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USA $3.95 January 11-17, 2019
Surprenant of Goedecke arranges $44 million in financing for 121 First FD COVER B
DeRentis of RPL brokers $2.1 million multifamily sale in Providence
NE COVER A
RI COVER C
Linear Retail Properties acquires 19-21 School St. for $5 million nerej.com
Sign up for Daily RE Cap! Visit nerej.com/newsletter Volume 58 • Issue 02
This Week’s Sections Front Section Financial Digest Rhode Island Billboard
January 31 Summit!
Multi-Family & Property Management
March 7 Summit!
Columnist Jonathan Avery
Cannabis in CRE
January 11 - 17, 2019 Volume 58 • Issue 02
Quick Read United Multi Family brokers $5 million 30-unit apt. bldg. sale EDWARD, GOLDEN AND GIFFORD OF PERRY BROKERAGE REPS SELLER, ENVISION BANK
Linear Retail Properties acquires 19-21 School St. for $5 million
SEE PAGE 6A
Cornerstone Realty Cap. arranges $14.3m for True North Capital Ptrs.
BOSTON, MA Linear Retail Properties,
LLC has acquired 19-21 School St., a three-story, 8,131 s/f building in the
Mike Edward
Jake Golden
Jon Gifford
Aubrey Cannuscio
Downtown Crossing neighborhood of the city. The property is located near the intersection of School St. and Washington St. on the Freedom Trail and close to three MBTA staSEE LOWER COVER OF FD/SEC. B
DeRentis of RPL brokers $2.1m multifamily sale in Providence
SEE COVER OF RI/SEC. C
4 Sections 76 Pages Editorial Page........................... 4A J. Avery...................................... 4A Referral Network..................11A SIOR NE...................................16A Financial Digest............... SEC. B Appraisal............................. 5-12B Rhode Island.....................SEC. C Billboard............................ SEC. D nerej.com
Fish-Will of Peabody Props. honored by RHA with President’s Award Karen Fish-Will, principal and CEO of full-service real estate and property management firm Peabody Properties, has been honored with the 2018 Rental Housing Association (RHA) President’sAward for Industry Excellence. Fish-Will received the honor at the 27th annual RHA President’s Award Reception, held at the InterContinental Boston on November 28. In addition, speaker of Massachusetts’ House of Representatives Robert DeLeo was also honored by the organization with the 2018 RHA President’s Award for Excellence in Public Service. The RHA President’s Awards are the organization’s most prestigious awards. Fish-Will joins a list of distinguished past recipients, including her father, Edward Fish, who received the award in 2001. Fish-Will was lauded for her community and civic involvement and professionalism in all aspects of multifamily development, ownership, and management of the company founded by her father. BRAINTREE, MA
19-21 School Street - Boston, MA tions (Park St., Downtown Crossing and State St.). The purchase price for the property was $5 million. Mike Edward, Jake Golden and Jon Gifford of Perry
Brokerage Associates represented the seller, Envision Bank. Edward said, “Our marketing effort resulted in significant interest and multiple competitive offers. Linear presented
the most compelling offer for Envision and executed flawlessly, closing at their offer price. It was a pleasure working with the Linear team.” The entire three-level building plus basement is currently available for lease, targeting full-building retailers, restaurant operators and service providers. The property’s high profile location makes this an exceptional opportunity for those businesses seeking a new flagship location in Downtown Crossing. Aubrey Cannuscio, partner - acquisitions of Linear Retail said, “The Downtown Crossing neighborhood has experienced a monumental transformation over the past ten years due to a forty percent increase in the residential population and arrival of dynamic co-working space, tech startups and other burgeoning office occupancy. This acquisition is our fourth retail investment in Downtown Crossing and twenty-fifth in the city of Boston.”
ON $50-60 MILLION 50-HOME INDEPENDENT LIVING COMMUNITY
Cumberland Crossing by Oceanview begins construction CUMBERLAND, ME Cumberland Cross-
ing by Oceanview is officially under construction after a groundbreaking ceremony attended by developers, town officials and project stakeholders.The retirement community is a sister location to OceanView at Falmouth and is based on that successful model. Located at the center of town, the independent living community will feature 50 two-bedroom cottages with modern amenities, including four-season sunrooms, gas fireplaces, solar electricity and full-service generators. In addition, the community will include direct access by golf cart or walking path to Val Halla Golf Course, a community center with a pool, and proximity to nearby town parks and walking trails. Cumberland Crossing residents will also have access to OceanView at Falmouth’s Care Continuum. The construction cost for this
project will be between $50-60 million, with construction and material prices constantly in flux. The cost of new construction includes roads, infrastructure and house builds, which will also help to create more jobs and economic development in the area.
“We are thrilled to expand our successful retirement community model to Cumberland and offer homes in a prime location in close proximity to the ocean and Portland,” said John Wasileski, managing partner of OceanView at Cumberland, LLC.
New England Real Estate Journal
Inside Cover A January 11 - 17, 2019
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Peabody Works!
Centennial Park | Peabody, MA | www.PeabodyWorks.com In the heart of the North Shore at the junction of Route 128 & I-95, with easy access to Boston & Logan International Airport
Centennial Park | Peabody, MA 17 Miles to Boston 1 95
128 Exit 28
First-Class Medical, Office, R&D, & Manufacturing Spaces Available!
1 Corporation Way
2 Corporation Way
2 Technology Dr.
4 Technology Dr.
17 Centennial Dr.
First-Class Office, R&D
First-Class Office
First-Class Office, Flex
First-Class Office, Flex
First Class Medical, Office. Potential for Ground-Up Build-to-Suit
About Centennial Park:
The North Shore’s premier business park, Centennial Park in Peabody, Massachusetts is where first-class office users work side-by-side with R&D, technology, manufacturing, and healthcare professionals. The park is strategically located at the crossroads of Route 128, I-95 and Route 1, and is only 17 miles to Boston and Logan International Airport.
Connect with Combined Properties on Facebook & Twitter. Visit our website at www.combinedproperties.com.
Contact: Greg Regazzini, VP, Director of Leasing | Combined Properties, Inc. |
[email protected] |
ph: 781.321.7800, ext. 318
Visit www.combinedproperties.com & www.peabodyworks.com
Combined Properties, Inc. | 295 Canal Street, Suite 500 | Malden, MA 02148 | 781.321.7800 | www.combinedproperties.com
nerej.com
New England Real Estate Journal
January 11 - 17, 2019 1A
Creating greater wealth for our clients by achieving better results.
COLLABORATIVE CULTURE + RELATIONSHIP FOCUSED + DEFINED EXPERTISE
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.
www.Hor vathTremblay.com Main: 781-776-4000 | Fax: 781-823-0245 | info@hor vathtremblay.com
New England Real Estate Journal
2A January 11 - 17, 2019
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KinlinGroverCommercial.com
Cotuit
$6,400,000
Orleans
$2,249,000
East Wareham
$759,000
Orleans
$749,000
Orleans
Yarmouth Port
$587,000
Orleans
$399,000
Orleans
Falmouth
$30 NNN
Osterville
On Cotuit Bay, 11.78 acres with magnificent views & private beach frontage. Subdividable. 508.737.1322 John Callahan
Commercial office building with 10 units, 38 parking spaces, and water views. Doug Azarian 508.360.4600
2500 sq ft Auto Business. Equipment included, spray booth, frame machine, 2 post lift, mig welder. Sandy Clarke 413.531.4458
Eastham
$3,394
For Lease: 2715 sq ft retail/office space busy Route 6/may be subdivided/Call for details. 508.240.0334 Nat Santoro
Restaurant/Bus/RE: 287 seats/1st time offered in 47 years/creative financing. Nat Santoro 508.240.0334
Three unit farmhouse/2 br 1ba ea. Great investor/handyperson, needs finishing. Nat Santoro 508.240.0334
Retail/Office condo 2244 sqft, busy complex. Owner may help finance lease/purchase option. Nat Santoro 508.240.0334
Retail space for lease 2500 sq ft prime Retail or Restaurant location. Jim Fox 617.529.8616
Upper Cape
$1,300,000
Wellfleet
$969,000
$699,000
North Falmouth
$650,000
$349,000
South Dennis
$189,000
Marina & Restaurant - Confidential Sale, qualified buyers please contact Ben Edgar. Ben Edgar 508.776.2635
Orleans Center: 1656 sqft commercial bldg, + 1436 sq ft 3 br home. Creative financing. Nat Santoro 508.240.0334
5 rooms office/retail w/views/in-town visibility/ Owner may help finance or do lease/purchase. Nat Santoro 508.240.0334
$22 sf NNN
Class A 1,250 sf 2nd floor office in heart of Osterville. Elevator & many amenities. John Callahan 508.737.1322
Renovated 1870 antique central bus district/ possible retail/office/live/work. Call. 508.240.0334 Nat Santoro
Medical office condo in prime condition, 2,500 sf +/-, 8 exam rms, 3 Dr offices. Or $19.50NNN Ben Edgar 508.776.2635
Office Condo 2490 sqft: 6 offices, conf rm, more.Central locale, possible lease/purchase. Nat Santoro 508.240.0334
Osterville
$18.50 sq ft+
1,187 sf retail @ $18.50 sf + utilities. Under construction. Design your floor plan. 508.737.1322 John Callahan
A Consultative Approach to Commercial Real Estate and Businesses
New England Real Estate Journal
nerej.com
January 11 - 17, 2019 3A
FOR SALE 3.9 +/- Acres of Land
153-B Andover Street, Danvers MA
153-B Andover Street, Danvers, MA. represents a rare opportunity to purchase 3.9 +/- acres of level land located in the heavily traveled commercial retail corridor of Route 114 off Exit 47 along I-95. The property is currently used for vehicle storage for up to 400+/- cars. The property is located in the RT 114-A zoning district which allows for many commercial uses such as; retail sales, medical office, professional office, warehouse/self storage, restaurant and many others. There are utilities at the site and is improved with pavement, granite curbing, light poles, landscaped islands and storm-water catch basins.
Mike Harrington, Broker
[email protected]
MA LICENSE #952680
O: 603.625.9628 C: 603.785.8601
New England Real Estate Journal
4A January 11 - 17, 2019
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Jonathan Avery
R.E. Consultant
Opportunity zones: Dev. bonanza or not so much
KING & NEWTON COMMERCIAL REAL ESTATE www.KingNewton.com
of Massachusetts
Certified Commercial Investment Member
Thomas R. King, CCIM
Brokers Consultants Appraisers 155 Maple Street, Suite 306 Springfield, MA 01105
413-732-2300 NE NY Tel: 781-878-4540
The Tax Cuts and Jobs Act of 2017 includes provisions which have the potential to encourage a new round of stimulus to investment in commercial real estate located in rural areas and distressed urban areas. In particular are the provisions which provide tax incentives for reinvestment of capital gains, tax deferred, in “Opportunity Zones” identified by state and local government as needing economic development. The basic tax incentive is that investors may defer tax on any prior gains through 2026 provided that the gain is reinvested in a “Qualified Opportunity Fund.” Further, if the investor retains this fund investment for at least ten years there would be no tax on any new gain in the investment. In order to qualify, these special funds must be established for the purpose of investing in qualified Opportunity Zone properties. They must maintain at least 90% of their assets in qualified properties. Massachusetts has designated 138 Opportunity Zones in 79 cities and towns.To meet the mandate of including rural properties as well as urban areas, these designations range across the state from the cities in eastern and central Massachusetts to those in the far western part of the state, including North Adams, Chicopee and Springfield. Rural areas in the hill towns of western Massachusetts are included as well as towns on the Cape. At first glance, what could be the drawbacks of such a program. It does not require direct government funding and should be the spark to development in areas that need it. However, it has spurred some confusion and controversy among professionals. The confusion is in the details. Many tax advisors and accountants are of the view that the rules and regulations governing establishing the funds and investors uncertainty are hampering substantial investment. It seems that time will solve these uncertainties, however. Another issue voiced by professionals is whether the success of this program will be limited by competing existing programs such as CONTINUED ON PAGE 6
Patty Colman, x251 Publishing Director
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Roland Hopkins Founder
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Section Publishers Billboard, Auctions, & Classified................ Karen Dowell, x254,
[email protected] Connecticut ............................................................John Picard x250,
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Section Schedules Week 1
Northern New England Owners, Developers & Managers
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Construction, Design & Engineering Connecticut
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New England Real Estate Journal
Published weekly for $139 per year by East Coast Publications 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Printed by: Graphic Developments, Inc. 80 Mayflower Dr., Hanover, MA 02339 | www.graphicdevelopments.com 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. 58, No. 02 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: 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
Proof NE/NY REal EstatE JouRNals
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New England Real Estate Journal
January 11 - 17, 2019 5A
New England Real Estate Journal
6A January 11 - 17, 2019
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SOLD BY RBT AVON REALTY AND CMC AVON REALTY TRUST
United Multi Family brokers $5 million 30-unit apt. bldg. 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
AVON, MA United Multi Family (UMF)
has brokered the sale of a 30 unit apartment building at 29 Leos Ln., for $3.725 million ($124,167 per unit). Rich Cawley and Kurt Cawley
of UMF brokered the sale. The wood shingle and brick residences were built in 1970. The property was sold by RBT Avon Realty and CMC Avon Realty Trust. RP
//
Commercial
MIKE BELINSKI 508-881-1600 X326
[email protected] CYNTHIA CARTIER | 508-881-1600 X307 |
[email protected] LARRY DOANE 508-881-1600 X321
[email protected] LARRY DOANE | 508-881-1600 X321 |
[email protected]
Rich Cawley
Kurt Cawley
South LLC purchased the building. Financing for the sale was provided by Rockland Trust. The CAP rate at the time of sale was 7.12%.
Opportunity zones: Dev. bonanza or not so much CONTINUED FROM PAGE 4
the Housing Development Incentive Program and other Public Private Partnership opportunities. Many feel that this potential competition muddies the waters for investors and project sponsors. As noted in her recent article in Bisnow Boston, Cameron Sperance states “Boston’s commercial real estate community is bullish on growth heading into 2019, but it isn’t sure Opportunity Zones are going to spark another development boom”. In an interesting recent development reported by Mark Heschmeyer in CoStar News, the Boulder Colorado City Council has proposed to block many types of new development in its Opportunity Zone. The concern is that this program could accelerate gentrification by demolition of existing affordable housing and affordable business rentals. The redevelopment of these sites would likely be high end housing and expensive new commercial and retail space. This response is still in progress but is an interesting one. The bottom line is that there is good potential in this program to encourage private investment in many areas which need it. In order for this to be a success, the “infrastructure” of the program needs to evolve. The regulations and rules need to be clarified and a sufficient number of well managed Opportunity Funds need to be established.
Jonathan Avery, MAI, CRE, is president of Avery Associates, Acton, Mass.
New England Real Estate Journal
nerej.com
January 11 - 17, 2019 7A
Since 1949, The Century House has provided friends and guests with a feeling of coming home and being taken care of ... in a relaxed, comfortable and yet historical setting. The Century House takes the products and services normally associated with the hotel guest rooms, weddings, meeting rooms, banquets, contemporary amenities, lunch and dinner, and presents them in a blanket of sincere and genuine caring.
Since 1949, The Century House has provided friends and guests with a
coming home and being taken care of… in a relaxed, comfortable and ye
setting. The Century House takes the products and services normally asso
the hotel; guest rooms, weddings, meeting rooms, banquets, contemporary
lunch and dinner, and presents them in a blanket of sincere and genuine c
In June of 2009 The Century House solidified its commitment to the com
developing the “Enjoy One Share One” Program, whereby they provide a m
guests honor to “those in need” through the Regional Food Bank of Northe York, for every meal served and for every hotel room provided.
The Century House is currently the #2 Hotel in Latham on Trip Adviso Restaurant Open Table Award Winner.
PROPERTY FEATURES
• 68 Guest Rooms, Suites, and Long Term Stay Apartments • 11 Separate Event Rooms, serving 4-400 • Outdoor Tented Ballroom on the Nature Trail • Award Winning Restaurant serving lunch and dinner • ½ Mile Walking, Jogging and Nature Trail • Seasonal Pool • 2 minutes from Mohawk River and Bike Trail OCCUPANCY %
Century House ................................................................................................63.0 Competitive Set ..............................................................................................66.0 Index (MPI) ......................................................................................................95.5
ADR
Century House ............................................................................................107.83 Competitive Set ..........................................................................................107.62 Index (MPI) ....................................................................................................100.2
RevPAR Century House ..............................................................................................67.97 Competitive Set ............................................................................................70.99 Index (MPI) ......................................................................................................95.7
Listing Price: $7,994,187
W W W.T H E C E N T U R Y H O U S E . C O M W W W.T H E C E N T U R Y H O U S E . C O M
ANTHONYSABATINO SABATINO ANTHONY LICENSED ASSOCIATE REAL ESTATE BROKER LICENSED ASSOCIATE REAL ESTATE BROKER
Cell: (518) 857-6999 Cell: (518) 857-6999
[email protected] [email protected]
PHILIP W. SABATINO PHILIP LICENSED W. REAL SABATINO ESTATE SALESPERSON LICENSED REAL ESTATE SALESPERSON Cell: (518) 376-2717
Cell: (518) 376-2717
[email protected] [email protected]
2 0 AV I AT I O N R D , A L B A N Y, N Y 1 2 2 0 5 2 0 AV I AT I O N R D , A L B A N Y, N Y 1 2 2 0 5 If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed by Howard Hanna or its agents. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed by Howard Hanna or its agents.
Tel: 781-878-4540
New England Real Estate Journal
8A January 11 - 17, 2019
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PURCHASED BY CABOT CROSSING APTS. PROPERTY OWNER LLC H
RBL Amerıca Corp.
Commercial Cleaning Services Rough cleaning to detailed post construction cleaning
CBRE’s Butler and St. John handle $42.4 million sale of Cabot Crossing LOWELL, MA CBRE/New England has
completed the sale of Cabot Crossing, a 252-unit, 100% market-rate apart-
Simon Butler
Biria St. John
ment community.According to public record the property sold for $42.4 million. CBRE/NE’s multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Taurus CD 165 Bowden Street Lowell MA LP, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, and procured the buyer, Cabot Cross-
www.rblamerica.com email:
[email protected]
ingApartments Property Owner LLC, an affiliate of JRK Property Holdings. “We are pleased to have facilitated the sale of Cabot Crossing on behalf
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Size: 2x4 From: JK Run Date: 2-9
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FOR LEASE
Section: ROP
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HIGH BAY INDUSTRIAL SPACE SOUTHERN NH 109,000 s.f.
of our client who had acquired the property in June 2013,” said Butler. “The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a go-forward basis with the potential for additional value-add execution.” Cabot Crossing was built between 1987 and 1988 and is comprised of seven three-story garden-style buildings, as well as a free-standing clubhouse and management office. The 252-unit community contains 28 studios, 131 one-bedroom and 56 two-bedroom units with an average unit size of 541 s/f. The community offers access to both I-495 and Rte. 3 and numerous different employment centers.
Ouellette and Strong of Harriman are now licensed in Maine AUBURN, ME According to Harriman,
two members of the firm’s multi-disciplinary design team have completed
• Less than ¼ mile off Exit 10, I-93 Greater Manchester, NH • 500 +/- parking spaces • 24’ clear • Minimal office space • 15 acres (room for expansion)
• 3 dock doors • 5 Bay Auto Service Area • Currently 1 drive-in door (more can be easily added) • GenSet on site • Full a/c throughout building
Contact: Richard N. Danais Danais Realty Group, LLC
740 Chestnut Street Manchester, NH 03104 603-644-4600
[email protected]
Jamie Ouellette
Matt Strong
personal achievements. Jamie Ouellette, AIA, a project manager in the firm’s K-12 Education Studio, is now a licensed architect in the state of Maine. Ouellette has worked on complex ground-up, renovation, and expansion projects including South Portland High School, Scarborough’s Wentworth Intermediate School, and RSU 21’s Mildred L. Day School, among others. He has been with Harriman for 17 years. Matt Strong, P.E., a member of Harriman’s mechanical engineering studio, is now a licensed professional engineer in the state of Maine. Strong’s work spans various project types with a focus on industrial manufacturing and higher education environments. He’s been with Harriman for four years.
New England Real Estate Journal
nerej.com
January 11 - 17, 2019 9A
2 0 1 9 SU M MI T
Multi-Family & Property Management January 31, 2019 Boston Marriott Newton 2345 Commonwealth Ave., Newton, MA
Agenda 8:00am-8:45am
Networking and Buffet Breakfast
New England Real Estate Journal Blue Jacket Club Induction of David Barrett, RCM Services and Past President IREM
8:45am-9:00am
Speakers
Induction of David Barrett New England Real Estate Journal Blue Jacket Club
9:00am-10:00am
Changing View of Living Space Investing in Multi-Family Need for More Affordable Multi-Family Units
10:00am-11:00am
David Barrett RCM Services
Frank Flynn Flynn Law Group
Nancy Reno Housing Management Resources Inc.
William Lovett Toll Brothers
Peter Lewis The Schochet Companies
P.T. Vineburgh Charlesgate Realty
Updated Marijuana Laws, Updated Airbnb Laws, Amenities, Changes in Employee benefits
11:00am-12:00noon
Networking with Speakers and Attendees
Register today! Early Bird Rate $89, ends January 27 Regular Rate $129, after January 27 Contact Rick Kaplan 800-654-4993, ext. 247
[email protected] www.multifamilypm.eventbrite.com Sponsorship and Speaking Opportunities Available.
Corporate Sponsors
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New England Real Estate Journal
10A January 11 - 17, 2019
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INCLUDING THE $1.25M SALE OF 79-81 GOLD STAR BLVD
Jacobs of NAI Glickman Kovago handles two sales totaling $1.55m
Wakefield, RI Office Space
1,291 square foot condominium building located in thriving office park in the desirable South County area of Rhode Island. Just minutes to Narragansett Pier and Main Street Wakefield. Near South County Hospital, town halls, state office building and district courthouse. This offering can be used as two separate units!! NEW PRICE $225,000
R. D. Denelle and Company, Inc. Realtors
2935 Tower Hill Road, Box 130, South Kingstown, RI 02880 Contact Christie Denelle Creamer,
[email protected] office: 401-783-7777 cell: 401-573-1633 www.denelle.com
79-81 Gold Star Boulevard - Worcester, MA Michael Jacobs, principal at NAI Glickman Kovago & Jacobs, represented the seller, the Montachusett Girl Scout Council, and the buyer, Lisciotti Development in the recent transfer of real estate at 79-81 Gold Star Blvd. The property was sold to Lisciotti Development of Leominster (known WORCESTER, MA
as Gold Star Retail, LLC for this purchase) on November 30, for $1.25 million. Lisciotti’s current plans are to raze the two existing buildings and construct an 8,750 s/f retail strip building to house multiple tenants of varying sizes. The property will also include 42 parking spaces.
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Size: 2x4 From:
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Run Date: 06/00/18
GENERAL CONTRACTING AND CONSTRUCTION MANAGEMENT SINCE 1985 INSTITUTIONAL
COMMERCIAL
MEDICAL / HEALTHCARE
RESIDENTIAL
CORPORATE INTERIORS
HOSPITALITY / MULTIFAMILY
SEAVER CONSTRUCTION, INC. P: 781.935.0130 F: 781.935.0048
215 LEXINGTON STREET, WOBURN, MA 01801 www.seaverconstruction.com
In July of 2018, NAI Glickman Kovago & Jacobs also facilitated the purchase of a parcel in the Worcester CorMichael Jacobs porate Center on Century Dr. on which the Girl Scout Council will construct their new 7,400 s/f headquarters building. In addition, Jacobs represented Diamond Towers V, LLC (based in Short Hills, NJ) in the recent sale of 6.45 acres known as 267, 273, 277 and 281 SW Cutoff in Northborough. The property, located near Northborough Crossing, was sold on December 7, to 293 West Main Street, LLC for $300,000. The buyer will constructing a 4,700 s/f dental building with 34 parking spaces along most usable portion of the parcel. Construction is scheduled to commence this month.
Emuge Corp. breaks ground on 22,000 s/f expansion project Emuge Corp., a leading manufacturer of highperformance taps, drills, end mills and other rotary tools, has broken ground to build a 22,000 s/f expansion project that will double the size of its U.S. headquarters and manufacturing facility. Marking a 35-year presence in the U.S. along with increased growth in North America, the Emuge expansion will include more manufacturing space and the addition of a PVD coating center. In addition, Emuge plans to expand its current Technology and Training Center, also located at the facility. “The expansion will allow us to better serve our customer base in the U.S. and Canada,” said Bob Hellinger, president of Emuge Corp. “The growth we have experienced in our aerospace and power generation customer base has been significant in the past few years. The expanded facility will provide additional capacity to manufacture special solid carbide tooling domestically and allow us to provide customized solutions within our milling portfolio.“ Construction for the expanded facility began in September 2018, with completion slated for the second quarter of this year. WEST BOYLSTON, MA
New England Real Estate Journal
nerej.com
January 11 - 17, 2019 11A
Referral Network This Week’s Real Estate Specialist - Milford, CT Arnold Peck’s
680 Boston Post Rd., Milford, CT 06460 203-877-1345 / Fax: 203-877-6090
[email protected]
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.
ALL LEASES SIGNED AT 44 BEARFOOT RD., NORTHBOROUGH, MA
Cape Cod Mass.
O’Brien of Gtr. Boston Comm’l. Props. completed 18,700 s/f in leases
René L. Poyant, Inc.
NORTHBOROUGH, MA Bret O’Brien of
Greater Boston Commercial Properties recently completed an 18,700 s/f leasing spree at 44 Bearfoot Rd. The property is located off I-290 at the first exit coming from I-495 by the Solomon Pond Mall. Bret O’Brien The most recent lease is to Rausch, Sturm, Israel, Enerson & Hornik, a law firm that represents financial institutions and creditors. This tenant took occupancy of 4,228 s/f on the top floor in December. Other leases include Child & Family Psychological Services, Mix Hits Radio, Yatco Distribution and Combined Insurance.
