets,” Hevenor said. “The collapse of real estate markets in 2007-2008 certainly should have taught us how quickly weaknesses in the financial or banking system can become a crisis.” Hevenor said that was one of the reasons he saw this as an important issue to raise with real estate appraisers, particularly given their position in risk management in the lending and finance industry. “We hold a position of public trust in providing homeowners, banks, and investors with sound analysis, particularly regarding real estate risks,” he said. “If appraisers are aware of the economic and real estate risks, they could not only be among the first to notice it, but in a unique position to analyze and communicate the economic impact as it happens. That is why it is so important for valuation professionals to become aware of work that is being done to measure and forecast the potential impacts [of climate change and sea level rise].”
Laura Dwyer, public educator and information coordinator at RI Coastal Resources Management Council, Wakefield, R.I.
Appraisal & Consulting
nerej.com
July 14 - 20, 2017 11B
New England Chapter www.appraisalinstitute.org
Why outsourcing enviro. risk mgmt. makes cents for lenders Derek Ezovski ORMS
For financial institutions of all sizes, the risks related to environmental exposures in their real estate portfolios have always been a concern. However, due to the somewhat recent commercial real estate meltdown and the increased attention by regulators and examiners, there is an even stronger case to make sure that environmental and other collateral due diligence policies and procedures are managed correctly. In practice, the larger institutions have managed this risk by creating internal divisions to oversee environmental issues on the lender’s behalf - and they still do. However, community and regional banks, credit unions and other real estate based firms, are typically not able to justify having a department like this due to the lower volume of real estate that flows through their banks, as well as a desire to keep their fixed costs and headcount down. However, this does not alleviate the need. Therefore, many lenders are now looking to establish virtual risk management departments with outside firms to make sure that they are adequately protected and that they have access to the best solutions for their institution. By outsourcing this environmental risk management function, lenders gain the following benefits: increased compliance and comprehension of regulatory requirements, lower fixed costs, less time spent on the procurement and review process by loan officers, access to experts in their field and access to a proprietary, established networks of providers. Lenders can now focus more time on their core competencies, including developing more business opportunities rather than tracking down reports from their vendors. But not all firms are the same. What does this mean? There are very few companies in the industry that truly work as a dedicated risk consultant to the lender. The more typical scenario is as a vendor that offers specific services (i.e. Phase I, remediation, asbestos removal, environmental data, etc.) to the lender. By contrast, the “outsourced” risk management department would actually procure products and services on behalf of the lenders from outside firms. While it might appear to be a narrow difference, in practice it is an entirely different business model since the providers are not employees of the outsourced
The bottom line (which always needs to be a priority) is that by outsourcing their environmental risk management process, lenders are now able to free themselves from the often difficult, tedious and high liability process of environmental due diligence. company which removes the conflict of interest. Other factors to consider when evaluating outsourcing your environmental program to a firm are: • A solid understanding of both the environmental and the business aspects, of the loan process. • Familiarity with current government regulations and relationships within those organizations. • A good understanding of the Small Business Administration (SBA) SOP 50-10 5; • Established relationships with proven vendors to provide the most cost effective and proven products and services; • Experience as an internal
environmental risk officer within a financial institution to better understand the dynamics involved is extremely helpful. The bottom line (which always needs to be a priority) is that by outsourcing their environmental risk management process, lenders are now able to free themselves from the often difficult, tedious and high liability process of environmental due diligence. Instead, they can focus on what they enjoy and profit from the most - building relationships and their businesses.
Derek Ezovski is president at ORMS, West Hartford, Conn.
The law of appraisal - by Durkin CONTINUED FROM PAGE 9
praiser law, business valuation, real and personal property regulations applies under the Federal tax laws which begin with the Internal Revenue Code (IRC), enacted by Congress in Title 26 of the United States Code (26 U.S.C.). The 50 subject matter titles Include Circular 230, Notice 2006-96, Revenue Rule 59-60, Conservation Easements, GiftTax, Decedent Estate, and Charitable Donation Codes, all of which carry appraiser fines and penalties for transgressions. Eminent Domain Regulation: Fifth Amendment to the U.S. Constitution stipulates “nor shall private property be taken for public use, without just compensation.” The laws governing eminent domain are contained in case law. The federal government’s power of eminent domain has long been used in the United States to acquire property for public use. Eminent domain ‘’appertains to every independent government. It requires no constitutional recognition; it is an attribute of sovereignty. Boom Co. v. Patterson, 98 U.S. 403, 406 (1879). Yellow Book is the appraisal standard rather than USPAP. Environmental Regulations: Real Estate Appraisers have to know about building codes, zoning laws, Town Ordinances, state environmental laws and regulations. Massachusetts examples include Hazardous Material, Endangered Species, Wetlands Protection Act, (MGL Ch. 131 §40); Archeological Survey Act, the Rivers Protection Act, Land use MGL Ch.
61A, 61B, Oil Spill Act, Ch. 21E, etc. Conclusion: The number of people employed in the appraisal profession is unknown. We do know that there are thousands of business valuation appraisers and thousands of appraisers exclusively appraising jewelry, antiques, fine arts, residential contents, decorative arts, machinery, equipment, inventories, wine, artifacts, trademarks, copyrights, patents, brands, oriental rugs, numismatics, horses, philatelic, aircraft, ships, yachts, trains, firearms, sports memorabilia, musical instruments, and everything in between. Each of the appraisal disciplines have to abide in compounded sets of statutes and regulations in addition the majority agree to practice in compliance with USPAP. The problem is USPAP’s ambiguity is too often misinterpreted.
Roger Durkin, JD, MS, FASFA is an attorney and appraiser with Durkin Law PC, Boston, Mass. 1. XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. 2. Dodd-Frank Wall Street Reform and Consumer Protection Act 124 Statute. 2186 Public Law 111–203 (2010). 3. Truth in Lending Act (15 U.S.C. 1631 et seq.). 4. Required that appraisers for FHA loans be certified at the state level, not merely licensed. Only an appraiser listed on HUD’s FHA Appraiser Roster may perform the appraisal. FHA power over appraisers is contractual. Fannie Mae Guidelines are neither law nor regulation and have no power of enforcement. 5. The ASC is a “subcommittee” of the Federal Financial Institutions Examination Council’s (FFIEC).
David S. Kirk, MAI Kirk & Company 31 Milk St., Suite 820, Boston, MA 02109 Tel: 617-261-7100, Fax: 617-261-7910
[email protected],www.irkco.com
Emmet T. Logue, MAI, SRA Mark Savage, MAI, MRICS NAI Hunneman-Appraisal & Consulting 303 Congress St., Boston, MA 02210 Tel: 617-457-3270 www.naihunneman.com
Gary M. MacLeod, MAI Horne & Hastings Associates P.O. Box 1068, Princeton, MA 01541 Tel: 978-464-5060, Fax: 978-464-5061
[email protected]
William J. Pastuszek, Jr. MAI, SRA Shepherd Associates 199 Wells Ave., Newton Centre, MA 02459 Tel: 617-928-1778, Fax: 617-558-0057 www.shepherdnet.com
Horne & Hastings Associates
Shepherd Associates
Eric T. Reenstierna, MAI Eric Reenstierna Associates 43 Thorndike St., Cambridge, MA 02141 Tel: 617-577-0096, Fax: 617-577-0196 www.erassoc.com
Mark F. Tyburski, MAI, SRA Phyllis Contestabile, MAI Tyburski Appraisal Corporation 89 Summer Street, Hingham, MA 02043 Tel: 781-749-0700, Fax: 781-749-4470 www.tyburskiappraisal.com
Seeking an Appraisal? Massachusetts & RI Chapter Lianne Andreucci, Ex. Secretary, 781-397-8922 Karen Friel, MAI, President 617-997-5004 Connecticut Chapter Jacqueline Beauchaine Ex. Secretary 860-482-9992 Peter A. Vimini, MAI, President 203-384-6000 Maine Chapter Jacqueline Beauchaine, Ex. Secretary 860-482-9992 Kevin King, SRA, President 207-232-0251 New Hampshire Chapter Vermont Chapter Jacqueline Beauchane, Ex. Secretary 860-482-9992 David Cornell, MAI, CAE, President 603-203-5517
Appraisal & Consulting
12B July 14 - 20, 2017
New England Real Estate Journal
CROSSWHITE PROPERTY ADVISORS
Chairman Donald Bouchard
REAL ESTATE COUNSELING • APPRAISAL
Lincoln Property Company
New England Chapter www.cre.org
COUNSELORS OF REAL ESTATE FORECASTS MAJOR DISRUPTORS
How headline news impacts real estate on a national and global level
John C. Bowman, CRE Multifamily • Chapter 40B Development 6 BEACON STREET SUITE 200 BOSTON, MA 02108 TEL 617 742 6061
[email protected]
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CONTACT
Emmet T. Logue, CRE, MAI
Executive Vice President 617.457.3270
[email protected]
•
Highest and Best Use Studies
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Valuation Reports
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303 Congress Street | Boston, MA 02210 | www.naihunneman.com
David S. Kirk, CRE®, MAI & Brett N. Pelletier
KIRK&COMPANY
Real Estate Counselors
Counseling, Valuation, Due Diligence Market & Feasibility Analysis, Fiscal Impact Analysis 31 Milk Street, Suite 820 Boston, MA 02109 Phone 617-261-7100
www.KIRKCO.com
[email protected] •
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BOSTON, MA From state and local budget impasses and halted infrastructure repairs to the debate and delay on health care reform, political polarization has far reaching effects on the economy and nearly every community – as well as its real estate. Global uncertainty has a parallel paralytic effect – from Brexit to immigration bans which bring new challenges to diplomacy, international trade, and new household formations. Not surprisingly, when The Counselors of Real Estate (CRE) professional association recently presented its annual list of the CRE Top Ten Issues Affecting Real Estate (201718), the organization placed the dual-pronged issue of political polarization and global uncertainty at the very top of its list of disruptors which currently affect the world around us and, therefore, its real estate. The health care industry is a network of public and private entities – a partnership that is on shaky ground when leaders cannot agree on coverage, rates and locations where plans will be available. A major provider is requesting a 23% premium rate increase for 2018, citing a lack of government funding for cost-sharing reduction payments – noting that their increase would most likely have been about 9% if they were assured of payments. The uncertain environment also affects decisions concerning provider payments and the physical locations where services are delivered. Another polarization example in the news: the State of Illinois has not passed an approved budget and spending plan for nearly three years. The powerful multi-state agency which sells Powerball and Mega Millions game tickets has announced it will cease ticket sales in the state this week, unless a budget is agreed
upon – because without confirmed funding, there is no appropriation to pay theissuing agency, nor authorization to make payouts to local winners. The state will lose a much-needed revenue stream. Owners of such retail locations as convenience stores and gas stations which sell the tickets are already bracing for declines in merchandise sales from customers who would normally drop by to buy lottery tickets. “Political polarization and global uncertainty are the top disruptors that dominate the news headlines today and, therefore, have a significant impact on real property,” said Scott Muldavin, CRE, 2017 chair of CRE. “Polarization leads to bad short-term decision making, which you can see almost constantly in policies, and ongoing dialogue on issues as wide-ranging as healthcare, infrastructure and tax reform. Immigrants are also a prime source of new household formation, so uncertainty about immigrant entry and their status has a real effect on rental property and home purchases.” Investment in real estate, much-needed infrastructure repairs and improvements also suffer from the polarization and uncertainty. Some public transit development has been deferred. Cross-border trade confusion–which impacts transportation, warehousing, and even port logistics–are also hampering retail goods delivery. Uncertainty (or revelations) about public sentiment can even affect an individual’s decision to move, or not to move, to a new community or neighborhood,–or corporate and small business decisions to locate or relocate in a particular state or city. The counselors of real estate is an invitational organization of highly respected real estate advisors who practice within more than 50 real estate
disciplines. The CRE Top Ten Issues Affecting Real Estate list annually focuses on forecasting and interpreting trends and issues – the disruptors that will have the highest impact on property and those who own invest, plan, develop, and live or work in it. CRE does not take positions on issues or engage in advocacy, which ensures its objectivity; the organization is known for thought leadership and the expertise to identify and analyze key business disruptors. Members of the counselors include real estate senior executives and business owners in the United States and more than 20 other countries. The full list the CRE Top Ten Issues Affecting Real Estate is below: •Political Polarization and Global Uncertainty • The technology boom; • Generational disruption; • Retail disruption; • Infrastructure investment; • Housing: the big mismatch; • Lost decades of the middle class; •Real estate’s emerging role in health care; • Immigration; and • Climate change. For a summary and analysis of each issue in The CRE Top Ten Issues Affecting Real Estate 2017-18 list, visit The Counselors ofReal Estate website. The Counselors of Real Estate, established in 1953, is an international group of high profile professionals including members of prominent real estate, financial, legal and accounting firms as well as leaders of government and academia who provide expert, objective advice on complex real property situations and land-related matters. Membership is selective, extended by invitation only.
JONATHAN H. AVERY, MAI, CRE
Avery Associates
Real Estate Appraisers - Counselors Staff of certified professionals to serve the New England Real Estate Market. Specializes in counseling and appraisal for a variety of clients. Counseling emphasizes feasibility, marketability and market demand studies for commercial, industrial and multifamily properties. Available for assignments throughout New England with particular emphasis on the Route 128 / Route 495 market west of Boston. IndIvIdual MeMbershIps • appraIsal InstItute • the Counselors of real estate • MassaChusetts board of real estate appraIsers 282 Central St., P.O. Box 834 Acton, MA 01720 2 2 a
Tel: 781-878-4540 PROOF NEREALNYESTATE JOURNAL
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AUBURNDALE REALTY CO.
Rehab vs. teardown: No perfect answer to age old question Prospectus, LLC
Back in the day, our company had a specialization in rehabilitation and reuse of older structures. We liked this, as many have before us, because we were starting out and the barriers to entry were lower for rehab than large full scale development. We also appreciated some of the classic iconic elements of older buildings, particularly historic ones. In retrospect, looking back over our projects, it was often difficult to determine whether buildings deserved rehabilitation, or should have been simply torn down. To this day, despite our years of experience, the question still comes up, with lots of uncertainty about the answer. For those of you thinking about entering this business or those or who are well into it, I share a few insights. Why do we like rehab? The main reason is that we feel that the bricks and mortar have positive value. To use the cliché, the building has good bones. Sometimes it’s clear at the outset that the building is a candidate for rehab. Permitting for rehab is also typically much easier. Not only is the existing shell normally “grandfathered” from zoning changes, neighbors are more comfortable with what is there, rather than what you might newly construct. Friendly neighbors are key to permits. In one of our largest rehabs, about a half a million square feet, I witnessed one of the fastest permitting processes I have seen.At a key meeting, a neighbor stood up and said, “The building has been abandoned for years, and my cousins used to work there, and I’d like to see it brought back to life”. Neighbors were nodding positively, and we
had the approval within the hour. Another great reason for rehab is that it often results in a more affordable
light problem. Sometimes, ceilings are to low, particularly in residential properties. Structure is in the wrong
Back in the day, our company had a specialization in rehabilitation and reuse of older structures. We liked this, as many have before us, because we were starting out and the barriers to entry were lower for rehab than large full scale development. We also appreciated some of the classic iconic elements of older buildings, particularly historic ones. product, more adequate for “B” use rather than “A”. If there was a need in the marketplace, we were always able to provide lower cost office space, for example, than our competitors. One of our more successful projects was meant to draw users out of nearby Harvard Square into a product that was significantly less expensive. While it took some time, the building was eventually full, and once established, became highly desirable. But what are the problems of rehab, and why did we occasionally say to ourselves, “We should have torn it down, it would have been cheaper”. The primary reason is there is a lot of uncertainty in rehab, and you often uncover problems, usually structural, that cost a lot more money than you had budgeted for in the pro forma. Adding to this, rehab materials are often unavailable to match sizes, colors or functionality on these old buildings. Windows, wood members, even brick sizes are from a different era and often impossible to duplicate. In other words, much of the materials are often custom made, often at double the cost of stock material. One of the most difficult problems to overcome is functional obsolescence. Typically, footprints are large with little interior light. Often, in order to make todays more open work areas, interior walls are removed, exacerbating the
PROSPECTUS, INC.
place; corridors are too long; the list goes on. Often there is no way around except to live with the inadequacy. How do we resolve the big question of rehab versus new? First, a thorough “highest and best use analysis” will determine whether a rehabilitated building, with all of its foibles, will satisfy the market. If B Class use is appropriate, at a lower price, rehab may be a good choice. Next most important is an early and thorough structural and architectural analysis of what needs to be done. Work towards a “no surprise” solution. Understand whether space can be reconfigured to meet modern demands. Research the availability and cost of materials needed to reconstruct and refinish for the repositioned use. Analyze the site and its zoning to determine whether a new project could significantly add square footage. Do some political reconnaissance as to whether a new building would be welcomed or whether the neighbors like the old. There is no absolute resolution of the question. Understandably, each situation is unique. Do the homework, commit, and it will probably work out.
