Monthly Spotlight Calendar January 2017
February 2017
March 2017
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2017 Forecast
Industrial Development Real Estate Guide and Insurance
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New England Real Estate Journal
A supplement of the New England Real Estate Journal
New England Real Estate Journal
2016 SPRING/SUMMER
2016 New England Industrial Development Resource Guide nerej.com
Section B
Brendan Greene Greater Boston Exchange
Attorney
Counselor
Design-Build
Webster Collins CBRE
David O’Sullivan O’Sullivan Architects
Christopher Agostino Ruberto, Israel & Weiner
David Kirk Kirk & Co.
Chuck Reilly Dacon
Economic Development
Environmental
Finance
Golf
Hotel
Michael Gallerani Brockton 21st Century Corp.
Stepehn Graham AEI Consultants
Keith Wentzel Fantini & Gorga
Jeffrey Dugas Wellspeak Dugas & Kane
James O‘Connell O’Connell Hospitality Group
Industrial
Insurance
Landscape Architect
Maine
New Hampshire
Spencer Macalaster
Robert Rosenzweig
Risk Strategies Co.
Danna Day Copley Wolff Design Group
Matthew Cardente Cardente Real Estate
Maxine Kenny Colliers International
Property Management
Restaurant
Retail
Rhode Island
Vermont
Christopher Mellen Simon Companies
Dennis Serpone New England Restaurant Sites
Chris McMahon Summit Realty Partners
Michael Giuttari MG Commercial Real Estate
Doug Nedde Nedde Real Estate
Martin Reisner AIDC
Brendan Greene Greater Boston Exchange
Saul Feldman Feldman Law Office
Architect
The only comprehensive directory containing industrial parks, sites and buildings in New England. Featuring an in depth directory of area CCIM and Carpenter’s Union professional members along with an updated compilation of regional industrial parks (big and small). facebook.com/nerejournal
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Abatement Attorney
Saul Feldman Feldman Law Office
Appraisal
Architect
Attorney
Counselor
Design-Build
Webster Collins CBRE
David O’Sullivan O’Sullivan Architects
Christopher Agostino Ruberto, Israel & Weiner
David Kirk Kirk & Co.
Chuck Reilly Dacon
Economic Development
Environmental
Finance
Golf
Hotel
Michael Gallerani Brockton 21st Century Corp.
Stepehn Graham AEI Consultants
Keith Wentzel Fantini & Gorga
Jeffrey Dugas Wellspeak Dugas & Kane
James O‘Connell O’Connell Hospitality Group
Industrial
Insurance
Landscape Architect
Maine
New Hampshire
Spencer Macalaster
Martin Reisner AIDC
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January 29 - February 4, 2016
Spotlight 2016 Forecast
1031 Exchange
Abatement Attorney
Appraisal
nerej.com
Section B
January 29 - February 4, 2016
Spotlight 2016 Forecast
1031 Exchange
New England Commercial Real Estate Semi-Annual Guide
Robert Rosenzweig
Risk Strategies Co.
Danna Day Copley Wolff Design Group
Matthew Cardente Cardente Real Estate
Maxine Kenny Colliers International
Property Management
Restaurant
Retail
Rhode Island
Vermont
Christopher Mellen Simon Companies
Dennis Serpone New England Restaurant Sites
Chris McMahon Summit Realty Partners
Michael Giuttari MG Commercial Real Estate
Doug Nedde Nedde Real Estate
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May 2017
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July 2017
August 2017
Industry Leaders
NELTA Conference
Mid-Year Review
Industrial Sites
New England Real Estate Journal
New England Real Estate Journal
New England Real Estate Journal
New England Real Estate Journal
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Section C
May 27 - June 2, 2016
1031 Exchange
Appraisal
Architect
Webster Collins, CBRE/New England
David O’Sullivan, O’Sullivan Architects
Commercial Lending
Condo Attorney
Sidney Spiegel, PHH Home Loans
Saul Feldman, Feldman Law
Golf
Hotel
Jeff Dugas Wellspeak Dugas & Kane
James O’Connell Andrew Gnazzo, Walker & Dunlop O’Connell Hospitality Group
New Hampshire
Restaurant
Hugo Overdeput, Colliers International
Dennis Serpone New England Restaurant Brokers
Tax
Vermont
Paul Dion, Paul Dion, CPA
Ross Montgomery, The Kingsland Co.
nerej.com
Section D
Spotlight Industry Leaders
June 17 - 23, 2016
Spotlight / New England Land Title Association
Attorney
nerej.com
Section B 1031 Exchange
Brendan Greene Greater Boston Exchange Co.
Project of the Month - Pages 12-13
Architect
Lynne Bagby, Asset Preservation
Auctions
Janet Steckel Lundberg Krokidas & Bluestein
EDC-Brockton
July 29 - August 4, 2016
Spotlight Mid-Year Review
Finance
Andrew Gnazzo, Walker & Dunlop
Management
Christopher Mellen, The Simon Cos.
nerej.com
August 28 - September 3, 2015
Webster Collins CBRE
Attorney
Integrated Builders makes headway on office renovation for Two Wells Ave., LLC
New England Land Title Association David O’Sullivan O’Sullivan Architects, Inc.
Marianne Sullivan Sullivan & Sullivan Auctioneers
Section C
Appraiser
rendering courtesy of Spagnolo Gisness & Associates
Sam Nagler Krokidas & Bluestein
Condo. Attorney
Counselor
Economic Development
Finance
Golf
Saul Feldman Feldman Law Office
Brett Pelletier Kirk & Company
Michael Gallerani Brockton 21st Century Corp.