The landlord of the 45,000 s/f building is installing a fitness center amenity in the building in Q1 of
The Davis Companies hires Kimble as an associate
According to Saam Architecture, Leah Fannon has been promoted to senior associate. Fannon is a registered architect in Massachusetts and Ohio and has been with Saam for two years. Fannon received her bachelor of architecture from Rensselaer Polytechnic Institute in 2005. She is LEED-certified and a member of the American Institute of Architects. “Leah consistently provides a high level of attention and service to her clients and we are delighted to promote her to senior associate,” said Diana Nicklaus, president and CEO.
asset management experience to the Davis Cos., especially in the areas of broker relations and pre-leasing,” said Duncan Gilkey, senior vice president at the Davis Cos. “In addition, Patrick has unique skills in identifying and working with potential user groups, brokerage firms and tenants.” “I am excited to join the talented team at The Davis Companies,” said Kimble. “I have been very impressed by the dynamic, diverse and entrepreneurial culture of the company as well as its strong operational, investment and development activities across the Eastern United States.” Kimble is a licensed real estate salesperson. He is active in the Boston philanthropic community and currently serves as board president for METCO. For full story visit nerej.com
West Hartford, Conn.
Milford, Conn.
Northern Rhode Island
BOSTON, MA
www.brodercommercial.com
Post Office Square, 20F Camp Opechee Rd. Centerville, MA 02632 508-775-0079
[email protected]
The Kane Company 603-430-4000 netkane.com
Western Mass.
Southern New Hampshire
BOSTON, MA The Davis Companies has
Arnold Peck’s
85 Mill Street, Springfield, MA 01108
veranicommercial.com
[email protected]
413-240-2358
Res/Comm’l/Ind Consultants One Verani Way, Londonderry, NH 03053 603-845-2500
Burlington, Mass.
Central New Hampshire Brenda Litchfield, CCIM
2019. The property is visable from I-290 with lighted signage on the interstate.
hired Patrick Kimble as an associate asset manager. In this position, Kimble will be responsible for leasing key assets, along with participating in the development of and overseeing business plan implementation for a variety of properties in the firm’s portfolio. Kimble has over five years of experience in the real estate industry. He was most recently with Boston Properties, where he was a member of an eight-person team responsible for the leasing of a 13.5 million s/f regional portfolio in and around the city’s CBD, Cambridge and Central 128. He was responsible for leasing activities, relationship management and lease negotiation for new and renewing tenants on behalf of Boston Properties “Patrick brings valuable leasing and
Saam Arch. promotes Fannon to sr. associate
REAL ESTATE MANAGEMENT
Macmillan Group, LLC
44 Bearfoot Road - Northborough, MA
Concord Commercial, LLC 2½ Beacon Street, Suite 159 Concord, NH 03301
43 North Main Street West Hartford, CT 06107 860-249-1540
680 Boston Post Rd., Milford, CT 06460 203-877-1345 / Fax: 203-877-6090
[email protected]
SALES • APPRAISALS DEVELOPMENT -401-724-7980
[email protected] 869 Smithfield Ave., Lincoln, RI 02865
Space Available
South Windsor, Conn.
Providence, R.I.
603-225-3200
55 Cambridge St., Burlington, MA 01803 781-272-2899 www.rjkellycompany.com
[email protected]
Andover, Mass.
Hanover/Lebanon, N.H.
McLaughry Commercial
Ron Fredette, CCIM, CIPS 138 River Rd., Andover, MA Office: 978-475-2111 Cell: 603-540-4489 Email:
[email protected]
Bruce Waters 93 S. Main St., W. Lebanon, NH 03784 603-298-8904
Connecticut River Valley
Bedford, N.H.
Commercial Real Estate
Also Serving NH & VT
800-542-5188
www.townandcountryrealty.com
[email protected]
Londonderry, N.H.
Fo
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
commodate a variety of users. Lease rates vary. Some units broker owned. For more info, call Louise or Chris Norwood.
Vermont
Ridgewood Road & Palomino Lane Bedford, NH
TINKHAM REALTY
Residential, Commercial and Industrial Route 102, Londonderry, NH 603-432-7769 / Fax: 603-434-1545 www.tinkhamrealty.com email:
[email protected]
Warwick, R.I.
New construction of a 20,200+/- SF state-ofthe-art, Class A medical/professional building slated for completion in 2006. Approx. 84 parking spaces. Lease rate: $18.00 psf, NNN. Build-out allowance TBD. For more info, please call Joe Russo or Perry Snow.
225 Lowell Road • Hudson, NH
Several retail & office units from 950-1,700+/SF available on busy Route 3-A across from the
Stop & Shop. Very visible with high traffic Vermont’s Commercial Real new Estate Leader Since counts. Lease rates $8.50 to $10.75 psf, nnn. 1987 Call Joe Russo for more information and to schedule an appointment.
Sales & Leasing Same photo as Buyer/Tenant Representation New Photo January Site Selection
29 Church St.,Burlington, VT 05401 Indian Head Plaza 30 Temple St. • Nashua, NH 802-878-9000, www.jldavisrealty.com Class A Office - 1,600 to 18,724 SF is available
873 Page Street • Manchester, NH
Two wrhse/lt manuf spaces avail in 3-story brick mill bldg. Lower Level: 4,000+/- SF w/7-8 ft ceilings, drive-in access & cement floor. Lease Rate: $1.80 psf, mod. gross. Third Floor: 4,000+/- SF w/7-9 ft ceilings, frt elevator to shared dock, 2-room fin’d office area. Lease rate: $2.10 psf, mod. gross. For more info, call Perry Snow or Judy Niles-Simmons.
15 Con
Several C 1,771+/- S able in on with conv Lease rate $1.50 psf tact Perry
Same photo as January
Same photo as January
BERETTA REALTY CO. Since 1965
Portsmouth, N.H.
for lease in downtown Nashua. On-site parking, convenient access to Route 3, state of the art telecommunications. Competitive rates. Call Joe Russo or Perry Snow for more info.
Nashua, N.H.
227
1,300+/-SF include res and more. Easy acces Sagamore month. C
M 30
Well-estab 2,880 to 5 date a vari & high tra information Russo.
LAND FOR SALE
To list your company call Karen Dowell 781-878-4540 x254
[email protected] nerej.com
Epping, NH: Parcel 1: 2 lots totaling 9.84+/- acres w/400+/- ft frontage on Rte 125. Sale price $1,000,000. Parcel 2: 20.74+/- acres w/50 ft right of way on Old Hedding Road. Sale price $1,000,000. Call Joe Mendola or Chris Norwood for more information. Loudon, NH: Multiple site locations. 400+/- ft frontage on Route 106 just north of I-393. Land Lease $2,100/month, per acre, per site. Call Chris Norwood or Joe Mendola for details.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Mark F. Butler, Specialist
Residential & Commercial • Sales & Leasing
800-292-1102
950 Sullivan Ave., #19 South Windsor, CT 06074
[email protected]
146 Westminster Street, 2nd Floor Providence, RI 02903 401-273-1980/Fax 421-4207 www.hayessherry.com
Merrimack: 1/2 acre industrial parcel. Sale price $99,000. Call Perry Snow for more information.
www.ButlerRealty.us or email Jeff Butler at
[email protected] Trusted Real Estate Service Since 1977 401-886-7800
116 So Bedfo Tel. (6 Fax (6 www.theno Email: info@t
PROLMAN REALTY 100 Elm St. Raymond, NH: 5.05+/- acres w/687+/- SF frontage on Route 27. Sale Nashua, Price: $495,000. For details, call Joe Mendola or Joe Russo. NH The information provided herein, while not guaranteed, is secured from sources we believe to 603-880-6655 All data is subject to change of price, error, omissions, other conditions or withdrawal with
New Hampton, NH: 2 parcels just off I-93 at Exit 23. Lot 22: 5.095+/- acres with 520+/- feet of frontage on Route 132. Sale Price: $150,000. Lot 23: 8.9+/- acre parcel. Sale price: $265,000. Contact our office for more details.
[email protected]
New England Real Estate Journal
12A January 11 - 17, 2019
nerej.com
ONE OF THE FIRST MOTELS BUILT IN PROVINCETOWN, MA
The Lexvest Group purchases 26-room Breakwater Hotel
Over 55 years of commercial real estate
Celebrity Professional Profiles at your fingertips
Jack Conway
Thomas Flatley
Sheldon Adelson
nerej.com/professional_profiles
PROVINCETOWN, MA The local beach-
front landmark Breakwater Hotel at 716 Commercial St. (Rte. 6A), the first motel built in town, has been purchased by Lexvest Breakwater LLC, an affiliate of The Lexvest Group of Shirley, Mass. Renovations and upgrades are underway and a grand re-opening will kick off the 2019 tourist season. The sale price was not released. Company principal Eric Shapiro who made the announcement knows the area well as his family has summered on Cape Cod for decades. In 2012, Lexvest bought and renovated the nearby Cape Colony Inn. Lexvest bought the Breakwater from Fred Sateriale whose family owned it since 1968. Shapiro said, “The location is idyllic. Everyone loves it here as is
ForSale Sale -- Commercial Commercial Lots Lots From From 22 Acres For Acres
OffS. S.Main Main St. St. & & Langdon Langdon Ave., Ave., Concord, Concord, NH Off NH Between Exits Exits 12 12 & & 13 13 on on I-93 I-93 Between New Commercial Subdivision Pending, with 2 Multi-Family New Commercial Subdivision Pending, with 2 Multi-Family Residential Lots and 4 Office/Commercial Lots Residential Lots and 4 Office/Commercial Lots State House 1State MileHouse -----> 1 Mile ----->
Exit 12, I-93 Exit 12, I-93
C-2 C-2 C-1 C-1 M-F II (Town M-F II Homes) (Town Homes) M-F I (Mid-Rise) M-F I (Mid-Rise)
I-93 I-93
C-3 C-3
C-4 C-4
Exit 13, I-93 Exit 13, I-93
Bill Norton, CRE - 603-625-9628 Bill Norton, CRE - 603-625-9628
Bill Norton, CRE 603-625-9628
illustrated by the fact that, since it was built in the 1950s, we are only the third owners.” The Breakwater Hotel has one of the best views in town. Shapiro said, “Guests appreciate the fact that you only need to walk less than 100 feet from any one of our 26 rooms to feel the sand between your toes.” The waterfront rooms offer views of Cape Cod Bay, overlooking Provincetown Harbor and Long Point Lighthouse on the tip of Cape Cod, and is steps from the famous sand bars. “Besides the beach, visitors love the location for other reasons,” Shapiro said. “You can walk or bike 1.5 miles into town and there’s a shuttle outside your door every half hour. Breakwater is a perfect vantage point from which to explore the vibrant downtown shops, restaurants, and arts and cultural attractions. And we’re right on the Cape Cod National Seashore, 40 miles long, comprising 43,000 acres.” While most visitors drive to Provincetown, the area is served by small airlines and ferry services.
ARS celebrates 12th year of charitable giving by donating $750,000 ARS Restoration Specialists celebrates the 12th consecutive year of charitable giving, donating $750,000 to worthy non-profit organizations in 2018 most notably the Gloria Gemma Breast Cancer Resource Foundation and the Ellie Fund. For more than a decade, ARS has provided financial support, supplies and volunteer services to non-profit organizations across the northeast. The majority of donations in 2018 were the result of the annual ARS Casino Night, the company’s flagship event, which welcomed a record 2,000 attendees, featured 200 sponsors and nearly 300 silent and live auction items and raffle prizes.The 13th annual Casino Night will be held Saturday, March 30th at Gillette Stadium. NEWTON, MA
New England Real Estate Journal
nerej.com
2019 SUM M IT
Register today! Early Bird Rate $89, ends February 27 Regular Rate $129, after February 27 Contact Rick Kaplan 800-654-4993, ext. 247
[email protected] www.canncre.eventbrite.com
January 11 - 17, 2019 13A
Cannabis in CRE 2019 March 7, 2019
Sheraton Needham 100 Cabot Street, Needham, MA Speakers
Heather Parsons Keller Williams
Brian Anderson Anderson Porter
Marion McNabb C3RN
Valerio Romano Vicente Sederberg
Michael Ross Prince Lobel
Agenda 10:00am-11:00am
8:00am-9:00am
Networking and Breakfast
9:00am-10:00am
Real Estate Investments, Cannabis Construction, Energy, Architecture Retail and Medical Dispensary
New Adult Use Cannabis License Timeline Zoning, Permitting and Insurance Issues City or Towns Approval and Limitations
11:00-12:00noon
Networking with Speakers and Attendees
Gold Sponsor
Corporate Sponsor Vendor Sponsors
AndersonPorterDesign CANNABIS INDUSTRY ARCHITECTS
Sponsorship and Speaking Opportunities Available.
New England Real Estate Journal
14A January 11 - 17, 2019
nerej.com
ARRANGED BY MAHER, PULLEN, TRIBBLE AND HALLOWELL
Past & Present...
Archives. ives. Lots of them since 1963! Go see them today! nerej.com/archives
NKF orchestrates sale of 25 Mall Rd. to Piedmont Office Realty Trust Newmark Knight Frank (NKF) has completed the sale of 25 Mall Rd. to Atlanta-based PiedBURLINGTON, MA
Edward Maher
Matthew Pullen
mont Office Realty Trust. On behalf of the seller, vice chairman Edward Maher, executive managing director Matthew Pullen, managing director James Tribble and director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by cohead of U.S. Capital Markets Robert Griffin – oversaw the transaction of the class A office building. The sale
price was not disclosed. Totaling 287,776 s/f, 25 Mall Rd. is presently 88% leased to a tenant roster anchored by Lahey Hospital & Medical Center, Merrill Lynch,
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Size: 2x4 From:
New Proof
Proof Approved
Section:
crop 2”
Thayer & Associates, Inc. AMO Changes
®
“We never forget it’s your home and your property…”
Run Date: 00/00/18
Thayer & Associates, Inc. AMO® is an accredited management organization located in Cambridge, Massachusetts. Thayer is a full service property management organization providing clients with project management, construction programs, 24 hour emergency response staff, budget planning and financial management. Thayer & Associates serves commercial, residential, and rental properties throughout the Greater Boston area. Thayer & Associates, Inc. established in 1987, was acquired from the late Harry A. Gilbert, one of the first Certified Property Managers (CPM®) in the country. Three generations of his family have operated the business
including President & Owner Douglas Gilbert Thayer, CMP®. Since 1987, Thayer’s reputation of stability, exceptional service, and enduring relationships with clients is reflective of an experienced staff dedicated to protecting each homeowner’s investment. 1812 Massachusetts Avenue Cambridge, MA 02140 Phone: 617-354-6480 Fax: 617-354-7854 www.thayerassociates.com
Visit us on Facebook.
89 Degrees, TTEC, MicroTek and CENTRA Technology. The six-story asset features a variety of on-site amenities including
James Tribble
Samantha Hallowell
a conference center, fitness center, coffee kiosk and full-service cafeteria with an outdoor patio. “25 Mall Road represents an institutional-quality asset featuring flexible, efficient floor plates and a ‘sticky’ rent roll,” said Pullen. “The property boasts a strong history of tenant retention, serving as a clear testament to the quality of the asset and its location.” The asset has a prominent positioning along Mall Rd., a major thoroughfare, with access to I-95 (Rte. 128) and Rte. 3 complemented by MBTA bus service to the Alewife Red Line station.
Woods joins Consigli Construction Co., Inc. as executive director
BOSTON, MA Al Woods has joined Consigli Construction Co., Inc. as the executive director of corporate services. Woods will be responsible for providing strategic direction and growth of Consigli’s corporate interiors and building repositioning work for the Northeast and Mid-Atlantic regions. Woods joins Consigli with more than 35 years of experience in the commercial real estate and construction industry. Most recently, Woods was a senior managing director at Cushman & Wakefield, where he managed their project and development services group, providing tenant advisory services for owners and occupiers of commercial real estate. “Consigli has an outstanding reputation as an industry leader that delivers the highest-level of innovation, quality, and service on every project,” said Woods. For full story visit nerej.com
New England Real Estate Journal
nerej.com
January Boston
2019 Summit
Schedule Sponsorship or speaking information contact Rick Kaplan 800-654-4993 x247 781-878-4540 x247
[email protected]
January 11 - 17, 2019 15A
August
Burlington, MA
Multi-Family
Middlesex 3 Coalition
February
September
Cannabis and Commercial Real Estate
Hotel
Boston
Nashua, NH New York
March
Women in Real Estate
South of Boston Commercial Real Estate
Construction Trends of the Future
Randolph, MA
Boston
April
October
Nashua/Manchester
Women in Real Estate
Manchester, NH Connecticut
State of Connecticut Market
June
Long Island
Long Island Commercial Real Estate
New York
State of the Upstate Market
July
Portsmouth, NH
Northern New England State of the Market
Boston
December Boston
Changing World of Commercial Real Estate New England Real Estate Blue Jacket Induction
New England Real Estate Journal
16A January 11 - 17, 2019
nerej.com
New England Chapter
The most prestigious designation for office industrial real estate with 2,700 members internationally
New England Chapter President Mike Giuttari, SIOR
www.siorne.com
MG Commercial Boston, MA
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
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. HOLMES REALTY CO., 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]
Chuck Reilly 16 Huron Drive, Natick, MA 01760 Tel: 508-651-3600 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
2019 New England SIOR Chapter Officers Secretary
Michael Giuttari
George Paskalis
Chapter Administrator
Treasurer
Loreen Liberty
SIOR NE hosts annual Robert W. Holmes Scholarship Night NEWTON, MA The New England Chap-
Ernest C. Wronka, SIOR, CCIM, GRI The District, 1500 District Ave. Burlington, MA 01803 Tel: 781-229-2233
[email protected] www.wronkaltd.com
President
AWARDED TO OGASAPIAN OF R.W. HOLMES
Katherine Williams Kane
Listings are a smart way to advertise your business.
Contact Patty Colman,
[email protected] Karen Dowell,
[email protected] 781-878-4540
ter of SIOR held its annual Robert W. Holmes Scholarship Night at Brae Burn Country Club on October 4. The event started at 6 p.m. with passed appetizers and cocktails.This evening event was held jointly with the MIT Center for Real Estate. The New England Chapter has been teaming up with MIT Real Estate to offer a tuition scholarship to a premier and worthy student in the MIT Center for Real Estate. The New England Chapter also extends a $2,000 scholarship to an up and coming Boston area commercial real estate broker. The $2,000 can be used towards an SIOR national designation course or towards an SIOR national convention as a guest. The New England Chapter president is Mike Giuttari, president of MG Commercial Real Estate in Providence and the head of industry relations for the MIT program is Steve Weikal. This year’s sponsor for the evening was Vantage Builders with president John Connor. There were 35 attendees including the presence of global president-elect of SIOR, Mark Duclos. Giuttari started the evening introductions stressing that although SIOR has a global initiative, the society has not forgotten its national components and chapters. He thanked Tim Brodigan, who was the outgoing chapter president, for all his work and hard efforts during the last two years. Giuttari has completed the development of his board of directors and was ready to attend the SIOR Fall Conference. Giuttari then discussed the joint relationship with MIT and the grant program. SIOR gives $5,000 to a current superior MIT gradate real estate student. The $5,000 grant is to be used for MIT tuition. In addition, the SIOR chapter gives $2,000 to an up and coming current practicing Boston commercial broker. The $2,000 grant process starts with nominations during the summer and an application process. The chapter has a committee and a board of directors who vet out applications to narrow the choices. Then a decision is made to the awarding recipient. The $2,000 is typically applied to an SIOR designation course that the grant recipient. It has been four years that the SIOR Chapter has teamed with MIT on a scholarship for one of its top students. MIT also involves Steve Weikal or another MIT official to speak at the SIOR National Convention on new trends or disruptor topics in real estate.
Shown (from left) are: Mike Giuttari, chapter president and SIOR Scholarship recipient, Mike Ogasapian. Giuttari then announced this year’s MIT recipient, Charles Hope. Hope is currently a MIT real estate graduate student majoring in real estate development and commercial investment sales. He will be completing his M.S. in Real Estate Development in June. His background is quite extraordinary. He is from Ft. Worth, Texas. He is a graduate of Texas A&M, then he joined the U.S. Air Force where he became a fighter pilot. He specialized in F16 Fighter jets. He has also obtained top U.S security clearance. He has competed in triathlons as well. On receiving the grant, he thanked SIOR and MIT for its support. Giuttari then explained the genesis of the New England Chapter Scholarship Award. The scholarship is in its 12th year and named after Bob Holmes a former chapter president and consummate real estate veteran. His son Garry became an SIOR and has held numerous leadership roles with the Society. The award is to emulate Bob’s strong moral compass, ethics, real estate knowledge and thrust for continuing education.
This year’s recipient has all of these traits. The recipient has six years in residential and commercial real estate and has participated in many SIOR chapter events, golf outings and meetings. He started his career working at Goodrich Residential in Boston for 2 years. He then moved to RW Holmes for the last four years and specializes in commercial leasing. He plans to transfer over to investment sales. He plays goalie in hockey and is a graduate of Saint Michaels College in Colchester, Vermont. The recipient is Mike Ogasapian. Ogasapian thanked the chapter for the award. He said that he wants to become an SIOR. He was registered for the November SIOR Atlanta Designation Courses and will be applying the $2,000 grant to the course. The SIOR courses will help him to fulfill the requirements to earn the SIOR designation. He thanked the chapter. The event was celebrated until 8 pm. The chapter would like to again thank Vantage Builders, Inc., commercial construction, for being the sponsor for the evening.
For more information visit: www.siorne.com
New England Real Estate Journal
nerej.com
January 11 - 17, 2019 17A
Thru the Years ne
January 12 - 18, 2018 Volume 57 • Issue 02
Quick Read
McEvoy of The Conrad Group sells 2 industrial buildings for $1.925 million 17-STORY TOWER SOLD TO CLPF RESIDENCES AT SEAPORT LLC
Griffith and Pepdjonovic of Marcus & Millichap handle $2.7m sale
1 Year Ago
SEE PAGE 7A
Singer of Eastern Union Funding arranges $55.2 million in financing
Skanska sells its portion of Watermark Seaport for $60m BOSTON, MA Skanska has, in partner-
ship withTwining Properties, divested its Watermark Seaport multifamily development, to CLPF Residences at Seaport LLC. Skanska’s equity ownership is 42.75%. Skanska’s portion of the divestment, $60 million, will be recorded by Skanska USA Commercial Development in the fourth quarter of 2017. The transfer of ownership of the property to CLPF Residences at Seaport will occur in the first quarter of 2018. The 301,389 s/f Watermark Seaport project is LEED Gold certified and offers 346 residential units in a 17-story luxury tower and a 6-story loft building. Watermark Seaport’s
A&G Realty Ptrs. closes sale of 53-acre college campus for $11.6 million
Chozick Realty completes $8m sale of Turtle Creek Apartments SEE COVER OF FD/SEC. B
Pare Corp. completes $121 million 260,000 s/f R.I. Veterans Home
SEE COVER OF RI/SEC. C
4 Sections 80 Pages Editorial Page.......................... 4A R. Kaplan .................................. 4A Referral Network .................10A SIOR News ............................12A Financial Digest.............. SEC. B Appraisal & Consult ........ 7-14B Rhode Island ....................SEC. C Billboard ........................... SEC. D nerej.com
featuring R.I.
featuring Mass.
The Conrad Group completes two building sales totaling $6.831m
SEE PAGE 6A
NEW ENGLAND
EAST HARTFORD, CT Steve Pappas of the Hartford office of investment broker Chozick Realty Inc. has completed the sale of Turtle Creek Apartments. The 120unit apartment complex fetched a purchase price of $8 million or $66,666 per unit. Steve Pappas Constructed in 1968 the property was fully amenitized in the late 1980s. At that time the previous owner added an indoor swimming pool with jacuzzi, steam room and sauna, a full commercial kitchen and dining room for resi-
dent functions, an indoor running track, miniature golf course, fitness rooms, a billiards room, media room and library. The amenity package combined with its location adjacent to Martin Park created a one of a kind four season living experience for residents. The unit mix offers two studios, 34 one-bedroom and 84 two-bedroom apartments. This is the second timeTurtle Creek Apartments has been marketed and sold since built with Chozick Realty facilitating both transactions. Chozick Realty represented the seller, Turtle Creek Realty and purchaser, Up Realty LLC, a NY-based investment group.
NASHUA, NH A&G Realty Partners has closed the sale of Daniel Webster College’s 53-acre campus, formerly owned by ITT Educational Services, to a Hong Kong-based user for $11.6 million. The transaction–approved October 25, 2017 by the U.S. Bankruptcy Court in Indianapolis–followed the closing in November of A&G’s sale of the college’s aviation-specific facilities to Southern New Hampshire University (SNHU). “We are excited about the activity we have been getting for all our sales in both the for-profit and non-profit education sectors, allowing us to maximize value for these properties,” said Andy Graiser, co-president of A&G Realty. “As with our recent sales of other educational assets—some formerly owned by ITT Educational Services, others by Dowling College on Long Island–the Daniel Webster process attracted several bidders. In the end, we achieved above-marketrate values.” Daniel Webster College’s 53-acre campus housed 13 buildings totaling 281,000 s/f. Assets at the former aviation school included a hangar, flight center, library, gym, townhouses and six other centers/halls. In October, SNHU won its $410,000 bid for the school’s tower building, flight center and hangar in a court-approved transaction.
amenities include a 24-hour concierge; roof deck with views of the Financial District and Boston Harbor; wellness studio; underground parking with electric car-charging stations; resident’s lounge; on-site bicycle-sharing station sponsored by Skanska, as well as indoor bike storage; and an innovation lab with smart technology and free wi-fi. Construction of Watermark Seaport began in the first quarter of 2014 and was completed in first quarter of 2016. Watermark Seaport is one of Skanska’s three developments on Seaport Blvd. Skanska also developed 101 Seaport, which the company sold in 2016, and 121 Seaport, which is 100% leased and scheduled for completion in the first quarter of 2018. These two neighboring LEED Platinum office towers together with Watermark Seaport make up one of the city’s most sustainable blocks.