Daniel Calano, CRE, is the managing partner and principal of Prospectus, LLC, Cambridge, Mass.
335 Auburn St., P.O. Box 66125 Newton, MA 02466
Robert J. Nahigian, FRICS, SIOR, CRE, MCR ffice
ndustrial ropert pecialists ational pecialists on dvisor ervices to orporate enants and nvestors orporate ervices orporate epresentation pert esti on ervices 617-332-6900 Fax 617-965-2570 email:
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~ SINCE 1988 ~
• Real Estate Counseling on Commercial, Industrial And Residential. • Management of development projects for investor partnerships. SPECIALIZATION IN: Rehabilitation & Reuse of Property’s Highest & Best Use Analysis, Land Planning/Development, Conservation Planning/Easements Daniel Calano, CRE Managing Partner & Principal
2 Brattle Square, Cambridge, MA 02138 T (617) 868-0800 x243 F (617) 868-3331
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Phone: (978) 534-1350
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Daniel Calano
July 14 - 20, 2017 13B
Appraisal & Consulting
14B July 14 - 20, 2017
New England Real Estate Journal
The Association for Valuation Professionals www.mbrea.org
Appraisal Company of New England Since 1987
Paul J. Hartel Commercial / Residential Paul J. Hartel Tax Abatements / Partial Interests Gifting / Feasibility Studies Residential / Commercial Serving MA, CT, NH, RI & VT Tax Abatements / Partial Interests Litigation / Feasibility Studies 508-540-0448
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www.AppraisalCompany.com Serving MA, CT, NH, RI & VT
508-540-0448
[email protected] www.AppraisalCompany.com Office: (508) 852-1588 Residential Fax: (508) 852-1376 Commercial Industrial
HOWARD S. DONO & ASSOCIATES, INC.
BARNSTABLE / PLYMOUTH A P P R A I S A L S E RV I C E S
CASEY and DENNIS REAL ESTATE Appraisers - Consultants
WAYNE J. VALLIERE, MRICS, RA EMAIL:
[email protected] P.O. BOX 697 BUZZARDS BAY, MA 02532 PHONE (774) 302-4176 FAX (774) 302-4174
RICHARD J. DENNIS, SR. MAI, SRA, MRA MA Cert. Gen. #8
40 Driftway Scituate, MA 02066 Phone: (617) 523-0023 email:
[email protected]
G A Johnson and Associates Real Estate Appraisers and Consultants Lexington, MA 02421 781-652-0042 Phone - 781-652-0147 Fax E-Mail:
[email protected]
Gregory A Johnson
Real Estate Appraisers & Consultants
MA Cert Gen #737, NH Cert Gen #560 Serving Eastern Massachusetts & Southern New Hampshire
Howard S. Dono, MRA, IFAS President/CEO 360 W. Boylston Street W. Boylston, MA 01583
Residential and Commercial Appraisal ~ Financing ~ Acquisitions Estate Planning ~ Probate ~ Expert Testimony
Tel: (978) 362-2652 630 Boston Road, Suite M104 Billerica, MA 01821 www.kasparianappraisals.com
Slovak Appraisal Associates Real Estate Appraising and Consulting
Peter T. Vadala, MRA Mass. Certified General 75137
[email protected]
Commercial, Industrial & Residential
VADALA REAL ESTATE APPRAISALS, INC Mill Pond Professional Building 9D Dr. Osman Babson Road Gloucester, MA 01930
MA Real Estate Appraiser Certified General #70876
P.O. Box 202, South Yarmouth, MA 02664
Tel. 508-760-1112 | Fax 508-394-0014
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Residential Real Estate Appraisals Edward Lewis 44A Russell St. Plymouth, MA 02360 Office 508.746.5822 Fax 508.746.5432
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July 14 - 20, 2017 15B
20 17
SUMMI T
Middlesex 3 C O A L I T I O N
Future of Middlesex 3 Coalition Commercial Real Estate August 9, 2017 The Gutierrez Company 4 Burlington Woods Dr., Burlington, MA The Middlesex 3 Coalition is a regional partnership of nine Middlesex County Communities, Bedford, Billerica, Burlington, Chelmsford, Lexington, Lowell, Tewksbury, Tyngsborough and Westford with the support of the Massachusetts Executive Office of Housing and Economic Development.
Speakers
Robert Buckley Riemer and Braunstein LLP Katie Enright Howard Stein Hudson Mark Reardon CBRE
8:00am-9:00am
Gold Sponsor John Boyle Cushman & Wakefield Charles Reilly Dacon
Corporate Sponsors
Agenda
10:00am-11:00am
Networking and Continental Breakfast
Current projects, Transportation, Future construction plans
9:00am-10:00am
11:00am-12:00noon
Trends of the Middlesex Region Industrial, Lab, Retail, Office
Networking with Attendees and Speakers
Register today for $79, M3 and BACC members $59
Vendor Sponsors
Contact Rick Kaplan, 800-654-4993, ext. 247
[email protected] or Stephanie Cronin,
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Sponsorship and Speaking Opportunities Available.
Financial Digest
16B July 14 - 20, 2017
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edical ffice
• 30,000+ cars per day • Directly on Rte 107
Does this sound familiar? When a customer service request is made, it’s sent to a specific person via email, phone or fax. Once received, it’s prioritized against other requests, completed and sent back via email. It does, right? And the process works… well, most of the time. Except for those times when multiple requests come in at once, someone’s out sick, or on lunch. That’s when turn times slow down or become variable, leaving requestors hanging and not knowing what to expect. That leads to panic as closings approach, which leads to more emails and phone calls, slowing things down even more. Managers try
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New England Real Estate Journal
to manage the flow of requests but because requests are managed through private inboxes there’s no way to know what’s outstanding, how long it’s been outstanding and how to share it with other staff. So how do we improve the process? The answer: Helpdesk software. What was once just a tool for managing technical problems is now changing the way the title industry approaches customer service and it’s impacting more than just the customer. Here are 5 ways we’re all benefiting: Faster Turn Times: With a helpdesk system, requests are sent to a specific email address or an online form. Requests auto- assign themselves to the first qualified, available agent. Meaning when lunch breaks, meetings or sick days happen things don’t slow down. Other team members can step in and take over because the request information is in a centralized system and not a personal inbox. If
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questions come up chat features allow staff to post them to the entire team so they can quickly get answers back. This process helps teams be more efficient because requests are equally distributed and more information is available to everyone. Better Data: With data collected in a centralized system managers gain access to insights that otherwise wouldn’t have been available. Insights such as developing trends in types of requests or customer behaviors. The data also creates an internal knowledge base where valuable notes can be stored. Perhaps there’s a neighborhood known to have lead pipes or complicated histories. Having that information on file for all team members saves time for future requests in that neighborhood. Notes can be easily searched for, saving time while providing more thorough data. After Hours and Self-Service Support: We live in a “right now” world and support is expected all hours of the day and night and the real-estate industry is no different. Sometimes requestors need to know the status of a request or reference documents now. Not in 10 minutes, not an hour from now…right now. Helpdesk systems give requestors the ability to login and see a complete history of their requests, including the statuses, communication history and access to any pertinent documents. More Knowledgeable Staff: A retiring workforce that’s taking a lot of knowledge with it is becoming a real concern for many. Helpdesk systems have proven to be a great knowledge transfer and training tool for grooming new talent. With requests being stored in one place trainees can review pending and completed requests. As they review they learn jargon, business process, standard questions and answers, and what’s expected of a completed request through real life examples. This method of training helps new employees learn more and at a faster rate, making for stronger, more knowledgeable teams. Strengthened Customer Relationships: As agents become more knowledgeable and have access to more historical data they require less time to complete requests, freeing it up to actually work with customers! This may mean having the time to dig a little deeper into some research, going the extra mile on a project or taking some extra time to listen to a customer and getting a better sense of their needs and developing a relationship. It all boils down to the last point; strengthening customer relationships. When requests are completed faster and with better data the customer walks away with a positive experience. Positive experiences coupled with staff that’s able to spend more one on one time with customers leads to strengthened customer relationships which benefits all parties involved.
Ashleigh Briggs is the lead workflow specialist at Mainspring Services, Bangor, ME.
Financial Digest
nerej.com
July 14 - 20, 2017 17B
PICTURED BELOW ARE ATTENDEES AND NELTA OFFICERS ENJOYING THEIR TIME AT THE CONVENTION
New England Land Title Association’s 48th Annual Convention June 15 - 18 at Omni Mt. Washington Hotel
Shown (from left) are: Beth Young; and seminar speaker Patricia Flowers of Investment Property Exchange Specialist Incoming NELTA Officers & Directors for 2017 - 2018
Shown (from left) are: Incoming NELTA president Jim Bodurtha of Chicago Title Insurance Company presenting the ceremonial gavel plaque to outgoing president Anthony DeSantis of Old Republic National Insurance Company.
Shown are: Daniel Wold of the ALTA Board of Governors stands with NELTA convention chairperson, Beth Young
Shown (from left) are: Outgoing NELTA president Anthony DeSantis of Old Republic National Title Insurance with his wife, Michelle and Ed Rainen of Rainen Law Office P.C.
Shown are: Executive NELTA director Cathy Jones standing at the podium with gift presenter, Larry Heffernan of Robinson & Cole
Shown are: John and his wife, Nell Doonan of Massachusetts Independent Title Examiners Associates
Shown (from left) are: Ruth Dillingham, First American Land Title Insurance; incoming chapter president, Jim Bodurtha of Chicago Title Insurance; and Matt McCauley of SoftPro.
Shown (from left) are: Richard Meehan of Meehan & Goodin Engineers & Surveyors; Tracy Hawkins and Mark Cranford of Old Republic National Title Insurance.
Shown (from left) are: incoming president Jim Bodurtha enjoying a light moment as Richard Meehan announces the results of the golf tournament.
Financial Digest
18B July 14 - 20, 2017
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LYNN, MA Eastern Mortgage Capital has provided $3.5 million in permanent financing onVictory RoadApartment, a 41-unit multifamily elevatored property with ground floor restaurant space. “This is the fourth 223(f) loan that’s been placed on this property in the last 20+ years. We were delighted to be able to return significant equity to this family developed asset, coupled with a 35-year fixed-rate, locking in today’s very low rate for the future,” said Peter Panagako, senior vice president of Eastern Mortgage Capital. “The FHA-insured financing provides a loan that amortizes fully over its 35- year term – so there’s no interest rate risk, and no ‘balloon risk,’ ever. As with all of our loans, this is non-recourse and assumable, and has a prepayment structure that avoids yield maintenance or defeasance.”
East Cambridge Savings Bank hires Kirwan According to East Cambridge Savings Bank, John Kirwan has been named business development sales manager at the bank’s main office located at 292 Cambridge St. Kirwan’s first day in his new role was June 5. Kirwan is a seasoned professional with 30 years in the financial services and banking industry. Prior to joining East Cambridge, Kirwan held roles as a financial advisor, branch manager, mortgage consultant and assistant vice president of securities operations.
CAMBRIDGE, MA
MassHousing has provided $9m in financing to the nonprofit Newton Community Development Foundation NEW TON, MA MassHousing has provided $9 million in financing to the nonprofit Newton Community Development Foundation (NCDF) for the renovation and preservation of 30 affordable housing units at NCDF’s Houghton Village community. The MassHousing financing package will enable major renovations at the 50-unit townhouse development and resolve expiring affordability challenges at the property by extending affordability on site and creating 10 new workforce housing units. MassHousing provided NCDF with a $7.4 million construction and permanent loan and $1.3 million from the Agency’s Opportunity
Fund, which provides financing for MassHousing’s Workforce Housing Initiative and the13A Preservation Initiative. “With this refinancing, Houghton Village will remain a true mixed-income community that provides safe, stable housing to households of all means,” said MassHousing executive director Tim Sullivan. “The Commonwealth’s maturing 13A portfolio presents significant affordability challenges and MassHousing is committed to partnering with the Baker-PolitoAdministration to tackle these challenges and preserve affordability for low- and moderate-income residents.”
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July 14 - 20, 2017 19B
Ind i vi d u al i nves tors ; u s u al l y pool ed th rou g h a f u nd manag er or s ynd i c ator.
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1 of 1
Financial Digest
nerej.com
July 14 - 20, 2017 20B
2017 SUMMIT
Construction Trends in Commercial Real Estate
September 28,2017
Corporate Sponsors
Boston Marriott Newton
Register today! Early Bird Rate $79 ends September 22 Regular Rate $119 after September 22 Sponsorship and Speaking Opportunities Available. Contact Rick Kaplan 800-654-4993, ext. 247
[email protected] Register at www.constructiontrends.eventbrite.com
Agenda 8:00am-9:00am
Networking Breakfast Buffet
9:00am-10:00am
Workforce Update, Insurance Costs, Current Challenges in Commercial Construction, Zoning and Permit Changes
10:00am-11:00am
Modular Off site Construction, New Technologies improving Cost and Timeliness, Material Costs
11:00-12:00noon
Networking with speakers and attendees
Financial Digest
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July 14 - 20, 2017 21B
The Real Estate Finance Association services individuals in the business of real estate finance and those who furnish services to the industry
President Paul Nasser
Intercontinental Real Estate Corp. Boston, Mass.
Executive Director Adrienne Maley
www.gbreb.com
Real Estate Finance Association
2017 REFA ANNUAL GALA WILL BE HELD WEDNESDAY, OCTOBER 4 AT THE WESTIN COPLEY PLACE
Real Estate Finance Association 2017 charitable golf tournament and other upcoming chapter events BOSTON, MA REFA’s first Executive Insights program of the year was held on Tuesday, June 13 featuring Steven Marsh, managing director of real estate, MIT Investment Management Co. (MITIMCo). Marsh spoke to his role within MITIMCo, current projects he is working on (including the newVolpe Development project), and his past experiences in the industry. Hosted by the REFA emerging leaders group, the REFA Executive Insights Series provides emerging leader attendees with the opportunity to meet with industry leaders in an intimate setting. Speakers provide insight on the industry, their career path and share some advice on professional development. The program is designed to be interactive and attendees are encouraged to ask questions.
On Monday, July 24, REFA will host their 14th Annual Charitable Golf Tournament at Dedham Country & Polo Club in Dedham, benefiting FamilyAid Boston and Rosie’s Place, two organizations within Boston dedicated to preventing homelessness. Close to 150 REFA members and guests will participate in the golf outing, followed by a reception and awards dinner. New this year, REFA will be holding a Golf Clinic and Tennis Tournament! Both the clinic and
the tennis tournament will be held at Dedham Country & Polo Club on July 24 beginning at 2 p.m., followed by a reception with the tournament golfers at 5:30 p.m. Kathy Sweeney, co-founder & managing partner, chief investment officer, Blue Moon Capital Partners will be the featured speaker at REFA’s July Women’s Roundtable. The program will be held at the REFA Offices from 7:45 to 9:15 a.m. on Wednesday, July 26. New in 2015, REFA created a Women’s Roundtable Series to engage more women with REFA and the industry. These informal programs are held throughout the year for women to hear from prominent female leaders and discuss challenges and experiences they face as a woman in the industry.
reception from 5:30 – 7:30 p.m. The 2017 REFA Annual Gala will be held Wednesday, October 4 at the Westin Copley Place in Boston. Stephen Karp, chairman and chief executive officer of New England Development and Steven Fischman, vice chairman of New England Development will be awarded with the 2017 Robert S. Swain Jr. award, REFA’s Distinguished ServiceAward. Starting July 1, REFA is now offering discounted membership rates for the rest of the year. Interested in learning more? Email Jackie DiPersio at
[email protected]. The Real Estate Finance Association (REFA), a division of the Greater Boston Real Estate Board (GBREB), is a commercial real estate business
REFA’s Annual Summer Panel and Reception will be held on Wednesday, August 2 at Goulston & Storrs, 400 AtlanticAve. in Boston.The panel discussion, focused on the retail market, will be led by moderator Justin Smith, Newmark Grubb Knight Frank and speakers Doug Karp, New England Development; Matt Curtin, CBRE/ New England and Eric Smookler, WS Development. Registration will begin at 3:30 p.m., and the program will begin at 4:00 p.m. followed by a
association providing members with high quality networking and educational opportunities. REFA strives to maintain its reputation for excellence by promoting the exchange of information between professionals in the real estate finance community, and fostering a platform for growth and development for its Emerging Leader membership. The Association for Real Estate Finance Professionals The Real Estate Finance Association (REFA), a division of the Greater Boston Real Estate Board (GBREB) is a trade association formed to bring together the best people, knowledge, and experience to provide informative programs and networking opportunities for commercial real estate finance professionals throughout the Greater Boston area. Real estate professionals
For more information about REFA, including upcoming events visit: www.REFA.org CROWNINSHIELD
Kevin C. Phelan
MANAGEMENT CORPORATION AMO®
Co-Chairman
617 330 8050
The Copley Group
617.262.3930 Phone 617.927.6930 Fax
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160 Federal Street Boston, MA 02110-1707
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from a variety of institutions join REFA to exchange ideas through breakfast panels, luncheon programs, networking events and professional education seminars. From forums for senior level executives to the Annual REFA Gala awards dinner, REFA has established a reputation for excellence in promoting the exchange of information between professionals in the real estate finance community, and fostering a platform for growth and education. Formed in 1988, REFA currently has over 600 members, 80 corporate sponsors, and last year hosted over 30 educational and networking events. To learn more about REFA, including membership, events, and ways to get involved, please visit us at www. refa.org. Follow REFA on Twitter @ REFABoston.