Michael Chase NorthMarq Capital
Jeffrey Dugas Wellspeak, Dugas & Kane
Hotel
Insurance
Maine - Investment
Maine - Office
Management
James O’Connell O’Connell Hospitality Group
John Torvi Herbert H. Landy Insurance
Michael Cobb Cardente Real Estate
Matthew Barney Malone Commercial Brokers
Chris Mellen The Simon Cos.
New Hampshire
Residential
Restaurant
Rhode Island
Vermont
Laura Nesmith Colliers International | N.H.
Mark Lippolt Hammond Residential Real Estate
Dennis Serpone New England Restaurant Brokers
Peter Scotti Peter M. Scotti & Assoc.
Doug Nedde Nedde Real Estate
Michael Gallerani, Brockton 21st Century
Insurance
Spencer Macalaster, Risk Strategies Co.
Rhode Island
47th Annual Convention at the Sea Crest Beach Hotel, North Falmouth, Mass.
Michael Giuttari MG Commercial Real Estate
Thursday June 16 - Sunday June 19, 2016
Industrial Sites Spotlight
September 2017
October 2017
November 2017
December 2017
Route 128 & I-495 1031 Exchange
Fall Preview
Commercial Real Estate Guide
Annual Review
New England Real Estate Journal
New England Real Estate Journal
Section C
nerej.com
September 25-October 1, 2015 1031 Exchange
Brendan Greene Greater Boston Exchange
January 29 - February 4, 2016
Spotlight 2016 Forecast
Abatement Attorney
Saul Feldman Feldman Law Office
Appraisal
Architect
Attorney
Counselor
Design-Build
Webster Collins CBRE
David O’Sullivan O’Sullivan Architects
Christopher Agostino Ruberto, Israel & Weiner
David Kirk Kirk & Co.
Chuck Reilly Dacon
Economic Development
Environmental
Finance
Golf
Hotel
Michael Gallerani Brockton 21st Century Corp.
Stepehn Graham AEI Consultants
Keith Wentzel Fantini & Gorga
Jeffrey Dugas Wellspeak Dugas & Kane
James O‘Connell O’Connell Hospitality Group
Industrial
Insurance
Landscape Architect
Maine
New Hampshire
Martin Reisner AIDC
Routes 128 & 495 Spotlight
nerej.com
Section B
2017 WINTER
Spencer Macalaster
Robert Rosenzweig
New England Commercial Real Estate Semi-Annual Guide
Risk Strategies Co.
Danna Day Copley Wolff Design Group
Matthew Cardente Cardente Real Estate
Maxine Kenny Colliers International
Property Management
Restaurant
Retail
Rhode Island
Vermont
Christopher Mellen Simon Companies
Dennis Serpone New England Restaurant Sites
Chris McMahon Summit Realty Partners
Michael Giuttari MG Commercial Real Estate
Doug Nedde Nedde Real Estate
A service and supplier resource for professionals conveniently listed at your fingertips.
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Annual Review December 30, 2016 January 5, 2017 SECTION B
USA $3.95 August 11-17, 2017
PROCON designs and builds 65,000 s/f Rand-Whitney expansion RI COVER C
Cunnane and O’Donnell of Fantini & Gorga arrange $14.175 million FD COVER B NE COVER A
Pergola and Doherty of CBRE broker $30.1 million sale of Old City Hall nerej.com
Sign up for Daily RE Cap! Visit nerej.com/newsletter Volume 56 • Issue 32
This Week’s Sections Front Section Financial Digest Rhode Island Billboard
Feature CoreNet Global Awards NE PAGES 6-7A
Columnist
Stanley Hurwitz
Coming Next Week! Industrial Spotlight August 25
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Inside Front Cover
New England Real Estate Journal
August 11-17, 2017
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3 00 LEGACY BOULEVARD 12.8 Acres Total, 3.0 Acres Upland Approx. • Dedham, MA 95
1
y Legac
Blvd.
co
Cost
Rader Properties is pleased to present 300 Legacy Boulevard Dedham, Mass. A premier development site conveniently located less than 1 mile from Route 95 & 1 interchange, within walking distance to Legacy Place, offering the best shopping, dining and entertainment experience in the region.
The center features a unique blend of retailers, including Whole Foods Market, L.L.Bean, Kings, and Showcase Cinema de Lux. It also hosts an exceptional lineup of restaurants, including Legal C Bar, Aquitaine, Yard House, and Shake Shack along with exciting specialty retailers such as Anthropologie, Neiman Marcus Last Call Studio, Ann Taylor, Uniqlo and dozens more.
80 Washington Street, Building J-40, Norwell, MA 02061 • www.RaderProperties.net • 781-681-9000
August 11 - 17, 2017 Volume 56 • Issue 32
Quick Read CoreNet Global N.E. Chapter names winners of Awards of Excellence REP. SELLER, ARCHITECTURAL HERITAGE FOUNDATION; PROCURED BUYER, SYNERGY INVEST.
Pergola and Doherty of CBRE broker $30.1m sale of Old City Hall CBRE/New England’s Capital Markets team completed the leasehold interest sale of the city’s Old
situated along the city’s Freedom Trail. The property has more than 500,000 annual visitors and the location itself has a notable history. CBRE/NE’s Capital Markets experts Dave Pergola and Brian Doherty represented the seller, Architectural Heritage Foundation, and procured the buyer, Synergy Investments. “Synergy Investments is pleased and proud to add one of the finest and most historically significant assets in the City of Boston to our portfolio,” said Dave Greaney, president of Synergy Investments. “We appreciate the importance of the property to the residents of the city of Boston and look forward to enhancing both our tenants’ and the public’s experience.”