Aho of O’Brien Comm’l. Properties, Inc. brokers $1.8 million building sale
Joel Aho of O’Brien Commercial Properties, Inc. represented Pillar Realty, LLC in the sale of a 17,716 s/f office property at 131 Coolidge St. The property sold for $1.8 million. The buyer was 131 Coolidge, Joel Aho LLC and Competitive Crotty, LLC. A large portion of the building was leased at the time of the sale.
COMMERCIAL/INVESTMENT NEWSPAPER IN THE WORLD
134,904 s/f community consists of 156 units and seven buildings; on 10.51 acres
Witten and Nolletti of Marcus & Millichap sell River’s Edge apts. Homes for $10.6m jan
January 9 - 15, 2009
HI-LIgHts destefano and martin of grubb & ellis|coldstream neg. leases The team of Jim DeStefano and Doug Martin represented Image 4 in its 11,520 s/f lease and subsquently Secondwind in its 10,300 s/f lease. see page 8.
see cover, sec. b, financial dig.
sections, 128 pages
Editorial Page ....................6a
Massachusetts .............sec c
N. Posner ...........................6a Thru the Lens .................. 17a
Spotlight ....................... 7-18c
Financial Digest............sec b
Profiles ............................. 16c Rhode Island ................sec d
Appraisal Spotlight .....13-24b
N.E. Billboard ............... sec e
Printed on recycled paper
HUDSON, MA
Northeast’s number
tor Nolletti of Marcus & Millichap Real Estate Investment Services
steve Witten
rbJ’s mcKenzie, lipscomb and byrne represent Kbs realty in eight leases totaling 32,206 s/f
Fantini & Gorga placed first mortgage financing for the 180 unit apt. project, Abington Woods. The newly constructed dev. is on 36 acres.
5
Waterbury, ct Steve Witten and Vic-
have arranged the sale of River’s Edge Apartment Homes, an 156 unit apartment community, for $10.6
fantini & gorga arrange $30.7 million in mortgage financing
also inside:
131 Coolidge Street - Hudson, MA
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Roth and Weeks of Capitol Cove develop $55 million condo. project in Providence
website for commercial/investment real estate
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acton, ma Richards Barry Joyce &
victor nolletti million ($67,949 per unit). Witten and Nolletti, both vice president investments and senior directors of Marcus & Millichap’s National Multi Housing Group based in New Haven, represented both the seller and the buyer. “River’s Edge offers a buyer a superior quality property in one of New England’s strongest multi family growth markets. Based upon competitive rental options, Rivers Edge is a Class “A” asset for the market located on the I-84/ CT Rte. 8 corridor where there are limited, newer, luxury rental opportunities,” said Witten. Built in 1974 and exceptionally well-maintained, River’s Edge Apartment Homes is a Tudor style, gated apartment community located in the northeasterly portion of Waterbury and close to the Wolcott town line. Located at 35 Sharon Rd., the 134,904 s/f apartment community features six studios (400 s/f), sixtyseven one-bedroom flats (560 - 680 s/f) and eighty-three two-bedroom flats (1,000-1,220 s/f). The complex contains seven detached buildings on 10.51 acres and all units have a private deck or patio. River’s Edge is close to the Danbury Fair Mall, West Farms Mall. and the Brass Mill Mall.
Partners (RBJ) has negotiated eight leases on behalf of KBS Realty
brian mcKenzie Advisors at Nagog Park. The leases total 32,206 s/f. KBS Realty owns a portfolio of eight buildings in Nagog Park, which is a 73-acre master planned development with 400,000 rentable s/f. Located on Rte. 2A, Nagog Park is three miles from Rte. I-495 and Rte. 2. Brian McKenzie, James Lipscomb and Rob Byrne of RBJ represented KBS Realty. RBJ is the exclusive leasing agent for KBS Realty’s properties in Nagog Park. “Nagog Park remains a very active location for leasing activity, due to its location, amenities and flexibility for growth,” said Brian McKenzie, partner, RBJ. The tenants in the eight leases are Altair Engineering; AZ & Associates; Azuki Systems; BAE Systems; CIOView Corp.; Coughlin, Sheff & Associates PC; Global Graphics Software; and Intel. Details of some of the transactions include: Azuki Systems signed a lease expansion for 5,949 s/f on the
first floor of 43 Nagog Park. The company now occupies a total of 13,146 s/f of office space. Azuki
10 Years Ago
James lipscomb Systems provides interactive mobile media services platform. Azuki was represented by Lipscomb. Intel signed a lease for 3,300 s/f at 40 Nagog Park, in a relocation from 125 Nagog. The high tech giant was represented by Chris Hermann of CB Richard Ellis. Altair Engineering signed a new lease for 2,538 s/f of office space at 125 Nagog Park. Altair was represented in the transaction by Dennis Flynn of The Heritage Group, Inc. Global Graphics Software renewed its lease for 2,269 s/f of office space on the third floor of 31 Nagog Park. Global Graphics was represented by Kenneth Shaffer of The Shaffer Co. Coughlin, Sheff & Associates PC signed a lease for 2,240 s/f at 125 Nagog Park. The firm is relocating from 40 Nagog Park and will occupy space on the third floor of 125 Nagog. Stan Burwick of New England Industrial Properties represented Coughlin, Sheff & Associates.
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Back Page A January 11 - 17, 2019
Turn-key Chem Lab
New England Real Estate Journal
nerej.com
14,827 SF | 8 Henshaw Street, Woburn
Curent home of
Available Fall 2019 Currently home to Charles River Labs, this turn-key chem lab facility is a prime opportunity for a life science firm seeking a cost-effective location in the Greater Boston suburbs. The suite offers private offices, conference rooms, a break area, and large open labs—all with a fantastic window line.
Suite Features • Private loading • 4 chemical fume hoods • Abundant metal casework • Upgraded finishes throughout • 60 KW Kohler back-up generator • Total exhaust air capacity of 6,000 CFM • Total make-up air capacity of 5,400 CFM • Generous window line with plentiful natural light • 600 AMPS @ 120/208 Volts, 3 Phase electrical service
Location • Plentiful free on-site parking • Easily accessible via MBTA bus service • Conveniently located minutes from I-93 at Exit 36
Contact Ed Silvey at 781-932-7039 or
[email protected]
Financial Digest
January 11 - 17, 2019 Section B
Quick Read Ranieri of NorthMarq Capital negotiates $34.105m refinancing
SEE PAGE 2B
Spiegel Associates arranges $4.305m loan for office building
SEE PAGE 14B
What were the noteworthy trends in 2018? What will 2019 bring to Boston markets? - by Pastuszek
SEE PAGE 5B
20 Pages Appraisal & Consulting... 5-12B Appraisal Institute...............8-9B Counselors of R.E............10-11B REFA News.............................16B
New England Real Estate Journal nerej.com
PEOPLE’S UNITED BANK PROVIDES FINANCING TO URBAN SPACES
Surprenant of Goedecke arranges $44m in financing for 121 First Urban Spaces, a Cambridge-based commercial real estate development company, has finalized $44 million in permanent financing from People’s United Bank for 121 First, a 60,000 s/f mixed-use office property Mike Surprenant fully pre-leased to CarGurus, one of the largest automotive shopping sites in the U.S. The fixed-rate, long-term financing was arranged by Mike Surprenant, principal at Goedecke & Co. “Urban Spaces and People’s United have been working together for several years and this loan expands and strengthens our relationship. 121 First’s prime location in Cambridge’s First St. Corridor, coupled with a longterm lease from CarGurus, enabled us to secure favorable terms and position the building for long-term success,” said Paul Ognibene, CEO of Urban Spaces. Designed by global architectural firm Perkins Eastman and built by Nauset Construction, 121 First is comprised of 53,000 s/f of office, 7,000 s/f of retail, and 50 parking spaces. The building’s interior fit-up is nearly complete and CarGurus is scheduled to move into their new office space this month. Urban Spaces will also establish its new headquarters at the location in the first quarter of the year. Situated across from the CambridgeSide shopping center and between the MBTA’s Kendall Sq. Red Line and Lechmere Green Line stations, 121 First is an integral component of the First St. Corridor, a $250 million development being constructed by Urban Spaces. Upon completion, First St. Corridor will include 250 apartments, 53,000 s/f of office space, 50,000 s/f of retail, and 250 parking spaces, as well as a half-acre of openair green space. “We are pleased to expand our existing relationship with Urban Spaces to support their ongoing efforts in transforming the local business community and economy,” said Michael Doody, senior vice president, commercial real estate, People’s United Bank. CAMBRIDGE, MA
FOR A 72-UNIT APARTMENT COMPLEX IN BRAINTREE, MA
Cornerstone Realty Cap. arranges $14.3m for True North Capital Ptrs. Cornerstone Realty Capital has arranged $14.3 million in financing for True North Capital Partners for a 72-unit apartment complex. Paul Natalizio, president at Cornerstone led the financing for the property. Paul Natalizio The units, all two-bedroom apartments, are spread amongst six buildings located along the water. Each unit features in-unit laundry and a private balcony or patio, while select units also feature a waterfront view. The property will undergo renovations which will enhance its appeal. All units will receive full bathroom, kitchen and electrical upgrades, while the property updates will include adding a community grilling station, a sports court and playground, and converting offices to a clubhouse with a fitness center and game room. Ample amount of parking is available for tenants with a ratio of two spaces per unit. The apartment complex is situated in an ideal location for residents who BRAINTREE, MA
work in Boston but want to live in a quiet suburban neighborhood. The East Braintree/Weymouth Landing MBTA commuter rail station is less than a five-minute walk from the property, giving commuters access to downtown Boston in 30-minutes. Located in Norfolk County, the town is bordered by two major employment regions with Quincy to the north and Weymouth to the east. Tenants will find there is no
shortage of dining and entertainment options with the property in close proximity to the shopping center South Shore Plaza, the hiking trails at Blue Hills Reservation, and a variety of restaurants within walking distance. Access to three major roadways makes the property even more desirable with Rte. 53 a quarter of a mile away, Rte. 3 at 2 miles away and I-93 is 3.5 miles away from the property. Jeff Bruce, managing director and founder of True North Capital Partners, said, “With Cornerstone’s assistance we were able to secure a strong financing package that was custom tailored to our plans for the property. Our vision will help complement its picturesque and convenient location and offer residents the desirable amenities often overlooked in similar style apartment buildings.” Cornerstone was able to deliver a full-term fixed rate financing structure with 36 months of interest only followed by thirty-year amortization. Cornerstone specializes in structuring and sourcing innovative financing for all property types.
Inside Cover B January 11 - 17, 2019
Financial Digest
New England Real Estate Journal
“Your Source for Commercial Real Estate Lending.” “Your Source for Commercial Real Estate Lending.” Find out more at www.CornerstoneRC.com Find out more at www.CornerstoneRC.com
$21,265,000 $21,265,000 Development of a 150,000 SF
$14,363,000 $14,363,000 Acquisition of a 72 Unit
$2,440,000 $2,440,000 Acquisition of a 14 Unit
Westbrook, ME
Braintree, MA
Chelsea, MA
$5,883,000 $5,883,000 Acquisition of a 45 Unit
$9,720,000 $9,720,000 Acquisition and Refinance of a
$2,650,000 $2,650,000 Refinance of a 36 Unit
Whitman, MA
Lynn, MA
Woonsocket, RI
$5,475,000 $5,475,000 Refinance of a 76 Unit
$1,611,000 $1,611,000 Acquisition of a 3 Unit
$5,175,000 $5,175,000 Acquisition of a 47 Unit
Leominster, MA
South Boston, MA
Providence, RI
Mixed-Use Property Development of a 150,000 SF Mixed-Use Property Westbrook, ME
Apartment Property Acquisition of a 45 Unit Apartment Property Whitman, MA
Apartment Portfolio Refinance of a 76 Unit Apartment Portfolio Leominster, MA
Apartment Property Acquisition of a 72 Unit Apartment Property Braintree, MA
79 Unit Apartment Portfolio Acquisition and Refinance of a 79 Unit Apartment Lynn, MA Portfolio
Apartment Property Acquisition of a 3 Unit Apartment Property South Boston, MA
Apartment Property Acquisition of a 14 Unit Apartment Property Chelsea, MA
Apartment Property Refinance of a 36 Unit Apartment Property Woonsocket, RI
Apartment Property Acquisition of a 47 Unit Apartment Property Providence, RI
Contact us to find out how we can help you with your next acquisition or refinance. Contact us to find out how we can help you with your next acquisition or refinance.
Financial Digest
nerej.com
January 11 - 17, 2019 1B
SOME RECENT FINANCINGS $11,500,000
$7,000,000
BSS Storage Storage
The Dean Hotel
Lake Worth, FL
Providence, RI
$28,350,000
$27,000,000
St. James Apartments
77 New Street Apartments
Cambridge, MA
Cambridge, MA
Development Loan
Development Loan
Permanent Loan
Development Loan
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 Despina Hixon • Peter Tousignant • Lindsay Feig • Jon Garcia • Julie Hogan 155 Federal Street, Suite 1402, Boston, MA 02110 Tel: 617-897-1149 • Fax: 617-951-9944 • www.fantinigorga.com
Financial Digest
2B January 11 - 17, 2019
New England Real Estate Journal
OF FIVE MULTIFAMILY PROPERTIES CONSISTING 513 UNITS
Ranieri of NorthMarq Capital negotiates $34.105m refinancing
DELIVERING EXCEPTIONAL RESULTS Newmark Knight Frank specializes in counseling and valuation assignments involving investment properties for a wide range of public, private and institutional clients. Our clients benefit from our robust service offerings including valuation reports, litigation support, arbitration, tenant counseling and valuation review. David L. Cary Gregory T. Curtis Christopher J. Kolodziey Elisha F. Lee Christopher L. Moore Matthew K. Pattison Scott A. Rand
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Massachusetts: Faneuil Hall Marketplace, 4 South Market Building, Floor 4, Boston, MA 02109 T 617.451.9110 • F 617.451.0039
Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s White Plains regional office, negotiated the $34.105 million ref inancing of five multifamily properties consisting of a combined 513 units Robert Ranieri located throughout Connecticut. The permanent-fixed loan was structured with a 10-year term with 5-years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. The properties in the portfolio consisted of: HAMDEN, CT
ngkf.com
Hamden Ridge, 745-795 Mix Avenue - Hamden, CT
CREATIVE SOLUTIONS FOR REAL ESTATE FINANCING NEEDS
Spiegel ASSociAteS Recently Closed Transactions $9,000,000 Construction Loan 65 Apartment Units West Warwick, RI
$4,305,000 Acquisition Loan Office Building Purchase Jamaica Plain, MA
$1,200,000 Refinance Commercial Condo Somerville, MA
$1,100,000 Refinance Loan Commercial Condominiums Cambridge, MA
$2,360,000 Construction Loan Condo Roxbury, MA
$1,400,000 Construction Loan Mixed Use Building Randolph, MA
$5,300,000 Construction Loan 18 Unit Condominiums Brighton, MA
$450,000 Commercial Loan 3 Unit Apartment Building Allston, MA
$2,500,000 Acquisition Loan Retail Property Mattapan, MA
$3,000,000 Commercial Building Jamaica Plain, MA
$4,625,000 Construction Loan 6 Unit Apartment Building Brooklyn, NY
$600,000 Purchase Loan Retail Strip Foxboro, MA
• Hamden Ridge: 745-795 Mix Ave. in Hamden; • Jefferson Arms: 2420 Mix Ave. in Hamden; • Ridgefield Apartments: 1-262 Ridgefield Dr. in Middletown; • Holiday Apartments: 724 Savin Ave. in West Haven; and • Hampton House: 480 Main St. in West Haven. “This portfolio refinance with Freddie Mac included interest-only as well as a prepayment penalty reduction,” said Ranieri. “These assets are owned long term by this owner and provide quality and well maintained housing in the state of Connecticut.” NorthMarq Capital is one the largest privately held commercial real estate financial intermediaries in the U.S, provides debt, equity and commercial loan servicing through offices across the U.S. It is a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks.
Financial Digest A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
Publisher Jeff Keller x244
[email protected]
Sidney J. Spiegel 617-593-4145
[email protected]
Commercial Mortgage Financing
Editor Jill Graham
[email protected]
Financial Digest
nerej.com
January 11 - 17, 2019 3B
$20,500,000 First Mortgage Loan for
Westborough Executive Park three office buildings totaling 217,288 sq.ft. in
Westborough, Massachusetts on behalf of
Albany Road Real Estate Partners The undersigned arranged the above financing with Hometown Bank.
Goedecke & Co., LLC 10 High Street Boston, MA 02110 617-790-9000
1720 Post Road East Westport, CT 06880 203-221-1151
www.goedeckeco.com
Financial Digest
4B January 11 - 17, 2019
New England Real Estate Journal
TO TRINITY FINANCIAL FOR ORIENT HEIGHTS PHASE TWO
Real Estate Appraisers and Consultants
Citizens’ community dev. group provides $26m const. financing EAST BOSTON, MA According to Citi-
An industry leader for over 80 years
zens Bank, its community development group has provided $26 million in construction financing to Trinity Orient Heights Phase Two LP for the demolition of four existing buildings and replacement of Jerry Sargent 88 state public housing units, through the new construction of two townhomes and one mid-rise building. This effort, led by the Boston Housing Authority, East Boston CDC and Trinity Financial, is the second phase of a master plan to redevelop the 331 units of affordable housing located at the existing Orient Heights development. Nine of the units in phase two will
We perform appraisal and consulting services for all facets and types of real estate, including: Acquisitions, Dispositions, Litigation Support, Financing and Consultations Certified General Real Estate Appraisers Mark S. Reenstierna Gregory M. Dignan MA #3803 MA #75293 NH #801 PA #004337 22 Mill Street • Suite 102 Arlington, Massachusetts 02476 Phone: 781-643-5737 • Fax: 781-648-6423 http://www.threenstierna.com
[email protected]
be leased to tenants at or below 30% Area Median Income (AMI) and the remaining 79 units will be reserved for tenants at or below 60% AMI. All of the units will receive either state or
Changes
Size: 2x4 From: JK
New Proof
Proof Approved
Section: NE FD
crop 2”
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
federal housing subsidies. “This project meets a crucial need in the community and we’re excited to work with Trinity Financial and the East Boston CDC to support more affordable housing for Boston residents,” said Jerry Sargent, president, Citizens Bank, Mass.
WAC closes $125,000 loan to a Relais & Chateau branded hotel
RESIDENTIAL Run Date: 11/09/18 COMMERCIAL ASSISTED LIVING DEVELOPMENT
MYSTIC, CT WorthAvenue Capital, LLC
(WAC) closed a $125,000 loan to a Relais & Chateau branded boutique hotel. The hotel is an existing WAC borrower and this loan was completed as a follow-on transaction in which the loan proceeds were used by the borrower as a partial payment towards the buyout of a non-family member partner in the corporate entity. The loan is secured by a blanket mortgage on the hotel property as well as a mortgage on a commercial property that is located in Northeastern Conn. with an underlying LTV of 60%. The loan was funded by one of WAC’s private investors. WAC funded this loan request within ten days. The borrower expects to pay off this loan through the generation of cash flow in the hotel as well as obtaining more permanent financing from a conventional lender.
Manzi named national brokerage leader at Risk Strategies Risk Strategies, a privately held insurance brokerage and risk management firm, has appointed Mark Manzi as national brokerage leader. Manzi, an industry veteran with 30 years’ experience placing and negotiating coverage, began his career at Marsh in NewYork. He came to Risk Strategies through its 2015 acquisition of health care specialty brokerage Dubraski &Associates, where he served as managing director, chief operating officer and practice leader. “As a large and growing national specialty broker with deep expertise in many industry segments, Risk Strategies offers unmatched insight and experience to our clients,” said Manzi. BOSTON, MA
For more information about Risk Strategies and our insurance solutions, contact Spencer Macalaster at 617.330.5705 or
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www.RiskStrategies.com
Appraisal & Consulting New England Real Estate Journal January 11 - 17, 2019 Section B
What were the noteworthy trends in 2018? What will 2019 bring to Boston markets? Bill Pastuszek Shepherd Associates
Looking in the Rear-View Mirror: what were the noteworthy trends in 2018? Looking ahead: what will 2019 bring to Boston markets? It’s still Boston. What a great place! What an economy. If you can afford it, booming Boston is a great place in which to live and work. For most. Demand for skilled workers and affordable housing is unabated, the metro’s population increases, and the quality of life is enviable, if unaffordable to some.
Commercial Real Estate. Volumes were not as expected. Boston possesses generally healthy characteristics in most sectors. There was much talk about The End of the Great Commercial Real Estate Boom; that remains to be seen. Housing. Was 2018 the end of the Great Housing Boom After the Great Housing Bust? Some cracks seem to show in the second half of the year. Let’s talk about 2019. So, What Happens in 2019? Boston Economy. What, is there a problem? What problem? Steady as she goes, if not a bit over heated. If you can afford to live and work here, no place better. But maybe not so much for everyone. Rates / Inflation / Markets. Rates
There was cause for much enthusiasm in Massachusetts markets in 2018. We will look forward to some “Realistic Optimism” in the new year. Either markets still have some legs into 2019 or the party really did end and we are just beginning to notice. Too soon to worry about 2019. A final thought: as much as we believe we know, there is much more that is unknowable. So keep an open mind and sift through the data carefully! So we didn’t get Amazon, but we did get GE. Is that good? Interest Rates / Inflation / Markets. Interest rates moved up. Inflation probably should be higher, but it isn’t. While markets expected this to happen, it probably happened more slowly than initial expectations. Uncertainty is a huge factor in today’s markets, and, for individual investors trying to preserve capital and eke out some sort of return, it’s a nightmarish scenario. There are R-word rumblings, probably overblown from today’s perspective. Cost of capital is manageable. A lot of closely tailored real estate loans may have investors and lenders a little nervous. Lending volume was down and probably won’t rebound meaningfully, leaving a lot of lenders between the rock and a hard place. Anecdotally, the smart lenders are maintaining discipline in a competitive marketplace flooded with capital and trying not to chase not very good deals.
should continue to inch up. Volatility in this hyper charged, politicized environment is going to be a serious factor and could cause some serious pain. If there is one thing markets really don’t like is uncertainty and there is plenty of that out in the world. This probably won’t change until there is a collective wising up (likely?). Commercial Real Estate. Everyone has been predicting some variation of more moderation, a soft landing, a longer runway for a while. Commercial real estate markets are changing and observers need to understand the impact of these changes, some of which appear to be insignificant but could have major implication a few years down the road. Housing. There are clearly signs indicating a “mature” market. There is some buyer resistance to high prices for both existing and new construction. Inventory seems to be increasing in some markets
Something will bring on the end of this amazing housing expansion. It’s just not clear what that might be, or, if it took place, what it was, exactly? This is a good subject for an article twelve months from now. More information will allow hindsight to operate as intended. Summary. This question has been asked before: is there dumb money out there? To be sure. On the other hand, there is the sense of growing realism and discipline about the economic life, whether
owner, renter, or investor, and some pragmatism about the ups and downs of real estate, and of the economy. Everyone, except those willing to roll the dice, seems to have some awareness about the long length of this expansion. There is the nagging fear that maybe the party really did end a few hours ago earlier and a bunch of us are still getting down with it. There was cause for much enthusiasm in Massachusetts markets in 2018. We will look forward to some
“Realistic Optimism” in the new year. Either markets still have some legs into 2019 or the party really did end and we are just beginning to notice. Too soon to worry about 2019. A final thought: as much as we believe we know, there is much more that is unknowable. So keep an open mind and sift through the data carefully!
Bill Pastuszek, MAI, ASA, MRA, heads Shepherd Associates, Newton, Mass.
NH-VT chapter of Appraisal Institute plans for a busy 2019 Brian White
White Appraisal
The former New Hampshire and Vermont Chapters of the Appraisal Institute merged into a single chapter one year ago. The combined chapter is now known as the New Hampshire/ Vermont Chapter. David Cornell, MAI and 2018 president of the chapter oversaw the merger and the first year operating as a combined chapter. Cindy Rogers, executive director of the chapter and Duane Cowall, MAI and treasurer of the chapter worked diligently to make it a smooth transition. The merger has resulted in the new chapter being 82 appraisers strong with 42 being members having the MAI or the SRA designations, or both. The 2019 board of directors is made up of mostly New Hampshire appraisers with Amy McCellan, SRA and Sean Sargent, MAI, SRA being the Vermont based board members. The 2019 season begins under the leadership of Robert Concannon, MAI and incoming chapter president. The NH-VT Chapter of the Appraisal Institute has plans to offer five 2-hour seminars in 2019 and several continuing education classes. The offerings begin on January 15 when the chapter will produce a 2-hour “Commercial Roundtable” seminar
in Concord, NH. The three presenters will be David Choate, EVP and Dan Scanlon, JD, CCIM both of Colliers International and Steve Weeks, Jr. of Weeks Commercial Real Estate. This seminar will provide an overview of the commercial marketplace in Southern New Hampshire. Each appraiser will examine trends in the commercial market including such topics as: owner-user properties, investor demand, valuation trends, lease rates, vacancy rates, operating expenses, net operating income, capitalization rates and income multipliers. This seminar is a must-attend event for every commercial real estate appraiser that works in New Hampshire. It will also provide residential appraisers with valuable market and valuation information from the larger New Hampshire real estate marketplace. Four additional 2-hour seminars will be offered later in the year in March, May, September and November. For additional information on these seminars you should visit our website at AI-NHVT.com. The chapter’s continuing education class offerings will begin inApril when we offer “Valuation by Comparison: ResidentialAnalysis and Logic”. This 7-hour class will be held in Rutland, VT on April 4 and again in Concord, NH on April 5. The instructor for this new class offering is Mark Smeltzer, MAI, SRA, AI-RRS. Recent market volatility and increased oversight has left residential appraisers searching for
new strategies to handle their appraisal assignments. This seminar will revisit valuation fundamentals and it will illustrate why residential appraisers need data collection and analytical skills now more than ever. Later in December of 2019, the chapter will offer two 7-hour USPAP classes with Bruce Hunter, MAI being the instructor. The New Hampshire class will be on December 5 in Concord and the Vermont class will be on December 6 in Rutland. For additional information on these classes, or to register for the class, you should visit the Appraisal Institute website at: appraisalinstitute.org/education/. The NH-VT chapter is dedicated to continue to provide its New Hampshire and Vermont members with quality local education through both seminars and classes for years to come. The chapter typically holds its roughly bi-monthly meetings and seminars in Concord, NH but efforts are underway where one of the chapter’s meeting/ seminars will be held in Vermont later in 2019. Our organization is made up of the most professional and educated residential and commercial appraisers located in the Green Mountain and Granite States and we welcome new members who have the same high standards.