896 Beacon Street, Boston, MA 02215-3139
REAL ESTATE DEPARTMENT HENRY H. THAYER DANIEL J. OSSOFF MELISSA L. ELLIS LAUREN D. ARMSTRONG LAURENCE M. YORRA
RACKEMANN, SAWYER & BREWSTER 160 FEDERAL ST. BOSTON, MA 02110
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o ercial / Resi ential anage ent inancial Ser ices / Ser ing all of e nglan For information please contact: ick Ruccolo
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ail
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FANTINI & GORGA Casimir R. Groblewski
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Financial Digest
Back Page B July 14 - 20, 2017
New England Real Estate Journal
“YourSource Sourcefor forCommercial Commercial Real Real Estate Lending.” Lending” “Your Find out more at at www.CornerstoneRC.com www.CornerstoneRC.com Find out more $16,000,000
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Refinance of a 64 Unit Mixed-Use Property
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Malden, MA
Contact us to find out how we can hel you with your next ac uisition or refinance.
Contact us to1 find cane |help 7 7 5 M out as s ac how h u s ettswe A venu S u i te you 3 | L ex with i ng ton,your M A 0 2 next 4 2 0 | ( acquisition 7 8 1 ) 8 6 1 - 7 1 0 0 or refinance. P au l @
Corners C. c om | Avenue B rett@ |Corners C. c om | P atri |c (781) k @ Corners toneR C. c om 1775toneR Massachusetts Suite 3 | toneR Lexington, MA 02420 861-7100 w w w . Corners toneR C. c om
[email protected] |
[email protected]|
[email protected] |
[email protected] www.CornerstoneRC.com
NE NY Tel: 781-878-4540
Rhode Island 95 Cripe St. North Kingstown, RI (401) 295-0044 www.quonset.com
(401) 621-4336
July 14 - 20, 2017 Section C
Quick Read Sweeney of Sweeney Real Estate & Appraisal brokers $2.03m sale
SEE PAGE 6C
Keller Williams Leading Edge sells 14,394 s/f retail strip for $1.35m
SEE PAGE 12C
Linear Retail completes two leases in Rhode Island totaling 4,824 s/f
SEE PAGE 14C
20 Pages City of Warwick ......................... 2 Quonset ....................................... 8 NEDA Annual Conference ...17
New England Real Estate Journal nerej.com
60 KING IN PROVIDENCE TO BE READY FOR OCCUPANCY BY FALL 2018
Trinity Financial and RIHousing to complete $22.5m redevelopment PROVIDENCE, RI RIHousing, joined by governor Gina Raimondo, mayor Jorge Elorza, Citizens Bank, RBC Capital Markets, ONE Neighborhood Builders, SWAP, Inc., and Trinity Financial, a community-driven, diverse real estate development firm with a proven track record of redeveloping complex urban sites from New York to Greater Boston, broke ground on the redevelopment of 60 King St., the former home of the Imperial Knife Company. Construction on the now-vacant industrial building will result in the creation of 60 units of mixed-income housing, while breathing new life into a historically significant asset. It will also remediate an environmentally contaminated brownfield site and reconnect the building to the greater Olneyville neighborhood. 60 King is Trinity’s first project in Providence. “Rhode Island is on the move,” said governor Raimondo. “We work hard to create jobs, but it’s important to
The Foncellino team of Coldewll Banker leases 1,400 s/f in Cumberland
CUMBERLAND, RI The Ann Foncellino
team of Coldwell Banker commercial division listed and leased 1,400 s/f at 45 Industrial Rd. The Cumberland Commercial Center consists of commercial condominiums located in the Ann Foncellino Diamond Hill Industrial Park, with easy access to I-295. The tenant, Shamrock Well and Pump is a family owned and operated business servicing all of southern New England. The principals of the company have a combined total of over 50 years of experience within the groundwater industry.
remember that it’s a lot harder to go to work if you don’t have a roof over your head. That’s why the 60 King St. project is so critical. I am thankful to Trinity Financial, RIHousing, ONE Neighborhood Builders, and the rest of the team for their hard work increasing Rhode Islanders’ access to decent housing.” Of the 60 new units of housing created, 54 will be affordable. Forty-seven
of the affordable units will be rented at 60% of area median income (AMI) and seven units will be available at 30% of AMI. The remaining six units will have rents set at market-rate levels. Apartments include studio, one, two, and three-bedroom units. Many of the two and three-bedroom units at 60 King will be constructed as loft units with one of the bedrooms located on an upper level. Each unit will have a
parking space in a dedicated off-street lot. 60 King will be managed by the property management arm of Trinity Financial, Inc., Trinity Management. “This project will continue the great momentum that the Olneyville neighborhood has built and it’s another example of what we can accomplish when we are all working together,” said Mayor Jorge Elorza. For full story visit nerej.com
Olympus Group and Cambridge Capital Advisors sell office complex for $7.65m PAWTUCKET, RI 1080 Main, an historic and totally refurbished 48,000 s/f brick office facility with parking on a
Richard Amato
Gregory Micallef
1.8 acre land site, has been purchased as a master-leased investment property for $7.65 million. Located on the Pawtucket/East Side Providence line, the complex is occupied by an established combination of legal, governmental, and social services organizations. Richard Amato and Gregory Micallef, both broker principals of Olympus Group Real Estate, represented the selling entity, 1080 Main St., LLC.
Michael Scanio, managing partner of Cambridge Capital Advisors, represented the buying group, EVP
1080, LLC. Financing was provided by Martha’s Vineyard Savings Bank.
Rhode Island
Inside Cover C July 14 - 20, 2017
New England Real Estate Journal
Peter M. Scotti & Associates, Inc. BROKERAGE/APPRAISAL/MANAGEMENT A full Service Real Estate Company
COMMERCIAL BUILDING/ SITE FOR SALE 403 SOUTH MAIN STREET PROVIDENCE, RI
LAND FOR SALE 404 SOUTH MAIN ST. PROVIDENCE, RI Prime location where Providence’s East Side meets Downtown. 5,337 square foot commercial lot. Commercial C-2 zoning allows office, retail, residential, mixed uses, current use parking lot. Across from Providence River and 195 Redevelopment land. Price: $500,000.00
5,100 SF Historic Building, the “Dolphin House” on 3 lots totaling 6,854 SF of land. C-2 Commercial Zoning allows broad uses, including residential, office, retail, hotel, restaurant. Ample off street parking with excess land for development, phenomenal location, ext. 14.
OFFICE FOR LEASE 295 GOVERNOR STREET EAST SIDE OF PROVIDENCE, RI
OFFICE BUILDING FOR SALE 1935 KINGSTOWN RD. S. KINGSTOWN, RI
1,000 - 3,000 square feet of Office space available on first floor. Great for Professional Services and Medical. Multiple office and suite configurations Central A/C, ample on site parking. Asking $16.00 psf, NN.
20,130 square foot, 3 story brick office building, circa 1988, on 1.35 acres of land. Parking for 80 cars, elevator, sprinklers, h/c accessible. Seller lease back 2 floors. Excellent investment or owner occupied opportunity. Price: $1,800,000.00
SALE 1125 MAIN STREET , RI WEST WARWICK
N
EW
L
IN T IS
G
SALE 1125 MAIN STREET WEST WARWICK, RI
Currently operating CVS in the center of West Warwick, RI. Lease expiring January 2018. Concrete block building of 10,253 SF constructed over full basement. Building is supported by a .79 acre site with two curb cuts and parking for 40 plus vehicles. Business zone. $1,800,000
Michael Kern Peter M. Scotti & Associates 246 Hope Street, Providence, RI 02906 (401) 421-8888 x20
Currently operating CVS in
[email protected] ter of West Warwick, RI. Lease expiring January 2018. Concrete block building of 10,253 SF constructed over full basement. Building is supported by a .79 acre site with two curb cuts & parking for 40 plus vehicles. Business zone. $1,800,000
45 DIKE STREET PROVIDENCE, RI
4,390 square foot fully renovated commercial building, 2,500 sf quality office with kitchen, shop and storage. Ample parking with 14 spaces, loading dock, excellent access to highways and Providence area. New Price: $399,000
FOR SALE 16 POST ROAD, SR 1 WESTERLY, RI 24,088 SF retail sited on 10.97 acres, located at the intersection of Rtes. 1 and 78. Property accessed via signalized intersection on Rte. 1. Constructed in 1999 the store was most recently occupied by Staples. Staples downsized and relocated within the area. Reduced Price: $2,600,000.00
COMMERCIAL/INDUSTRIAL LAND FOR SALE 1733 WEST MAIN RD. MIDDLETOWN, RI 3.34 Acre site on busy West Main Road with 515 linear feet of frontage. Excellent access and exposure. Zoning allows various commercial uses. Located near busy W Main retail corridor. Price: $799,000.00
Peter M. Scotti & Associates, Inc. • 401-421-8888 246 Hope Street, Providence, Rhode Island 02906 Visit our web page at www.scottirealtyri.com
Rhode Island
nerej.com
July 14 - 20, 2017 1C
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
146 WESTMINSTER STREET, 2ND FLOOR, PROVIDENCE, RI 02903 401-273-1980 WWW.HAYESSHERRY.COM
Northwoods
1301 Atwood Avenue, Johnston, Rhode Island
OneMetroCenter
1 Metro Center Boulevard, Warwick, Rhode Island
341,010 SF of highly efficient office
constructed Class A office
space on landscaped campus setting
building
Expected Gold LEED Certification
Ideal visibility immediately off the
Large unobstructed floor plates
Airport Connector and I-95
Full service cafeteria, ATM, showers/
North/South
locker room & exercise facility in the
building
Available
Available
for
CONTACT:
Lease
Pete Hayes Karl Sherry Matt Fair 401-273-1980
40 Westminster Street Providence, Rhode Island
for
Lease 1 Crownmark Drive Lincoln, Rhode Island
Located in heart of Providence’s
8,248 SF finished office; 1,276 SF
Westminster & Weybosset Streets Parking available on-site
24-hour on-site security
unfinished office space; 1,856 SF 2nd story mezzanine
Available
for
Up to 24,000 SF
CONTACT: Karl Sherry or Matt Fair 401-273-1980
[email protected]/
[email protected]
for
Lease
500 Exchange Street Providence, Rhode Island
12-story, 317,000 SF Class A office building
Up to 25,000 SF available for lease
Large windows for spectacular view of On-site parking garage
Short walk to Downtown Providence and
Up to 25,000 SF
for
Lease
CONTACT: Karl Sherry or Matt Fair 401-273-1980
[email protected]/
[email protected]
Parking - 152 cars CONTACT: Jeff Finan 401-273-1980
[email protected]
East Providence, Rhode Island
4-story, 72,000 SF Class A office building
Up to 18,000 SF Office/Medical space on 4th floor (can be subdivided)
Immediate access to Route 195
On-site parking - 4/1,000 SF leased
Place Mall Available immediately
18’ - 26’ clear ceiling height
950 Warren Avenue
adjacent to train station and Providence
Sale or Lease
the State House and downtown skyline
25,700 SF Warehouse; 32,969 SF Manufacturing/Warehouse;
Financial District at intersection of
Up to 70,049 SF Manufacturing/ Warehouse Space
1,800 - 24,000 SF available
Available immediately
Available Third Qtr. 2015 CONTACT: Pete Hayes 401-273-1980
[email protected]
266,000 SF Class A office building
Custom office suites ideal for corporate headquarters
Ample parking on-site
100,000 - 125,000 SF newly
2 miles to Providence
Available April 1, 2017
Available
for
Lease April, 2017
CONTACT: Karl Sherry 401-273-1980
[email protected]
Rhode Island
2C July 14 - 20, 2017
New England Real Estate Journal
FOR LEASE Bristol, RI
Retail / Storefront / Office
The Bristol Shopping Center Hope St. (Rt. 114) & Gooding Ave. Bristol, RI Established 1959
2 Acre PAD Site 3,000 SF End Cap Spacious Parking High Traffic Intersection Office / Retail
Gooding Realty Corp. Tel. 401-253-3190
Fax. 401-253-3494
[email protected]
MA Lic. #107 NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Changes
New Proof
Proof Approved
Section: SC From: Karen Dowell x254 Run Date: 10-11
MORTGAGEE’S SALE OF REAL ESTATE AT
PUBLIC AUCTION
WEST WARWICK INVESTMENT OPPORTUNITY!
INDUSTRIAL BLDG. & 2 FAMILY HOME
1 BRIDAL AVENUE & 26 DUKE STREET WEDNESDAY, JULY 19 AT 2:00 PM
Warwick Tourism Culture and Development Dept. Karen Jedson, director 401-738-2000 x6402
Mayor Scott Avedisian
www.movetowarwickri.com
Warwick kicks off the summer with Gaspee Days Summer is officially here, and in Warwick even before the Summer Solstice, we begin our season a bit earlier with Gaspee Days. We started with the Arts and Crafts Festival spent celebrating “America’s First Blow for Freedom,” with a concert featuring the Rhode Island Philharmonic Symphony Orchestra followed by a fireworks display, an historical walking tour guided by students from Wyman Elementary School dressed in period customs and a parade that drew thousands of viewers to Narragansett Parkway. Culminating with Sunday in the Park and a re-enactment of the burning of the Gaspee was the perfect ending to Gaspee Days, so thank you to the committee, all the volunteers and everyone else who contributed to what was once again a very successful Gaspee Days. Next, during the 4th of July holiday we had the perfect weather to celebrate our great country’s independence. If you haven’t noticed, here in Warwick we love to celebrate our impressive and noble history and all through the holiday weekend, Warwick’s 39 miles of coastline was alight with fireworks galore and whether viewed from the shore or on the bay, it was nothing short of spectacular. Special thanks to our fire and police departments
As we continue to move through the summer season, visitors and guests are encouraged to take advantage of all that Warwick has to offer. From our 39 miles of coastline, award winning restaurants, endless lodging options, seasonal recreational activities and central location to Providence, Narragansett and Boston, Warwick is the perfect summertime vacation destination. for organizing traffic and keeping everyone safe. And that is just the beginning of the season. We still have summer concerts throughout the city on Wednesday nights, Movies in the Park at Rocky Point, URI’s 125th Jazz Concert Anniversary, Antique Car Shows, Food Truck nights and National Night Out to look forward to, so get ready to enjoy all of these special events here in Warwick. As we continue to move through the summer season, visitors and guests
are encouraged to take advantage of all that Warwick has to offer. From our 39 miles of coastline, award winning restaurants, endless lodging options, seasonal recreational activities and central location to Providence, Narragansett and Boston, Warwick is the perfect summertime vacation destination. For more information visit: http:// www.visitwarwickri.com.
Scott Avedisian is the mayor of Warwick.
East Providence Come Grow With Us
Auction To Be Held at 1 Bridal Avenue, West Warwick • 1 BRIDAL AVENUE •
27,199± sf lot improved by a 19,425± sf 2-story industrial building consisting of 7,752± sf office space, 4 overhead doors & loading dock
• 26 DUKE STREET •
14,127± sf lot improved by a 2,016± sf 2-family home having 12 rooms, 6 bedrooms & 3 baths Mort. Ref.: West Warwick Land Records in Bk 1917, Pg 3 TERMS: $10,000 deposit & balance due 30 days, other terms announced at auction. Michienzie & Sawin LLC, Attorney for the mortgagee, 745 Boylston St., Boston, MA 617-227-5660. Accuracy not guaranteed. Visit web for more info.
Sullivan-Auctioneers.com 617-350-7700
• East Providence offers all the amenities of the big city without the big city hassles. We’re just a stone’s throw from downtown Providence • East Providence offers a full variety of economic incentives including low interest loans, and tax stabilization programs • East Providence’s varied development opportunities are impressive. You’ll find land and buildings suitable for all forms of development from R&D, Class A office, hotel development, retail and multi-family residential, particularly within the City’s Waterfront Special Development District. • Our City is well known for its skilled, motivated workforce, excellent infrastructure, competitive tax rate and efficient government services.