BOSTON, MA
SEE PAGES 6-7A
CBRE provides $18 million loan for 121-unit Front Street Lofts
Dave Pergola
Brian Doherty
City Hall, an 83,700 s/f mixed-used building located in downtown at 45 School St., for $30.1 million. Designed by Gridley J. F. Bryant and Arthur Gilman and constructed between 1862-1865, the city’s Old City Hall had been vacated by the city in the mid-1960s and was then spared demolition and completely renovated in 1970 by the seller. It remains an architectural masterpiece
SEE LOWER COVER OF FD/SEC. B
VHB, Pare Corp. and PRIME AE Grp. earn ACEC-RI Engineering Award
SEE LOWER COVER OF R.I./SEC. C
4 Sections 80 Pages Editorial Page........................... 4A S. Hurwitz.................................. 4A Referral Network..................13A Thru the Lens.........................17A Financial Digest............... SEC. B Appraisal & Consult......... 7-14B Rhode Island.....................SEC. C Billboard............................ SEC. D nerej.com
ReVision Energy named top solar company CONCORD, NH Although New Hamp-
shire lags behind other New England states in solar policy and overall adoption, it is home to the region’s top solar company, according to the latest rankings from Solar Power World magazine. ReVision Energy, a full-service energy transformation company with a long history in New Hampshire and Maine, was recently ranked the #1 rooftop solar contractor in New England and #14 nationwide by the industry’s leading publication. “We are incredibly proud of our team of world-class solar designers, engineers, electricians, and installers,” said Phil Coupe, one of the company’s co-founders. “Every single day we are focused on accelerating the transition to clean, renewable solar electricity and helping Granite Staters achieve long-term economic and environmental sustainability.” Although ReVision Energy earned top marks, it is certainly not alone.According to the Solar Energy Industries Association (SEIA), New Hampshire is home to some 85 solar companies that employ 1,184 people, spurring $155 million in solar investment in the state. For full story visit nerej.com
Old City Hall, 45 School Street - Boston, MA
RENOVATED EIGHT-BUILDING, 475,000 S/F OFFICE PARK
The Davis Cos. signs iRobot to 208,686 s/f lease at The Xchange Following The Davis Companies’ (TDC) transformation of The Xchange, the commercial real estate firm has executed a 208,686 s/f long-term lease renewal with iRobot, the leading global consumer robot company. The Xchange is an eight-building, 475,000 s/f office park thatTDC renovated into a cutting-edge technology campus. The Xchange offers tenants a flexible, class A work environment with modern onsite and area amenities in the booming Northwest submarket. Located two miles from Burlington’s retail development on 3rd Ave. and one exit north of Rte. 128, The Xchange is an ideal location for growing companies looking for access to amenities, talent and transportation within a technology hub. By adding a glass line, new building entrances, more green space, additional parking, and a centralized indoor/ outdoor amenity hub, the property is positioned to assist companies in recruiting and maintaining talent. Key features include: BEDFORD, MA
The Xchange - Bedford, MA • 4,700 s/f fitness center and yoga studio with showers and locker rooms; •7,300 s/f full-service WiFi enabled café; • 3,500 s/f outdoor patio with fire pit; • 5,200 s/f of green space; and • 225 new parking spaces. TDC is also installing 450 linear feet of new, floor-to-ceiling glass to its buildings, raising window heights from 7 feet to 11 feet. This installation
is scheduled for completion in 2018. “As a premiere company headquartered in our technology ecosystem, we are thrilled to have iRobot as a tenant in our portfolio,” said Cappy Daume, managing director of asset management at TDC. “It’s been a privilege to work with the iRobot team, and as an anchor tenant we are grateful for their long-term commitment to The Xchange.”