Brian White, MAI, SRA, is the 2019 vice president of the NH-VT Chapter of the Appraisal Institute and operates White Appraisal, Dover, New Hampshire.
Appraisal & Consulting
6B January 11 - 17, 2019
New England Real Estate Journal
Succession planning or succession tragedy Roger P. Durkin, Esq. Christopher J. Marino, Esq. William P. Smith, Esq. W. Neil Hurley, Esq.
Roger Durkin Durkin Law PC
• Shareholder Buy-Sell Agreements • Shareholder Disputes • Licensure Defense for Real Estate Appraisers and CPAs • Wills, Trusts, Copyrights, and Trademarks 234 Lewis Wharf, Boston, MA 02110
(617) 720-0332
There are many articles about the need to make business retirement succession plans. Plans that might include selling your enterprise to strangers, to partners, or passing it on to your children. This article is about avoiding succession tragedies rather than the process of successfully passing on the enterprise. Many people start businesses with friends or relatives. However, what happens in the future, if one of the owners, partners, or shareholders becomes physically ill, or sick of the business, or dies, divorces, or just wants to retire? The most appropriate answer is to have in place a defini-
tive workable shareholder buy-sell agreement. If you do not have such an agreement, then tragedy in the form of prolonged costly litigation might result. If you operate a business enterprise as a corporation, LLC, or partnership with two or more owners. you could face serious emotional and financial costs of a shareholder dispute over many aspects of the business, its management, and especially the value of the enterprise. An effective workable buy-sell agreement is particularly important for second generation family businesses. A practical achievable business buysell agreement enables owners to end their relationship without costly litigation. Litigation involving shareholder disputes is succession tragedy. How to find a buyer and set the price might be done through a busi-
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ness broker. Most business brokers set the value at some multiple of owner’s discretionary income. Business brokers calculate value as owner’s discretionary income which is a combination of the owner’s salary and the profit before taxes. The value should not consider the compensation of management in additional net cash flow to the buyer. A business broker opinion should not be utilized in a shareholder buyout. This business broker valuation method fails to consider that ownership benefits are the net cash flow and that management benefits pay for managing the enterprise. The value of a business enterprise, or professional corporation should be calculated based on a capitalization of the historical average net adjusted cash flow. What is meant by fair value in a shareholder buyout? The standard of value is not fair market value or market value. The standard of value in Massachusetts for shareholder dissension is fair value, as defined in Massachusetts General Laws 156D, § 13.01: Massachusetts first established the fair value standard in divorce with Bernier v. Bernier (SJC) (448 Mass. 774 (2007). The Massachusetts approach to the determination of "fair value" is consistent with the position taken by the American Law Institute and the national trend of interpreting "fair value" as the proportionate share of a going concern "without any discount for minority status or, absent extraordinary circumstances, lack of marketability." American Law Institute, Principles of Corporate Governance: Analysis and Recommendation, § 7.22(a) (1994). See Spenlinhauer vs. Spencer Press, Inc. 81 Mass. App. Ct. 56 (2011). In Shawnee Telecom Resources, Inc. v. Brown 354 S.W.3d 542 (Kentucky 2011), fair value was stated, not as a hypothetical price between a hypothetical buyer and seller at which the shareholder might sell shares, but rather as the shareholder's proportionate interest in the entire company as a going concern. In 2006, in Brodie v. Jordan 447 Mass. 866, the Massachusetts Supreme Judicial Court ruled that in the absence of an agreement requiring the buyout of shares, the court did not have the power to impose a buyout of the interest of the minority shareholders. If there is no definitive writing describing the process and how the fair value will be determined, a controversy is likely to erupt, hence succession tragedy occurs. This article is provided for general informational purposes only and is not intended to provide individualized legal advice.
Roger Durkin, JD, MS, FASA, is an attorney and appraiser with Durkin Law PC, Boston, Mass.
Appraisal & Consulting
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2018: A year in review from the Maine AI past president Russell Barrows
Dirigo Valuation, Inc. I started 2018 as the recently installed president of the Maine Chapter of the Appraisal Institute. Throughout this past year, I significantly benefited from the efforts, insight and experiences of the chapter officers and directors. Please allow me this opportunity to thank them for their efforts, for this chapter would not have had the year we did without them. I again encourage appraisers who are looking to elevate themselves in this profession to participate in the Appraisal Institute or other similar, professional organizations. I also wish to thank my staff at Dirigo Valuation for their hard work, commitment and level of professionalism that directly contributes to our collective success this past year. For most residential appraisers in the southerly part of Maine, 2018 has been a challenging, but overall successful year. Continued low interest rates and steady purchase demand activity resulted in strong demand for our services. This environment continued with only minor fluctuations well into the fourth quarter, when increasing interest rates and more traditional “seasonal” demand and market activity factors started to be experienced. Purchase Activity: Multiple purchase contracts for even “ordinary” properties are common-place. The term “escalation clause” became more frequently experienced in the area. For those of us who were appraising in the mid 2000’s, it appeared to be deja-vu all over again. Much of the observed purchase activity was bifurcated: Either cash or high loan to value. There appeared to be limited 50%-80% LTV activity, which is somewhat of an historic shift. Downtown Portland’s condominium market exhibited continued strong demand, even with an increase in the completion of new developments. Additionally, apartment building to condominium conversions also continued at a steady pace. This conversion process also presented highest and best use challenges when appraising these apartment buildings, for it is imperative to provide a discussion related to these sub-segment dynamics. It’s likely that these dynamics are present in other New England communities. Staying on top of this segment’s supply / demand dynamics will likely prove to be challenging over the next few years. New Construction: Limited new subdivision approval from prior years, likely a hang-over from the Great Recession, has resulted in limited supply or availability of residential building lots. Municipalities are often requiring a greater level of infrastructure for subdivision development (open spaces/buffer zones, etc.). While generally deemed beneficial, it does tend to increase development and
ultimately retail costs. Material costs have also experienced significant fluctuations. Recent natural disasters (hurricanes, etc.), trade-war/tariffs and similar practices have led to increased construction costs. The “typical” cost services employed by residential appraisers may be challenged to maintain these dynamics, and it is essential that we are sensitive to these forces. Many larger builders (which in this area, are those that build more than 20 homes / year) report four to 12-month leadtime from contract to completion. This is related to a combination of limited labor availability / capacity and materials supply. Refinance Activity: The year started with the continuation of a very favorable interest rate environment. This afforded those who hadn’t previously taken advantage of these low interest rates an opportunity to do so. Additionally, many areas continued
to experience modest valuation gains which allowed for more “cash-out” options. This also applies, to a lesser extent, for “equity” valuation assignments where an owner may be reluctant to trade their very low first mortgage interest rate and instead utilize a home equity / second mortgage option. Appraiser Environment: The Appraisal Qualifications Board (AQB) issued new licensure and certification requirements. These changes became effective on 5/1/2018, but it is up to each individual state to adopt (either in whole or in-part) these new requirements. Maine currently requires legislative action to adopt any of these changes. It is anticipated that Maine’s legislature will act later this spring. Trainee requirements remain largely unchanged. Upgrading to a licensed appraiser requires the same level of education/courses as before, but the
January 11 - 17, 2019 7B
BARNSTABLE/PLYMOUTH APPRAISAL SERVICE We are a leading provider of services for: • PRIMARY AND SECONDARY MORTGAGES • MORTGAGE REFINANCING • EMPLOYEE RELOCATION • PRIVATE MORTGAGE INSURANCE REMOVAL • ESTATE PLANNING • DIVORCE SETTLEMENT For further information contact: Wayne Valliere, RA
Barnstable/Plymouth Appraisal Services P.O. Box 697 Buzzards Bay, MA 02532-0697
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MA/RI chapter presidents message: Kicking off 2019
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 Senior Managing Director/ Valuation & Advisory Newmark Knight Frank 4 South Market Blg. Fl. 4, Boston, MA 02109 Tel: 617-532-7905, www.ngkf.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
William E. Coyle, III MAI, SRA Mary L. Coyle
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 Farms, land, easements, Claude A. Giroux, SRA, ASA, MRA development rights, C.A. Giroux SRA Appraiser and Consultants contamination, community P.O. Box 487, Taunton, MA 02780 and private water supply, Tel: 508-823-4171, Fax: 508-822-3855 cranberry bogs, churches,
[email protected] gift tax appraisals, litigation www.claudeagirouxsra.com 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
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Greg Curtis Newmark Knight Frank
As 2018 comes to a close I’m gearing up to serve as the president of the Massachusetts and Rhode Island Chapter of the Appraisal Institute. On December 4 at the top floor restaurant of Boston’s Federal Reserve office tower, I was sworn in as chapter president along with the three other officers and eight members of the board of directors. Serving the chapter in 2019 as officers will be George Demopulos, SRA, AI-RRS as vice president, John Drew, MAI as treasurer, Brad Hevenor, MAI as secretary and Doug Gablinske, SRA, AI-RRS, RI branch chair. The eight board of directors for 2019 include Chris Bowler, MAI, SRA, David Cary, MAI, GregAccetta, MAI,AI-GRS, Melanie Kosich, MAI, Joseph Comperchio, MAI, SRA, Karen Ryan, SRA, Zach Bowyer, MAI, and Robert Maloney, MAI
I’ve been involved with the chapter for the past 13 years. In 2006, Zach Bowyer, Bennet Johnson and I created the emerging leaders group. At that time there were only a few of us young/new appraisers that were active in the chapter. We originally created the group for appraisers younger than 30 to network with each other, but it seemed that each year we would increase that age limit as there were fewer and fewer appraisers that qualified for the group. It’s rewarding to see that within the past couple of years there have been a handful of new young appraisers that have found careers in Boston and are getting involved with the chapter. I encourage anyone new to the profession or interested in getting involved with the chapter to reach out to me or any of the officers, board members or committee leaders. Nicole McDonnel, John Charters and Joe Crescio are co-chairs of the social committee for 2019 and are in the process of organizing a few networking events, which will include a chapter ski outing to New Hampshire. We’ll have more info to announce soon.
On January 29 the chapter will be hosting the Economic Outlook and Real EstateTrends seminar, which will be held at the Federal Reserve Boston. Our panelists include Aaron Jodka, director of research at Colliers; Anne Meczywor, president of the Massachusetts Association of Realtors; Paul Natalizio, president of Cornerstone Realty Capital; and Kerry Hawkins, senior director at HFF. To register for the event go to http://massri-appraisalinstitute.org/ Other educational offerings being offered in the near term include: GeneralAppraiser IncomeApproach Part 1 on February 13 and 2018/2019 7-hour National USPAP Update Course on February 27. I look forward to seeing you at one of our educational or networking events soon. Happy New Year!
Greg Curtis, MAI, is the 2019 president of the Massachusetts and Rhode Island Chapter of The Appraisal Institute, and senior vice president, valuation & advisory at Newmark Knight Frank, Boston, Mass.
The appraisal landscape is rapidly changing Steven Spangle Spangle Associates
The appraisal landscape is rapidly changing. There are a number of newer types of appraisal products and appraisal requirements are changing. Change is never easy and appraisers are challenged to keep abreast of what is proposed and what is in effect. Appraisers have an obligation to themselves and their clients to be educated about and if necessary fluent in the changing appraisal products. The obligation to be aware of new appraisal products does not end with the appraiser. Users of appraisal services should be staying abreast of new products as well. The type of appraisal that is ordered will depend on regulations imposed on the client for a specific type of appraisal, or, a risk benefit evaluation made by the appraiser’s client before ordering a specific product. Fannie Mae and Freddie Mac have increased to level of appraisal waivers they are willing to grant. This can
speed the process for a purchase or refinance that qualifies assuming all requirements are met. This type if waiver is different from the type of waiver requests that have been made by several lenders to the Appraisal Sub-Committee. If any are granted, they only exempt the lender from using a credentialed appraiser but not from obtaining an appraisal. The term “hybrid appraisals” has been applied to what is also known as a third-party appraisal. The appraisal is not the one that inspects the exterior and/or the interior of the subject property. These are somewhat similar to what was known as a drive-by appraisal. The difference, particularly when an interior inspection is included, is that the appraiser has not seen the property. In some versions an online multiple linear regression program develops the value recommendation for the appraiser.These are valid appraisal tools. They do represent a greater level of risk, the appraiser may not know who did the inspections, and thus is making an extraordinary assumption that they have completed a competent inspection. In the correct circumstance this represents a very valid tool. It is the client’s responsibility to evaluate
the risk of using this tool. A significant change is being discussed by the Appraisal Standards Board (ASB). Presently there are two different appraisal options: Appraisal report or restricted appraisal. Each appraisal must conform to one of these options. This has caused problems in the past.There has often been concerns in the past, for example, that appraisers could not complete an evaluation since the report may only contain a few pages and would have to label it as an appraisal report. A very detailed and complex appraisal that could contain 100 pages was also identified as an appraisal report. Often both clients and appraisers had a hard time coming to terms with these differences identified as the same appraisal type. The ASB is discussing doing away with these labels. This change, if approved, should allow appraisers to tailor appraisals more to the needs of a client without having to apply a specific label to it. This tailoring has always been available to appraisers.
Steven Spangle, SRA, MRA, is president of Spangle Associates, Auburn, Mass. For full story visit nerej.com
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Looking at 2018 from the rear view mirror Rocco Quaresima Elm Realty Advisors
As we enter the new year filled with new (or some of the same old) resolutions, it is important that these resolutions do not go unfilled. Looking back as the outgoing 2018 president of the Connecticut Chapter of the Appraisal Institute, 2018 was filled with many successes and challenges. The chapter was able to increase its educational offerings fueled by the continuing education cycle and was able to capture a higher market share for mandatory seminars in comparison to the last cycle. The education and program committees do and must continue to work hard to provide timely offerings on current and relevant topics. For example, the November 13 seminar entitled “Walgreen v. West Hartford: Prescription for Appraisers” was well attended by a diverse audience not simply looking to fulfill continuing education requirements.The attendees were genuinely interested in the topic, which led to lively discussions. The challenge is to continue to build on the success of the educational offerings into 2019, which is not a continuing education year. The chapter is off to a good start with the offering of Going Green in CT- Energy Efficiency and Valuation on January 18, at the New England Expo being held at Mohegan
Sun. The seminar will provide case studies and an overview of programs that are available in Connecticut. The Connecticut Chapter remains vigilant in protecting the mandatory appraiser licensing in the state, which is constantly under attack. Historically, the Connecticut Association of Realtors have unsuccessfully attempted to introduce legislation that would allow for sales agents to perform broker’s price opinions without any formal training in appraisal. Although 2018 was quiet on this front, our government relations committee continues to monitor the situation and is prepared to continue fighting to preserve the current licensing laws. 2018 did bring a new challenge to the industry when the federal regulatory agencies agreed to raise the appraisal threshold requirement level from $250,000 to $500,000 for commercial properties. Commercial real estate appraisals performed by state certified appraisers are no longer required for loans under $500,000. Rather, evaluations performed by non-licensed appraisers can be used. Real estate appraiser’s in the state of Connecticut are not permitted to provide an opinion of value without meeting the minimum requirements of the Uniform Standards of Professional Appraisal Practice (USPAP). Therefore, despite being the most qualified, Connecticut appraisers are not permitted to perform evaluations. Rather, a Restricted UseAppraisal that meets the minimum requirements of USPAP can
be performed by a certified appraiser. Many area lenders do recognize the need for reliable valuations even for low risk properties and have opted to obtain Restricted Use appraisal reports rather than evaluations. The impact of the increase in threshold remains to be seen in 2019. On a national level, the leaders at the Appraisal Institute continue to work tirelessly to update existing courses and seminars as well as introduce new relevant courses and seminars. New seminars released in 2018 include “Ignorance Isn’t Bliss: Understanding an Investigation by a State Regulatory Board Agency” and “Evaluating Commercial Leases: The Tenant and the Terms Both Matter.” New seminars to be released in 2019 include “RuralValuation Basics” and “How Tenants Create or Destroy Value.” The Appraisal Institute is also evaluating the current structure of the organization led by the Governance Structure Project Team which is expected to make recommendations in 2019. The leaders at the organization recognize the need to maintain a structure that serves the current needs of all the membership. Although change is sometimes difficult, it is necessary to ensure that the Appraisal Institute remains a leader in the industry for years to come.
Rocco Quaresima, MAI, AI-GRS is the president of Elm Realty Advisors, LLC, Hartford, Conn.
2018: A year in review from the Maine AI past president - by Barrows CONTINUED FROM PAGE 7B
number of appraisal “hours” has been halved from 2,000 to 1,000 hours in no less than six months. I am personally not in favor of such a shortened time frame. I have trained seven appraisers over the past 10 years. One left the field shortly before completing the trainee period, one left the appraisal field about two years after becoming licensed and the others are successfully practicing appraisers. Additionally, I currently have one trainee. A common theme in their respective development is that a considerable increase in ability, understanding and competency typically occurs somewhere around 1,200 to 1,500 hours. So, ideally, I’d like to see something in this range rather than the shorter time frame. The additional hours between 1,500 and 2,000 proved to be only marginally beneficial to the trainee. The changes to upgrade to certified residential have resulted in more flexibility regarding college courses, a decrease to 1,500 appraisal hours and additional appraiser related
course-work and / or minimum of 5 years of appraisal practice experience. Changes to certified general have eliminated the time requirement to complete the non-residential appraisal work, which remains at 1,500 hours as well as still requiring a bachelor’s degree. It is hoped that by decreasing the trainee time commitment and increasing the educational requirement flexibility, the barriers to entry will diminish and result in more appraisers. Challenges: The appraisal profession is facing increasing pressures from multiple directions. There is increasing demand for and use of “evaluations” for low risk loans (both commercial and residential); “data” mining of residential appraisals will likely improve the confidence scores for AVM’s and related tools. Hybrid and / or bifurcated appraisals, where the property is inspected by a non-appraiser and said inspection results are communicated to the appraiser for a desk-top report will likely become more common as well. The appraisal
profession is “graying.” Per the Appraisal Institute, the estimated number of appraisers has declined from approximately 100,038 in 2010 to 80,778 (9/2018), or -19.25%. We need to do a better job of replacing ourselves in addition to increasing the profession’s relevancy. This can be achieved by being willing to hire and train the next generation of appraisers as well as improving our skills to provide that value-added service beyond what an algorithm may provide. Managing client “turn-time” expectations is a constant challenge. In an environment where one can apply for a mortgage on the “phone,” many lenders are trying to provide a very streamlined and time shortened process. The above cited products have been created, in-part, to assist in this, as well as cut costs.
Russell Barrows, SRA, is president/ chief appraiser of Dirigo Valuation, Inc., Portland, ME. For full story visit nerej.com
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 Chris Walsh, MAI 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. Director, 781-397-8922 Gregory Curtis, MAI, President 617-451-9110 Connecticut Chapter Jacqueline Beauchaine Ex. Director 860-482-9992 Laurie Mentz Nichols, SRA, President 203-931-4322 Maine Chapter Jacqueline Beauchaine, Ex. Director 860-482-9992 Donald MacKay, MAI, President 207-866-6566 New Hampshire Chapter Vermont Chapter Cynthia Rogers, Ex. Director 603-921-0247 Robert Concannon, MAI, President 603-767-4989
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Get ready for a 2019 reset for commercial real estate John C. Bowman, CRE Multifamily • Chapter 40B Development 6 BEACON STREET SUITE 200 BOSTON, MA 02108 TEL 617 742 6061
Capital sources for commercial real estate are generally flush if cautiously prepared to invest during 2019. How flush will be apparent
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Recapping 2018 will dominate news if not headlines. Forecasts will be next. Tentatively by some. Assertively by others. Declaratively with targets by many. Early deals will be competitive for market participants. The commercial real estate markets have remained stable during 4Q 2018 when extraordinary volatility and precipitous record setting declines prevailed in domestic equities. Fixed
Now that we have had peek at the peak, let’s get ready for more. Commercial real estate markets have stabilized with some persistent expansion and some marginal declines. Thorough diligence and careful, courageous underwriting has sustained capital flows to commercial real estate. The sector dashboard is as active and complex as any domestic sector. The FED’s pause on rates will be constructive amidst the complexity of the global economy and volatility in the capital markets. Underwriting commercial real estate has always been mostly primary research for thorough diligence. More so now. in the forthcoming weeks as term sheets are exchanged on debt and equity commitments, and offers on properties and portfolios. Competitive is a safe characterization. The December jobs report released January 4, 2019 was extraordinary including a monthly gain of 312,000 jobs for December, and an upward revision of 58,000 jobs to November of 155,000 jobs reported earlier. FED persisted at December 2018 meeting with a rate increase and turbulence in the capital markets was extraordinary. FED action is finally and broadly the target.After the FED rate increase and before the December jobs report, WSJ headlined January 3, 2019, “Investors Bet the FED Will Stay Put (in 2019).” The dashboard will tell!
income markets during 4Q 2018 are more difficult to briefly characterize. Certainly, commercial real estate and related derivatives compare well with less volatility, spiking, diving, and sloshing about. Volume of new activity has been declining, contacting, stabilizing.
So, year-end does matter. New business plans, newly replenished capital sources, 4Q and 2018 data and inventory lookbacks and recaps. Newly smashing, refreshed and updated dashboards. Recalibrated caution lights. Metaphorically speaking. The terrain is uncertain, as the global economy bubbles with traditional alliances being rewritten and rearranged, and technology challenges traditional economic patterns. FED rates, inflection, downturn and 2019 vs. 2020. Fundamentals are persistent, moderately strong.Alternative assets, fixed income, equities and others are uncertain with turbulent markets. Now that we have had a peek at the peak, let’s get ready for more. Commercial real estate markets have stabilized with some persistent expansion and some marginal declines. Thorough diligence and careful, courageous underwriting has sustained capital flows to commercial real estate. The sector dashboard is as active and complex as any domestic sector. The FED’s pause on rates will be constructive amidst the complexity of the global economy and volatility in the capital markets. Underwriting commercial real estate has always been mostly primary research for thorough diligence. More so now.
David Kirk, CRE, MAI, FRICS, is principal and founder of Kirk & Company, Real Estate Counselors, Boston.
Learn more about the New England Chapter of the Counselors of Real Estate visit: www.cre.org
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 (978) 263-5002 • Fax (978) 635-9435
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Fed rates: A determined game plan, unwinding or not? Prospectus, LLC
Between the time I started and finished this article, I changed my mind twice. Why? Because it’s about interest rates. You know what I mean…total uncertainty. Six months ago, I wrote about increases in interest rates, but noted that there were no onerous real estate impacts
Powell is moving too aggressively. Rumors abounded regarding potential inflation and the need to dampen growth, thus through an increase in borrowing costs. The stock market became more volatile with 500-point swings being the norm. National housing starts showed a slowing down, year over year and month over month. Mortgage applications were dropping. The 30-year fixed rate had jumped to almost 5%, a doubling of the not too distant past. Real estate sales were slowing in all of the recently hot cities around the
We have been spoiled by rates in the low 3% since 2012, and it is difficult for buyers to fathom the impact of a doubling if we go to 6%. After all, it effectively means a double of monthly mortgage payment. Yes, there will be a slow-down, as seen in the last year. It may affect first homebuyers most dramatically, particularly where they carry other debt loads such as recent education borrowing. Nevertheless, we will soldier on. to that date. Depending upon the term, mortgage rates were holding in the low 3% range. As you recall, the Fed kept the rate at zero from around 2008 to 2015 in order to stimulate the country after the great recession. After 2015, rates moved very slowly typically with ¼% hikes, eight in all. This gradual increase has been effective, albeit with various swings in the stock market, but essentially, there was general acceptance that the pace of increase would not be hurtful. Fast forward to now, and within six months things have changed. In June the federal funds rate was at 1.75%, and today it is at 2.25% with the likelihood of being at 2.5% after today’s Federal Reserve December meeting. Year 2019 was being discussed as likely to hold four more increases. As a result, the news has been full of opinions that the new Fed Chief
United States. San Francisco, Seattle, Los Angeles, New York City and Boston were being impacted by the prospect of rate changes, as well as exacerbated by political news such as China trade wars and European economic weakness. As a result, and just recently as I write, these red flags combined with a complete wipeout of 2018 gains in the stock market by year-end have caused the Fed to rethink its program, according to a recent Wall Street Journal article. It is also worth mentioning that President Trump, in unprecedented criticism, has publically blamed the Fed for slowing the economy. Financial news shows, as in CNBC, have also pushed for a different slower approach of making one final December increase and then pausing for a few months to reflect upon impacts…in other words go
ProsPectus, Inc.
back to data driven decisions rather than a hell-bent plan of increasing a quarter point or so three to four times a year. With this amount of pressure, the Fed game plan may be changed, once again. Mortgage rate increases may slow or flatten All of this volatility aside, it is useful to look at this issue in a longterm context. Even a 5% 30-year fixed rate mortgage is extremely low by historical standards. Prior to the great recession, from around 1998-2008, mortgages had routinely been in the 6-7% range. Despite this, the real estate market had grown enormously during the period. Prior to that, from around 1978-1990, average mortgage rates ranged above 10%, with an unbelievable peak of 16.6% in 1981. We have been spoiled by rates in the low 3% since 2012, and it is difficult for buyers to fathom the impact of a doubling if we go to 6%. After all, it effectively means a double of monthly mortgage payment. Yes, there will be a slow-down, as seen in the last year. It may affect first homebuyers most dramatically, particularly where they carry other debt loads such as recent education borrowing. Nevertheless, we will soldier on. To summarize, I feel about the same way as I wrote in June. Rates will increase, perhaps more slowly than expected, and markets will adjust, and there will be tolerable ramifications. Flash PS: As I finish this writing, the Fed just this hour raised the rate but softened 2019 expectations. By the time you read this, you will probably know what that means!