For more information contact us at
(401) 435-7531 or visit us at:
www.eastprovidencebusiness.com
Rhode Island
nerej.com
July 14 - 20, 2017 3C
365 Eddy Street, Penthouse Providence, RI 02903 877-751-3201 (toll free) 401-751-2871 (fax)
INDUSTRIAL FOR SALE: i land ar , , , , rin lered, , office, clear, trailer ei t doc leveler, drive in door, ton ervice crane , co re ed air, i ediate acce to te , inute to I I
COMMERCIAL/OFFICE FOR LEASE: a tuc et, , i end ill renova tion, arti tic ace, i ceilin , convenient location
TURN-KEY RESTAURANT FOR LEASE: out in to n, , full e ui ed re taurant itc en in a out in to n otel a in o ortunit
OFFICE FOR LEASE: War ic , u to , of co liant, i ualit ace in ca u li e ettin , urrounded countle area a enitie ocated next to reen ir ort
RETAIL FOR LEASE: ar ic , , x of retail ace in u trade area oin a il ollar and u a
FOR SALE OR LEASE: rovidence, , clean, odern, air conditioned roduction ace, , office ace, one trailer ei t doc , eav o er
INDUSTRIAL FOR LEASE: ort ttle oro, , o tl air conditioned indu trial ace, , office, loadin doc , ort ttle oro Indu trial ar I
OFFICE FOR LEASE: ar ic , u it ffice ar , , of exi le la office ace an on ite a enitie , a le ar in , ea acce to reen ir ort, tra and oute
RETAIL FOR LEASE: oventr , , , , end unit it drive t rou , free tandin ulti tenant uildin in I rated la a anc ored ole ale lu , al art and o e e ot
OFFICE FOR LEASE: rovidence, , office ex ace include loadin doc and drive in door it convenient i a acce to I
INDUSTRIAL/OFFICE FOR SALE: e t ar ic , , fir t cla office and are ou e co lex I vi i ilit in a re ier u ine ar , cor orate office could e lea ed e aratel
OFFICE SPACE FOR LEASE: u erland, u to , co leted renovated i toric ill, ric and ea interior, uilt to uit, ar in lo e to i a and line
RETAIL FOR LEASE: ic ond, tandin retail uildin for er it drive t ru
, free al reen
INDUSTRIAL FOR SALE: incoln, , anufacturin facilit , ort entral Indu trial ar , eav o er it u duct , , ulti le loadin doc , convenient to oute and I
OFFICE FOR LEASE: rovidence, ir t la conti uou ace , to , , in inancial i trict, clo e to court ou e, and a ton Inn, a le ar in , i ediate availa ilit
OFFICE FOR SALE: Providence, 52,000’ rivate office , o en area and conference roo on lo er, fir t and econd oor , ar in ace , convenient o nto n location
OFFICE SPACE FOR LEASE: e t ar ic , , la office uite it eri eter office and ull en or tation, ad acent to ca u
INDUSTRIAL FOR LEASE: oventr , u to , are ou e anufacturin ace, tail oard , eav o er, ceilin , acce to I
OFFICE FOR LEASE: a t rovidence, , free tandin uildin located alon I , it i vi i ilit , exce tional ar in , uild to uit, clo e to do nto n rovidence
OFFICE FOR LEASE: incoln, ir t la office ace in i ualit office ar ca u , to , availa le le free ar in , near incoln all and air ort
401-751-3200 mgcommercial.com
NE NY Tel: 781-878-4540
Rhode Island
4C July 14 - 20, 2017
New England Real Estate Journal
FOR ACQUISITION OF 132 ELTON ST. IN PROVIDENCE
Celebrating 30 years!
Long of BankRI provides $1.3m financing to Esteoeste, LLC Bank Rhode Island’s (BankRI) Commercial Real Estate Division finalized a transaction of a $1.3 million commercial mortgage to Esteoeste, LLC for the acquisition of 132 Elton St. as part of a 1031 Exchange. Located in Jane Long Providence’s desirable East Side, 132 Elton St. consists of six residential apartments.The property is currently at full occupancy, with the majority of tenants representing graduate students attending Brown University, Johnson & Wales University, and the Rhode Island School of Design. Jane Long, assistant vice president of Commercial Real Estate for BankRI, facilitated the transaction. “Residential rental units on the East Side of Providence are always in high demand, particularly among students
PROVIDENCE, RI
1987 - 2017
VISION 3 ARCHITECTS
Corporate Office | Education | Healthcare | Hospitality 401.461.7771 • www.vision3architects.com • follow us on LinkedIn
and young professionals,” said Long. “Our client is committed to preserving this property for residential use and we are pleased to have been able to
meet their financial needs to acquire a multi-unit building that’s conveniently located near Wayland Square and Blackstone Boulevard.”
Taylor & Associates affiliates with Mott & Chace Sotheby’s International Realty PROVIDENCE, RI According
Looking to buy, sell or lease commercial property in or around Rhode Island?
to Mott & Chace Sotheby’s International Realty, the Taylor &Associates team, formerly Taylor & Company with William Raveis, has affiliated with the firm. The team, composed of NelsonTaylor, Robert Rutley, Rachael Dotson and Robin Lake, offer industry expertise and a combined 40 years of real estate experience. “The Taylor & Associates team
FOR LEASE
embraces the structure of a small, collaborative team to ensure extreme attention to details and nuances of negotiation. Streamlining the sales and purchasing process for clients is paramount for Taylor and his team. Each team member brings a refined skillset to the group with the collective goal of providing their clients with the highest level of customer service and sales results attainable,” said Judy
Chace, broker and co-owner of Mott & Chace Sotheby’s International Realty. “We could not be happier to affiliate with Mott & Chace Sotheby’s International Realty,” said Taylor. “As one of the top producing real estate teams on the East Side of Providence and throughout the metroplex, it’s the perfect blend of proven local success mixed with a dynamic international brand.”
BRISTOL, RI - 21,000 SF Modern High Bay Warehouse Distribution
LOCATED WITHIN THE EAST BAY INDUSTRIAL PARK, BRISTOL RI. Halfway between Providence and Newport RI. 15 min from Fall River MA 24-30’ ceiling heights. 5 tailboard loading docks.Warehouse racking available.
The Rhode Island Commercial Information Exchange is your answer to listing and selling commercial real estate in the Ocean State. As the official provider of listing information to Commerce RI, Rhode Island’s economic development engine, as well as municipal sites throughout the state and a collaborative network of commercial specialists nationwide, RICIE offers unprecedented exposure for your listings. And if you or a client is looking to buy or lease, trust RICIE to be the most accurate, comprehensive resource available. Get more eyes on your listings by joining the Rhode Island Commercial Information Exchange today. Visit RIRealtors.org/RICIE or call 401-432-6935 for more information.
(401) 301-9002
Brian W. Clark, VP Commercial Brokerage Email:
[email protected] www.raveis.com
Rhode Island
nerej.com
July 14 - 20, 2017 5C
Medical Clinics and Facilities
WELCOME TO THE PLAZA CENTER! ffice Space available in the la a Center 68 Cumberland St oonsocket, RI
Office Space Available Spaces range from 900 to 8,300 sf Rhode Island’s answer to affordable Class A office space! This building has unique architectural features that distinguish itself from others with its glass block atrium entrance and marble accents. The sweeping stairways and glass skylight make a most pleasurable atmosphere and clients will appreciate the convenience of a 175 space welllit, private parking lot. This building has many angles associated with the structure which gives the interior units extra windows for added light. A distinctive building! Located in the heart of Woonsocket business district! Plaza Center is situated in a prime location at the intersection of Cumberland and Clinton Streets and offers proximity to CVS corporate headquarters. This building is convenient to many amenities, off the highway, and is just 30 minutes to Boston & Worcester and 15 miles to Providence.
Generous landlord allowances. Will build to suit. 150% broker fees paid For more information or to arrange a showing, please contact: Eric Szczepkowski -
[email protected]
COAST REALTY One Realty Way, East Providence, RI 02914
(401) 438-1000 (Office)
(617) 454-4460 (Cell)
Rhode Island
6C July 14 - 20, 2017
New England Real Estate Journal
3-STORY BUILDING LOCATED AT 1150 NEW LONDON AVE.
PRIME OFFICE SPACE AVAILABLE
EAST PROVIDENCE, RHODE ISLAND
Sweeney of Sweeney Real Estate & Appraisal brokers $2.03m sale
Class A office spaces with great visibility from I-195! Various Sized Units Available. 1,800-2,500 SF For more information or to arrange a showing, please contact:
ERIC SZCZEPKOWSKI
[email protected]
Coast Realty
One Realty Way, East Providence, RI 02914 (401) 438-1000 (P) (401) 438-1060 (F)
1150 New London Avenue - Cranston, RI
A Bank for All Stages of your Business.
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Changes
New Proof
Proof Approved
Section: RI
From: Karen Dowell x254
[email protected] Run Date: 3-11
CRANSTON, RI New London Real Estate, LLC sold 1150 New London Ave. to Vancass Holdings LLC for $2.03 million. The property is a multi-tenanted, 3-story, 24,586 s/f building located close to Garden City. Thomas SweeThomas Sweeney ney, SIOR, of Sweeney Real Estate & Appraisal brokered the sale.
RPL completes $1.65m sale of historic Eliza Ward House in Providence
PROVIDENCE, RI Residential Properties Ltd. (RPL) completed the sale of the historic Eliza Ward House on the East
Jim DeRentis
NMLS ID 410623
Whether you're buying commercial real estate estate, starting a new business or expanding your business; we have all the options for you. Speak with a Commercial Banking Professional Today by calling (401) 574-1502 or by visiting BankRI.com
Gerri Schiffman
Side for $1.65 million. RPL represented both sides of the transaction, with sales associate Jim DeRentis serving as the listing agent, and sales associate Gerri Schiffman as the buyer’s agent. According to current statewide MLS data, this marks the ninth East Side sale of over $1 million this year, with Residential Properties Ltd. representing nine of the possible 18 transaction sides.
Rhode Island
nerej.com
July 14 - 20, 2017 7C
Coldwell Banker Commercial
has been servicing the business needs of our customers and clients since 1906. To view our inventory visit
NRT S
O
WWW.CBCNRT.COM
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FOR SALE: WOONSOCKET - Well maintained Signature office bldg, on high traffic Mendon Rd. Across from Highland Corporate Park (CVS HQ). 2 floors, ample parking, easy access to Rt. 146 & I-295. Ideal uses, medical, dentist, financial, legal, chiropractor. Call Mike Foncellino at 401258-2332
FOR SALE: WEST WARWICK – Income producing, well maintained strip mall. New roof, mechanicals & signage. Good tenants, all triple net. Ideal owner operator with 5,000’ available. Many upgrades. Call Mike Foncellino at 401258-2332
S F O R S AL E : PAWTU CK E T - What a great opportunity. 5,000 sf building set on a 56,366 sf lot. This building is set next to McCoy Stadium and is currently used to house a fleet of ice cream trucks. Development opportunity. Land is used commercial but zoned residential (RT multi-family). This block building would be a great buy and has a vacant parcel of land for storage or to be sold separately. Site is level and consists of two lots. Water, electric. Call Michael Saccoccio 401-486-2911
FOR SALE: WARWICK -2 Landmark bldgs., well maintained on large ½ acre lot. Sold as package. Well established Sandwich shop in business for 40 , equipment included in sale. The 2nd bldg. is set up as a bar/tavern. Fire coded, patio for outside dining, office & bathroom on 2nd fl., possible mixed use conversion with town approval. Ample Parking Call Mike Foncellino 401-258-2332
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FOR LEASE: RUMFORD – This multi-tenant unit has over 15,000 sf of executive office space available with an attractive lobby entrance. Private entrance to be installed. This updated space offers five large office rooms, an administrative area and a mail/computer room. Located off Newport Ave business district with onsite convenient parking. Call Pauline Lemieux 401369-1811
E S A
FOR LEASE: CUMBERLAND – Commercial condominiums in industrial park, new construction 13750 sf divisible by 1375 sf. Ceiling height 22 feet, overhead doors 14x12, sprinklers. Located off Diamond Hill Rd. Easy access from Rte. 295, centrally located between Boston and Providence. Call Mike Foncellino 401-258-2332
FOR LEASE: BURRILLVILLE – Located in shopping center, great space for any new business, 3000 sf, central air, handicap accessible, handicap parking, includes heat, previously used as a full service restaurant, high traffic area, a must see, will not disappoint. Owner may help with some renovations. Asking $2,800 mo. plus water & sewer. 1st month rent free. Call Linda Elliot 401-258-1102
FOR SALE: WARWICK - New owner, many upgrades (70K+) including new exterior & sidewalks, flooring & HVAC. Open spaces Pro Forma Rent @ 15.00’ Net. Ideal for investors or owner operators, retail or office, food service, pet care. Call Mike Foncellino 401-258-2332
280 County Rd Barrington, RI 02806
BRISTOL
495 Hope Street Bristol, RI 02809
FOR SALE: LINCOLN - Office Condo, corner location, present use mortgage co., facing George Washington Hwy. 1st floor, ample parking, ideal medical, dental, chiropractor, physical therapy, financial, legal or accounting. Well maintained signature bldg. Easy access to Rt 146 & 295. Call Mike Foncellino at 401-258-2332
FOR SALE: PAWTUCKET - Well-known standalone building mixed use commercial building social club, hair salon on 1st flr. 2nd & 3rd floors are 2 bedroom apartments. Ample on-site parking for 22 cars. Great price! Call Michael Saccoccio at 401-486-2911
RE TAIL / O F F ICE F O R S AL E : E AS T PRO V IDE N CE – Retail/Office Bldg. 2400’ (GBA 4800’) previously daycare. Plus 2 family income producing house situated on 51,000 sf lot. Ideal for daycare, retail convenience store, food service, office, lawyer, financial, medical, dental, chiropractor, church groups. Both bldgs. with many upgrades. Call Mike Foncellino 401-258-2332
FOR LEASE: WARWICK – Ideal professional office space located on high traffic road. Uses include medical, legal, accounting, chiropractor or physical therapist. Near Bald Hill Rd. (Rte. 2) Easy access to highway. Call Mike Foncellino 401-258-2332
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FOR SALE: CRANSTON - Great investment property, income producing. 9% cap rate, medical office bldg., high traffic rd., ample parking, elevator, fire coded, handicap access. Other uses, legal accountant, financial. Also, ideal for owner occupied, space available on 1st fl., 1200’ to 2400’. Call Mike Foncellino 401-258-2332
BARRINGTON
FOR SALE: WARWICK - Well known, stand alone signature building. 15,003 sf, 3 levels, main floor is 9,736 sf, second floor is 5,267 sf, and finished lower level is 6,152 sf. Building has 2 elevators, service and passenger. 1.07 acre land. Easy highway access. Call Michael Saccoccio at 401-486-2911
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FOR SALE: PROVIDENCE - Silver Lake, well maintained. Mixed use bldg. 4 residential apts, 2 office, 1 retail. Fire coded, strong rental history. Ample parking. New single layered roof installed. Call Mike Foncellino 401-258-2332
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F O R S AL E / F O R L E AS E : E AS T PRO V IDE N CE – Medical Offices - fully functional offers reception, waiting room, private office, procedure room, examination room, kitchen area. Handicap accessible. Call Michael Saccoccio for details at 401-486-2911
CUMBERLAND
1985 Mendon Rd Cumberland, RI 02864
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FOR SALE: NORTH PROVIDENCE - Excellent location, high traffic road, 7,801 SF building can be used for many purposes. Call Nick Tartaglione 401-486-6425
FOR SALE: CRANSTON - Well known corner location at the traffic light intersection of Oaklawn ave & Wilbur Ave. High traffic area and highly visible location. Zoned C-2. Call Michael Saccoccio 401-486-2911
E. GREENWICH
527 Main Street E. Greenwich, RI 02818
NE NY Tel: 781-878-4540
RETAIL/COMMERCIAL FOR SALE: WARWICK – Great building in good condition. Currently used as a hair salon. Can be used for an office, retail, commercial. Building has good street exposure. Furnace has been updated. Call Michael Saccoccio at 401-486-2911
FOR SALE: PROVIDENCE - BUSINESS ONLY Admiral Spa DBA Papa Paulies. Well established breakfast and lunch turnkey operation. 21 years of successful operation, steady clientele and a favorite spot for PC students. Walking distance from the college. Owner willing to train. Call Paul DeCesare at 401-368-1133
NEWPORT
38 Washington Square Newport, RI 02840
WARWICK
831 Bald Hill Road Warwick, RI 02886
Rhode Island
8C July 14 - 20, 2017
Managing Director Steven King
New England Real Estate Journal
www.quonset.com
Quonset Development Corp. 95 Cripe St., North Kingstown, RI 02852 401-295-0044
Seaview Railroad: An integral part of Quonset’s success Quonset Business Park is a leader in meeting the modern logistics needs of the globally minded businesses here. A key component to our success is Seaview Railroad, our intra-park short line railroad that has operated for more than 30 years. In that time Seaview has provided tenants and shippers with convenient and cost-effective means of transporting goods within the park, as well as throughout North America. Seaview Railroad is a multi-purpose logistics business that supports the shipping needs of Quonset’s tenants, as well as the highly attended Rhode
Island National Guard Open House and Airshow. Established in 1991, the air show is a major community event that offers the finest aerial and static displays along with activities for people of all ages. While aircraft remain responsible for transporting most of the show’s models, thousands of guests rely on our roads to attend the event. In response, Seaview Railroad partnered with the Rhode Island Department ofTransportation’s (RIDOT), RI Air National Guard, and the Massachusetts BayTransportation Authority (MBTA) last year to offer a
COMMERCIAL PROPERTIES
JAMESTOWN VILLAGE | COMM. & RESI. | 2 RESIDENTIAL UNITS 24,485 SQ. FT. LOT | $1,100,000 | WEB ID: 1155746 401.423.3440
NEWPORT PERRY MILL WHARF | DOWNTOWN NEWPORT | 1.33 ACRES | $28,000,000 | WEB ID: 1150336 401.789.6666
N E W P ORT
NARRAGANSETT
PR O V I D E NC E
BLOCK ISLAND OLD HARBOR | PRIME LOCATION | MIXED-USE | $1,095,000 | WEB ID: 1150577 401.466.8777
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new program called Trains to Planes. During air show weekend Seaview Railroad becomes the last link in a commuter line providing free service from stations in Providence, Warwick, and North Kingstown to the Park and back. The push behind theTrains to Planes initiative was to help decrease the volume of cars on the road and lessen traffic congestion for the event. With over 4,200 riders this year – 10% more than last year – it’s clear that this convenient service is making a difference for Air Show guests. “We’re proud to be able to work with our partners to provide another transportation option to guests attending the air show,” said Eric Moffett, president of the Seaview Transportation Company and Railroad. “It’s great to be able to showcase the evolution of the Seaview Railroad through the Trains to Planes program.” With more than 14 miles of railroad track, Seaview Railroad is able to reach almost all areas of the park including the Port of Davisville where it offers on-dock rail service. Over the last five years the rail line has seen major upgrades and improvements thanks to Moffett’s leadership. “When I purchased the Seaview Transportation Company in 2012, I saw a tremendous opportunity for growth and development in the railroad and the area it served,” added Moffett. “Quonset’s infrastructure and innovative site selection programs have encouraged and enabled companies to realize their expansion plans, and we’re here to support that growth. By reinventing Seaview Transportation through the incorporation of new approaches to transportation and business logistics, I knew it could become an essential resource to attract and retain regional and global shipping business.” The convenient access to Seaview’s extensive rail infrastructure is a major asset to many of the park’s 200 businesses and nearly 11,000 employees. Quonset’s rail line handles over 7,000 carloads a year including products shipped from area industries, products arriving for distribution throughout New England, and shipments arriving at the Port of Davisville.After the state invested in its rail infrastructure in the late 1990’s, the Seaview Railroad was able to move even more cargo and now transports nearly triple the number of cars that it did before the project. The exclusivity of Seaview Railroad’s on demand service to the tenants in the park, our world class infrastructure, and the Quonset Development Corporation’s (QDC) innovative CONTINUED ON PAGE 10
Rhode Island
nerej.com
July 14 - 20, 2017 9C
Celebrating 30 years! Under the current leadership team, the firm remains deeply committed to the founding vision of building strong client partnerships, helping young professionals advance, and working to make every design exceed our clients’ expectations.