New England Real Estate Journal
Inside Cover A August 11 - 17, 2017
nerej.com
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. Read our blog at www.combinedproperties.wordpress.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. | 25 Riverview Business Park | 300 Commercial St. | Malden, MA 02148 | 781.321.7800 | www.combinedproperties.com
New England Real Estate Journal
nerej.com
August 11 - 17, 2017 1A
COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
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Walgreens Deep River, CT $5,527,273
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Citizens Bank Hyannis, MA $3,684,211
CVS Hyannis, MA $15,223,537
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Walgreens Westford, MA $7,076,923
Transactions
760
in 28 States
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Citizens Bank Wolfeboro, NH $3,263,158
W NE
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Fas Fuel Cedar Rapis, IA $1,705,490
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Hooters Waldorf, MD $2,583,333
Wendy’s St Joseph, MI $1,795,240
Closed
Ranked
in Recent Transactions
Industry Leading Team
$3,100,000,000
#1
www.Hor vathTremblay.com 600 Market Street – Suite 686 | Lynnfield, MA 01940 | Main: 781-776-4000 | Fax: 781-823-0245 |
[email protected]
New England Real Estate Journal
2A August 11 - 17, 2017
nerej.com
KinlinGroverCommercial.com
Bourne
$3,595,000
Plymouth
$1,550,000
Harwich Port
Harwich
$1,299,000
Falmouth
$1,295,000
20,000 sf office building on 4 acres, expandable by 10,000 sf, or lease at $15.50/sq ft NNN. 508.776.2635 Ben Edgar
Development opportunity: 22 units to renovate/ replace, w/condo plans for add’l units. 508.240.0334 Nat Santoro
13,200 sq ft Showroom/Warehouse building on 1.1 acres just off Exit 5 of Rt 3. Ben Edgar 508.776.2635
New Price.Mixed use 5 Res units & 6 Office units in the heart of Falmouth. Jim Fox 617.529.8616
$1,450,000
Wareham
$1,395,000
Barnstable Village
$895,000
Falmouth
$850,000
$459,000
Mixed Use: Two 2 br apts, 1 studio, retail/display space, wkshop, 3 garages, plans for 2 add’l apts. Bill Lean 508.240.0334
2 residential acre+ lots on town sewer. Build 2 homes, estate style home or age restricted 40B. John Callahan 508.737.1322
6,800 sq ft restaurant building, almost turnkey, 206 seats, 1.1 acres at stoplight. or for lease. 508.776.2635 Ben Edgar
7 lot Approved subdivision Fal Heights, 2 lots waterfront Little Pond. 617.529.8616 Jim Fox
Plymouth
$699,000
North Eastham
$699,000
Yarmouth Port
$587,000
Brewster
Harwich
$449,000
Orleans
$399,000
South Dennis
$229,000
South Yarmouth
Manomet, 7.1 acres in retail district. Signage in visible location along Rte 3A. 508.776.2635 Ben Edgar
Medical office, 5 exam rooms, ADA compliant, CH-1 Zoning. Call for details. Nat Santoro 508.240.0334
Sports Bar Route 6: Seats 142, full liquor, town water. Creative financing possible. Nat Santoro 508.240.0334
Visibility @Orleans rotary, GB zone fixer/tear down 2520 sq ft/mixed use possible. Nat Santoro 508.240.0334
2500 sq ft Auto Business. Equipment included, spray booth, frame machine, 2 post lift, mig welder. Sandy Clarke 413.531.4458
Office Condo 2490 sqft: 6 offices, conf rm, more Central location/possible lease/purchase. Nat Santoro 508.240.0334
Gallery bldg on 6A: 2,786 sq ft 1st fl plus larger w/walkout bsmnt. Business available. Nat Santoro 508.240.0334
$2,100/mo
For Lease Only: Retail/Office: 3173 sf at busy strip center. High visibility/flexibility. Nat Santoro 508.240.0334
A Consultative Approach to Commercial Real Estate and Businesses
New England Real Estate Journal
nerej.com
August 11 - 17, 2017 3A
A D VERTI S EMEN T
Four Ways Increasing Energy Efficiency Helps Multifamily Properties Mitigate the Burden of Unexpected Costs
One of the biggest challenges property managers face is preparing for the unexpected. Uncertainty can take on many forms, such as local tenant law changes, utility outages, and inclement weather. While events such as these are often beyond the control of property managers, there are areas of risk where preparedness can mitigate an unforeseen event, and the financial burden that comes with it. One area in which multifamily properties can exercise control is their energy usage.
Energy efficiency initiatives such as the installation of high-efficiency HVAC systems and appliances in multifamily units are an excellent way to regain control over unexpected costs. Here are some ways that implementing energy-efficient systems in your multifamily properties can help you get control over cost surprises. Mitigate high energy bills Energy expenditures in multifamily units are 38% higher than in single-family houses when tenants aren’t responsible for paying their own utilities. Upgrading to high-efficiency HVAC systems and appliances will help mitigate that increase in energy usage and smooth out energy bills. Reduce unanticipated unit maintenance On average, each multifamily unit adds $1,095 in maintenance costs to the balance sheet each year. Energy-efficient systems and appliances run with less effort and thus fail less. The result is less repair for you and lower maintenance costs overall.
Reduce safety incidents Faulty HVAC equipment can leave tenants in the cold or cause water pipe rupture, resulting in emergency action. Upgrading to new energy-efficient systems increases security and comfort, and reduces your responses to these types of events. Keep tenants longer Dealing with tenant turnover costs both time and money, and unplanned unit vacancies cost even more. A recent study shows that 33% of tenants move due to wanting better housing and lower costs. Highefficiency HVAC and appliances reduce their utility bills, and increase the likelihood they’ll renew their lease.
Visit ngrid.com/multifamily to learn more about how to take control over the unexpected. This energy efficiency program is available to property owners or managers of multifamily dwellings in MA and RI that have active National Grid commercial or residential accounts. Unit-specific requirement terms and conditions apply. Measures are analyzed for eligibility on a project-by-project basis. Offer is subject to change or cancellation without notice. Some restrictions may apply. Savings and energy efficiency experiences may vary ©2017 National Grid.
NG_MF_1838 // Couple Window // MA/RI // NE Real Estate Journal // Full Page Advertorial // Trim: 10.25” x 13.25” // 4C // PDF/X3
New England Real Estate Journal
4A August 11 - 17, 2017
nerej.com
Stanley Hurwitz
Public Relations REAL ESTATE INVESTMENTS DESIRED Seeking to acquire multifamily and commercial properties in Eastern Massachusetts and Southern New Hampshire We are looking for: • Multifamily, Retail, Office, Medical and Flex Buildings • Investment Size of $2M - $15M • JV Recapitalizations / LLC Interests • OREO Principal-to-Principal | Brokers Protected Inquire or send info confidentially to: Brett Levy
RIVERSIDE PROPERTIES, INC.