Daniel Calano, CRE, is the managing partner and principal of Prospectus, LLC, Cambridge, Mass.
Robert J. Nahigian, FRICS, SIOR, CRE, MCR Office • Industrial Property Specialists • National Specialists on BTS • Advisory Services to Corporate Tenants and Investors • Family Trust Real Estate Counseling • Corporate Services • Corporate Representation • Expert Testimony / Litigation Support Services 617-332-6900 Fax 617-965-2570 email:
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• 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
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January 11 - 17, 2019 11B
Appraisal & Consulting
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The Association for Valuation Professionals www.mbrea.org
BARNSTABLE / PLYMOUTH
Appraisal Company of New England
APPRAISAL SERVICES
Since 1987
WAYNE J. VALLIERE, MRICS, RA
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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HOWARD S. DONO & ASSOCIATES, INC. Real Estate Appraisers & Consultants
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Lewis & Associates Residential Real Estate Appraisals
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Edward Lewis 44A Russell St. Plymouth, MA 02360
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January 11 - 17, 2019 13B
Professional Profiles John Beauchaine
President Massachusetts Board of Real Estate Appraisers
Name: John Beauchaine, MRA, IFAS Title: President, Massachusetts Board of Real Estate Appraisers Company: John A. Beauchaine & Co., Inc. Location: 120 North St., Attleboro, MA Birthplace/birth year: North Attleboro – 1960 Family: Wife – Vanessa; children – Jake & Nicole College: Eastern Nazarene College – BA religion; MBA University of Rhode Island First job outside of appraisal: Protestant minister First job in appraisal or allied field: Worked for father – Arthur Beauchaine also an appraiser What do you do now and what are you planning for the future: I plan to reach out to encourage people to join the MBREA, to participate, enhance and promote the group’s services and to sustain financial stability. Hobbies: Ride my Chieftain motorcycle; I’m front man for a funk band – Mojo Mambo Favorite book: “Undaunted Courage” by Stephen E. Ambrose Favorite movie: “The Godfather” Person you most emulate: Mahatma Gandhi Key to success: Persistence If you were forced to choose another vocation what would it be? Musician
Gregory Curtis
President Massachusetts & Rhode Island Chapter of the Appraisal Institute
Name: Gregory Curtis, MAI Title: President, Mass. & Rhode Island Chapter of the Appraisal Institute Company: Newmark Knight Frank Location: 225 Franklin St., 18th Floor, Boston, MA Birthplace/birthdate: Boston – 1980 Family: Wife – Allison; twin daughters – Arielle & Natalie College: Quinnipiac University – BA Mass Communication First job in appraisal or allied field: Residential appraisal work for Mark Shultz What do you do now and what are you planning for the future: There is a wave of new appraisers coming into the industry – place them on various committees – coming from college programs through recruitment programs organized by past presidents Karen Friel and Bud Clarke Hobbies: Mountain bike riding Favorite book: “Catcher In The Rye” Favorite movie: “Goodfellas” Key to success: Good communication If you were forced to choose another vocation what would it be? Real estate developer
Robert Concannon
President New Hampshire & Vermont Chapter of the Appraisal Institute
Name: Robert Concannon, MAI Title: President, New Hampshire & Vermont Chapter of the Appraisal Institute Company: Risk Management Associates Location: 25 York Lane, Lee, NH Birthplace/birth year: Boston, MA – 1964 Family: Wife – Heather; daughters – Abigail, Lydia, Amelia College: Marquette University – BS Business Administration; Certified Thrift Examiner First job outside of appraisal: Field examiner for Federal Home Loan Bank First job in appraisal or allied field: Appraiser for The Stanhope Group What do you do now and what are you planning for the future: Transition being a value provider of local services for NH & VT Chapter – attract new members – stay profitable Hobbies: Play hockey, soccer, softball, outdoor activities Favorite book: “Evicted” by Matthew Desmond Favorite movie: “It’s A Wonderful Life” Key to success: Hard work – overcoming your weaknesses, perseverance If you were forced to choose another vocation what would it be? Teaching
Donald MacKay
President Maine Chapter of the Appraisal Institute
Name: Donald MacKay, MAI, PhD Title: President, Maine Chapter of The Appraisal Institute Company: Forest Research and Valuation Location: 20 Godfrey Dr., Orono, ME Birthplace/birthdate: Concord, MA – 1963 Family: Wife – Susan; daughter – Lydia; son – Stuart College: BA Economics - William and Mary; MBA – Duke; PhD – University of Minnesota, Forestry First job outside of appraisal: Buyer for Hallmark Cards First job in appraisal or allied field: Sewall Company in Maine – Appraiser What do you do now and what are you planning for the future: Upgrade educational programs; investigate new technology – i.e. aerial drone class; update regulatory changes Hobbies: Hiking; outdoor activities Favorite book: “The Lathe of Heaven” by Ursula LeGuin Favorite movie: “The Trouble with Harry” Key to success: Learning – education is key If you were forced to choose another vocation what would it be? Investment – Private Equity
Financial Digest
14B January 11 - 17, 2019
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 6 Liberty Square #2236, Boston, MA 02109
781-820-7361
E-Mail:
[email protected]
New England Real Estate Journal
FOUR STORY, 42,000 S/F PROPERTY IN JAMAICA PLAIN, MA
Spiegel Associates arranges $4.305m loan for office building JAMAICA PLAIN, MA Sidney Spiegel of
Spiegel Associates arranged a $4.305 million loan for an office property.The loan was funded by a regional bank that saw the value of the property to the community. The property, located at 41 Heath St., is a four story, 42,000 s/f elevatored office building. The property is located at the confluence of two Boston neighborhoods, Jamaica Plain and Roxbury, located four miles south of downtown Boston. It is a four minute walk to public transportation and adjacent to parking. The building was constructed in 1895 and was the home of Roxbury Brewing Co. The property was sold and in 2002 was renovated to its present condition.
Haverhill Bank promotes four to management posts Haverhill Bank recently promoted four staff to management positions. Duncan Clark was promoted to vice president, retail branch administrator; Marcos Melo to branch manager at the bank’s Salem, N.H., branch; Ana Gonzalez to branch manager at the bank’s main office in downtown; and Alison Barker to branch manager of the Merrimac branch. As vice president, retail branch administrator, Clark is responsible for managing the overall operations and customer service functions of the bank’s eight branches. He has been with Haverhill Bank for five years and brings 19 years of retail banking and branch management HAVERHILL , MA
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experience. Prior to joining Haverhill Bank, he served as assistant branch manager at Bank of America and vice president, business development and sales manager, at TD Bank. Melo has been with Haverhill Bank for five years, previously serving as assistant branch manager at the bank’s Bradford and West Newbury offices. Melo has more than 18 years banking experience and studied banking at New England College of Business and Finance. As branch manager of the bank’s main office, Gonzalez is responsible for branch personnel and directs daily operations to provide a high level of financial services to the
bank’s customers. She has been with Haverhill Bank for 16 years–the last five years as Merrimac’s branch manager. Barker has more than 17 years banking experience and has been with Haverhill Bank for two years. Prior to her promotion, she served as universal banker and assistant branch manager at the bank’s Rosemont St. office. “I’m pleased at the array of highly talented professionals that have chosen Haverhill Bank to grow their careers,” said Haverhill Bank president and CEO Thomas Mortimer. “Each delivers experience and a commitment to quality that benefit the bank’s diverse customer base.”
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BUSINESS BANKING AND PERSONAL ATTENTION ARE A PACKAGE DEAL. Today, the right financial partnership means everything. The Corporate Banking Team at East Boston Savings Bank will take the time to know the inner workings of your business and tailor a financing package to help make them a reality. From tax-exempt bonds to equipment financing to a working capital line of credit, no one will work harder to help you succeed. When you’re ready to move forward with an opportunity contact Frank Romano at 978-977-6001.
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January 11 - 17, 2019 15B
CONSTRUCTION/PERMANENT MORTGAGE LOAN FOR THE DIOR
Wakefield, RI Office Space
Sheehan and Sidel of EagleBridge Capital arrange $17m financing DEDHAM, MA EagleBridge Capital has
arranged construction/permanent mortgage financing in the amount of
1,291 square foot condominium building located in thriving office park in the desirable South County area of Rhode Island. Just minutes to Narragansett Pier and Main Street Wakefield. Near South County Hospital, town halls, state office building and district courthouse. This offering can be used as two separate units!! NEW PRICE $225,000
Ted Sidel
$17.865 million for the Dior located at 910-928 Providence Hwy. The mortgage financing was arranged by EagleBridge principals Brian Sheehan and Ted Sidel who said that the loan was provided by a leading Massachusetts financial institution. The Dior is a four-story, 46,525 s/f, mixed use development consisting of 48 one and two bedroom residential units and 9,700 s/f of street-level retail space. The apartments will offer contemporary finishes with kitchens featuring the latest Energy Star rated stainless steel appliances, drawer microwaves, modern custom cabinetry, quartz counters, and storage space. The new mixed-use community will be located adjacent to Legacy
MassDevelopment issues a $1m loan to WCAC for Head Start
WEBSTER, MA MassDevelopment has
issued a $1 million loan to the Worcester Community Action Council, Inc. (WCAC), an agency that offers a wide range of education, employment, and social service programs throughout 45 communities in Central Mass. After an exhaustive site search, WCAC signed a 25-year lease with the town of Webster to occupy a two-story, 8,400 s/f building at 116 School St. Originally constructed as an elementary school, the building most recently served as a senior center for the town. WCAC is currently in the process of converting the facility into classroom space for its Head Start program for South Central Worcester County. WCAC has received $1.7 million in federal and state grants for building renovations and has raised over $500,000 in capital campaign contributions for the project. The organization will use proceeds of the MassDevelopment loan to complete the proposed renovations and improvements. “Thanks to federal, state, and community partners, the Worcester Community Action Council is well on its way to creating a new home for their Head Start program in the town of Webster,” said MassDevelopment president and CEO Lauren Liss. “MassDevelopment is proud to add to this support with a $1 million loan and help the Worcester Community Action Council bring this project to life.”
Place, a 780,000 s/f life style center with over 75 tenants including Whole Foods, Life Time Fitness, Showcase Cinema, GAP, LL Bean, Amazon books, Apple as well as a wide variety
of other stores and restaurants. The Dior is less than one-half mile from Exit 15 of I-95 and a short distance from the MBTA commuter line offering access to Boston.
BIG news small budget!
R. D. Denelle and Company, Inc. Realtors
2935 Tower Hill Road, Box 130, South Kingstown, RI 02880 Contact Christie Denelle Creamer,
[email protected] office: 401-783-7777 cell: 401-573-1633 www.denelle.com
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16B January 11 - 17, 2019
New England Real Estate Journal
The Real Estate Finance Association services individuals in the business of real estate finance and those who furnish services to the industry
President Travis D’Amato
Executive Director Adrienne Maley
www.gbreb.com
Walker & Dunlop Boston, MA
Real Estate Finance Association
NEW MEMBERS: CYRUS, ECKHOFF, EDWARDS, HALLOWELL, HUGHES, KEEFE, MCKINLEY AND SCHROCK
Real Estate Finance Association selects 2019 board of directors - Amato named president BOSTON, MA The Real Estate Finance
Association (REFA) has named its board of directors for 2019. Travis D’Amato, senior vice president and managing director, Walker & Dunlop, will serve as president along with president-elect Claudia Piper, senior vice president at Webster Bank. REFA has also named nine new members who will join the board of directors: • Jenieri Cyrus, AEW Capital Management; • Amanda Eckhoff, Robinson + Cole LLP; • Rachel Edwards, WinnCompanies; • Sam Hallowell, Newmark Knight Frank; • Jess Hughes, Tishman Speyer; • Patrick Keefe, HFF; • Ian McKinley, Hunneman; and • Melissa Schrock, Boston Properties.
The following will continue to serve on the board for 2019: • Paul Ayoub, Nutter; • Kristen Binck, Oxford Properties; • Steven Bonelli, Lighthouse Real Estate Investments; • Peter Brockelman, TD Bank; • Robert Brown, Brookline Bank; • Nilesh Bubna, Longpoint Realty Partners; • Sam Crossan, CBRE; • Travis D’Amato, Walker & Dunlop; • Bill Flynn, Net Lease Capital Advisors; • Joanne Foley, Equity Resource Investments, LLC; • Natalie Herald, Fidelity Investments; • Paul Jakubowski, WilmerHale; • Kathryn Kargman Holden, First Realty Management; • Deepa Krishnamurthy, Linear Retail Properties, LLC; • Chris Legocki, Skanska Commer-
cial Development; • Israel Lopez, The Gutierrez Company; • Doug MacLean, Berkshire Bank; • Adrienne Maley, REFA; • Naomi Mayeux, National Development; • Paul Nasser, Intercontinental Real Estate Corp.; • Doug Novitch, Wells Fargo; • Lauren O’Neil, HFF; • Claudia Piper, Webster Bank; • Sean Randall, Citizens Bank; • John Roach, US Bank; • Andrew Rosen, Bank of America Merrill Lynch; • Ross Sabasteanski, Wells Fargo; • Jonathan Schneider, JLL; and • Amanda Strong, MITIMCo. We hope you can join REFA in 2019 for some quality networking and educational programs, starting with our Annual Forecasting Luncheon on January 16. This signature REFA
luncheon will be held at WilmerHale, featuring prominent industry leaders, including keynote speaker Mary Burke, senior economist, Federal Reserve Bank of Boston, moderator Travis D’Amato, senior vice presient, and managing director, Walker & Dunlop and speakers Pam Herbst, managing director, AEW Capital Management; Gary Magnuson, head of commercial real estate, Citizens Bank and Eric Schlager, CEO, The Bulfinch Cos. 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. REFA, a division of the Greater Boston Real Estate Board (GBREB), is a commercial real estate business 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, fostering a platform for growth and development for its emerging leader membership and maintaining a central role within the commercial real estate industry – one that is at the center of it all. Real estate professionals from a variety of institutions join REFA to network and exchange ideas through educational programs, networking events and committee participation. From forums featuring senior-level executives to the Annual Gala, REFA programs are well attended with leaders from the industry and provide excellent opportunities for industry updates and networking. Formed in 1988, REFA currently has over 700 members, 100 corporate sponsors, and hosts 30 educational and networking events per year.
For more information about REFA, including upcoming events visit: www.REFA.org Fantini & GorGa
Kevin C. Phelan Co-Chairman
617 330 8050
160 Federal Street Boston, MA 02110-1707 www.colliers.com
The Copley Group
617.262.3930 Phone 617.927.6930 Fax
[email protected] New England’s premiere condominium management company Since 1983
896 Beacon Street, Boston, MA 02215-3139
Casimir R. Groblewski
Senior Managing Director
[email protected] 155 Federal Street Boston, MA 02110 www.fantinigorga.com
Direct Dial: 617.897.1146 Cell: 781.883.4865 Fax: 617.951.9944
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January 11 - 17, 2019 17B
January-19 TYPE OF CAPITAL
PROVIDED FROM
RELATIVE IMPACT
DESIRE TO INVEST
FOCUS / OVERALL COMMENT
TRENDS
INSURANCE COMPANIES
Capital, insurance premiums, annuity sales, separate accounts.
Debt important. Equity less important.
Strong
Good appetite to lend but underwriting discipline remains selective. Most competitive on lower/moderate leveraged deals in major metro areas, and for terms longer than 10 years.
Equity and joint venture offerings continue to be a feature of many programs.
CONDUITS/CMBS
Sale of mortgage backed securities through public markets.
Important in secondary/tertiary markets and for $250M+ loans.
Moderate
Permanent loans, mainly 10 year terms. Focus on higher leverage transactions; B properties; and large loans.
Can be competitive on 10 year nonrecourse deals that need full leverage, especially commercial properties and in secondary markets.
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Especially competitive on workforce or subsidized apartments, Increasingly competitive 10+ year term
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Significant added advantage for affordable and "green" properties. Construction loan activity is expanding.
Significant for transitional assets.
Strong
Seek transitional assets that warrant higher rates - typically floating.
The number of lenders offering these programs has increased significantly
Construction loan activity continues to moderate.
NON-BANK BRIDGE Capital, credit lines and debt offerings. LENDERS
REGIONAL/LOCAL BANKS
Capital and deposits.
Important for loans under $35M.
Strong
Construction, interim, and permanent. Particular interest is on 2-10 year, fixed rate deals to cash flowing properties. Larger institutions typically offer the longer fixed rates using SWAPs.
MONEY CENTER BANKS
Mostly deposits, capital, debt offerings.
Important for loans over $25M.
Strong
Focus on highly capitalized borrowers with short to mid term credit needs.
Construction loan activity continues to moderate.
PENSION FUNDS
Pension assets typically invested through advisormanaged funds.
Mostly felt in equity markets.
Steady
Purchase or joint venture of high quality industrial, retail, apartment and office properties. Some active in debt sphere.
Union pension funds seek sound development loans.
REITs
Sale of stock plus entity level or mortgage debt.
Significant on equity. Nominal on debt.
Steady
Most acquire assets in a defined property sector.
Low-cost funding allows REITS to remain active buyers.
PRIVATE INVESTOR VEHICLES
Individuals and family offices.
Important for properties/projects up to $50M.
Steady
Single asset investments through LLC, limited partnership, and Delaware Statutory Trust structures.
Seeking tax advantaged returns over 5+ year terms mainly from cash flow.
OFF SHORE CAPITAL
Bank deposits, pension capital and wealthy individuals.
Most impact in top tier markets; limited elsewhere.
Steady
Active in both debt and equity. Focus on gateway cities.
U.S. attracts a disproportionate share of this capital by offering relative stability.
OPPORTUNITY FUNDS
Family offices, pension funds, individual investors.
Limited due to strong RE markets.
Moderate
Focus is on development and reposition opportunities.
Activity limited by difficulty of finding opportunities with high enough returns.
TAX CREDIT FUNDING
Mainly corporate investors.
Important for affordable housing and historic properties.
Limited
Invest equity in affordable housing, community development and historic preservation.
Reduction in corporate tax rates has reduced the value of these investments.
The terms shown herein approximate market conditions at the time of publication and are subject to frequent changes based on the shifts within the In recent years, the sources of real estate debt and equity have expanded and changed significantly. As a consequence, it is difficult even for real estate finance professionals to fully understand the focus of the many different capital sources. The intention of the "Sources Matrix" is to list all of the active participants in the real estate finance and investment arena. In a sense, it is intended to provide a global view of real estate finance. ALTHOUGH THIS INFORMATION IS PREPARED CAREFULLY, FANTINI & GORGA CANNOT GUARANTEE ITS ACCURACY.
Financial Digest
Back Page B January 11 - 17, 2019
New England Real Estate Journal
C O M M E R C I A L R E A L E S TAT E D E B T, E Q U I T Y & S E R V I C I N G
Better Relationships. Better Results. In our business, who you know is as important as what you know. As a direct lender for Freddie Mac and Fannie Mae, correspondent for over 50 life companies, 20+ CMBS lenders, and close relationships with hundreds of banks, NorthMarq has an unmatched network of lending partners to help deliver the results you expect in any market for any property type.
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MANAGING DIRECTOR 617.728.9538
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SENIOR VICE PRESIDENT 781.891.9588 EXT. 111
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VICE PRESIDENT 617.728.9511
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BOSTON REGIONAL OFFICE
Put NorthMarq on your side. Visit northmarq.com/boston or call one of our experts today.
Rhode Island 95 Cripe St. North Kingstown, RI (401) 295-0044 www.quonset.com
(401) 621-4336
January 11 - 17, 2019 Section C
Quick Read Mott & Chace sells historic 166 President Ave. for $1.74 million
LOCATED AT 270-272 BENEFIT ST. WITH PRIVATE OFF-STREET PARKING
DeRentis of RPL brokers $2.1m multifamily sale in Providence PROVIDENCE, RI Residential Properties
SEE PAGE 2C
DeStefano & Assoc. completes construction of 9,000 s/f NTB
Ltd. (RPL) completed the sale of 6,090 s/f 270-272 Benefit St. for $2.1 million. The selling agent for this transaction was sales associate Jim DeRentis of RPL’s Providence office. According to MLS, this was Jim DeRentis the highest multifamily sale on the East Side for 2018. Built circa 1814 in the Federal style, the 3-unit Thomas Poynton Ives Row House is set on one of Providence’s premier streets. Architectural details abound with crafted woodwork, seven fireplaces, and hardwood floors, with modern amenities, plus two legal apartments and private off-street parking.
LLB Architects receives AIAri Design Award for Lincoln School’s STEAM Hub for Girls SEE PAGE 8C
Sweeney Real Estate & Appraisal sells 205 Meeting St. for $2.6 million
SEE PAGE 12C
20 Pages City of Warwick..................4 City of Pawtucket...............6 Quonset..............................10
New England Real Estate Journal nerej.com
LLB Architects was recognized at the annual AIA Rhode Island Design Awards on December 6th, with an HonorAward for its design of Lincoln School’s STEAM Hub for Girls. Completed in May, 2018 by Shawmut Design and Construction, the addition and renovation project provides interdisciplinary teaching and learning spaces, as well as an art gallery for students and visiting artists. STEAM stands for science, technology, engineering, art & architecture, and mathematics. In honoring LLB Architects’design for Lincoln School’s STEAM Hub, the jury said, “This addition takes an existing under-developed façade and provides an aesthetic terminus to Blackstone Boulevard while creating a progressive image for Lincoln School.” PAWTUCKET, RI
The project transformed existing traditional science classrooms into flexible spaces for group collaboration and project-based learning, while making the facilities more sustainable and resilient. An AIA juror commented that, “the interior renovation of the existing building is programmatically exciting and colorful; the utilitarian spaces allow for multiple functions and a dynamic interdependence of uses occurs in a
limited square footage.” Principal Kathleen Bartels, AIA, said, “It’s a bold, tectonically expressive design that shows girls learning and leading in STEAM fields. It’s a timely and important message that
Lincoln School, as a leader in girls’ education, wanted to make. We were honored to partner with Lincoln on this truly collaborative project.” The design of the addition is a visual expression of the school’s mantra
“where tradition meets innovation.” The façade features a glass curtainwall facing the west and 20 vertical fins, or sun shades, spaced in such a way as to create rolling shade as the sun moves.
Rhode Island
Inside Cover C January 11 - 17, 2019
New England Real Estate Journal
Peter M. Scotti & Associates, Inc. Brokerage/appraisal/ManageMent A full Service Real Estate Company
ED
ED
UC D E R
UC D E R
INDUSTRIAL FOR SALE 69 MACKLIN STREET CRANSTON, RI 11,832 SF single story masonry building on 26,000 SF of land. Full HVAC throughout, heavy power, loading dock, updated finishes. Parking for 25 cars, all utilities. Price: $775,000.00
OFFICE BUILDING FOR SALE 301 METRO CENTER BLVD WARWICK, RI 100% LEASE INVESTMENT PROPERTY 44,600 SF Class A suburban office building on 4.27 acres with substantial parking. Excellent access to interstate Rt. 95, Jefferson Blvd. and Green State Airport, superb location and visibility. Fully leased/100% occupancy with high quality tenants, 8% cap rate. Price: $6,500,000.00
FOR SALE OR LEASE COMMERCIAL/OFFICE CONDO 333 WESTMINSTER STREET PROVIDENCE, RI 3,400 SF office condo on 2nd floor of Moulton Building, fully renovated finishes and systems. Huge windows and high ceilings for great natural light and open studio concept. Located in Downtown Arts & Entertainment district. Price: $430,000.00
FOR SALE COMMERCIAL/OFFICE CONDO 250 B CENTERVILLE RD WARWICK, RI Free standing single story 5,000 square foot brick office condo building in the Warwick Executive Park directly off of Rt. 117 and Interstate 95. High Quality Professional office suite(s) on a single level with basement storage area. Ample on site parking, terrific access and location, $599,000.
INVESTMENT FOR SALE 3 PROPERTY PACKAGE, RI FISHER AUTOPART STORES 32 RESIDENTIAL CONDOMINIUMS 76% OF PROJECT 70 TURNER STREET WARWICK, RI 1,180 SF PER UNIT Two bed, two bath, tile baths, granite stainless kitchens. Average rent $1,700. Net income $406,000. Cap rate 6.25% Asking $6,500,000.00
Investment package includes 3 sites with a combined gross building area of 12,592 SF and 47,771 land area. Leases to Fisher Automotive, large regional retailer, annual gross rental income of $186,100, net income $142,000. Locations are 437 Central Ave. Pawtucket, RI, 150 Sandy Bottom Lane, Coventry, RI 2117 W Shore Rd., Warwick, RI.