1987 - 2017 VISION 3 ARCHITECTS Corporate Office | Education | Healthcare | Hospitality
401.461.7771 • www.vision3architects.com • follow us on LinkedIn
Rhode Island
10C July 14 - 20, 2017
New England Real Estate Journal
THE JOHN FRYE HOUSE ORIGINALLY BUILT IN 1760
Becker of Lila Delman Real Estate sells 35 Second St. for $1.29 million
(401) 435-6101 www.jjcardosi.com
Services we provide: • Design/Build Projects • Construction Management • Coordination of Subtrades • Facilities Renovations • Pre-Engineered Steel Buildings
Trades we perform:
• Site Work • Concrete foundations & form work • Carpentry — rough & finish • Framing • Doors & Windows • Demolition • Preparation for subtrades
From:
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One of Newport’s historic homes, “The John Frye House,” located at 35 Second St., was sold for $1.29 million by Lila Delman Real Estate International.Annie Becker, broker associate, represented the seller of this recently Annie Becker updated home with a professionally designed interior. “If ever there was an example of how a home built in 1760 can be aesthetically and mechanically updated for today’s buyers, this is it,” said Becker. “35 Second St. retains its historic charm with the 12x12 windows, fireplaces and wide-plank floors, with gleaming new kitchen and baths, central air conditioning and updated systems for modern comforts.”
NEWPORT, RI
28 Boston St. East Providence, RI
35 Second Street - Newport, RI
FOR SALE OR LEASE: 100 SMITHFIELD AVE., PAWTUCKET, RI
The John Frye House was built as a four-room Gambrel in 1760. Another home was moved to the site and attached, as is evident by the unusual roof lines. Measuring 3,343 s/f across three stories, the house has five bedrooms, six fireplaces, a grand entry hall, and a brick courtyard.
By Steven King CONTINUED FROM PAGE 8
• 12,194 SF retail warehouse building • Previously McLaughlin Automotive Sales • Just west of Route 44 & I-295 intersection • 4 overhead doors, 1 loading dock
• Invest or occupy! Medical office building • 10,986 SF multi-tenanted property • 3 stop elevator, 15 parking spaces • Quick access to I-95, 146 & downtown Providence
FOR SALE OR LEASE: 15 CENTRE OF NEW ENGLAND BLVD, COVENTRY, RI
FOR SALE: 72 OXFORD STREET PROVIDENCE, RI
site-readiness program make Quonset Business Park a premiere destination to start or grow your business. The QDC is committed to offering top-of-the-line logistics services that aid in the growth and development of the park’s businesses. Seaview Railroad’s support in helping businesses achieve growth is a vital component as to why Quonset is an exceptional place to do business.
Steven King, PE, is the managing director of the Quonset Development Corp., North Kingstown.
Rhode Island A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
• High bay warehouse with office/showroom • 2 loading docks, 2 drive in doors • 18 foot ceilings • Just off I-95 on the corner of Hopkins Hill Rd
• 8,307 sf flex manufacturing building • 600 AMP, 3 phase, 14 foot ceilings • Just off Allens Avenue in South Providence • 2 minutes from I-95 on/off ramp
For more information contact: Thomas O. Sweeney, SIOR
[email protected] 401.331.9300 • www.sreari.com
Publisher Karen Dowell x254
[email protected]
Editor Jennifer Tempesta x227
[email protected]
Rhode Island
nerej.com
July 14 - 20, 2017 11C
Union carpenters make my company the best. Dave Rampone President, Hart Engineering Cumberland, RI
Construction has always been a tough, competitive business. You want a company who can actually complete a project, not just compete for one. Union contractors recognize they need to be at their best every day to win business and be successful. That’s why they partner with the New England Regional Council of Carpenters. Our professional and well-trained workforce emphasizes safety, quality and productivity on the job site, helping to reduce risk and maximize value. It’s the right team – at the right time – for successful results.
The New England Regional Council of Carpenters. It’s time to build. To learn more, visit NERCC.org
NECU_Rampone_NEREJ_FullColor1.indd 1
7/20/12 2:02 PM
Rhode Island
12C July 14 - 20, 2017
For Sale - 292 Elmwood Ave.
New England Real Estate Journal
CORKUM, LISTING AGENT; MIRANDA, SELLING AGENT
Keller Williams Leading Edge sells 14,394 s/f retail strip for $1.35m
Providence - 6 ,200 sf community residence formerly operated as a 20-bed assisted-living facility. Fire code compliant, sprinkler system. K itchen, community dining, laundry facilities, gas-heat, 200 amp service, off-street parking. Asking $ 400,000.
Marc A. Cote
Commercial Division ext. 204
600 Cass Ave., Woonsocket, RI 02895-4729 Email:
[email protected].
401-766-2200 X204
View this listing at www.loopnet.com - Property ID: 19228961
New Proof
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Size: 2x4 Section: RI From:Karen Dowell x254
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245 Legris Ave., West Warwick, Route 117 28,000 square feet - Land and Office Next to Advanced Auto & near Cumberland Farms Near Route 2 & Kent County Court House
Warwick, RI
Pare project wins ACEC-RI award
1553 Warwick Avenue, Warwick, RI 1.55 Acres, 67,518 square feet Parcel near corner of Airport Road & Warwick Avenue. Diagonally across from Walgreens next to proposed car wash
Cranston, RI 27 Unit Condominium Site ALL APPROVALS! City Water, City Sewer, & Gas Next to Stop & Shop Plaza (Ideal for Shopping Plaza Extension) Check out website for over 35 exclusive listings AlbertRealtorsCommercial.com
ALBERT REALTORS COMMERCIAL DIVISION Trusted Since 1963
WARWICK, RI Cindy Corkum, commercial realtor for Keller Williams Leading Edge Providence was the listing agent and Cesar Miranda, commercial realtor for Keller Williams Commercial, Easton, Mass. was the selling agent for Cindy Corkum the $1.35 million sale fo 1200 Bald Hill Rd. The 14,394 s/f retail strip sits on 1.03 acres
1050 Reservoir Ave., Cranston, RI 02910 • Albert Scaralia, Broker/Owner 401.944.8008 ext.712 •
[email protected]
KINGSTON, RI According to Pare Corporation, a leading multi-disciplinary engineering and planning firm, their work on the Richard E. Beaupre Center for Chemical and Forensic Sciences on the Kingston Campus of the University of Rhode Island was awarded a 2017 Engineering ExcellenceAward from theAmerican Council of Engineering Companies of Rhode Island (ACEC-RI). This $68 million, 134,623 s/f four-story building consists of two floors dedicated to teaching, two floors for research, a penthouse, and a partial basement for mechanical infrastructure. The facility includes an A/V system, a 240-seat lecture hall and 95-seat lecture hall on the main level, 14 teaching labs, and 18 faculty research labs outfitted with a projecting demonstration fume hood. The facility also hosts the U.S. Department of Homeland Security’s Center of Excellence for Explosives Detection, Mitigation and Response. This is the final academic building built to complete the University’s Health and Life Sciences District at the northern portion of campus. For full story visit nerej.com
Rhode Island
nerej.com
July 14 - 20, 2017 13C
180 WESTMINSTER STREET PROVIDENCE, RI 02903 PHONE: (401) 454-4660 www.capstone-properties.com
Providing real estate services for today’s world SELECT COMPLETED TRANSACTIONS
CAPSTONE PROPERTIES REPRESENTED TEKNOR APEX IN LEASING 86,000 SF OF WAREHOUSE SPACE IN CLINTON, MASS.
FAMILY DOLLAR REPRESENTED BY CAPSTONE OPENS ANOTHER STORE IN PAWTUCKET, RI ACTIVELY LOOKING FOR ADDITIONAL LOCATIONS
CAPSTONE SECURED SPACE FOR GOURMET GRILLED CHEESE COMPANY, UMELT, ON THAYER STREET
CAPSTONE ASSISTED O’REILLY AUTO PARTS SECURE A NEW LOCATION IN SWANSEA, MA
PROPERTY LISTING PREVIEWS
PAWTUCKET, RI - FOR LEASE 3,400 SF AVAILABLE, WELL SUITED FOR RESTAURANT, RETAIL, OR AUTO Call Greg
FOR SALE - 379 LIBERTY LANE SOUTH KINGSTOWN, RI 9,940’ BUILDING/1.84 ACRES LAND 18’ CEILING, NEAR UNIVERSITY OF RHODE ISLAND AND TRAIN STATION Call Neil
EAST PROVIDENCE, AMPLE FREE PARKING IN CLOSE PROXIMITY TO SHOPPING AND HIGHWAYS OWNER WANTS TO DO DEALS! Call Chris
FOR SALE/LEASE OFFICE BUILDING 1075 SMITH STREET PROVIDENCE, RI 8,238’ 40 CAR PARKING Call Neil
GET ENERGIZED BY URBAN LOFT STYLE OFFICES UP TO 10,000 SF FOR LEASE AT 180 WESTMINSTER ST IN DOWNTOWN PROVIDENCE, JOIN TD BANK Call Chris
MOBILE MART - EAST PROVIDENCE, SINGLE TENANT RETAIL GAS AND CONVENIENCE STORE FOR SALE WITH LONG TERM CREDIT LEASE
2,000 - 4,000 SF 2253 PAWTUCKET AVE EAST PROVIDENCE, RI Call Chris
NARRAGANSETT, RI - FOR SALE 5,500 SF STAND ALONE,VACANT OFFICE BUILDING FOR SALE ON ONE ACRE. BANK OWNED Call Chris
WARWICK, RHODE ISLAND - FOR SALE 1.3 ACRE PARKING LOT NEAR AIRPORT. BANK OWNED Call Chris
MALDEN, MA - MAPLEWOOD SQUARE 8,900 SF RETAIL SPACE FOR LEASE WITH PARKING LOT IN REAR Call Greg Bohenko 781-273-4070 x234
1,000 SF AND 5,000 SF IN MYLES STANDISH PARK TAUNTON: OFFICE/FLEX W/LOADING DIRECTLY ACROSS FROM HOLIDAY INN Call Neil
RESTAURANT SPACE FOR LEASE ON ANGELL STREET. 2,500 SF AVAILABLE IN THE CENTER OF THE BROWN UNIVERSITY CAMPUS Call Greg Bohenko 781-273-4070 x234
Chris Greenman, Principal Broker Ext 324
[email protected] 401-454-4660
Neil Amper, Broker Ext 322
[email protected] 401-454-4660
Greg Bohenko
[email protected] 781-273-4070 x234
Rhode Island
14C July 14 - 20, 2017
New England Real Estate Journal
TO JERSEY MIKE’S IN EAST GREENWICH AND PET VALU IN PAWTUCKET
Linear Retail completes two leases in R.I. totaling 4,824 s/f EAST GREENWICH, RI According to Linear Retail, Jersey Mike’s opened a 1,800 s/f store at its East Greenwich Commons shopping center located at 555 Main St. The company uses only premium meats and cheeses sliced on the spot and piled on oven-fresh bread baked in the restaurant throughout the day. The deal was executed by Evan Eisenhardt,VP - leasing at Linear, along with Atlantic Retail Properties’ Ben Ravelson and Pat Gallagher. There is currently 900 s/f and 2,509 s/f available for lease at the center. In another transaction, Pet Valu has signed a lease for 3,024 s/f at Blackstone Place, located at 727 East Ave. in Pawtucket. The deal was facilitated by Joel Kadis, partner - leasing & development of Linear Retail, as well as Bill Greene of Hayes & Sherry
Testing & Monitoring
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CLEAN PHASE II ENVIRONMENTAL. WIDE RANGE BUSINESS ZONING (BP) HIGH TRAFFIC AREA Last A vailab le Site N Cente ear r of NE S/C
and Jason Wuchiski of RHYS. With locations across the northeast U.S. and Canada, Pet Valu offers a selection of pet food, treats, toys and accessories for all your companion’s needs. At all locations, you’ll find experts trained in pet care and nutrition through the University of California Davis Extension School. Pet Valu is dedicated to helping local pets in need, and partners with local shelters, rescues and charities for adoption events and pet food bank programs.
Vision 3 Architects promotes Dowden to job captain Vision 3 Architects has promoted Emma Dowden to job captain with the firm. Dowden graduated from Roger Williams University with a master of Architecture in 2014. She began at Vision 3 completing an internship during her Emma Dowden senior year and working part-time during school until she joined the firm full-time as an intern architect after graduation. PROVIDENCE, RI
COVENTRY
2305 New London Turnpike Corner lot on New London Turnpike. Closest open parcel to the brand new Center of New England shopping center anchored by BJ’s, Home Depot and Walmart. Residence Inn, Hampton Inn, Fairfield Inn, immediately next to Wendy’s, CVS, Dunkin Donuts, and Webster Bank. On .81 acres, 146’ frontage. 26,000 cars daily.
Call
(401) 228-8511
email:
[email protected]
Due to her work over the last two years, including the recently completed new Downtown Providence campus facility for Roger Williams University at One Empire Plaza in Providence, she has been promoted to her new position. She is currently working with the education and hospitality teams on renovations to housing and classrooms for Massachusetts Institute of Technology (MIT) and a bar/lounge renovation for Foxwoods Resort Casino.
nerej.com
Rhode Island
July 14 - 20, 2017 15C
Celebrate the Deals 500 Callahan Rd, Quonset Intermodal Park - Industrial/ Warehouse –– 6,000-42,000 sq ft, new lighting, large open customizable bays, 20’ drive-in and dock doors. From $4.00 psf
20 Centerville, Warwick – Brick 12,000’+ on 3 levels, grand character of old Apponaug School, on 1.2 acres on Rt 117 next to Cumberland Farms at 4 corners, can be expanded. $800’s
4372 Post, Warwick, EG Line – 7,200 office, great corporate or multi-use location. Currently Body, Mind , Spirit theme with café’ , TAW. ¾ acre lot, great parking, unique front porch and nice yard. $875,000
552-560 Toll Gate, Warwick – 2 offices on 2 lots, across from Kent Hospital, 1500’ ranch and 2000’ colonial, ½ acre corner combined. Minor cosmetics for 3 offices, residence, or new bldg. site. $500,000.