27 Mica Lane #201, Wellesley, MA, 02481 (781) 237-8880 x19
[email protected] | www.riversideprop.com
BANKRUPTCY
AUCTION Proof NE NY Tel: 781-878-4540 REal EstatE JouRNal
Changes Section: from: run Date:
SEPT. 19
New Proof
Proof Approved
Email: Client:
4 NEW TOWNHOMES 151 MILBANK AVENUE
GREENWICH, CT
In The Heart of Downtown Walk to Shopping, Dining & Train • 4,000+ Sq. Ft. Units • 3 Bedrooms Plus Bonus Room, 3 Full & 2 Half Bathrooms • Luxurious Finishes & Chef’s Kitchens • Spacious Open Floor Plans & Finished Basements • 2 - 3 Car Attached Garages
ORIGINALLY PRICED TO $3,250,000
OPENING BIDS: $1,999,000 Buy One or All! Sold with Clear Title, Free of All Liens
Open House: Aug. 13 & 20 From 11AM-1PM For Auction Information & Additional Open House Dates:
MadisonHawk.com/Auctions/Greenwich
800.547.1045
BUYER’S PREMIUM 5%
UNITED STATES BANKRUPTCY CASE NUMBER 15-51485(JAM)
Today’s news can provide publicity opportunities Public relations is about getting noticed. And getting attention in the increasingly crowded world of traditional print, online and broadcast media, social media, blogs, etc., is increasingly difficult.That means you need novel ways to make your product or service stand out from the crowd. “Yes,” you say, “but I’ve already tried every angle.” You sent out news releases and emails, and posted on Facebook and Twitter announcing that you have a new product or staff member, opened a new office, sold a building, won an award, launched a new website. But sometimes the best solution is right in front of your nose. Every day there’s something in the news that you can piggyback on or coat-tail with. Finding a clever way to connect something about your business with today’s headlines is a great way to grab attention. Coat-tailing can leverage today’s news or even an old story, give it a new twist, using it to create and enrich your brand’s story. It can make your company seem more relevant or more important and at the leading edge in its industry. News coat-tailing improves your chances of catching the attention of a news editor or program director. Remember: The media are not interested in you or your product. They care whether your story will interest their readers or viewers. Since a business owner is busy running the company, the job of knowing what’s in the news and developing piggybacking ideas should be turned over to a creative and experienced PR pro, whether in-house or a consultant. Here are a few examples of how one public relations pro (me!) made current events relatable to his clients: During National Safety Awareness Month, I developed a news story for an orthodontic practice that called attention to the large number of childhood sports injuries each year (3.5 million) and the orthodontist’s advice “to protect your body, mouth and face–no matter your age and whether you wear braces or not.” When a commercial real estate client leased space to a new anchor
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Shopping Centers Spotlight
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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 Periodicals postage paid at Norwell, MA and additional mailing offices. $4.00 Single Copy, $5.00 Special Issue. Subscriptions are non-refundable Publication #ISSN 0028-4890 | USPS #378-860 | Vol. 56, No. 32 Mailing Address: P.O. Box 55, Accord, MA 02018 Express & Overnight Mail: 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993 | Fax: 781-871-1853 www.nerej.com POSTMASTER: Send address changes to New England Real Estate Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Drive, Unit 207, Norwell, MA 02061 REPORT AN ERROR IMMEDIATELY New England Real Estate Journal will not be responsible for more than one incorrect insertion. Disclaimer: The views expressed by contributing writers are not necessarily representative of the New England Real Estate Journal.
CONTINUED ON PAGE 8
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
REal EstatE JouRNals Proof NE/NY Tel: 781-878-4540 Fax: 781-871-1853
LOCATION! LOCATION! LOCATION! August 11 - 17, 2017 Exit 13, Bedford, NH
New England Real Estate Journal
nerej.com
FOR SALE 14.84 Acres Norton Asset Management Performance Zone Michael Harrington Exit 13 off Everett Turnpike 603-785-8601 46,000 cars/day Deane Navaroli Highway Visibility 603-315-0808 No Toll Access Office: 603-625-9628 Norton Asset Management
LOCATION!• LOCATION! LOCATION! Exit 13, Bedford, NH
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Michael Harrington 603-785-8601
www.harringtonandreeves.com
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• 14.84 Acres • Performance Zone • Exit 13 off Everett Turnpike • 46,000 cars/day • Highway Visibility • No Toll Access
East Point Dr
FOR SALE
• • • • •
Exit 13
Office 603-625-9628 www.harringtonandreeves.com NEREJ 072417
MANCHESTER’S NEW TECH-STYLE SPACE Street, Manchester, NH
EW TECH-STYLE SPACE l Street, Manchester, 540 N. NH Commercial
SF guous
5-8601 7554 83
FOR LEASE • Total Available: 43,103 SF • Up to 39,553 SF Contiguous • On-site Parking • On-site Management • $10/SF Modified Gross
• River Views • High Ceilings • Flexible Design • Large Windows
Michael Harrington, 603-785-8601 Chris Melanson, 603-651-7554 Bill Norton, 603-496-3783
Norton Asset Management
603-625-9628
5A
New England Real Estate Journal
6A August 11 - 17, 2017
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HONORS BEST IN COMMERCIAL REAL ESTATE PEOPLE AND PROJECTS
CoreNet Global New England Chapter names winners of 2017 Awards of Excellence BOSTON, MA CoreNet Global’s New
England Chapter has named the winners of its 2017 Awards of Excellence. This annual awards program honors the best in commercial real estate people and projects across New England. The Awards of Excellence Gala honoring the winners will be held on Thursday, November 16, at The InterContinental Hotel. To purchase a table at the event or find other sponsorship opportunities, visit www.corenetglobalne.com. Best Workplace Award Winners Large Renovation >50,000 s/f Wolverine Worldwide Four sub-brands of parent footwear company Wolverine Worldwide had been working in siloed, limited spaces that did not help position their businesses effectively in the highly competitive footwear market. The firm decided to move into a new space in Waltham to identify the four brands as part of one company while maintaining their distinct character. The image of a shoelace–which connects all four brands–was used to enclose the common circulation area and staircase linking all showrooms and lounge spaces. Through the use of high-density storage, mobile carts, and low-paneled work stations, visibility and access to materials was maximized, allowing teams to better share resources and collaborate. Small Renovation <50,000 s/f Intarcia Therapeutics, Inc. Biopharmaceutical start-up Intarcia has been growing swiftly in the last few years as the company works to develop its ground-breaking Medici drug delivery system and medicines for major chroni diseases like diabetes, obesity, auto immune conditions and HIV pre-