Peter M. Scotti & Associates, Inc. • 401-421-8888 403 South Main Street, Providence, Rhode Island 02903 Visit our web page at www.scottirealtyri.com
Rhode Island
nerej.com
January 11 - 17, 2019 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
300 Toll Gate Road Warwick, Rhode Island
Located in heart of Providence’s Westminster & Weybosset Streets
Up to 24,000 SF
Parking available on-site
24-hour on-site security
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 40,000 SF available for lease
Large windows for spectacular view of
Available
for
Lease
On-site parking garage
Short walk to Downtown Providence and
Up to 40,000 SF
for
Lease
CONTACT: Karl Sherry or Matt Fair 401-273-1980
[email protected]/
[email protected]
Located next to Kent Hospital and across from a new assisted living facility
Ample parking on-site
Easy access off Route 95
CONTACT: Pete Hayes or Dave Lucivero 401-273-1980
[email protected]/
[email protected]
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
Completely renovated in 2018
East Providence, Rhode Island
adjacent to train station and Providence
950 Warren Avenue
the State House and downtown skyline
Up to 10,000 SF available (smaller units also available)
Financial District at intersection of
40,000 SF freestanding medical office building
1,800 - 24,000 SF available
Available immediately
Available Third Qtr. 2015 CONTACT: Pete Hayes 401-273-1980
[email protected]
Lease
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
CONTACT: Karl Sherry 401-273-1980
[email protected]
Rhode Island
2C January 11 - 17, 2019
FOR LEASE Bristol, RI
Retail / Storefront / Office
The Bristol Shopping Center
New England Real Estate Journal
BERKERY REPS BUYERS; MCKEEN OF GEO PROPS. REPS SELLERS
Mott & Chace sells historic 166 President Ave. for $1.74m
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]
Commercial Proof & Residential NE NY Tel: 781-878-4540 REal EstatE JouRNal
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Real Estate Auctions
PROVIDENCE, RI The historic, Colonial
Revival located at 166 PresidentAve., has sold for $1.74 million. Renovated in 2014, this home offers over 6,000 s/f of living space and features six bedrooms and three-and-a-half baths. The buyers of the home Midge Berkery were represented by Midge Berkery, sales associate
with Mott & Chace Sotheby’s International Realty. The sellers were represented by Bryan McKeen of Geo Properties. Features of the property include six fireplaces, a covered deck and stone patio. This is Berkery’s sixth sale over the one-million-dollar mark in 2018. “This remarkable home close to Wayland Square offers private luxury close to the hustle and bustle of the East Side area shops and restaurants,” said Berkery.
Ray Mott, broker/co-owner of Mott & Chace Sotheby’s International Realty said, “Close to culture, colleges and history, the East Side offers a truly New England feel just a short drive from the capital city.” “One of our state’s oldest and most dignified communities, real estate on the East Side of Providence continues to be a much sought-after commodity,” said Judy Chace, broker/ co-owner of Mott & Chace Sotheby’s International Realty.
East Providence Come Grow With Us ★ Foreclosures ★ Condo Lien Auctions ★ Receivers Sales ★ Municipal Auctions
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Over 30 Years of Focus & Experience
Recognized Leader | Regional Experts Massachusetts • New Hampshire • Rhode Island 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.
Full variety of economic incentives including low interest loans, tax stabilization programs and federally designated Opportunity Zone.
Our City is well known for its skilled, motivated workforce, excellent infrastructure, competitive tax rate and efficient government services.
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.
For more information contact us at (401) 435-7531 or visit us at: www.eastprovidencebusiness.com www.eastprovidencewaterfront.com
nerej.com
Rhode Island
January 11 - 17, 2019 3C
365 Eddy Street, Penthouse Providence, RI 02903 877-751-3201 (toll free) 401-751-2871 (fax)
OFFICE/COMMERCIAL - LEASE: Pawtucket, 600’-25,000’ high end mill renovation, artistic space, high ceilings, convenient location.
RETAIL - LEASE: Providence, retail redevelopment opportunity on busy North Main Street in Providence. 2,700’ building with drive-thru.
OFFICE – SUB-LEASE: Providence, 6,400’ 9th floor suite in the Financial District (Textron World HQ Building), steps to all downtown amenities, MBTA/Amtrak, Kennedy Plaza & court houses. Ample parking.
DEVELOPMENT SITE - SALE: Newport, 33,198’ lot accessed via Thames Street, in the heart of Newport. Significant price reduction.
RETAIL/OFFICE - LEASE: Providence, 2,15012,000’, beautiful mixed use development, easily accessible, surrounded by countless area amenities.
INDUSTRIAL - SALE/LEASE: Pawtucket, 26,140’ with 2 docks and drive-in door. 4,400’ office on 1.6 AC, near I-95.
INDUSTRIAL - SALE: Cranston, 38,240 sf manufacturing/warehouse facility on 3.1 acres. 3 docks, 1 ramp drive-in door, ceiling 14’ clear under truss, convenient hwy access.
OFFICE - LEASE: Providence, 7,148’ single story, subdividable, mix of open space & private offices, private parking for 15+ cars, corner location.
REDEVELOPMENT – SALE: West Warwick, 18,000’ fully equipped banquet facility or redevelopment on 1.91 acre lot.
OFFICE - LEASE: Warwick, Up to 35,000’, open floor plan, large contiguous space, ample onsite parking, easy access to TF Green Airport, Amtrak, Routes 2, 4 and I-95.
REDEVELOPMENT – SALE: Providence, 44,860’ two-level brick building along I-95 w/ exceptional visibility.
INDUSTRIAL - SALE: Cranston, 100% AC flex space with loading dock, decorative block & ample parking. 6,200’ warehouse & 5,600’ office, 8 lots totaling approximately .60 acres.
RETAIL - LEASE: CRANSTON, 2,415’ & 1,400’ in Marshalls Plaza on RI’s busiest retail corridor, at the intersection of Rt. 2 & Rt. 5, convenient to I-95 & I-295.
INDUSTRIAL/SERVICE - LEASE; JOHNSTON, up to 30,000 sf w/office, drive-in doors, yard. Close to 295.
OFFICE - LEASE: Providence, First Class contiguous space 1,000 to 16,000 RSF, in Financial District, ample parking, immediate availability.
RETAIL - SALE/LEASE: North Attleboro, 21,440’ free standing, turn-key former fitness center (less equipment), great visibility, easy highway access, strong pylon signage.
OFFICE – SALE: Providence, 3,800’ single story office building w/ample parking close to Routes 6 & 44, high traffic location, lease back opportunity, Roger Williams Hospital vicinity.
LAND - SALE: Portsmouth, 11 acre flat, cleared development ready site zoned for mixed use. West Main Road is located just 5 miles to the Mount Hope Bridge and 8 miles from Newport.
OFFICE - SALE/LEASE: North Smithfield, 85,632’ office & light industrial, class 100/10,000 clean rooms, extensive parking, industrial park setting, convenient highway access .
MEDICAL OFFICE - LEASE: Johnston, 1,000’-2,600’ available in Atwood Medical Center, located just off Rt. 6, Hartford Ave., easily accessed via Rt. 6 & 10 or Route 295, ample parking.
401-751-3200 mgcommercial.com
NE NY Tel: 781-878-4540
Rhode Island
4C January 11 - 17, 2019
New England Real Estate Journal
Warwick Tourism Culture and Development Dept. Karen Jedson, director 401-738-2000 x6402
Mayor Joseph Solomon
www.movetowarwickri.com
Residence Inn by Marriott coming to City Centre Warwick I recently had the pleasure to join Doug Duba, director of portfolio management for Pinnacle Hotel Management, to announce the company’s intention to construct a $30 million, 140-room Residence Inn by Marriott on Montebello Rd. in the core of City CentreWarwick. City CentreWarwick is the master planned, transit-oriented development comprised of more than 100 acres surrounding Green International Airport and the InterLink intermodal center with MBTA commuter rail access to Providence and Boston. In March, Pinnacle and Johnson and Wales University announced
the sale of the eight-acre Radisson property, including the land and the former Legal Sea Foods building, to the Florida-based developer, for $7.5
COMMERCIAL
COMMERCIAL
BLOCK ISLAND, RI
NEWPORT, RI
356 HIGH STREET
$1,775,000
New Price - Historic 1882 Bed & Breakfast
401.466.8777
18 SHEFFIELD AVENUE
ARE Malbone Mixed UseWE w. Loft
$1,269,000
JAMESTOWN 401.848.2101
FROM THE COAST TO THE CAPITAL... CONTACT OUR COMMERCIAL ASSOCIATES
TIVERTON, RI 3883 MAIN ROAD Four Corners Historic
NEWPORT JAMESTOWN
WAKEFIELD, RI $950,000 401.848.2101
522 MAIN STREET Downtown Mixed Use
WATCH HILL NARRAGANSETT
PROVIDENCE BLOCK ISLAND
GLOCESTER, RI $549,000
1357 SNAKE HOLE ROAD
$549,900
401.789.6666
Chepachet Historic, Mixed
401.274.1644
Greg Arakelian
Dave Lawrence
401.954.5703
401.339.1010
million. Demolition of the former Matec building on the property has begun to accommodate the proposed 102,669 s/f, six-story hotel building with ground floor amenities. The project is expected to bring 40 new full-time jobs to Warwick, as well as temporary construction work. Pinnacle had previously owned and operated a Residence Inn on Kilvert St., and recently sold the property to another brand. The Residence Inn offers a different lodging option than the majority of full and select service properties in the market. Residence Inn by Marriott is an upscale, extended stay brand that looks for individual travelers with longer lengths of stay rather than soliciting transient and group business. Its return to the community will fill a market void for Marriott guests that has existed since the Residence Inn property was sold. Residence Inn by Marriott, with over 760 locations worldwide, offers rooms far larger than the typical hotel room of 225 to 350 s/f. Residence Inn guest suites range from 425 to 710 s/f, and feature all suite-style accommodations, as well as one-bedroom and two-bedroom options, with full kitchens, inclusive of a full-size refrigerator, stove top and dishwasher.A variety of amenities are also offered to guests, including free Wi-Fi, a 24-hour market, onsite laundry, free breakfasts, social hour and more. In addition to the Residence Inn, Pinnacle is investing $2.6 million for a full renovation of the existing Radisson Hotel, including refurbished rooms, public spaces and banquet and meeting areas. The overall development plans include substantial pedestrian-centric design elements that are consistent with the vision for City Centre. Pinnacle plans to retain the Legal Sea Foods building and is presently seeking a high-quality tenant. Pinnacle has developed a reputation for quality developments, and we know this new Residence Inn by Marriott will be no exception. We look forward to welcoming the Residence Inn back to Warwick and to see continued investment in City Centre.
Joseph Solomon is the mayor of Warwick.
Rhode Island
nerej.com
January 11 - 17, 2019 5C
333 NIANTIC AVE. PROVIDENCE/CRANSTON LINE, RI WAREHOUSE / OFFICE SPACE
♦ 26,000 SQ FT split between 2 floors ♦ Overhead door
♦ $4 NNN ♦ Easy access to Rt 10
Population:
1 Mile: 26,534 3 Miles: 198,125 5 Miles: 376,009
Total Households: 1 Mile: 9,682 3 Miles: 72,644 5 Miles: 142,877
Average Household Income:
1 Mile: $57,143 3 Miles: $58,430 5 Miles: $69,663
For more information or to arrange a showing, please contact: Carol Gohl -
[email protected]
COAST REALTY One Realty Way, East Providence, RI 02914
(401) 438-1000 (Office)
Tel: 781-878-4540
Rhode Island
6C January 11 - 17, 2019
New England Real Estate Journal
CRANSTON, RI Atwood Avenue Investment/Redevelopment Redevelopment parcel on Atwood Avenue. Purchase buildings and land for $2.4M or lease entire parcel (81,437 sf) at $3.50 psf NNN for redevelopment. n Two lots consisting of just under 2 acres of land improved by two buildings totaling 30,766 sf. n The single level structure was constructed with the capability of adding an entirely new 2nd level offering the possibility of increasing the leasable square footage by almost 8,000 sf. n Current gross annual income of $240,000. BUILDING ONLY FOR SALE, SALE DOES NOT INCLUDE BUSINESSES
Well located on Atwood Avenue offering over 400’ of frontage. Daily traffic count of over 23,000 vehicles. Jim Conway Conway Commercial Group Broker Associate WR Commercial Real Estate 203 South Main St., Providence, RI 02903
401-447-6062
[email protected] www.conwaycommercial.com/
Changes
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NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
Size: 2x4 Section: RI INDUSTRIAL / FLEX SPACE From:Karen Dowell x254
[email protected] Run Date: 1-11 FOR LEASE
Mayor Donald Grebien
Pawtucket City Hall 137 Roosevelt Avenue, Pawtucket, RI 02860 401-728-0500 Ext. 281
www.pawtucketri.com
Mayor’s message: Pawtucket on the move in 2019 While 2018 had some trying times, the city of Pawtucket continues to move forward seeing movements in economic development projects, upgraded road infrastructure, continued sound finances through and responsible fiscal management, of its tax dollars. Finances in the city continued on the sound trajectory established over the past five years, as Rhode Island emerged from the Great Recession on stronger financial footing. Last month, Fitch ratings, one of the “Big Three credit rating agencies,” reaffirmed the city’s bond rating at “A+” and its general obligation bonds at “A-” with a stable outlook into the future. Pawtucket is fully funding pension obligations and addressing other post-employment benefits (OPEB). Financial management software, including employee time management and the Munis system, will allow us to continue maintaining real time financial controls. With these new accounting systems and other best practices, we continue to realign our internal operations to further improve accuracy, transparency, and efficiency resulting in cost savings for resident and business taxpayers and improved customer service. Last year, the city was recognized by Verizon Business as one of the top
communities for small business by rolling out the red carpet to businesses. We continue to make it easy to do business in Pawtucket by continuing to find ways to streamlining the city’s regulatory process for businesses to reduce the time and cost of permitting. An interdepartmental task force released its final report identifying ways to efficiently process and manage business loans and many of its recommendations have now been implemented. This year, Pawtucket will continue its revitalization of the riverfront and downtown, which will be bolstered by the incoming commuter station. With the groundbreaking for the Pawtucket/Central Falls Intermodal Center (including a commuter rail station and a bus hub), taking place two months ago, construction has now begun. The transit hub will connect our community to both Providence and Boston and generate development in the surrounding mills in the newly designated Conant Thread district. The Carpionato Group moves forward with its proposed $78 million lifestyle center at Narragansett Park Plaza on Newport Ave. to redevelop the underutilized land with new office space, residential units and retail and restaurant space on the Pawtucket/East Providence line. The project’s master
plan has been approved by both the Pawtucket City Planning Commission and East Providence Planning Board. Now in the process of obtaining the necessary state approvals, the project will be a catalyst for economic development once complete. We also see our businesses expanding. Collette is expanding operations in Pawtucket adding almost 100 jobs. Additionally, our already robust brewery scene continues to grow, placing us third (in the) “6 Underrated Cities for Craft Beer Lovers (and brewers)” by Livability. Despite the PawSox ownership’s announcement to take the team from our city, we are excited about all the prospects that have come about for the possible repurposing of the stadium. Finally, Pawtucket continues upgrading our roads and infrastructure. In the past eight years, we have repaved over half of our roads and, thanks to the overwhelming support in this year’s bond referendum, will continue to do so. I am excited more than ever for what is on the horizon in 2019. We will continue to push forward to make Pawtucket a more business-friendly community. Join the evolution.
Donald Grebien is mayor of the City of Pawtucket.
PAWTUCKET/CENTRAL FALLS
1 Crosswind Rd., Westerly, RI 02891
Commuter Rail Station Project
Westerly Airport Industrial Park 39,306sf one story on 3+ acres Office / Warehouse/Mfg. 12’ Ceiling. Sub-dividable to 8,000sf. 2 loading Docks truck & van height. Town Water/Sewer. Natural gas. 1200 amps 120/208v. 350kw diesel Generator. John Jensen, SIOR 860-447-9570 x131. Cell 860460-0255.
FOR LEASE Office
$12/sf NNN
Mfg / Storage $6/sf NNN
PEQUOT COMMERCIAL www.pequotcommercial.com
Future Development Potential Around Pawtucket/Central Falls Commuter Rail Station
Over 160 acres, includes 2 million square feet of unique, historic mill buildings, and the potential to more than double that square footage with new construction. PAWTUCKET OFFERS ... • Easy access to I-95, 195, 295, and 495 • 1 mile to Providence • 45 minutes to Boston • Thriving Arts and Creative Sector
• Competitive Property Prices • Competitive Business Loan Terms & Rates • Live-Work Spaces and Affordable Rents • Close to Major RI Colleges & Universities
• Standardized Property Tax Stabilization Agreements • Available Skilled Workforce • Streamlined Permitting
CONTACT: Jeanne Boyle Commerce Director
(401) 728-0500 x432
[email protected] www.pawtucketri.com
Rhode Island
nerej.com
January 11 - 17, 2019 7C
Coldwell Banker Commercial
has been servicing the business needs of our customers and clients since 1906. To view our inventory visit
NRT
WWW.CBCNRT.COM D SE ON! A LE PTI /O W
RETAIL-COMMERCIAL FOR SALE: PAWTUCKET - Newly renovated bldg. (2007) New exterior, heat, roof, AC, electric 3 phase. Current use catering, restaurant facility. Includes walk-in box, oven hood, dining area & fire coded. Ideal use restaurant, office, medical, professional, legal accountant. Partial owner financing available to qualified buyer. Call Mike Foncellino at 401-258-2332
INDUSTRIAL FOR LEASE: WRENTHAM MASS - Coming soon, being built, warehouse space on highly traveled Rt. 1 in Wrentham MA, close to 95 & 495. This bldg. #3 is new construction with 7500’ of open space, 18’ ceiling height 1:12 gable, 12’ wide, 14’ high, ground level overhead doors in rear of bldg. with 6 office fronts. Can subdivide approx. 1250’ ea. Call Mike Foncellino at 401-258-2332
FOR LEASE: EAST PROVIDENCE - Located in Industrial Business Park, minutes to Rte. 95 and I-195. Warehouse - 50,000 sf and 5,000 sf executive office space available. 22 acre lot, ample parking, heavy power overhead cranes, 4,000 amps. 270-480 volts. 6 loading docks, 17’-18’ clear. Call Pauline Lemieux 401-3691811
S INDUSTRIAL PROPERTY FOR SALE: PROVIDENCE- Building consists of two floors the first floor is 5290 square feet which includes a small office and restroom. Also on first floor is a 1000 square foot freezer and a 800 square foot walk in cooler. The second floor is 3843 square feet and has a unisex bathroom. The building also has a freight elevator. Call Michael Saccoccio 401-486-2911
OFFICE FOR SALE: CUMBERLAND - Cape style house zoned C1, on 19,000 sf lot, on high traffic Mendon Rd. Easy access to I-295. Ideal office conversion with town approvals. Newer roof and heating system and ample parking. Listed below assessed value. Investors take note. Ideal SFM with 4 bedrooms for rental. Call Mike Foncellino 401-258-2332
O
MEDICAL/OFFICE FOR SALE: PAWTUCKET - Well maintained Medical Office Bldg., currently used as a “Spine Care Center” (7 treatment rooms, gym area and more). Bldg can be sub-divided into 3 units, with 3 entrances and separate utilities. Previous tenant medical, paying $18.00 triple net. Other uses, dental, physical therapy, lawyer office, accounting, financial or retail. Owner made many upgrades totaling $100K. Call Mike Foncellino 401-258-2332
L D
FOR SALE: RIVERSIDE - Retail/office bldg. 2400’ (GBA 4800’). Previously daycare, plus 2 family income producing house situated on 51,000’ 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 at 401-258-2332
RETAIL COMMERCIAL FOR LEASE: WARWICK - Great location for your business. This is a stand-alone building with great street visibility. Former uses include a coffee shop and hair salon. Ample on-site parking. Building is 1,492 sf set on a spacious 14,828 sf lot. Call Michael Saccoccio at 401-486-2911
S OFFICE FOR SALE: CUMBERLAND - Well maintained office bldg, sub-divided into 3 units with separate utilities. Previous use, dental office. Located on large lot for possible expansion other uses, physical therapy, chiropractor, dental, medical, legal & accounting. Full basement. To be connected to sewer. Call Mike Foncellino 401-258-2332
FOR SALE: WEST WARWICK - Well-known landmark building in the Heart of Downtown West Warwick formerly known as J J Newberry. Total building not including the basement is 16,757 SF - 9558 finished office space, mezzanine storage at 1770 SF, 2 floors of high cube at 2714 SF one each floor. Abuts municipal parking lot that serves as parking spaces for the building. Substantial additional land available. Call Michael Saccoccio at 401-486-2911
OFFICE/RETAIL FOR LEASE: NORTH ATTLEBORO - Well maintained office or retail space on high traffic Kelley Blvd. Ample parking. Call Mike Foncellino 401-258-2332
RETAIL – COMMERCIAL FOR SALE: PROVIDENCE – Bldg & Auto Sales Business for sale, well maintained bldg. Office space & garage space with overhead door. Lift & compressor included. Other uses, dental physical therapy, legal, financial, chiropractor. Ample parking, large lot. Also available for lease! Call Mike Foncellino 401-258-2332
SPECIAL PURPOSE FOR SALE-: CUMBERLAND-Present use, Knights of Columbus Hall, Assembly Meeting Place. Lower Level, Kitchen, Meeting area and Pool Room. Upper floor open space, high ceilings & Bar Area, For Rent, Weddings Anniversaries etc. Fire Coded, Air conditioned, Newer Roof. Call Mike Foncellino 401-258-2332
SWANSEA: RETAIL COMMERCIAL FOR SALE - Bldg. & well-established business. Turn key restaurant/tavern, operating with liquor license, entertainment & pool table license. Updated grease traps, electric, central air, septic and fire alarm. Walk in freezer box & SF house with income. Other uses convenience store, sandwich shop, breakfast and any food service business. Call Mike Foncellino 401-258-2332
FOR SALE: SEEKONK MASS- Office bldg. located on high traffic Rt 6. Present use Medical Office. other uses , with Town Approval, Dental, Chiropractor, Physical therapy, retail, Food service, Daycare Ctr. Legal or Professional. Large lot for Parking or expansion. 200 Amp Service , Selling Price below assessed. Also available for Lease. Call Mike Foncellino 401-258-2332
FOR SALE: PAWTUCKET - Well maintained medical office condo bldg off I-95. Present use dental office. Other uses, financial, legal professional. Ample parking, Unit #4. Call Mike Foncellino 401-258-2332
BUSINESS OPPORTUNITY FOR SALE: CRANSTON - Excellent opportunity to own a wellknown local restaurant in the Center of Cranston’s Food District. Presently operation as a Mediterranean Grille and Café. Sale includes all furniture, fixtures & kitchen equipment and a full liquor license. Restaurant seats 60 not including outdoor seats. Bar seats about 8. Call Michael Saccoccio for details 401-486-2911
BUSINESS OPPORTUNITY FOR SALE: WARWICK- This is a great opportunity to own a long-established, fully-equipped auto repair shop. Great for owner/operator and partners. Call Michael Saccoccio 401-486-2911
S
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
WAREHOUSE/OFFICE FOR LEASE: CUMBERLAND - New construction warehouse, industrial flex space, ceiling height 22’, overhead doors 14x22, fully sprinklered, mezzanine space available up to 13,750’ divisible to 1,375 sf. Call Mike Foncellino 401-258-2332
BARRINGTON
280 County Rd Barrington, RI 02806
BRISTOL
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495 Hope Street Bristol, RI 02809
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CUMBERLAND
1985 Mendon Rd Cumberland, RI 02864
E. GREENWICH
527 Main Street E. Greenwich, RI 02818
NE NY Tel: 781-878-4540
NEWPORT
38 Washington Square Newport, RI 02840
WARWICK
831 Bald Hill Road Warwick, RI 02886
Rhode Island
8C January 11 - 17, 2019
New England Real Estate Journal
RETAIL CAR CARE SERVICE CENTER AT 1500 HARTFORD AVE.