74 Nooseneck Hill Rd, West Greenwich – 3,800’ 4 unit tenanted retail plaza plus vacant 1,600’ stand-alone drive-thru building on 2.2 acres. Great parking, recent upgrades, high visibility Rt. 3 location, 1/4 mile from Rt. 95, Exit 6. Move in ready. $425,000
2340 South County Trail, East Greenwich – Prime Lt Ind/Office site - now a 2000’ residence, on 1.67 acres Development Site with 260’ frontage on Rt. 2, could fit approx. 10,000’ bldg. Across from Bostitch. ½ mi to Rt 4/403. $450,000
LAND - 991-995 Main Rd , Middletown, RI – Back on Market, PRIME DEVELOPMENT SITE on RT 114, 38,000 sq ft with two homes now, in Aquidneck Island hot spot, very close to Newport, one of last parcels in this strip! $665,000 LAND - 2845 Tower Hill, North Kingstown at SK line – WOW ! 111 acres, over 400’ frontage on Rt. 1, near Rt 138. ONLY $550,000. Great for farm, family compound, horses, livestock, tree farm/nursery, vineyard, and many agricultural uses. Awesome sunsets, sloping west some wetlands. Limited commercial uses.
THANK YOU TO OUR VETERANS AND DEDICATED SERVICE PEOPLE
More Properties
@ www.ButlerRealty.us
or email Jeff Butler at
[email protected] Trusted Real Estate Service Since 1977 Looking to Buy or Lease? Call the Butler! The Butler Did It! Another Done Deal.
NE NY Tel: 781-878-4540
METRO
Rhode Island
16C July 14 - 20, 2017
New England Real Estate Journal
C OM E J OIN TH E ELITE G ROU P OF C OM M ERC IA L B ROKERS FOR INFO C A LL (40 1) 52 3-9 555
Top Dog Training Available Commercial Division 144 Wayland Ave. Providence, RI 02906 This space is available
1%
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Call for free analysis of your commercial/ multi property
PAWTUCKET: Mixed use 10 unit in prime location. Call Mike (401) 523-9555.
Mike @ (401) 523-9555 SF
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6,
5%
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PROVIDENCE: Prime 6,000 SF block building. Good for office, retail, warehouse, etc. High traffic signal intersection across from Walgreen. Reduced to $289,000. Call Mike at (401) 523-9555.
8.
PROVIDENCE: Brick 18 Unit Multi three buildings with all 2 beds and parking for two spaces per. Close to highway access. 6.5% Cap Rate. Call Mike (401) 523-9555.
PROVIDENCE (Near Hospital): 11,700 SF Brick building for sale or lease. Possible lease option. Offered at $599,000. Call Arnie at (401) 474-5952.
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CRANSTON: Prime retail center high traffic good income. Reduced. Call Mike (401) 523-9555.
DE SI G T S IN EA END
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PAWTUCKET: Six units on one 10,000 SF lot. Consists of (1) three family, (1) two family, and (1) single family.
TT SE N A AG ME NT R R E RI NA P ESTM NV
PROVIDENCE: REDUCED. Prime 3 family with townhouse 3rd floor unit. Close to Brown University. Offered at $469,000. Call Mike (401) 523-9555. ED
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PAWTUCKET: 6 Unit 2 BR units good cash flow. Call Mike (401) 523-9555
CRANSTON: Executive office suite 7,451 SF with lease rate of $13.50 per SF. Call Arnie (401) 474-5952.
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PATUCKET: 9,000 SF mason building with manufacturing and office space and 1/2 acre lot. Offered at $349,000. Call Dave (401) 644-2150.
PAWTUCKET: 3 family 3 BR units close to train depot. Offered at $199,000. Cal Mike (401) 523-9555.
WARREN: 3,917 SF former machine shop, two garage bays, office space, new HVAC, option to heat; oil or gas. Minutes from highway. Offered at $350,000. Call Dave at (401) 644-2150.
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NARRAGANSETT - BONNET SHORES: Prime investment property 2/3 unit multi. Great college rental and/or summer rental or owner with au pair.
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FALL RIVER: (Down City) 2,500 SF retail center. Solid cash flow.
More Properites at www.elitecommercial.org
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PAWTUCKET: Prime 9 unit package with 3 unit plus 6 unit. Fully fire coded, tenants pay utilities, and in good condition. Close to new train station. Offered at $399,000. Call Carlos at (401) 952-5855.
Michael A. Alves | NE REGIONAL COMMERCIAL DIRECTOR | KW Realty
Rhode Island
nerej.com
July 14 - 20, 2017 17C
2017 NEDA
Annual Conference Providence, RI October 1-3, 2017 SAVE THE DATE
Registration OPENS SOON
61st NEDA Conference www.nedaonline.org
Crossing Borders:
Geographic. Cultural. Economic. Disciplinary. SPONSORS
Tel: 781-878-4540
Back Page C July 14 - 20, 2017
Rhode Island
CITY
on the
MOVE
Scott Avedisian Mayor
movetowarwickri.com citycentrewarwick.com www.facebook.com/warwickbusinessdevelopment/
New England Real Estate Journal
SALVADOR E AUC T ION S & APPRAI SALS, I NC.
Pawtuxet Industrial Park 100 Bellows St. Warwick RI 02888 USA 401.941.7451 F: 401.941.8345 Auctioneer: Michael Salvadore Jr. RI Lic. 1907 MA Lic. 2552
Featuring
AUCTIONS
SPECIALTY: REAL ESTATE P.O. Box 2114 • New Castle, NH 03854
(800) 522-8488 • (603) 436-6711 fax
Auctions Appraisals Liquidations
- NH Lic. #2736 • MA Lic. #1541 - ME Lic. #AN957 - RI Lic. #7774 - #B14723 - VT Lic. #057-0002209 FL Lic. #AU 2301
email us at:
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Website: htpp://www.auctionsnewengland.com E-mail:
[email protected]
100
2552
R eal E s tate A u c ti ons Classified th rou g h ou t th e N orth eas t
Million$ of Offering$ Sale Lease Wanted
w w w . s vnpmi . c om ( 6 0 3 ) 9 6 4 - 6 1 0 3
If you would like to be included on this Since 1932
MARK H. SHEAR Auctioneer/Broker
Licensed in: MA, NH, VT, CT
www.BermanAuctions.com
[email protected] Worcester, MA 01602-0719 (508) 753-3989
Section D
page call: Karen Dowell 781-878-4540 x254 or 1-800-654-4993
New England Real Estate Journal
email:
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CAPE COD
Accelerating Success.
Centerville
TO-BE-BUILT RETAIL/OFFICE
René L. Poyant, Inc. GEREAL ESTATE MANA MENT
62-70 BRIDGE STREET, NASHUA, NH > 1,250 to 5,000± SF of office/retail > 5,000± SF of restaurant with balcony overlooking River
REAL ESTATE MANAGEMENT Post Office S uare 0F Ca p Opechee Road
> Near downtown with 37,030± ADT
Center ille M 0 Tel: 50 5 00 Fax: 50 5 poyant erizon.net
Lafayette Square
Lease Rate: $16 - $21 gross + utls www.colliers.com
Manchester 603 623 0100 | Portsmouth 603 433 7100
WEYMOUTH RTE. 18
• • • •
Over 20,000 CPD 7,100 SF - 2 Floors 33,454 SF Lot Commercial Zoning Only: $875,000 Call Steve DeSisto
40 Ken o z a A v en u e • H a v er h i l l , M A Office: (978) 373-3897 • Cell: (978) 852-5559 email:
[email protected]
STORAGE/LIGHT MANUFACTURING Space for Lease 27 Airport Road Nashua, NH 03063
• 109,910± sq ft (subdividable) • urrentl used for storage, repair and sales of classic/used cars–man possible uses • ocated 1/2 mile from verett Turnpike • ctive rail siding • Rental Rate 4.00 per sq ft
PROOF Size: 1SP From: Patty Run Date:6-3
New Proof
Proof Approved
(603) 886-4700
BELOW MARKET RATE
Section: BB
1,400 SF TO 4,500 SF
• 696 Main Street (Route 18), Weymouth • F ormerl y E ye H eal th Care Center • N ear S ou th S h ore H os pi tal & R ou te 3 • Can ac c ommod ate tenants f rom 2 , 0 0 0 S F to 9 , 0 0 0 S F • 2 . 3 ac res , ampl e park i ng High traffic, great visibility
CO-BROKER INCENTIVES • • • • •
Access to I-93 & I-95/Rte. 128 Free Parking Ideal for executive office, call center Furniture may be available Numerous on-site and/or nearby amenities
Dave Ellis 617-640-7581
[email protected]
Conway Commercial 137 Washington St., Norwell, MA 02061
www.jackconwaycommercial.com
HAVERHILL, MA etail/Office/ edevelop ent
RESIDENTIAL
Si n g l e Fa m i l y o r Condominium
781-229-2233
www.wronkaltd.com
FOR LEASE AUBURN, MA
OFFICE / WAREHOUSE
A N T E D
P l ease co ntact : L and A cq
u i si ti on
Pulte Homes of New England, LLC Call:
508-870-9999 Ext. 1
Successful Mini Golf Plus additional land for expansion and 8,000± SF of retail/ restaurant buildings • 4 . 8 A c. G reat l oca ti on on R ou te 2 8 on Y armou th / H yanni s l i ne Mini Golf (plus additional ancillary profit ce nters) . A l l new g reens and eq u i pment • 2 , 3 0 0 + + S F rest au rant b u i l d i ng . F u l l y l ease d • 5 , 1 0 0 + + S F vaca nt retai l / amu se ment/ f ood se rvi ce f or ad d ti onal i nco me • L and f or exp ansi on - ad d i ti onal u se zi p l i ne, natu re trai l , b atti ng ca g es, etc. • F antast i c Cash F l ow • Asking $1,975,000 Call John Shields at:
508-775-6000
[email protected]
FOR SALE
irport angars ashua unicipal irport 1,350,000
SITE
• Rare large lot in the middle of town deal for fast food, edical office, etc. ig traffic, lig ted intersection, drive-thru possible
$795,000
HIRSCH&COMPANY
[email protected] www.hirschco.com
WOBURN, MA FOR LEASE OFFICE SPACE
Medical/Professional 781-878-4540 NE NY Tel:Building FORREAL LEASE ESTATE JOURNAL Changes
Former Bank Branch
L A N D
5 0 + u ni ts Raw, Approved, rban Infill, W M u l ti - F ami l y i n M as s . , R . I. & CT
René L. Poyant, Inc.
HAVERHILL, MA
July 14 - July 20, 2017
Office Space 1 0 , 0 0 0 , 5 , 0 0 0 , 2 , 5 0 0 & 1 , 5 0 0 sf WarehOuSe Space 5 , 0 0 0 sf , 1 0 , 0 0 0 sf 1 5 , 0 0 0 sf , 2 0 , 0 0 0 sf 3 5 , 0 0 0 sf & 5 0 , 0 0 0 sf Conveni ent acce s to I- 1 9 0 , 2 9 0 , 3 9 5 , 4 9 5 , M ass P i ke & R tes. 2 0 & 1 4 6
Office 78-556-6565 ell 78-5 0-1038
[email protected]
Call 978-365-4585
AUBURN INDUSTRIAL DEV. CORP. www.aidc.com
uilding 1 is 1 ,840 8,880 office & 3,960 SF hangar) • Building 2 is 6,742 SF (5,482 SF hangar & 1, 0 office • 12,000± gallon double wall steel underground jet fuel storage system • Directly off the runway
603-880-6655 www.prol anrealt .co
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AUBURN INDUSTRIAL PARK, AUBURN, MA AVAILABLE NOW! AVAILABLE NOW! AUBURN INDUSTRIAL PARK, AUBURN, MA
2D July 14 - July 20, 2017
New England Real Estate Journal
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45,000 – 60,000 SQ. FT. 45,000 – 60,000 SQ. FT. PRIME INDUSTRIAL WAREHOUSE SPACE FOR LEASE ST RE E T , AU BU RN, MA AVAILABLE NOW! 44 88 SWORD SWORD ST RE E T , AU BU RN, MA AVAILABLE NOW! PRIME INDUSTRIAL WAREHOUSE SPACE FOR LEASE
ATTRACTIVE INDUSTRIAL PARK SETTING ATTRACTIVE PARK SETTING Located Within MileINDUSTRIAL of Route I-290 with easy access to the Located Within of Route I-290 with easy146. access to the Mass Pike, I-395,Mile I-495, I-190, Routes 20 and Mass Pike, I-395, I-495, I-190, Routes 20 and 146.
CONCRETE TILT SLAB CONSTRUCTION CONCRETE SLAB CONSTRUCTION 20’ CEILINGTILT HEIGHT / FULLY SPRINKLERED
20’ CEILING HEIGHT FULLY SPRINKLERED MULTIPLE LOADING DOCKS AND/DRIVE-IN DOORS / HEAVY POWER MULTIPLE LOADING DOCKS AND DRIVE-IN DOORS / HEAVY POWER SCHEDULE A VISIT TODAY. 978.365.4585 or
[email protected] SCHEDULE A VISIT TODAY. 978.365.4585 or
[email protected] or SCHEDULE A VISIT TODAY. 978.365.4585
[email protected] Auburn IndustrIAl development CorporAtIon www.aidc.com Auburn IndustrIAl development CorporAtIon www.aidc.com
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July 14 - July 20, 2017 3D
RESTA U RA NT / RETA IL SPA C E
2
SO. NA SH U A , NH M
B ROKERS EA RN 150 % C OM M ISSION
ONTH S FREE
1, 2 0 0 - 2 , 40 0 SQ U A RE FEET • A c ros s f rom P h eas ant L ane M al l • N ew el ec troni c s i g n to ad verti s e you r b u s i nes s • $ 2 2 P S F SU
N PLA
Z
A
, 2 9 5 D
. W. H
IG
H
RONEX CORP. 781-489-6282 Ext. 11 Email:
[email protected]
WA
Y
4D July 14 - July 20, 2017
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Office / Retail
Office Space Office Space Retail Space Retail Space
For Sale
Lease Wanted Condos
FOR LEASE - TAUNTON, MA
Auburn Plaza Shopping Center
15,000± Sq. Ft., Office, Light Industrial/Storage
Routes 12 and 20 Auburn, MA
Warehouses Warehouses Sites Sites
Condos R&D R&D
RETAIL SPACE FOR LEASE
OFFICE/ FLEX CONDO FOR SALE 5 No r th er n B l v d , U n i t 8 No r th w o o d G r een Pa r k A m h er st, N. H .
• Easy highway access
• 3,200± sq ft Retail Unit between T. J. Maxx and Park’n Shop Supermarket • 550± sq ft free standing building (former bank) with drive-up window
• Ground floor
• Radiant floor heat • Sprinklered, A/C
77,161± sq ft strip shopping center at signalized intersection with frontage on Routes 12 and 20–1/4 mile to Route 290 and Massachusetts Turnpike.
USER / OWNER OPPORTUNITY
• Monitored alarm system
Property:
5 Northern Blvd, Unit 8 Amherst, N.H. 03031 Avail SF: 2,400 ± SF Description: Upper level office Lower level flex space
• Secure on-site parking
HIRSCH&COMPANY
Ideal for: Office, Light Manufacturing, Processing, Document Storage, Warehouse
(603) 886-4700
Principals Only
[email protected] www.hirschco.com
COMMERCIAL PROPERTIES, INC.