Erica Chapman vention. In relocating its California headquarters to Boston, Intarcia wanted its new space to make a bold statement about the company’s work, its culture and its future. The new, flexible workspace equipped with state-of-the-art technology and moveable walls allows the firm to host company-wide gatherings as well as close off conference space for private meetings. A customer experience suite provides a space to display and demonstrate their product for staff, investors and advisors as well as film training and marketing videos. Finally, Intarcia commissioned custom artwork, centered on their symbol of a key
Tracy Neff
Joe Albanese
Small Renovation <50,000 s/f - Intarcia Therapeutics, Inc. off-site. Through this consolidation, Partners created a more cohesive internal culture while also realizing operational efficiencies that strengthened its financial position within the context of an increasingly cost-sensitive healthcare industry. Leadership Award Winners
Large Renovation >50,000 s/f - Wolverine Worldwide to represent the important work they do to unlock life’s possibilities for patients, infuse the workplace and create an art gallery atmosphere that inspires employees and attracts new talent.
New Construction - Partners HealthCare
New Construction Partners HealthCare With several of their leases expiring around the same time, Partners HealthCare took the opportunity to bring teams from 14 different locations together under one roof at a new, owner-occupied campus in Somerville. This unified campus serves as the center of support for the broader Partners HealthCare system, with hubs of social and collaborative spaces including a centralized cafeteria, coffee bar, open-plan workspace, and Conference and Training Center, which has eliminated the need to host events
Corporate Real Estate, Global Erica Chapman, vice president of the global real estate + workplace productivity, Akamai Technologies In her role at Akamai, Chapman works to drive a comprehensive, holistic, and differentiated strategy that enables the firm to deliver on the promise of a hyper-connected world where entertainment, business, and life are empowered to reach unimagined potential. Her leadership extends to every aspect of real estate, workplace, administrative services, and security globally. Her experience includes leading the strategic direction of corporate real estate activities across markets, developing and maintaining partnerships with senior leadership and establishing corporate real estate guidelines and principles for global organizations. In addition to her long career in commercial real estate, Chapman is a licensed attorney. She serves on the board of directors of CoreNet Global’s New England Chapter and on the editorial board of the Corporate Real Estate Journal.
Corporate Real Estate, Americas Tracy Neff, director of real estate project delivery, PwC Known for her innovative and strategic project delivery for PwC’s US Corporate Portfolio (90 plus offices, 4 plus million square feet), Neff is a respected leader in the design and construction community focused on developing a high quality national outsourced team and a comprehensive project delivery process. Since joining PwC, Neff and her team have transformed nearly 50% of the US offices. All their projects have been on time and under budget, but more importantly have created a positive experience for all the staff during the design and construction process and delivered new office space that incorporates the key elements of PwC Workplace Design which supports collaboration, mobility and choice of space. Neff’s leadership in corporate real estate stems from over 25 years in design and construction, with the last 10 focused on Corporate Real Estate. Prior to joining PwC, Neff led the Capital Planning Team at Bank of America, and honed her project management skills at several local design and construction companies in Boston. Service Provider, Americas Joe Albanese, Founder and CEO, Commodore Builders As a business leader, Albanese has the global perspective of a 28year military officer and the local ties of a Newton, MA resident who remains firmly rooted in the community he grew up in. Albanese founded Commodore Builders in 2002 but, five years later, mobilized to the Middle East to serve as the Commander of the 22nd Naval Construction Regiment. He retired from the Navy in 2009, earning numerous military awards such as the Legion of Merit and Meritorious Service Medal. During his absence from Commodore, the enterprise continued to thrive, growing by over 40 percent and earning a spot on the Inc. 500’s list of fastest growing private businesses. Since 2009, Commodore has continued to grow to employ over 150 people, with revenues approaching $260 million. Active in the community as well, Albanese is on several boards, including serving as chairman for the New England Center for Homeless Veterans and board member for the UMass Lowell Department of Civil Engineering, The Village Bank, the USS Constitution Museum and Boston Architectural College. CoreNet Global is the premier association for corporate real estate (CRE) professionals, and one of the only ones capable of convening the entire industry.
New England Real Estate Journal
nerej.com
A CCE SS
presents
E XCEL • PR OSPE R SHA R E
2017
August 11 - 17, 2017 7A
AWARDS OF EXCELLENCE
Celebrate the Best of New England’s Real Estate at CoreNet Global’s Annual Awards of Excellence Gala SAVE THE DATE
InterContinental Boston, 510 Atlantic Avenue, Boston, MA
November 16, 2017
5:30PM Registration/Reception | 6:30PM Dinner/Program
2017 Workplace Award Winners
©Anton Grassl/ESTO
©Greg Premru
©Robert Benson Photography
BEST NEW WORKPLACE LARGE RENOVATIONS
BEST NEW WORKPLACE SMALL RENOVATIONS
BEST NEW CONSTRUCTION PROJECT
Wolverine Worldwide
Intarcia Therapeutics, Inc.