PRIME OFFICE SPACE AVAILABLE
EAST PROVIDENCE, RHODE ISLAND
DeStefano & Assoc. completes construction of 9,000 s/f NTB
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:
Carol Gohl
[email protected]
Coast Realty
One Realty Way, East Providence, RI 02914 (401) 438-1000 DeStefano & Associates, Inc. (DAI) completed the construction of a new 9,000 s/f National Tire & Battery (NTB) retail car care service center at 1500 Hartford Ave. NTB is a full automotive service that offers tires, performs oil changes, replaces shocks and brakes, and care maintenance service. The location has service bays, a waiting area, and automotive product storage. This is the third NTB that DAI has completed for NTB. TBC Retail Group operates nearly 800 tire and automotive service centers under the brands: Tire Kingdom, NTB – National Tire & Battery, and Merchant’s Tire and Auto Centers. DAI is a leader in professional construction management services, on a turnkey or build only basis, for clients in commercial, industrial, health care, retail, restaurant, sports, multifamily and institutional markets in N.H., Maine, and Eastern Mass. JOHNSTON, RI
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Changes
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Section: RI From: KD Run Date: 12/04/18
Rhode Island A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
Publisher Karen Dowell x254
[email protected]
big-cre
Editor Jennifer Tempesta x227
[email protected]
Rhode Island
nerej.com
January 11 - 17, 2019 9C
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 DENALI OUTDOOR ON 10,800 SF RETAIL TRANSACTION ON THAYER ST. PROVIDENCE, RI
CAPSTONE PROPERTIES SOLD A 14,434’ BUILDING LOCATED AT 71-85 RICHMOND STREET, PROVIDENCE, RI FOR $2 MILLION
CAPSTONE PROPERTIES REPRESENTED CAMIN CARGO IN IT’S RELOCATION FROM BOSTON TO RHODE ISLAND
PROPERTY LISTING PREVIEWS
2 ACRES FOR LAND LEASE ON THE ROTARY AT THE ENTRANCE TO THE NEW TWIN RIVER CASINO AND HOTEL. Call Chris
FOR LEASE - OFFICE SPACE 51 JEFFERSON BLVD. WARWICK, RI 4,500 SF, TOP FLOOR Call Neil
EAST PROVIDENCE, AMPLE FREE PARKING IN CLOSE PROXIMITY TO SHOPPING AND HIGHWAYS OWNER WANTS TO DO DEALS! Call Chris
FOR SALE/LEASE FLEX SPACE NEAR ROUTE 95 RAMP N/S 12,200 SQUARE FEET FULL A/C 2 SEPARATE UNITS 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
FOR SALE OR LEASE 120 LAMBERT LIND HIGHWAY WARWICK, RHODE ISLAND 18,815 SF, 80 CAR PARKING NEAR WARWICK MALL Call Neil
FOR SALE INDUSTRIAL BUILDING 21 VENTURA DRIVE, DARTMOUTH, MA 13,850’ 1.04 ACRES 1 MILE TO ROUTE 195 Call Neil
FALL RIVER - FOR SALE OR LEASE 7,900 SF STAND ALONE BUILDING ON 1/2 ACRE AT A SIGNALIZED INTERSECTION ADJACENT TO STOP AND SHOP Call Chris
WESTERLY - FOR SALE OR LEASE 9,100 SF FORMER CVS AT 145 GRANITE STREET. STAND ALONE BUILDING WITH LOADING DOCK AND AMPLE PARKING Call Chris
FAIRGROUNDS ROAD WEST KINGSTON, RI 13.8 ACRES, ZONED INDUSTRIAL 1 MILE TO UNIVERSITY OF RHODE ISLAND Call Neil
2,600 SF AVAILABLE IN MYLES STANDISH PARK TAUNTON: OFFICE/FLEX W/LOADING DIRECTLY ACROSS FROM HOLIDAY INN Call Chris
COVENTRY – FOR SALE OR LEASE TURN KEY RESTAURANT OPPORTUNITY FORMER PAPA GINO’S 3600SF. ALL FF&E INCLUDED Call Chris
Chris Greenman, Principal Broker
[email protected] 401-454-4660 x324
CAPSTONE PROPERTIES Capstone Properties represented Dyvit a division of RPM International in leasing Capstone Properties represented Dyvit a division of RPM International in leasing REPRESENTED DRYVIT IN LEASING 120,823 square feet of manufacturing space located at 200 Frenchtown Road, North Kingstown, 120,823 square feet of manufacturing space located at 200 Frenchtown Road, North Kingsto 120,823 SF OF MANUFACTURING Island. Island. SPACE AT 200 FRENCHTOWN RD. NORTH KINGSTOWN, RI
Neil Amper, Broker
[email protected] 401-454-4660 x322
Rhode Island
10C January 11 - 17, 2019
New England Real Estate Journal
For Sale - Woonsocket Office Opportunity Managing Director Steven King
www.quonset.com
Quonset Development Corp. 95 Cripe St., North Kingstown, RI 02852 401-295-0044
Introducing the “Quonset Express” pilot bus service Attractive 7,000 sf office building in the heart of Woonsocket’s downtown. High traffic and high-visibility location. On-street and free municipal parking nearby. Offered at $250,000
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: 1080806
Quonset companies enjoy reliable transportation infrastructure that helps keep their businesses moving. With 14 miles of freight rail line extending through the park, access to the Port of Davisville, Rhode Island’s only public port, and convenient access to I-95, Quonset companies have many options for transporting their goods. Our newest transportation infrastructure will now move people throughout the park along with the many goods flowing across our borders. Quonset is excited to announce that a significant expansion of convenient public transportation
for our nearly 12,000 workers – and others – will begin at the end of this month, in collaboration with the Rhode Island Public Transportation Authority (RIPTA). Quonset Express, a new one-year pilot bus service, will consist of two morning and two afternoon weekday-only bus trips to Quonset companies from Kennedy Plaza in Providence. Fares will be free for the first three months. Quonset Express will make the Business Park more accessible for the 12,000 workers at over 200 Quonset companies, and for potential new employees as our tenant companies
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Proof Approved
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1830 Mineral Spring Avenue, North Providence, Rhode Island Plat 18 Lot 199 - Ideal Bank Site Corner Location - All Utilities 23,500 Cars per Day
Run Date: 12-4
Check out website for over 35 exclusive listings AlbertRealtorsCommercialDivision.com
ALBERT REALTORS COMMERCIAL DIVISION Trusted Since 1963
1050 Reservoir Ave., Cranston, RI 02910 • Albert Scaralia, Broker/Owner 401.944.8008 ext.712 • AlbertRealtorsCommercialDivision.com
continue to grow. Over 16 million people utilized RIPTA bus services in 2018 and we hope many more at Quonset will take advantage of this new route. The new public transit service was made possible through an $80,000 Federal Highway Administration Congestion Mitigation and Air Quality (CMAQ) grant. Quonset matched these funds with an additional $20,000. The CMAQ grant was originally designated for the RIPTA Vanpool program, already in place, but this portion of funding was unutilized. We know that this new service will make our business park more accessible to new companies, and make it easier for established companies to attract new talent.
The Quonset Express will take cars off the road, make the business park more accessible for employees while reducing Rhode Island’s carbon footprint. This expansion of transportation options is a testament to our commitment to partnering with agencies at every level of government to continue the business park’s growth and successes. The Quonset Express route will begin at Kennedy Plaza with two early morning pickup times to accommodate opening shifts for businesses at the park. Stops at the park will include Ocean State Job Lot, Kiefer Park, Toray Plastics, Senesco and Electric Boat.Afternoon pickups will occur in the same order, aligned with afternoon shifts, and deliver workers back to Kennedy Plaza quickly and easily. The Quonset Development Corporation (QDC) is pleased to be working alongside RIPTA to launch this service for the hardworking employees of Quonset Business Park. The Quonset Express will take cars off the road, make the business park more accessible for employees while reducing Rhode Island’s carbon footprint. This expansion of transportation options is a testament to our commitment to partnering with agencies at every level of government to continue the business park’s growth and successes. To learn more about the Quonset Express, visit RIPTA.com.
Steven King, PE, is the managing director of the Quonset Development Corp., North Kingstown, R.I.
Rhode Island
nerej.com
January 11 - 17, 2019 11C
Keller Williams We are actively looking to recruit and grow our division, if you are interested in making the move to Commercial or if you are currently a Commercial broker and not happy where you are ... 100% Commissions Possible Contact me today! Mike (401) 523-9555
Commercial on the Move in New Location This space is available
2 Charles St. 3 C
for a new
Providence, RI
commercial listing Call for free analysis
02904
of your commercial/
Stop by and
multi property Mike @ (401) 523-9555
IT
UN 21
say Hi!!! G
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IN NC A FIN BLE ER ILA N A OW AV
Providence (Elmwood): Class A 12 unit multi and Class B 9 unit multi package with extra lot. 7% CAP Call Mike @ (401) 523-9555
ST
MU
Warren: Prime assisted living with real estate in good community. Walk to park,beach, and downtown. Good Cash Flow. Call Mike @ (401) 523-9555
L!!
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Warwick (Metro Center): 3 Class A office condo’s for sale. 1,200 SF to 1,800 SF will sell in a package or individually. Looking for Offers. Call Mike @ (401) 523-9555
North Providence (Mineral Spring Ave): High traffic location next to Lowel’s. Prime retail/office 700 SF to 1,400 SF. Must lease. Call Mike @ (401) 523-9555
More Properties at www.Elitecommercialrealty.org
Michael A. Alves | NE REGIONAL COMMERCIAL DIRECTOR | KW Realty
Rhode Island
12C January 11 - 17, 2019
New England Real Estate Journal
SWEENEY REPS SELLERS AND GALVIN OF CBRE REPS BUYERS
Sweeney Real Estate & Appraisal sells 205 Meeting St. for $2.6m
(401) 435-6101 28 Boston St. East Providence, RI
www.jjcardosi.com
Trades we perform:
Services we provide:
• Site Work • Concrete foundations & form work • Carpentry — rough & finish • Framing • Doors & Windows • Demolition • Preparation for subtrades
• Design/Build Projects • Construction Management • Coordination of Subtrades • Facilities Renovations • Pre-Engineered Steel Buildings
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FOR SALE From: PINE Run & SUMMER STREET Date: PROVIDENCE, RI
& Appraisal sold 205 Meeting St. on the east side for $2.6 million to Brown University in late December. The property is a 4,092 s/f retail space, off of Thayer St., that was previously Thomas Sweeney Gourmet Heaven. Thomas Sweeney of Sweeney Real Estate & Appraisal represented the sellers and Andrew Galvin of CBRE represented the buyers.
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PROVIDENCE, RI Sweeney Real Estate
NE NY Tel: 781-878-4540 REAL ESTATE JOURNAL
• Portfolio of 4 Lots just outside of downtown Providence • Combined over 1.89 acres of land • Two parking lots that host 260+ spaces, currently leased • 11,192 square foot office building with small parking lot
Citizens Bank provides $10m construction loan
According to Citizens Bank, its Community Development Group has provided a $10 million construction loan to Shannock Falls LP, an entity comprising the Women’s Development Corp. and Washington County Community Development Corp., for the construction of 43 units of affordable housing located at two sites in Charlestown and Richmond. Five of the units will be leased to tenants at or below 30% area median income (AMI), with the remaining 38 units reserved for tenants at or below 60% AMI. “We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said James Comer, executive director, Women’s Development Corp. “We look forward to continuing to work with the Citizens team as this project reaches its potential.” “This project meets an important need in these communities and we’re very happy to work with the Women’s Development Corp. and Washington County Community Development Corp. to provide more quality housing for Rhode Island residents,” said Keith Kelly, president, Citizens Bank, Rhode Island. CHARLESTOWN, RI
FOR SALE DE PASQUALE SQUARE PROVIDENCE, RI • Building 1 - 3,507 square foot building, retail on the first floor and apartments on the upper levels • Building 2 - 10,589 square foot three story building that was converted to micro lofts in 2017 • Building 3 - 2,224 square foot retail building with a courtyard and wooden deck • 5,227 square foot parking lot on America Street included in sale • Located on Federal Hill
For more information contact: Thomas O. Sweeney, SIOR
[email protected] 401.331.9300 • www.sreari.com
Rhode Island
nerej.com
January 11 - 17, 2019 13C
Property of the Week FOR SALE
25,479 SQ. FT. CRANSTON PROFESSIONAL BUILDING 1150 New London Avenue, Cranston, RI ASKING: $2,690,000
n 100% occupied
n Cranston voted top fifty cities to live by 24/7 Wall Street n Below market rents
n Minutes to 295 & I-95
n Between major retail corridors Demographics
1 Mile
3 Miles
5 Miles
2017 Population
9,417
62,021
205,990
$83,590
$82,782
$76,165
207 Average HH Income
Exclusively Marketed by:
THE GREYSTONE GROUP Real Estate
Sales | Acquisitions | Development
Antonio Cassisi, Broker/Owner (401) 274-8003
[email protected]
License # REB. 17126
Rhode Island
14C January 11 - 17, 2019
New England Real Estate Journal
AT 600 PAWTUCKET AVE. TO CODAC BEHAVIORAL HEALTH
The Foncellino team of Coldwell Banker lists and leases 3,000 s/f
Wakefield, RI Office Space
The Ann Foncellino team of Coldwell Banker commercial division listed and leased 3,000 s/f, with the option to buy, of medical space in a standalone building located at 600 Pawtucket Ave. Codac Behavioral Healthcare Ann Foncellino will build out the space to meet their specific needs. They are a non-profit organization with over 40 years experience, and six locations across the state. Rhode Island health officials have certified Codac as the state’s first “Center of Excellence” in treatment of opioid use disorders. The seller is Donald and Laura Properties LLC. REMAX Metro Ed Del Gizzo represented the buyer. PAWTUCKET, RI
1,291 square foot condominium building located in thriving office park in the desirable South County area of Rhode Island. Just minutes to Narragansett Pier and Main Street Wakefield. Near South County Hospital, town halls, state office building and district courthouse. This offering can be used as two separate units!! NEW PRICE $225,000
R. D. Denelle and Company, Inc. Realtors
2935 Tower Hill Road, Box 130, South Kingstown, RI 02880 Contact Christie Denelle Creamer,
[email protected] office: 401-783-7777 cell: 401-573-1633 www.denelle.com
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Changes
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RHODE ISLAND DEVELOPMENT OPPORTUNITY
“Winsor Farm” 158 Acres Northern Rhode Island (near new Citizens Corp.)
• Residential and/or continuing care development • Planned mixed-use district, golf, solar, flexible density • Easy access to Boston, Providence, NY & Rt. 295/95 • Includes two historic homes, fields, woodlands, privacy, sewer & water available • Development plans upon request
FLAGSHIP Ned Caswell
401-741-4044
[email protected]
www.winsorfarmri.com
DBVW Architects honored with AIAri Design Awards for 2 proj. PROVIDENCE, RI DBVW Architects has
won AIAri Design Awards for two recently completed projects in Rhode Island. DBVW would like to extend their congratulations and thanks to the clients, contractors, and consultants who made these projects successful! They would also like to congratulate their friend and collaborator, David Odeh, principal of Odeh Engineers, for receiving the 2018 ArchiStar Award. Presented annually by AIAri, the ArchiStar Award recognizes an individual who has made outstanding contributions to architecture but is not an architect. Edge College Hill, at 169 Canal St. won the Citation Award for Residential Design – A new 15-story micro-loft apartment building that looks out over the highly acclaimed Providence Riverwalk. Each of the 202 furnished apartments includes oversized windows, high-end finishes, nine-foot ceilings, fully equipped kitchens, and fold-down beds that tuck into contemporary cabinetry when not in use.
Edge College Hill, 169 Canal Street Providence, RI The new Robert J. HigginsWelcome Center for the University of Rhode Island won the Honor Aared for Academic/Institutional – Designed by DBVW Architects, it provides a warm and welcoming “front door” to the Kingston campus. This new building, which features an open, light-filled reception area where staff can greet visitors and groups can congregate for campus tours, will serve roughly 50,000 visitors each year
Rhode Island
nerej.com
January Boston
2019 Summit
Schedule Sponsorship or speaking information contact Rick Kaplan 800-654-4993 x247 781-878-4540 x247
[email protected]
January 11 - 17, 2019 15C
August
Burlington, MA
Multi-Family
Middlesex 3 Coalition
February
September
Cannabis and Commercial Real Estate
Hotel
Boston
Nashua, NH New York
March
Women in Real Estate
South of Boston Commercial Real Estate
Construction Trends of the Future
Randolph, MA
Boston
April
October
Nashua/Manchester
Women in Real Estate
Manchester, NH Connecticut
State of Connecticut Market
June
Long Island
Long Island Commercial Real Estate
New York
State of the Upstate Market
July
Portsmouth, NH
Northern New England State of the Market
Boston
December Boston
Changing World of Commercial Real Estate New England Real Estate Blue Jacket Induction
Rhode Island
16C January 11 - 17, 2019
New England Real Estate Journal
AT 1551 WARWICK AVE.; PLANS FOR A NEW CAR WASH
Scaralia of Albert Realty completes $675,000 sale in Warwick
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.
WARWICK, RI Albert Scaralia of Albert
Realty commercial division sold 1551 Warwick Ave. for $675,000. The buyer, Warwick Realty LLC, plans to build a new car wash. Albert Realtors is family-owned and operated and has been the local Albert Scaralia real estate expert in Rhode Island since 1963.
Union carpenters make my company the best. Dave Rampone President, Hart Engineering Cumberland, RI
Caprio of RPL joins the Narragansett office
NARRAGANSETT, RI According to Res-
idential Properties (RPL), Michele Caprio has assumed the position of manager at their Narragansett office. RPL president and CEO Sally Lapides said, “Michele has been a remarkable manMichele Caprio ager in our East Greenwich office and I am thrilled that she will expand her expertise to our Narragansett office. Her deep knowledge of the industry incorporated with her enthusiasm and professionalism will help grow our presence in this highly desirable area.” When asked about the new position, Caprio shared her excitement to be working in Narragansett. “The opportunity to work in a community that I grew up in is an exciting challenge. I feel very much ‘at home’ in South County and look forward to developing meaningful connections with other real estate professionals in banking, mortgage brokerage, and real estate support services,” said Caprio. Currently, Caprio also serves as manager of RPL’s East Greenwich office and is looking forward to the opportunities that Narragansett affords.
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_HalfPgSquare1.indd 1
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Rhode Island
nerej.com
January 11 - 17, 2019 17C
NEW YEAR’S DEALS
20 Centerville Rd. Warwick, RI - 13,500 sq ft building on 1.3 acres, adjacent to Apponaug four corners, next to new Cumberland Farms. Owner in 1st floor, will consider lease back. Additional land - possible residential or office condo conversion; in the new Village District. REDUCED $795,000. 2nd floor Lease $3,200 mo, best office value in the area for approx. 4,000 sq ft, nicely appointed space, no elevator, but 2 large stairways, possible stair chair.
552 & 560 Toll Gate Rd., Warwick - Two parcels being sold together, directly across from Kent County Hospital. Each with 12,600’ lot, shared entrance. #552 = 2124 sq ft, 2-story office with full basement, currently set up with reception, 8 offices, 2 baths, kitchenette. #560 = Ranch style 1510 sq ft, 5 rooms, reception, 2 baths, full basement. Excellent highway access to I-95 and Route 2. REDUCED $399,900
115 Richard St., Woonsocket – 53,000’ mill, 3.47 acres, multi-tenant, $100K+ income; 2/3 vacant, storage, recreation, brewery? Much work done, needs completion. Behind Woon. High School. $485,000
1050 Main St. East Greenwich - Set up with reception, business office, 3 offices, bathroom, kitchenette, network closet. The building has elevator access and exterior is being completely done over. REDUCED $77,500 LEASE OPTION
1480 Main St., West Warwick - FKA Roch’s Produce 6,600 sq ft wide-open building, 1/2 are lot, corner of Rt. 117. Well suited for many commercial uses; features drive in door, loading dock, refrigerated and wet room areas, offices. NOT Roch’s Market, who it shares entrances with. REDUCED $399,000
66 Main St., Wakefield, RI – Signature Wakefield building a block from CVS and Belmont Plaza. 2772 sq ft, 2 front (of 3) units condo, with nice wrap-around porch. Walk to everything, great visibility and signage. Has been multi-tenant, great for owner who wants space for growth with extra income. $424,900
1485 South County Trail, East Greenwich, RI - Complete renovation and new look! Located on Rt. 2, just 2 minutes off Rt. 95 and Rt 4. Signature 16,000 sq ft office, elevator to 2nd with views out to East Bay. Will finish to suit, occupancy March 2018. @ $20 psf. Rear warehouse space w/attractive courtyard featuring top-end contractor units from 1500’-6000’. @ $12 psf. 6 of 10 units leased already, Micro Brewery and Gym among them!! Loads of parking.
365 Eddy St., Providence - 3 of 6 condo units offered, prime location near Davol Sq. > 1st floor - 2248 sq ft, could be retail or food - sale at $375,000, or lease at $18 psf, ($3,370 mo); > 2nd floor - 4300 sq ft, sale at $725,000, or lease at $16 psf ($5733 mo); > 3rd floor 2550 sq ft, occupied short-term, sale at $350,000, 2nd and 3rd floor have interior stairway and elevator. Sale or Lease
2980 West Shore Rd., Warwick, RI – great multi-tenant 5,000 sq ft building on Rt 117 near Buttonwoods Ave. Surprising amount of space with unique attractive design. Fully rented, up to 7 offices or suites, grosses over $50,000 per yr. Close to gym, food, city park. $325,000
1177 Jefferson Blvd., Warwick, RI – 8,000’ flex use - 3200’ storefront/offices w/3,200’ garages below - both at grade, plus 1600’ 2nd floor. Could be owner occupied and/or income producing. 30,942 sq ft lot with expansion potential. Very busy and convenient location, close to highway, airport, train. $750,000
66 Crescent View - Very unique waterfront 6538 sq ft bldg. with approx 40 car parking, sits right next to East Bay Bike Path near Barrington line. Great views and area. Well-built post & beam. Commercial or residential. Owner motivated $800’s
2340 South County Trail, East Greenwich – Prime Lt Ind/Office site - 2,000’ Cape, 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. Reduced $425,000
LAND - 282 Pulaski St., Coventry, RI – 5 acre lot, approx. 3 usable; sewer, water, gas in street. Zoned Industrial, could apply for zone change. $219,000 LAND - 111 Hopkins Hill Rd., West Greenwich – Approx. one acre lot. Approved for 12,000’, 4 unit Lt Industrial bldg., town water, gas, septic, right behind Dunkin Donuts. $265,000
WISHING YOU HEALTHY & PROSPEROUS 2019 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
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Rhode Island
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Over $1 Billion in Offerings Contained Within High Performance Auctions www.amgss.com 800.209.3900
Dale W. Schaetzke, CAI, AARE, CES, GRI
January 11 - 17, 2019 Section D
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René L. Poyant, Inc. REAL ESTATE MANAGEMENT
Contact: Jim Neckermann, Broker
Commercial Real Estate Group 860.883.6312 email:
[email protected]
Post Office Square, 20F Camp Opechee Road
Centerville, MA 02632 Tel: 508-775-0079 Fax: 508-778-5688
[email protected]
RHODE ISLAND
RESIDENTIAL
Residential and/or Continuing Care Development Opportunity Winsor Farm 158 Acres Northern Rhode Island
Single Family or Condominium
50+ units Raw, Approved, Urban Infill, W Multi-Family in Mass., R.I. & CT
A N T E D
For Lease or For Sale 1st Class Office/Industrial Space
Former St. Joseph’s School
• Building: 48,948 SF • Includes: Gym & Bowling Alley • Lot Size: 51,579 SF • Rte. 97, Location 1 mile to I-495, Exit 5 For Lease: $125,000 Reduced to $99,000 Long-Term Lease Available Call Steve DeSisto
40 Kenoza Avenue • Haverhill, MA Office: (978) 373-3897 • Cell: (978) 852-5559 email:
[email protected]
LIFE SCIENCES/BIOTECH
AFFORDABLE SPACE FOR LEASE BEVERLY, MA
• Single family/retirement community • Planned mixed-use district, golf, solar, flexible density • Easy access to Boston, Providence, NY & Rt. 295/95 • Includes two historic homes, fields, woodlands, privacy, sewer & water available • Development plans upon request
• Near Route 3 and 495 • Loading dock • 17 ft ceilings • 3,807 sq. ft. plus 900 sq. ft. mezzanine area • Ample parking Call 781-888-3098 or 617-259-5087
[email protected] FOR SALE 745 Falmouth, Rd., Hyannis, MA $425,000
UP 12,4 TO LAB 62 SF /OF FIC E
(near new Citizens Corp.)
Please contact: Land Acquisition
• Lab area: Benches, sinks, fume hoods, steam sterilizer • Built out office space; furniture may be available • On-site childcare available
• Great location for your office • Can easily accommodate 4 separate, 2-room suites • Possible income with existing tenant(s) also • Hyannis location with a great, grandfathered sign Call John Shields at:
Ned Caswell
Pulte Homes of New England, LLC Call:
NORTH BILLERICA, MA
Gas Stations with C-Stores
Inc. René L. Poyant, GEMENT
L A N D
FOR LEASE HAVERHILL, MA
Flagship nedc@rihomesearch-com 401-741-4044 www.winsorfarmri.com
508-870-9999 Ext. 1
FOR SALE
CONDO DOCS
OFFICE BUILDING
158 AMHERST STREET, NASHUA, NH
Marianne E. Wronka
781-229-2233
www.wronkaltd.com
FOR LEASE AUBURN, MA
OFFICE / WAREHOUSE
508-775-6000
[email protected]
FAX SALE # FOR
of pages: TRANSMITTAL Merrimack Commons Shopping Center 515 Daniel Webster Highway To: Marc Co:
$5.3 MILLION
Fax: 617-964-9884 To: Office Space 10,000, 5,000, 2,500 & 1,500 sf
FREESTANDING 1,216 ± SF COMMERCIAL BUILDING Building SF: Add’tl Unfinished SF: Site Size: Parking: Purchase Price:
Warehouse Space 5,000 sf, 10,000 sf 15,000 sf, 20,000 sf 35,000 sf & 50,000 sf
1,216 ± SF (finished) 1,248 ± SF 0.23 ± level acres On-site, private lot $269,500
VEAR COMMERCIAL PROPERTIES, INC.
603-882-6000 www.vear.biz
i
MSH ARCHITECTURE ASSOCIATES (617) 964-9812 www.condodocuments.com
Convenient access to I-190, 290, 395, 495, Mass Pike & Rtes. 20 & 146
Call 978-365-4585
AUBURN INDUSTRIAL DEV. CORP. www.aidc.com
❏ From: Karen
Co. NE Real Estate Journal Phone # 781-878-4540
• 86,136± SF • 13.23 ACRES • Anchored by Tractor Supply, FitLab Fax # 781-871-1853 & Dollar Tree • Signalized Intersection Proof Fine • Across from Post Office
❏ ❏ Make Changes
603-880-6655 www.prolmanrealty.com
1
2D January 11 - 17, 2019
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Business / Investment For Sale
Restaurants Stores Nursing Homes
Lease Wanted
Motels Apartments Farms
Businesses Condos Land
Shopping Centers Hotels Mobile Parks
FOR LEASE 313 Route 125, Brentwood/Epping, NH Major 45 Unit Franchisee Expanding in New England
MASS
Eastern Mass - from Boston North and West to Rte. 495, from Boston South including all of Cape Cod
NH
Entire State
MAINE
From NH line to Mid-State
WANTED: Furniture, Appliance, Gym, Warehouse, etc. 17,000 Vehicles Per Day Prime Flex Space/Retail Commercial 8,000 sq. ft. - $7.95/sq. ft.