60 3-882 -60 0 0
w w w . v ea r . b i z
TH S
ON 2 M
49 S. HUNT RD. - 18,400 sf, subdividable to 8,800, office, loading docks & drive-in doors. $6.95 NNN
HAVERHILL, MA FOR LEASE - $6.95 PSF NNN
10 AVCO RD. - 1,600 sf office space
METHUEN PROPERTIES 126 MERRIMACK ST. - 40,000 sf sub-dividable, ++ power, office. Loading & drive-in doors. $6.95 NNN
SC
B ROKERS EA RN 150 % C OM M ISSION
RONEX CORP. 781-489-6282 Ext. 11 •Email:
[email protected]
175 FERRY RD. - 6600 sf - 1 dock, 28' clear height - office
34 SHELLEY RD. - 10,000 sf - warehouse w/office, 1 dock, 1 drive in, 15’ clear
SQ U A RE FEET
SU N PLA Z A , 2 9 5 D . W. H IG H WA Y
34 ROGERS RD. - 4800 sf. Office, warehouse, 1 dock, 1 drive in
233 NECK RD. - 3,186 sf, 2 loading docks,2 drive-in doors, 14’ clear - subdividable
1, 2 0 0 2 , 40 0
• A rc oss f rom P h easa nt L ane M al l • N ew el ect roni c si g n to ad verti se you r b u si ness • $ 2 2 / PSF
11 ROGERS RD. - 18,700 sf w/office, loading & drive-in doors. 20' clear height
Contact: Scott Companies 978-374-0034 scott-companies.net
VEAR
RESTA U RA NT / RETA IL SPA C E SO. NA SH U A , NH E FRE
AMESBURY, MA
183 FERRY RD. - 6,300 sf - 2 docks, 24' clear
PURCHASE PRICE: $135,000
508.207.3098
CURRENT AVAILABLE PROPERTIES
SC
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Available Space FOR LEASE
South Coast, MA Dartmouth, New Bedford, Fairhaven 1,000 – 4,000 SF Strip Plazas – end cap & in-line High visiblilty and Traffic Count Highway Access – RT 195, 140, 240 Michael Volpe 508-990-4280 www.coastalcommercialre.com
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July 14 - July 20, 2017 5D
NAUTILUS REALTY GROUP 603-540-8380 25 Lafayette Road
Licensed Brokers MA ME NH Acquisitions & Dispositions
AVAILABLE FOR SALE/LEASE REZONED DEVELOPMENT SITE PORTSMOUTH, NH
Re t
ai
A
T E W AY
lS
pa
ce
G
D E N REZO DISTRICT
12± Acre Redevelopment Site has just been "Rezoned" by the City of Portsmouth — NEW ZONING ALLOWS: — • Multifamily • Planned Unit Development etail/Shopping Center ffice Conference Center/ otel Conceptual plans for 288 esidential
nits and 40,000 SF of
etail Space
Currently the Largest Site vailable in City of ortsmouth,
6D July 14 - July 20, 2017
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Office / Retail For Sale
Office Space Office Space Retail Space Retail Space
Lease Wanted Condos Condos R&D R&D
Warehouses Warehouses Sites Sites
FOR LEASE • 1,400 SF PRIME RETAIL SPACE DRACUT/LOWELL LINE, RTE. 113 BROOKSIDE PLAZA Is a busy shopping center offering its national tenants excellent visibility from a major 4-way lighted intersection with frontage on the heavily traveled Rte. 113. University of Massachusetts at Lowell is just up the road within walking distance.
Contact: Chris Keith 508-843-0546
[email protected]
JOIN:
ACTIVELY ACQUIRING Urban & Suburban
linearretail.com
FOR SA LE EA ST G REENWIC H , RI OFFIC E B U ILD ING - 12 , 70 0 SF 16-2 0 M a i n Str eet $ 1, 9 0 0 , 0 0 0
Territory: Eastern MA, Southern NH and RI
Property Types: Strip shopping centers,
Size: 5,000 SF-125,000 SF (or smaller for urban properties)
urban retail, retail condominiums, storefronts,
Price Range: $2M-$50M (typical)
banks and restaurants
retail development parcels, freestanding retail,
Aubrey Cannuscio Partner - Acquisitions |
[email protected] | 781.202.3545 Rick Rostoff VP - Acquisitions |
[email protected] | 781.202.3542
FOR SA LE
Exceptional office building with recent renovations on historic Main Street. Includes elevator, full generator, plenty of parking. Great income. Minutes to Rte. 4 and Rte. 95.
RETA IL/ C OM M ERC IA L (f o r m er G a r d en C en ter ) B r i a r b r o o k Fa r m s, 2 657 S. C o u n ty Tr a i l $ 62 5, 0 0 0
VISA®
MasterCard
AMERICAN EXPRESS
D o u b l e Sp a c e (5" x 3-5/ 8" ) Pl ea o (4 Fr i d a y s) $ 480 Pa y i n a d Pr ep a y — o (4 Fr i d a y s ) $ 40 0
se b i l l m e — o (2 v a n c e - SA C h ec k / C h a — o (2
Fr i d a y s) $ 2 80 V E rg e Fr i d a y s) $ 2 40
C a l l Ka r en D o w el l (781) 878-4540 x 2 54 • FA X (781) 871-1853 o r em a i l : k d o w el l @ n er ej . c o m • w eb si te: w w w . n er ej . c o m
Briarbrook Farms includes a 3,066 SF building on 1.78 acres. It is currently a garden center including 6 (26x100) greenhouses, 1 metal framed greenhouse, cider mill, kitchen & more. Additional 8 acres may be available. Zoned CH (Commercial Highway). 450 ft. frontage.
D a v id RE/ M A X Pr o 40 d a v id i@
Ia n n u c c f essi o n a 1-884-60 sel l r i . c o
illi ls 50 m
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July 14 - July 20, 2017 7D
89 ACRES, 100,000 S.F. BUILDING Excellent Redevelopment Opportunity 275 Portsmouth Avenue, Stratham, NH Great Bay
Permitted uses include: • • • •
Snapshot
Building Type Total Building SF Property Size Year Built Construction Type Frontage Traffic Count
Retirement communities Continuing Care Facilities Educational Medical
Academic/Institutional 100,035± 89.9± acres 1982 Masonry & steel 193'± on Portsmouth Avenue 52'± on Sandy Point Road, currently undeveloped 15,000 VPD per 2011 NHDOT
• • • •
Hospitality R&D Professional offices services Residential
Zoning Parking Elevators Number of Floors Overhead Doors Power Utilities HVAC
Flexible/Mixed Use Development 450± spaces 1 3 (partial 3rd floor) 12 (11 doors access high bay space) 1,000 amps/3 phase Private water & sewer Oil fired forced hot water heat
Area Highlights
• Portsmouth, which serves as the cultural and commercial hub of the Seacoast region, is an easy 7 mile drive from the Property • Nearby conveniences include hospitals, pharmacies, churches, golf courses, parks, beaches, restaurants and shopping malls • The University of New Hampshire and its cultural, academic and athletic resources is only miles from the Property • Strong regional healthcare industry provides major hospital services and generates quality jobs • New Hampshire has a low tax burden, a high standard of living, a high level of education attainment and ranks high in health and safety
NAUTILUS REALTY GROUP 603-540-8380 25 Lafayette Road North Hampton, NH 03862
Licensed Brokers MA ME NH Acquisitions & Dispositions
8D July 14 - July 20, 2017
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New issue every Friday
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July 14 - July 20, 2017 9D
JOSEPH PROPERTIES • 603-641-8608
[email protected]
FOR SALE OR LEASE
295,335 SF INDUSTRIAL BUILDING - 21.58 ACRES 80 LAUREL STREET, KEENE, NEW HAMPSHIRE
RESIDENTIAL, STUDENT HOUSING, RETAIL, MIXED USE Property Specifications Building Size: 295,335 SF Whse/Mfg.: 270,335 SF Office: 25,000 SF Land Size:
21.58 acres
Type:
Lt. manufacturing/ warehouse
Year Built:
1900/1955 and stages
Utilities:
Municipal water, sewer & natural gas 17 overhead doors ranging from 8' x 8' to 14' x 20'
Loading: Cranes:
12 cranes ranging from 1.5-15 tons
Power:
240/480 volt, 3-phase
Clear Heights: Whse/Mfg: 12'-24' Office: 9'-10'
The property consists of a 295,335 SF industrial building of which 25,000 SF is office space and the remainder is used for light manufacturing/warehouse space. Formerly the home of Kingsbury Corporation, the property has great potential for redevelopment and consists of four parcels totaling 21.58 acres. Located near Keene’s Central Business District, it offers easy access to points north/south/east/west making it an ideal location for many businesses and just 3 blocks from Keene State College 150 acre campus.
Parking:
597 spaces
Zoning:
Industrial
County:
Cheshire
Taxes:
$50,341.51 (2012)
Lease Rate:
$5.00/SF
Sale Price:
Call for details
H&R Block and Applebee’s
Population | 2010 Census: 10D July 14 - July 20, 2017
46,539 in 1 mile; 246,777 in 3 miles; 623,547 in 5 miles
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Households | 2010 Census:
18,786 in 1 mile; 97,063 in 3 miles; 255,727 in 5 miles
Massachusetts
Average Household Income | 2010 Census:
$73,786 in 1 mile; $76,098 in 3 miles; $86,980 in 5 miles
Traffic:
Established Supporting Advertisers 25,000 cars per day; 12,000 pedestrians per day at the nearby MBTA T-station
Location | Convenience | Value
Contact:
Greg Regazzini, VP, Director of Leasing
[email protected] ph: 781.321.7800, ext. 318 www.combinedproperties.com
219
MIDLAND LOW FEES | GREAT RATES | STREAMLINED PROCESS
Call (888) 825-1785 or visit www.chase.com/MFL
Construction
Corporation
QUALITY
ESTABLISHED 1945 Call for a FREE Estimate is Training 1-888-Sealer-O or 1-800-225-4015 www.newenglandsealcoating.com
General Contracting Services Quality. Performance. Service Pre- Construction Consulting 1700 Dorchester Ave.,Managers Boston, MA 02122 Construction PERFORMANCE 617-446-1700 Design Build
www.midlandconstruction.com
Funding, Incorporated OurDiversified Strength 63 Atlantic Ave., Boston, MA 02110 617-227-0893 www.diversifiedfundinginc.com
SERVICE
Since 1935
&
F
New England Carpenters Labor Management
antini G orG a
Connect with Combined Properties 1700 Dorchester Avenue, Boston, MA 02122 on Facebook and Twitter Telephone 617.446.1700
300 real Commercial St., Suite 25 rm, creating better places www.midlandconstruction.com A full-service estate development to live & work. sm
Your Property Management Solution. 265 Franklin St., Boston, MA 02110 Malden, MA 02148 617-423-7000 617-951-2600 781-321-7800 Combined Properties, Inc. | 300 Commercial St., Suite 25 | Malden, MA 02148 | 781.321.7800 | www.combinedproperties.com www.firstrealtymgt.com www.fantinigorga.com www.combinedproperties.com
R
Remic
750 Dorchester Ave., Boston MA 02125 800-275-6200 www.NECarpenters.org Temple Beth Elohim Wellesley, MA Credit: Bruce Martin Photographer
Griffin Electric provides ongoing training and education for all of our employees. Preparing our team to be leaders in the electrical industry is the commitment we make to ourselves and to our clients. We firmly believe our opportunity to be the best stems from the continuous improvement of our most valuable resource –
Unlocking Value in Commercial Real Estate
our people. This dedication to training is evident in the quality of
Properties
177 Worcester St., Wellesley, MA 02481 781-237-9500 www.remicprop.com
106 River St., West Newton, MA 02465 617-969-2521 www.bostonneca.org
116 Hopping Brook Rd. the work we do. Holliston, MA 01746 508-429-8830 www.waynejgriffinelectric.com
One Burlington Woods Drive Burlington, MA 01803 781-273-5555 www.KeyPointPartners.com
Corporate Headquarters • 116 Hopping Brook Road, Holliston, MA 01746 • (508) 429-8830 Regional Offices • Charlotte, NC • Raleigh, NC • Duluth, GA • Pelham, AL www.waynejgriffinelectric.com
CT Lic ELC.0123697-E1
MA Lic A8999
King Painting Inc. 89 Hayden Rowe St., Hopkinton, MA 01748 888-538-7599 or 508-598-3511 www.solect.com
617-369-6600
281 Winter St., Waltham, MA 02451 781-895-3270 www.vantagebuildersinc.com
RJ O’Connell & Associates, Inc. 800-402-2265 www.stonehambank.com
617-628-8888 www.weatherproofing.net
80 Montvale Ave., Stoneham, MA 02180 781-279-0180 www.rjoconnell.com
85 Flagship Dr., No. Andover, MA 01845 978-683-7434 www.kingpaintinginc.com
[email protected] www.kinlingrovercommercial.com
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July 14 - July 20, 2017 11D
Massachusetts
Established Supporting Advertisers Fafard Real Estate 1250 Hancock St., Quincy MA 02169 617-773-8150 www.wesslingarchitects.com
One Campanelli Dr., Braintree, MA 02184 781-849-1440 www.Campanelli.com
120 Quarry Dr., Milford, MA 01757 508-881-1600 www.fafardrealestate.com
10 Everberg Rd., Woburn, MA 01801 781-932-0707 www.danddnet.com
Superior Service Since 1987
One Cranberry Hill, Lexington, MA 02421 781- 862-6168 www.stubblebinecompany.com
2 Sterling Road, Unit 1
285 Circuit Street
North Billerica, MA 01862
Hanover, MA 02339
978-436-9990
781-982-5684
CALL US TODAY 1-800-SWEEPING or 781-395-1200 OUTSIDE OF NEW ENGLAND www.powersweeping.com
125 Samuel Barnet Boulevard New Bedford, MA 02745 800-544-0961 www.poyantsigns.com
Call today! 508-958-2196 www.kellyspainters.com
Improvement Company 39 Industrial Parkway Woburn, MA 01801
uspavement.com
1-800-PAVEMENT www.tectaamerica.com
www.masshousingrental.com
208 Wareham Road, Marion, MA 02738 508-748-6545 www.southcoastimprovement.com
978-560-0575 www.kspartnersllc.com
Connecticut Arnold Peck s Commercial World 800-301-3077 www.blcompanies.com
265 Church St., New Haven, CT 06510 203-672-3300 www.marcusmillichap.com
680 Boston Post Rd., Milford, CT 06460 203-877-1345, Toll Free: 877-884-1927 www.arnoldpeckscommercialworld.com
Connecticut Chapter 203-234-6371 www.ccimct.com
Opportunities 12D July 14 - July 20, 2017
Keene • $1,200,000 38,332 SF lot. Perfect for single user or as investment. MLS #4048256 George Foskett • 603-283-1944
• $1,200,000 s has been in opertation 71276605 on • 413-774-1220
m • $775,000 zone. 3 phase. Used as ed kilns. MLS #4004864 tt • 603-283-1944
Connecticut
Greenfield • $850,000 Building can be used as a production facility or converted to office building. MLS #71160594 Mark Abramson • 413-774-1220
Lewiston • $950,000 95,000 S.F. Industrial Building offers a variety of floor. MLS #1028566 Team Fletcher • 207-795-9623
Newmarket • $599,900 Remodeled 7 unit mixed use. 10% CAP!! Price just reduced $100K! MLS #4046079 Patti Visconte • 603-601-1119
Manchester • $675,000 Well Maintained 11 unit in a desirable Derryfield Park area. MLS #4070650 Jon Matta • 603-625-2800 x320
ChoziCk realty, inC.
York • $499,900 25 individual rooms, fellowship hall, sound room,
Stratham • $335,000 In Home Business Opportunity! High
114A Washington visiblility on Rte 33. MLS #4077120 7 units - mixed use. MLS #4085286 Ave. kitchen, & 4 bathrooms. MLS #2749335 Christina DeYeso • 603-601-1113 Patti Visconte • 603-601-1119 x230 North Haven, CT 06473 Tamber Lewis • 207-337-3717 100 Wells St., Hartford, CT 06103 203-234-6371 860-247-7400 www.theprotogroup.com www.chozickrealty.com
www.masiello.com
n • $324,900 plan approval for an plex. MLS #4026240 k • 603-601-1109
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Established Supporting Advertisers
Portsmouth • $695,000 Prime corner lot at light with Convenience Store and 3 bedroom apartment. MLS #4089594 Patti Visconte • 603-601-1119
Hampton • $499,900 Investment Opportunity! 11% Cap!