Partners HealthCare
2017 Leadership Award Winners
END USER LEADERSHIP REAL ESTATE EXECUTIVE – GLOBAL
END USER LEADERSHIP REAL ESTATE EXECUTIVE – AMERICAS
SERVICE PROVIDER LEADERSHIP REAL ESTATE EXECUTIVE – AMERICAS
Erica J. Chapman Vice President, Global Real Estate + Workplace Productivity Akamai Technologies
Tracy Lea Neff Director of Real Estate Project Delivery PwC
Joseph J. Albanese President, Chief Executive Officer and Founder Commodore Builders
Sponsorship opportunities will be available. For more information, please contact Carol Adey at
[email protected].
New England Real Estate Journal
8A August 11 - 17, 2017
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AT 100 CUMMINGS CENTER; HANDLED BY CARROLL
Cummings Properties signs Summa America to 15,600 s/f 50+ Megapixel! Visit www.lesvants.com Over 300,000 stock library views Custom photography our speciality
Serving New England for over 47 years!
Boston, MA / Loudon, NH www.lesvants.com 978-851-3431
Architectural / Commercial / Real Estate / Industrial / Legal / Vertical / Oblique Member Professional Aerial Photographers Association, Intl. / 2006 & 1995 Best of Show Winner
BEVERLY, MA Summa America, a sub-
sidiary of Belgium-based Summa nv, has chosen Beverly for its American headquarters.The vinyl cutting and imaging equipment manufacturer plans to open a customer experience center this month at a 15,600 Mary Carroll s/f space at Cummings Properties’ 100 Cummings Center building. “This location will serve as Summa America’s central distribution center, technical training facility, and service hub for our dealers,” said Barry Budwit, vice president and general manager of SummaAmerica. “We are delighted to be closely located to meet the needs of our channel partners who
100 Cummings Center - Beverly, MA are serving the American markets.” “We were pleased to be able to bring this growing firm to Cummings Center by providing a creative space solution on an aggressive timeline,”
said Cummings Properties leasing manager Mary Carroll, who worked directly with Summa America on the lease. “Our in-house design and construction teams were tasked with building out a facility that could accommodate the delivery and display of Summa’s unusually large products.” Cummings Properties modified existing loading docks and interior columns, and created a new loading bay to allow for the movement of large-scale products within Summa’s new site. The facility includes warehouse, office, and demonstration space. The Belgian firm will join several other international clients that have locations at Cummings Center, including Analytik Jena US, Applied Photophysics, Quarto Publishing Group, Hettich Instruments, and Yankee Leisure Group.
Today’s news can provide publicity opportunities CONTINUED FROM PAGE 4
tenant at a retail plaza, my story angle focused, not only on the new store, but also on the landlord’s long history in the community, how they maintained 100% occupancy, and demonstrated plans to stay by investing $1 million in plaza upgrades. Last year, when it was big news that travel was opening up to Cuba, I created a story for a travel agent client – after she participated in a very early visit by an American travel agent group, and that her experience and contacts would help her plan educational/cultural trips for travelers. After there was a court ruling that truckers may be required to undergo sleep tests, I created a news story for a client about their expertise working with people diagnosed with sleep apnea. Starting today, pay closer attention to the news – whatever your source for ‘real’ news – and think how you could piggyback or coat-tail on that to call attention to what you do. Better yet, ask a proven public relations pro to help you create buzz to build your brand!
Stanley Hurwitz is principal of Creative Communications, Stoughton, Mass.
NE NY Tel: 781-878-4540
New England Real Estate Journal
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August 11 - 17, 2017 9A
2017 SUMMIT
Construction Trends in Commercial Real Estate
September 28,2017
Corporate Sponsors
Boston Marriott Newton
Register today! Early Bird Rate $79 ends September 22 Regular Rate $119 after September 22 Sponsorship and Speaking Opportunities Available. Contact Rick Kaplan 800-654-4993, ext. 247
[email protected] Register at www.constructiontrends.eventbrite.com
Agenda 8:00am-9:00am
Networking Breakfast Buffet
9:00am-10:00am
Workforce Update, Insurance Costs, Current Challenges in Commercial Construction, Zoning and Permit Changes
10:00am-11:00am
Modular Off site Construction, New Technologies improving Cost and Timeliness, Material Costs
11:00-12:00noon
Networking with speakers and attendees
New England Real Estate Journal
10A August 11 - 17, 2017
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INCLUDING $5.17M SALE OF A 15,466 S/F STORE IN WILMINGTON
Horvath & Tremblay broker sale of two Walgreens locations for $14.07m Horvath & Tremblay has completed the sale of two Walgreens properties located in WILMINGTON, MA
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
Bob Horvath
Todd Tremblay
Wilmington, and Cherry Hill, N.J. for $14.07 million. Bob Horvath and Todd Tremblay exclusively represented the seller and procured the buyer in the sale of Walgreens in Wilmington, for $5.17 million. Walgreens formerly occupied the 15,466 s/f property located at 277 Main St. The absolute triple net lease commenced in 2006 and has over ten
Walgreen, 277 Main Street - Wilmington, MA years remaining on the original term. The property is located at a lighted intersection along the primary retail corridor, Main St. (Rte. 38), which provides quick access to I-93 and
Milford, MA
westborough, MA
Marlborough, MA
In-line : 1,440 SF Pad sites : 3,000 - 20,000 SF Anchor Space : Up to135,000 SF
Westmeadow Plaza 1,400 & 1,800 SF Spaces
Wayside Crossing 9,100 SF Proposed
I-95. Additional national retailers in the area include: Market Basket, TJ Maxx, Panera Bread, Dunkin’Donuts, Rite Aid, McDonald’s, TLE, Sonic, CVS Health, Cumberland Farms, Chili’s, Advance Auto Parts, People’s United Bank, Starbucks, Savers, Dollar Tree, Speedway, Santander Bank, Supercuts, Bank of America, Firestone, Jiffy Lube, and Shell. Walgreens in Cherry Hill, NJ closed at a sale price of $8.9 million, a cap rate of 5.49%. Blake Barbarisi and Adam Mancinone represented the seller. Walgreens signed a 25-year Absolute Triple Net (NNN) lease in 2010, which includes options periods through 2085. This has been a proven location for Walgreens since they opened 6 years ago.