LAND SIZE: Minimum 3/4 acre buildable BUILDING SIZE: 2,600 s.f. to 3,500 s.f. - 40-80 seats with drive-thru DEAL TYPE: Purchase or Ground Lease
Call: Art Bonin
AR Bonin Companies, LLC
Exclusive Franchisee Broker: Mark Shair M&J Associates, Inc. - Tel: 617-454-1030 Email:
[email protected]
P.O. Box 775 • Hampstead, NH 03841
Office: 603-362-6463 • Email:
[email protected]
FOR SALE OR LEASE
5 INDUSTRIAL DRIVE, MATTAPOISETT, MA 1 Mile from Interstate 195 118,000 TOTAL SF 100,000 SF Warehouse & 18,000 SF Office Ideal for: Automobile, Boat, RV or Self Storage Property Specifications • Building Size: 118,000 SF SITE
• Land Size: 10.87 acres • Utilities: Municipal Water & Gas • Clear Height: 18' to 24'
Lot Included
• Zoning: Industrial • Shelving: Heavy Industrial • Lease Rate: To be Negotiated • Sale Price: Call for Details
HOLLY MANAGEMENT - 508-775-9316
[email protected]
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January 11 - 17, 2019 3D
Industrial Properties Dan Gardner, Partner/Broker 3 Allied Drive, Suite #303, Dedham, MA 02026 Office: 781.591.3232 x700 • Cell: 617.416.8588 CastlesCommercial.com
Attractive Industrial Spaces Available Close off Major Highways, Easily Accessible CANTON, MA • 28 DRAPER LANE
2,000-350,000 Square Feet Short/Long-Term Lease Terms Available - Starting at $5.00/gross
AVON, MA • 1 KIDDIE DRIVE
2,000-78,000 Square Feet Short/Long-Term Lease Terms Available - Starting at $6.00/NNN
4D January 11 - 17, 2019
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Office / Retail For Sale
Office Space Office Space Retail Space Retail Space
Lease Wanted Condos Condos R&D R&D
North Pembroke, MA • RT. 53
COMING SOON
Commercial Condominium
Warehouses Warehouses Sites Sites
FOR LEASE Rockland, Maine
Warehouse and Office Space 1,000 to 25,000 Square Feet Ideal for Small Entrepreneurs Put your money back in your pocket, why rent? Buy your space Broker participation welcomed
RJB Consultants L.L.C. 781-603-9621 Summer of 2019 Occupancy
RETAIL PROPERTY FOR LEASE - $19.00/SF/Yr. 545 SW Cutoff, Worcester, MA
n WORCESTER CANNIBUS DISTRICT n TURNKEY n PAPA GINOS n Rt. 20, busy strip-mall-Worcester-Auburn line. 30,000+ car per day n 4,000 sq. ft. stand alone building available n Quarter mile from Mass Turnpike 10A Great Neighbors!! Next to McDonald’s and Wendy’s!! Other retailers include: Burlington Coat Factory, Price Chopper, Rite Aid, Subway, Racha Thai Restaurant, Madigan’s Cafe and others Brokers Protected
Spaces available for lease in a prime retail center located in the heart of Rockland on a very busy thoroughfare. Major retailers in the center and area include: Shaw’s Market, T.J. Maxx, Staples Office Supplies, Olympia Shoes, Home Depot, Ocean State Job Lots, Dollar Store and Harbor Freight.
FOR SALE Rockland Harbor, Maine
Lenny Brescia Southwest Properties, LLC (508) 320-3554 • Email:
[email protected]
ACTIVELY ACQUIRING Urban & Suburban
linearretail.com
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
2.09 acres with generous frontage on four streets and expansive views of Rockland Harbor. Main Street, The Landings Restaurant and The Landings Marina & Slips area a very short distance away. Very prime site for a combination development of condos, retail, offices and/or hotel. Douglas M. Erickson, CCIM 318 Main Street, Rockland, ME Office: (207) 596-7478 • Direct: (207) 390-3333 email:
[email protected]
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January 11 - 17, 2019 5D
Investment of the Week METHUEN, MA Less than One Mile to New Hampshire State Line & Route 93, Route 495, Route 213 5 Pleasant Street • $1,425,000
The Historic Red Tavern building has 3 stories and over 40 parking spots. 26,419 total square feet. Downtown location, highway access, public transportation, central business district, corner lot. There is a common kitchen. There are 5 common restrooms as well as 3 private full baths. The building is currently over 85% occupied and grosses over $155,000 in annual income.
275 Broadway • $699,900
Historic “John Hancock Masonic Lodge,” located on busy Rt. 28 in Methuen Square, directly across from the Clock Tower. 13,952 total square feet. Downtown location, free standing, highway access, public transportation, central business district, corner lot. This building is 85% occupied, but only 2 tenants. The building offers 3 stories as well as a finished basement. There is also a commercial kitchen and 4 restrooms.
Contact: Robert Palmisano
Properties Unlimited
978-686-0408 • email:
[email protected]
6D January 11 - 17, 2019
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January 11 - 17, 2019 7D
700 Pleasant St., Suite 330, New Bedford, MA 02740 508-990-4280 • www.CoastalCommercialRE.com
376 Nash Rd. New Bedford MA
$2.5M State-of-the-Art 17,000 SF Cold Storage Warehouse with 2 loading docks, 32'ceilings and 42,609 SF Warehouse Flex Space. Plenty of parking on busy route near highways and a short distance to the #1 Fishing Port in the US.
00 Phillips Rd. New Bedford, MA
$499,000 5.5 acres of Industrial Commercial Zoned Land For Sale. Corner lot to main entrance of the New Bedford Industrial Business Park. Over 50 companies with 4,000 employees.
Call Richard Stang, Esq. • 508-990-4280 •
[email protected]
8D January 11 - 17, 2019
New England Real Estate Journal
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Personnel Wanted HELP WANTED
NATIONAL RESTAURANT EXCHANGE NEW ENGLAND RESTAURANT BROKERS THE HOTEL EXCHANGE NERestaurantBrokers.com TheHotelExchange.com
Need a change of pace. Join the largest and oldest hospitality brokerage and consultancy in the country.
Become a “specialist”
• Independent and chain restaurants • Franchises • • Retail space leasing • Hotel and motel sales • Email Dennis at
[email protected]
NATIONAL RESTAURANT EXCHANGE • (617)721-9655 • Fax: (781)246-5000
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January 11 - 17, 2019 9D
2 0 1 9 SU M M I T
Multi-Family & Property Management January 31, 2019 Boston Marriott Newton 2345 Commonwealth Ave., Newton, MA
Agenda 8:00am-8:45am
Networking and Buffet Breakfast
New England Real Estate Journal Blue Jacket Club Induction of David Barrett, RCM Services and Past President IREM
8:45am-9:00am
Speakers
Induction of David Barrett New England Real Estate Journal Blue Jacket Club
9:00am-10:00am
Changing View of Living Space Investing in Multi-Family Need for More Affordable Multi-Family Units
10:00am-11:00am
David Barrett RCM Services
Frank Flynn Flynn Law Group
Nancy Reno Housing Management Resources Inc.
William Lovett Toll Brothers
Peter Lewis The Schochet Companies
P.T. Vineburgh Charlesgate Realty
Updated Marijuana Laws, Updated Airbnb Laws, Amenities, Changes in Employee benefits
11:00am-12:00noon
Networking with Speakers and Attendees
Register today! Early Bird Rate $89, ends January 27 Regular Rate $129, after January 27 Contact Rick Kaplan 800-654-4993, ext. 247
[email protected] www.multifamilypm.eventbrite.com Sponsorship and Speaking Opportunities Available.
Corporate Sponsors
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Traffic:
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Location | Convenience | Value 10D January 11 - 17, 2019 New England Real Estate Journal
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Contact:
Established Supporting Advertisers Greg Regazzini, VP, Director of Leasing
[email protected] ph: 781.321.7800, ext. 318 www.combinedproperties.com
MIDLAND LOW FEES | GREAT RATES | STREAMLINED PROCESS
Call (888) 825-1785 or visit www.chase.com/MFL
Construction
Corporation
QUALITY
Training is Our Strength
Diversified Funding, Incorporated
General Contracting Services Quality. Performance. Service 39 Industrial Parkway Pre- Construction Consulting Woburn, MA 01801 1700 Dorchester Ave.,Managers Boston, MA 02122 Construction PERFORMANCE uspavement.com 617-446-1700 Design Build www.midlandconstruction.com 1-800-PAVEMENT
63 Atlantic Ave., Boston, MA 02110 617-227-0893 www.diversifiedfundinginc.com
SERVICE
Since 1935
New England Carpenters Labor Management
Fantini & GorGa
Connect with Combined Properties on Facebook and Twitter 1700 Dorchester Avenue, Boston, MA 02122 Telephone 617.446.1700
300 real Commercial St., Suite 25 rm, creating better places to live & work. sm A full-service estate development Your Property Management Solution. 265 Franklin St., Boston, MA 02110 www.midlandconstruction.com 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
89 Hayden Rowe St., Hopkinton, MA 01748 888-538-7599 or 508-598-3511 www.solect.com
978-560-0575 www.kspartnersllc.com
116 Hopping Brook Rd. Holliston, MA 01746 508-429-8830 www.waynejgriffinelectric.com
the work we do.
106 River St., West Newton, MA 02465 617-969-2521 www.bostonneca.org
617-369-6600
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
281 Winter St., Waltham, MA 02451 781-895-3270 www.vantagebuildersinc.com
MA Lic A8999
King Painting Inc. 85 Flagship Dr., No. Andover, MA 01845 978-683-7434 www.kingpaintinginc.com
[email protected]
617-628-8888 www.weatherproofing.net
www.kinlingrovercommercial.com
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 Bryan J. Kelly Manager
CELL: 508-958-2196
[email protected]
One Cranberry Hill, Lexington, MA 02421 781- 862-6168 www.stubblebinecompany.com
www.masshousingrental.com
125 Samuel Barnet Boulevard New Bedford, MA 02745 800-544-0961 www.poyantsigns.com
888-KELLY-11
www.kellyspropertyservices.com
Commercial & Estate
PAINTING DIVISION
P.O. Box 102, Southborough, MA 01772
Fully licensed and insured in New England H.C. # 108212
Our goal is to make YOU our next reference!
For Advertising in the Billboard section contact Karen Dowell,
[email protected]
• $1,200,000 s has been in opertation 71276605 on • 413-774-1220
keene • $1,200,000 38,332 SF lot. Perfect for single user or as investment. MLS #4048256 George foskett • 603-283-1944
lewiston • $950,000 95,000 S.F. Industrial Building offers a variety of floor. MLS #1028566 team fletcher • 207-795-9623
Greenfield • $850,000 Building can be used as a production facility or converted to office building. MLS #71160594 mark abramson • 413-774-1220
Portsmouth • $695,000 Prime corner lot at light with Convenience Store and 3 bedroom apartment. MLS #4089594 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
newmarket • $599,900 Remodeled 7 unit mixed use. 10% CAP!! Price just reduced $100K! MLS #4046079 Patti visconte • 603-601-1119
hampton • $499,900 Investment Opportunity! 11% Cap! 7 units - mixed use. MLS #4085286 Patti visconte • 603-601-1119
York • $499,900 25 individual rooms, fellowship hall, sound room, kitchen, & 4 bathrooms. MLS #2749335 tamber lewis • 207-337-3717 x230
stratham • $335,000
Visit the paper online nerej.com
m • $775,000 zone. 3 phase. Used as ed kilns. MLS #4004864 tt • 603-283-1944
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800-398-1380
www.tectaamerica.com
N. Billerica, MA • Hanover, MA • Portland, ME • E. Hartford, CT
Home Business Opportunity! High 265 Church St.,Invisiblility New Haven, CT 06510 on Rte 33. MLS #4077120 Christina deYeso • 603-601-1113 203-672-3300 www.marcusmillichap.com
www.masiello.com
kittery • $250,000 Ideal for someone building a portfolio of small investment properties. MLS #4085156 Peter Gluckler • 207-363-4558 x226
$1,850/ mo. etail storefront! May be ing unit. MLS #4035627 603-434-2374 x32
keene • $1,500/ mo. Prestigious office space located within walking distance of downtown. MLS #4048386 Bill Hutwelker • 603-283-1956
ugh • $8/ sq ft fice building for lease or ugh,NH! MLS #2816653 • 603-924-8373 x217
ChoziCk realty, inC.
Windham • $2,558/ mo. York • $198,500 114A Washington Ave. The most sought after retail,restaurant or office property with potential North Haven, CT 06473 for 3Commercial space to lease In Windham!! MLS bdrm residence on site. MLS 100 #1036786 Wells rick St.,hatton Hartford, CT#4108170 06103 • 603-434-2374 x32 Bill Dignan • 207-363-4558 x222 203-234-6371 860-247-7400 www.theprotogroup.com www.chozickrealty.com
n • $324,900 plan approval for an plex. MLS #4026240 k • 603-601-1109
hampton • $950/ mo. Office space with easy access to I-95 and Rte 101. MLS #4004545 tracy emerick • 603-601-1109
hampton • $7/ sq ft 10,000 SF Industrial/Warehouse w/loading dock & drive-in. Hampton. MLS #4095663 Patti visconte • 603-601-1119
Arnold Peck’s Commercial World 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
Levey Miller Maretz Commercial Realtors 1768 Litchfield Turnpike Woodbridge, CT 06525 203-389-5377 www.LMMRE.com
800-301-3077 www.blcompanies.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
860-447-9570 www.pequotcommercial.com
New York Metro 212-904-1994 www.northmarq.com Peterborough • $7/ sq ft Climate controlled warehouse space for lease, built in 2004. MLS #2797377 michelle lange • 603-924-8373 x217
January 11 - 17, 2019 11D
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ton • $589,000 00,000!! Prime retail Rt. 1. MLS #4049352 e • 603-601-1119
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Peterborough • $6/ sq ft 6,343+/- total combined warehouse and office SF available for occupancy. MLS #4052300 Michelle Lange • 603-924-8373 x217
800-800-5261 www.transystems.com
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ine of commercial Brokering ServiceS
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KW Commercial, NH Tel: 603-836-2740 www.kwcommercialNH.com
3275 Post Rd., Warwick, RI 02886 401-738-2000 MoveToWarwickRI.com
1170 Pontiac Ave., Cranston, RI 401-781-1700
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12D January 11 - 17, 2019
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2019 Spotlight Calendar January 2019 Forecast
February 2019 New England Industrial Development Resource Guide
March 2019 Spring Preview
April 2019 Commercial Real Estate Semi-Annual Guide
A supplement of the New England Real Estate Journal
2019 New England Industrial Development Resource Guide
Brendan Greene
Keith Wentzel
Saul Feldman
Feldman Law Office
Jeffrey Dugas
Spring Preview
Featuring an in depth directory of CCIM members along with an updated compilation of industrial parks, sites and buildings in New England.
Forecast Spotlight
Greater Boston Exchange Co.
2019 SPRING/SUMMER
Webster Collins
CBRE|New England
Earle Wason
Webster Collins
New England Commercial Real Estate Semi-Annual Guide
Michael Chase
CBRE|New England
NorthMarq Capital
Martin Reisner
A service and supplier resource for professionals conveniently listed at your fingertips.
Spencer Macalaster
Fantini & Gorga
Wellspeak, Dugas & Kane
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January 11 - 17, 2019 13D
Auctions
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
High Performance Auctions www.amgss.com 800.209.3900
• INDUSTRIAL PLANTS • MACHINERY • • CONSTRUCTION EQUIPMENT • • COMMERCIAL, INDUSTRIAL & RESIDENTIAL REAL ESTATE •
Dale W. Schaetzke, CAI, AARE, CES, GRI
TOLL FREE 1-877-POSNIK-1 (767-6451)
Auctioneer/Broker/Realtor®
visit our website at www.posnik.com • Email us at
[email protected]
373 BOYLSTON ST., NEWTON, MA 02459
617-731-4455
www.paineauctioneers.com MA Lic. #120 • NH Lic. #2779 • RI Lic. #0546
The man with the “Golden Gavel”® P.O. Box 2114 • New Castle, NH 03854
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:
[email protected]
((( % '& #"%#!
• Foreclosures • Private Owner Sales • Bankruptcies • Condominium Liens • Secured Party & Commissioner’s Sales • Commercial & Residential Sales
COMMERCIAL & RESIDENTIAL R EAL E STATE AUCTIONS
“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.
·RECOGNIZED LEADER ·REGIONAL EXPERTS
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
WE’RE SERIOUS ABOUT SERVICE!
There are Two Ways to Sell Real Property – On the Market for Months or Off the Market in Minutes. Take Action! Have an Auction. The Auction Advantage!
OVER 25 YEARS OF FOCUS & EXPERIENCE CHECK OUT OUR NEW MOBILE-READY WEBSITE!
(508) 679-7919
From: Run Date: 00/00/09
crop 2”
PROOF
A Reputation for Results – for over 30 years Size: 5x6 Section:
To: Harv Co:
Fax: Auctions 603-436-6711 Over 16,000 Successful Real Estate Since 1976 To:
❏ From: Karen
800.521.0111 www.JJManning.com Co. NE Real Estate Journ
Phone # 617-878-454 Fax # 617-871-1853
Bringing Buyers and Sellers Together
NE NY Tel: 781-878-4540 ESTATE JOURNAL Commercial & Residential REAL Real Estate Auctions auctionzip.com – ID #5964 New Proof Proof Approved Changes Southcoast Auctions & Realty, Inc. - George A. Collias
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MASSACHUSETTS ● NEW HAMPSHIRE ● RHODE ISLAND
617-350-7700 SULLIVAN-AUCTIONEERS.COM
❏ Proof Fine ❏ Make Changes 207-775-4300
www.tranzon.com
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
TRANZON AUCTION PROPERTIES SERVING CLIENTS IN NEW ENGLAND, NEW JERSEY & UPSTATE NEW YORK WITH OFFICES IN: PORTLAND, MAINE WAKEFIELD, MASSACHUSETTS WESTPORT, This SpaceCONNECTICUT Available KENMORE, NEW YORK SOMERSET, NEW JERSEY
If you would like to be included on this page contact:
Karen Dowell Phone: 781-878-4540 x254 Fax: 781-871-1853 email:
[email protected] www.nerej.com
AD#: NEREJ123018 14D January 11 - 17, 2019
PREPARED FOR: PESCO
PUBLICATION: NEREJ
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New England Real Estate Journal
Visit the paper online nerej.com
PREPARED BY: S. SAPERSTEIN AD SIZE: 1/4 pg SECTION: Auctions
Auctions
RUN DATE: 1
DEADLINE: Friday
Real Estate AUCTION 400+ Acres with 18-Hole Golf Course & 285 Approved Condos
AUCTIONEERS • APPRAISERS
PAUL144 E.Centre SAPERSTEIN CO., INC. Street, Holbrook, MA 02343 Tel: 617-227-6553 •www.pesco.com MA Lic 295, N.H 2508, R.I 9246, VT 057-0002204
Mortgagee’s Sale of Real Estate at Public Auction
BARNSTABLE Single Family Home/ 1.02 Acres 50 IndIan TraIl, BarnsTaBle (CummaquId), ma Tues, Jan 22, 2019 aT 11am
3 Banner Rd., E. Haddam, CT
“Black Birch Golf Club” & “Banner Country Club Estates”
Wed., January 30 at 12pm On-site Property Tour: Thursday, January 24 (11am-2pm)
In Conjunction with Marcus & Millichap Info, Terms, Broker Reg. & More at:
www.JJManning.com (800) 521-0111
CT Lic# REB.0790057 • Ref # 18-1798
ATTENTION
New England Real Estate Journal 1/4 page
1.02+/- acres of land improved by a 4,718+/-sf colonial style single family home believed to have 12 rooms, 5 bedrms & 4.5 baths w central a/c, gourmet kitchen, tennis court, pergola, patio, porch, & detached 2-car garage. Terms of Sale: A deposit of $10,000 by certified or bank check required at the time & place of sale & balance within 30 days. All other terms announced at sale. Neither Auctioneer nor Mortgagee nor Attorney make any representations as to the accuracy of the information contained herein. Peter T. Kline, Esq, Kline & Sanders, LLP, Newton, MA, Attorney for Mortgagee
Auction Companies
Reach the people who want to attend your presentation and buy your properties
The New England Real Estate Billboard Weekly *Readership 30,000 + per issue *Large display ads - 5” x 6” (Larger sizes available)
For the past FIFTY FIVE 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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Visit the paper online nerej.com
New England Real Estate Journal
January 11 - 17, 2019 15D
On the Road Again!! HERE’S A UNIQUE WAY EVERYONE CAN ADVERTISE
Make Your Bid Today... See your ad in the next New England Real Estate Journal.
It Costs Nothing To Bid. Special Auction Offer Take advantage of this fabulous advertising promotion and reach the 52 year old New England Real Estate Journal cultivated readership. Reach the following commercial real estate professionals with your affordable ad. Auctions Managers Construction Investors Architecture Suppliers Engineering Owners Brokerage and more… Financial Developers
5 WINNERS GUARANTEED
WEEKLY
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6 SPACE AD 7-5/8” wide x 7-3/8” deep Rate card price $480 Highest bidder buys ad. No minimum
4 SPACE AD 5” wide x 7-3/8” deep Rate card price $320 Highest bidder buys ad No minimum
2 SPACE AD 5” wide x 3-5/8” deep Rate card price $160 Highest bidder buys ad No minimum
I would like to bid $________________ for a 6 SPACE 4 SPACE 2 SPACE (circle one) to appear in next week’s New England Real Estate Journal Billboard the largest commercial/investment / development weekly newspaper in the country. Name_____________________________________________________________________________ Company___________________________________________________________________________ Phone number_______________________________ Email address______________________________
Mail, fax or email your bid to Karen Dowell x254 Postal: P. O. Box 55 Accord, MA 02018
Email:
[email protected]
Phone: 781-878-4540 x254 800-654-4993 (outside MA) Fax: 781-871-1853
16D January 11 - 17, 2019
New England Real Estate Journal
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Visit the paper online nerej.com
JOSEPH PROPERTIES 603-641-8608
[email protected]
Newly Available Classic Mill Building for Redevelopment or Lease 90,000 s/f - 18,000 s/f per floor located at newly zoned Transit Oriented Development Overlay District downtown Nashua, NH Thibeault Purchases Historical Mill Building in Downtown Nashua, NH for $1.810M
Brian Thibeault of Manchester, NH recently purchased the Henry Hanger Company of America building located in Nashua, NH for 1,810,000.00. This 90,000 square foot classic mill building sits on .85 acres, and was built in 1900, consisting of 5 floors. Each floor is about 18,000 square feet with original hardwood floors and ample natural light. This building also features on-site parking, is serviced by municipal water, sewer as well as natural gas and is located in the new Transit Oriented Development Overlay zoning district. The building is conveniently located 10 minutes from Exit 6 off the Everett Turnpike/Route 3, downtown Nashua, as well as within walking distance to the new proposed train station and commuter rail. Conceptual plans for an apartment conversion have been produced, and is something that Brian Thibeault is considering. Thibeault is planning to work with the city of Nashua to develop this property into its highest and best use for the neighborhood. The construction of the new train station/commuter rail within walking distance of this site will bring many new and exciting opportunities to the downtown Nashua area. No bank financing was involved in the transaction as Thibeault paid cash for the building. The Henry Hanger Company has owned the building located at 110 E Hollis Street since 1972. They are 3rd generation, family run operation that has been located in Nashua, New York as well as Los Angeles, and has been a “garment hanger icon” since 1929. The company was founded by Henry Spitz on the simple premise that the right hanger could not only make garments look better but could also improve sales in retail stores.
New England Real Estate Journal
nerej.com
OFFICE SPACE FOR LEASE
55
WARM UP TO WINTER SAVINGS
FERNCROFT ROAD DANVERS, MA
January 11-17, 2019 Inside Back Cover
2 Months free for up to 5,000 SF
4 Months free for up to 10,000 SF
6 Months free
for up to 10,000 SF plus ALL LEASES MUST BE SIGNED BY 3/1/2019
For more information, contact Colliers International:
Dan Driscoll I
[email protected] I 617 330 8023 www.55ferncroft.com
GAS STATIONS FOR SALE – MAY BE SOLD INDIVIDUALLY OR AS A PACKAGE Contact Christine at
[email protected] or at 617-947-5366 (No brand supply agreement on either station)
1005 Providence Highway Walpole / Sharon, MA
800 Boylston Street, Chestnut Hill, MA
25,371 SF OF LAND – Route 1, Prime location New underground storage tanks installed in 2016 and new LED canopy installed in 2017 Convenience store, parking, and two garage bays. Tenant vacating 03/31/19
9,910 SF of land - Route 9, Prime location Gas station, office bay, and 2 mechanic bays with brand new compressors and lifts
Email:
[email protected] or Call 617-947-5366 for more information
35 UNITED DRIVE WEST BRIDGEWATER, MA Back Cover
New England Real Estate Journal
January 11-17, 2019
nerej.com
FOR LEASE
462,820 SF HI-BAY WAREHOUSE
35 UNITED DRIVE39 LOADING WEST BRIDGEWATER, MA
DOCKS
9,520 SF39 WAREHOUSE @ 31’ CLEAR HEIGHT (16 loading docks) 40’x42’ 4” column spacing LOADING DOCKS
3,400 SF• WAREHOUSE @@ 38’31’CLEAR HEIGHT (12 loading docks) 40’x50’ column spacing 179,520 SF Warehouse Clear Height (16 loading docks) 40’x42’ 4” column spacing
9,900 SF WAREHOUSE @ 63’ 10” CLEAR HEIGHT (11 loading docks) 40’x50’ column spacing
,500 SF
llet
• 173,400 SF Warehouse @ 38’ Clear Height loading docks) spacing of(12 adjacent office40’x50’ spacecolumn available (will
• 109,900 SF Warehouse @ 63’ 10” Clear Height racking(11available loading docks) 40’x50’ column spacing
divide) N
RT. 24
RT. 24/106 INTERCHANGE
• 53,500 SF of adjacent office space available (will divide) • Pallet racking available
• Trailer parking available • WILL DIVIDE Commercial and Industrial Real Estate 457 Belmont Street Brockton, Massachusetts 02301 Tel. 508-588-1717 Fax: 508-586-9566 Email:
[email protected] www.donahueassociates.com