ton • $589,000 00,000!! Prime retail Rt. 1. MLS #4049352 e • 603-601-1119
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Kittery • $250,000 Ideal for someone building a portfolio of small investment properties. MLS #4085156 Peter Gluckler • 207-363-4558 x226
York • $198,500 Commercial property with potential for 3 bdrm residence on site. MLS #1036786 Bill Dignan • 207-363-4558 x222
860-447-9570 www.pequotcommercial.com Keene • $1,500/ mo. Prestigious office space located within walking distance of downtown. MLS #4048386 Bill Hutwelker • 603-283-1956
Hampton • $950/ mo. Office space with easy access to I-95 and Rte 101. MLS #4004545 Tracy Emerick • 603-601-1109
ugh • $8/ sq ft fice building for lease or ugh,NH! MLS #2816653 • 603-924-8373 x217
Peterborough • $7/ sq ft Climate controlled warehouse space for lease, built in 2004. MLS #2797377 Michelle Lange • 603-924-8373 x217
Hampton • $7/ sq ft 10,000 SF Industrial/Warehouse w/loading dock & drive-in. Hampton. MLS #4095663 Patti Visconte • 603-601-1119
1768 Litchfield Turnpike Woodbridge, CT 06525 203-389-5377 www.LMMRE.com
New York Metro 212-904-1994 www.northmarq.com
Windham • $2,558/ mo. The most sought after retail,restaurant or office space to lease In Windham!! MLS #4108170 Rick Hatton • 603-434-2374 x32
800-800-5261 www.transystems.com
$1,850/ mo. etail storefront! May be ing unit. MLS #4035627 603-434-2374 x32
Lev ey Miller Maretz Commercial Realtors
860-572-1936
[email protected]
877-923-9850 www.CBCWorldwide.com
Keene • $18/ sq ft 1st Floor office or retail. New building. Pick your own finish. 545 SF. MLS #4021696 George Foskett • 603-283-1944
Northern New England Peterborough • $6/ sq ft 6,343+/- total combined warehouse and office SF available for occupancy. MLS #4052300 Michelle Lange • 603-924-8373 x217
SMC
INE OF COMMERCIAL BROKERING SERVICES
• BUYER TENANT REPRESENTATION /VALUE ANALYSIS • BUSINESS SALES/VALUATIONS • HOSPITALITY ATIONS COMMERCIAL DEVELOPMENT • FULL CORPORATE SERVICES
LANDLORD REPRESENTATION
REAL ESTATE CONSULTING SERVICES
One Sundial Ave. Manchester, NH 03103 603-626-1144
4 Park St., Concord, NH 03301 877-500-4994 www.masiello.com
P.O. Box 4430, Manchester, NH 03108 603.623.8811 proconinc.com
25 Orchard View Drive Londonderry NH 03053 603 434-6700 www.themegcompanies.com
KW Commercial, NH Tel: 603-836-2740 www.kwcommercialNH.com
Rhode Island NRT 3275 Post Rd., Warwick, RI 02886 401-738-2000 MoveToWarwickRI.com
Call one of our commercial real estate professionals at 401-333-0010 Ext. 500 www.cbcnrt.com
1170 Pontiac Ave., Cranston, RI 401-781-1700
www.GreaterRI.com
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Auctions
July 14 - July 20, 2017 13D
New England Auctioneers Specializing in Commercial/Industrial Real Estate Corporate Office “Established in 1932’’ Branch Office P.O. BOX 247 31 Capital Drive Malvern (Philadelphia), PA 19355 West Springfield, MA 01089 (610) 853-6655 • Fax 853-6633 (413) 733-5238 • Fax 731-5946 PA Auc. Lic. # AY-000241-L MA Auc. Lic. #161
• INDUSTRIAL PLANTS • MACHINERY • • CONSTRUCTION EQUIPMENT • • COMMERCIAL, INDUSTRIAL & RESIDENTIAL REAL ESTATE • TOLL FREE 1-877-POSNIK-1 (767-6451)
visit our website at www.posnik.com • Email us at
[email protected]
High Performance Auctions www.amgss.com 800.209.3900
Dale W. Schaetzke, CAI, AARE, CES, GRI
Auctioneer/Broker/Realtor®
The man with the “Golden Gavel”® P.O. Box 2114 • New Castle, NH 03854
373 BOYLSTON ST., NEWTON, MA 02459
617-731-4455 www.paineauctioneers.com MA Lic. #120 • NH Lic. #2779 • RI Lic. #0546
Real Estate Auctions and Brokerage throughout the Northeast Paul McInnis -
[email protected] Justin Conway -
[email protected] www.paulmcinnis.com (603) 964-1301
(800) 522-8488 • (603) 436-6711 fax
• NH Lic. #2736 • MA Lic. #1541 • ME Lic. #AUC957 RI Lic. #7774 - VT Lic., #057-0002209 FL. Lic. #AU 2301 www.auctionsnewengland.com
[email protected]
750 Boston Neck Road • Narragansett, RI 02882 Phone: 401.792.4300 Fax: 401.792.4337 Auctioneer: Michael Salvadore Jr. RI Lic. #1907 MA Lic. #380 NH Lic. #5052
#!! $ % "& ""'%&$ %&&
Auctions • Appraisals Liquidations
45 Exeter Road, P.O. Box 400 #!! $ &$ &' & Epping, NH 03042 " %& $
email us at:
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COMMERCIAL & RESIDENTIAL R EAL E STATE AUCTIONS
800.521.0111
www.JJManning.com Bringing Buyers and Sellers Together • Foreclosures • Private Owner Sales • Bankruptcies • Condominium Liens • Secured Party & Commissioner’s Sales • Commercial & Residential Sales
“PESCO” has been New England’s preeminent auction and appraisal firm throughout our 50 years in business, since opening in 1963. We are committed to delivering the highest quality real estate and equipment auctions as well as appraisal services to our clients for SUPERIOR results. 144 Centre Street, Holbrook, MA 02343 • Tel: 617-227-6553 Visit our website at www.pesco.com MA Lic 295, N.H 2508, R.I 4035, VT 057-0002204
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TRANZON AUCTION PROPERTIES SERVING CLIENTS IN NEW ENGLAND, NEW JERSEY & UPSTATE NEW YORK WITH OFFICES IN: PORTLAND, MAINE, WAKEFIELD, MASSACHUSETTS WESTPORT, CONNECTICUT, KENMORE, NEW YORK SOMERSET, NEW JERSEY
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14D July 14 - July 20, 2017
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Auctions MORTGAGEE’S SALE OF REAL ESTATE AT
FORECLOSURE & SECURED PARTY'S SALE AT
PUBLIC AUCTION
PUBLIC AUCTION MA Lic. #107
UXBRIDGE 33,290± SF INDUSTRIAL BLDG 35 BUXTON STREET
FRIDAY, JULY 21 AT 12:00 PM 63% INDUSTRIAL & 37% OFFICE ON 6.38± ACRES
Loading Dock • Lots of Paved Parking • Located on Dead-end Street Easy Access to Route 146 & Mass Pike Mortgage Reference: Worcester Cty in Book 49784 at Page 65
Terms: $25,000 deposit by bank check; addt’l deposit required in 5 bus. days, so total deposit equals 10% of purchase price & balance due in 30 days. Lauren A. Solar, Esq., Hackett Feinberg P.C., 155 Federal St, 9th FL, Boston, MA, Attorney for Mortgagee. Accuracy of information is not guaranteed. Visit web or call for property information package.
Sullivan-Auctioneers.com • 617-350-7700
191,105± SF SHOPPING CENTER k/a APPLETREE MALL MONDAY, JULY 24 AT 1:00 PM 4 ORCHARD VIEW DRIVE, LONDONDERRY, NH
— Excellent investment opportunity — ID #17-111 • 191,105± SF Retail Shopping Center strategically located along the heavily traveled Route 102 corridor less than a mile from I-93 exit 4 • Average daily traffic count of 32,000 • C1, Commercial zoned 20.49± acre site • Anchored by a 61,099± SF major regional grocery store and 47.5% occupied by 14 tenants • Built in 1982, gas HVAC, 683± parking spaces • Served by public water, private sewer, and natural gas. Sale includes all personal property & equipment subject to Mortgagee's security interest which may be offered together with the real estate or separately Tax Map 7, Lot 40-2. Assessed value: $15,607,500. 2016 taxes: $335,561. Mortgage Ref: Rockingham County Registry of Deeds Book 5241 Page 968. Sale per order of Mortgagee by its Attorneys: Nixon Peabody LLP, Manchester, NH; Mark E. Beaudoin, Esq. Terms: $50,000 deposit by cash or certified check to bid. An additional deposit to increase total deposit to 10% of bid price due within 10 business days. Balance of purchase price due within 30 days after the date of the sale. Other terms may be announced at time of sale. All information herein is believed but not warranted to be correct. The Mortgagee does not warrant the condition or existence of any feature described above. FOR COMPLETE TERMS & DETAILS, PLEASE CALL OR VISIT OUR WEBSITE NH Lic. #2279 MA Lic. #838
James R. St. Jean A U C T I O N E E R S 603-734-4348
. www.jsjauctions.com
Public AuctioN
ATTENTION
MORTGAGEE’S SALE OF REAL ESTATE
Reach the people who want to attend your presentation and buy your properties
THURSDAY, JULY 27TH at 1:00 P.M. • GRAFTON •
± 29,000 S/F ONE & TWO STORY
INDUSTRIAL BUILDING WITH
4 – BAY GARAGE
44 Brigham Hill Road GRAFTON, MASSACHUSETTS To be Sold on the Premises
LAND: • ±1 Acre of Land • ±100’ Frontage Along Brigham Hill Road • Paved Parking for ±15 Vehicles • One Curb Cut • Town Water & Private Septic • Parcel ID: Map 64.0, Lot 8 • Zoned: Low Density Residential (R40) • IMPROVEMENTS: • One &Two Story Industrial Building • 4-Bay Garage • 100% Sprinklered (Wet) • • Vinyl Replacement Windows • INDUSTRIAL AREA: • ±28,000 S/F • Gas Fired Unit Heaters • (3) Lavatories • Concrete Floors • • (2) Overhead Doors: Dock Level • (1) Overhead Door Drive – In Door • ±12’ – 16’ Ceiling Heights • 20’ x 20’ Column Spacing• Compressed Air Thru – Out Building • OFFICES: • ±1,000 S/F • Electric Heat • (1) Lavatory • Carpet Floors • Showroom & (3) Private Offices •
INSPECTION: DAY OF SALE 11:00 A.M. – 1:00 P.M. Sale Per Order of Mortgagee Attorney Gregory M. Schmidt Of the Firm of Doherty, Wallace, Pillsbury & Murphy, P.C., One Monarch Place, Springfield, MA Attorney for Mortgagee Terms of Sale: $15,000.00 Deposit Cash or Certified Funds. Deposit to be increased to an amount equal to 10% of the Purchase Price within 5 business days. 5% Buyer’s Premium Applies. Other Terms to be Announced at Time of Sale.
Aaron Posnik
AUCTIONEERS · APPRAISERS
West Sp ringfie ld , M A • Phil adelp hia, P A 413-73 3-523 8 • 6 10 -853- 6655 TOLL FR EE 1 - 87 7-POSNI K -1 (7 67 -6451) M A Auc. Lic. # 16 1 • P A Au c. Lic . # AY 00 0241L
www.posnik.com • E-mail:
[email protected]
Auction Companies
THE NEW ENGLAND REAL ESTATE BILLBOARD WEEKLY *Readership 40,000 + per issue *Large display ads - 5” x 6” (Larger sizes available)
For the past FIFTY-TWO years OWNERS, DEVELOPERS AND BROKERS have been selling and leasing their commercial properties through the country's largest real estate weekly newspaper - NEW ENGLAND REAL ESTATE JOURNAL. The JOURNAL has probably marketed more commercial property than all the Sunday newspapers in the region put together.
Call Karen Dowell Digital Edition: www.nerej.com (781) 878-4540 x254 email:
[email protected]
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New England Real Estate Journal
2017
July 14 - July 20, 2017 15D
SUMMIT
Middlesex 3 C O A L I T I O N
Future of Middlesex 3 Coalition Commercial Real Estate August 9, 2017 The Gutierrez Company 4 Burlington Woods Dr., Burlington, MA The Middlesex 3 Coalition is a regional partnership of nine Middlesex County Communities, Bedford, Billerica, Burlington, Chelmsford, Lexington, Lowell, Tewksbury, Tyngsborough and Westford with the support of the Massachusetts Executive Office of Housing and Economic Development.
Speakers
Robert Buckley Riemer and Braunstein LLP Katie Enright Howard Stein Hudson Mark Reardon CBRE
8:00am-9:00am
Gold Sponsor John Boyle Cushman & Wakefield Charles Reilly Dacon
Corporate Sponsors
Agenda
10:00am-11:00am
Networking and Continental Breakfast
Current projects, Transportation, Future construction plans
9:00am-10:00am
11:00am-12:00noon
Trends of the Middlesex Region Industrial, Lab, Retail, Office
Networking with Attendees and Speakers
Register today for $79, M3 and BACC members $59
Vendor Sponsors
Contact Rick Kaplan, 800-654-4993, ext. 247
[email protected] or Stephanie Cronin,
[email protected] Register at www.m3coalition.eventbrite.com
Sponsorship and Speaking Opportunities Available.
16D July 14 - July 20, 2017
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Chozick Realty, Inc. Commercial & Investment Real Estate Since 1967
Small Properties Group 114-126 West Main Street Vernon, CT
174 Montauk Avenue New London, CT
$1,290,000—West Main Apartments
Offered for $265,000
16 units — (2) 1-BR, (2) 2-BR, (11) 3-BR and (1) 4-BR. Full basements, newer insulated windows, resident-paid individual gas-fired heat and hot water systems. Ample on-site parking. Partially finished 3rd floor in building 126 with possible expansion for added value. Historical occupancy rate at 98%. Only a few minutes from the Vernon Circle and access to I-84 and Hartford.
6 units — (1) studio, (2) 1-BR, (3) 2-BR. All are wellmaintained. Resident paid heat. Prime location in New London County, currently experiencing economic expansion largely from Electric Boat’s submarine building projects. Close to employers such as Pfizer, the US Navy and Coast Guard, and Foxwoods & Mohegan Sun Casinos.
2-8 Baldwin Street Hartford, CT
272 South Marshall & 114 Mather Street Hartford, CT
Offered for $850,000
Portfolio Offered for $475,000
8 units — completely renovated within the last year. (2) 1-BR and (6) 2-BR plus 1 ground-floor retail space. All units have direct entry. Parking for 10-12 cars in gated lot. Improvements include remodeled unit interiors, common areas, and replacement windows. Residential location in Hartford’s South End.
14 total units. 272 South Marshall—8 units: (2) studios, (6) 1-BR. Newer central gas-fired boiler and partial roof replacement. Located in Asylum Hill neighborhood. 114 Mather—(6) XL renovated 2-BR units featuring exposed brick walls. Tenant-paid utilities, individual gas furnaces, ample on-site parking & large free-standing garage.
Chozick Realty has a 50 year history of closing commercial transactions and is the longest established multifamily specialist in Connecticut. Our deep market knowledge combined with our years of experience provide an invaluable tool for our clients in obtaining the greatest property values. Demand for multifamily assets are at an all time high. See what our brokers can do for you. Call Today.
100 Wells Street, Suite 1D Hartford, Connecticut 06103 www.chozickrealty.com
[email protected] (860) 247-7400
New England Real Estate Journal
nerej.com
5 5
FERNCROFT ROAD DANVERS, MA
July 14-20, 2017
Inside Back Cover
RECENT LEASE SIGNINGS AND RENEWALS •
SEACOAST CAPITAL MANAGERS
•
SUPERMEDIA LLC
•
PRIMAX
•
NORWIN TECHNOLOGIES CORP.
OFFICE SPACE FOR LEASE
New, committed ownership ⁄⁄ New Cooling Tower and Energy Efficient Boilers and other major HVAC upgrades ⁄⁄ Lobby & restroom renovations ⁄⁄ New, on site healthy vending - LEANBOX ⁄⁄ LED Lighting Upgrade ⁄⁄ Building-wide security camera installation ⁄⁄ Full landscape redesign ⁄⁄ Building managed by CBRE ⁄⁄ Adjacent to the Ferncroft Country Club and DoubleTree Hilton Hotel ⁄⁄ New Complimentary Conference Room Amenity Space ⁄⁄ …and more!
For more information, contact Colliers International: 160 Federal Street / Boston, MA / 617-330-8000 / colliers.com/boston
NEW
& IMPROVED
Back Cover
July 14-20, 2017
New England Real Estate Journal
nerej.com
FOR SALE REDEVELOPMENT OPPORTUNITY REAL ESTATE AUCTION 7/24 – 7/26 ON S BEAC
TR E E
T
BROOKLINE VILLAGE
BROOKLINE AVE
B OY L STO N
DAILY TRAFFIC COUNT
SIGNALIZED INTERSECTION
Chestnut Hill, MA
•
47,000 CARS
9
Land Area: ±9,910 Square Feet
THE PROCESS In collaboration with Ten-X, 800 Boylston Street is being sold via online auction. The auction begins on July 24th and concludes on July 26th. Please contact Boston Realty Advisors for more details and visit the Ten-x website to register and download the property due diligence materials.
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
Boston Realty Advisors has been exclusively retained to solicit offers for the sale of 800 Boylston Street, Chestnut Hill, MA. This +/-9,910 square foot parcel is strategically positioned at the highly-visible intersection of Route 9 (Boylston Street) and Reservoir Road. Strategically positioned on the east bound side of the street, which experiences an average daily traffic count north of 47,000 cars, 800 Boylston Street presents a prime redevelopment opportunity for a multitude of uses including retail and medical office.
Flexible Development Offers multiple development scenarios
Located in the Chestnut Hill neighborhood of Brookline, MA, 800 Boylston Street is positioned in one of the most affluent communities in the United States. With some of the country’s best schools, fine dining and shopping, this Boston-bordering city is well positioned for continued economic growth.
Signalized Intersection Allows for two-way access on Boylston Street and Reservoir Road
800 Boylston Street presents a rare development opportunity in truly a world class location with various avenues to value creation. We are offering this unique investment opportunity on an unpriced basis.
High Traffic Counts Over 47,000 cars per day Demographics Ranked top 15% of highest income neighborhoods in America
Exceptional Visibility Strong branding and advertising exposure Corner Site Provides immediate access to one of the area’s most heavily trafficked roadways
745 Boylston Street | Boston, MA | (T) 617.375.7900 | (F) 617.536.9566 | BRAdvisors.com © Copyright Boston Realty Advisors. All rights reserved. The information contained here has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification.