TH Real Estate achieves wired certification for 16 buildings in Boston & NY According to WiredScore, TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has achieved Wired Certification for its 16-building office portfolio in the New York City and Boston areas.This achievement totals 5.377 million s/f of Wired Certified commercial space in two competitive markets. TH Real Estate’s 16 newly certified properties were evaluated on their superior connectivity, technological infrastructure, and capacity to adopt emerging technologies. “Wired Certification helped us benchmark many of our NewYork and Boston properties which ensures that we provide unsurpassed connectivity that serves our tenants and keeps our properties competitive and relevant in the market,” said Kevin Smith, senior director, TH Real Estate. “Owners and investors are increasingly recognizing the value in displaying their buildings’technological superiority, and TH Real Estate has done so throughout a significant portion of its portfolio,” said Arie Barendrect, CEO and founder of WiredScore. In pursuing Wired Certification, each building was subjected to a scrupulous certification process conducted by a team of leading technicians. For full story visit nerej.com BOSTON, MA
Milford, MA
Ashland, MA
westborough, MA
Office / Warehouse 10,800 SF Flex Space
3.63 Acres Available Proposed 40,000 SF Building
20,000 SF on 9.63 Acres 70,000 SF Proposed
Framingham, MA
Ashland, MA
• 1.13 Acres • 550 Ft. of Frontage on Mass Pike • Proposed 68 Room Hotel
• 12.10 Acres • Proposed 50,000 SF • Proposed 4,500 SF
Milford, MA
Apartment Land for Sale
• 2,000 Ft. Frontage - 12 Acres • Located on Rt. 16 & 495
Permitted for 200 Apartments - Ashland 5.2 Acres - $39,000 / Unit
FafardCommercial.com
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New England Real Estate Journal
August 11 - 17, 2017 11A
R.L. GOLDMAN CO. INC. Paving • Seal Coating Crack Sealing Asphalt Repairs Line Striping Concrete Work Pulverization/Milling Parking Lot Reconstruction Tennis Court • Recreation Surfaces
Asphalt Contractors
508-898-9293
fax: 508-366-6266 • web: www.rlgoldman.com 30 Lyman Street, Westboro, MA 01581
New England Real Estate Journal
12A August 11 - 17, 2017
Over 50 years of commercial real estate
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LOCATED AT RIVERSIDE DR. IN LAKEVILLE, MASS.
Autoscribe moves 3,201 s/f U.S. HQ to CANPRO’s Lakeville Corp. Park According to Ofer Drucker, senior vice president of CANPRO Investments Ltd., Autoscribe Informatics, a fast-growing provider of industry leading configurable future-proof database management applications, moved into 3,201 s/f at Lakeville Corporate Park, located on Riverside Dr. “We are thrilled to welcome Autoscribe Informatics as our newest tenant at Lakeville Corporate Park. They are an expanding company and we were pleased to be able to meet their real estate needs when it came time to find a new corporate headquarters,” said Drucker. The new office now serves as the U.S. Headquarters of Autoscribe with sales, administration, technical services and support functions all within the one office. Kristine Joyce, operations manager for Autoscribe Informatics said, “Our office in Falmouth, MA was creaking at the seams. Lakeville is perfectly positioned for our staff between Cape Cod, Providence and Boston, and provides the ideal space for us to expand into. A big thank you to the folks from CANPRO have been great in getting us settled. We were up and running very quickly and already feel very at home here.” CANPRO Lakeville Corporate Park is situated on a maintained campus and is home to several high-profile companies and government agencies that are long-standing tenants. LAKEVILLE, MA
Lakeville Corporate Park, Riverside Drive - Lakeville, MA
AEW Capital Management to receive NAIOP Massachusetts’ 2017 Distinguished Real Estate Award NEEDHAM, MA According
to NAIOP Massachusetts, AEW Capital Management has been selected to receive their 2017 Distinguished Real Estate Award for achievements in real estate, charitable activities and community betterment. The award will be presented by Tom Alperin of National Development at NAIOP’s Annual Awards Gala on Thursday, November 9, at the Westin Waterfront Hotel.
“This award is a testament to AEW’s ability to maintain its role as a leader in real estate investment and asset management services, while continuing to strategically adapt over the years to the changing markets,” said David Begelfer, CEO of NAIOP Mass. “In addition, the company is committed to environmentally responsible investing, sustainability and charitable giving.”
But first a Recap... Everyday at 2:00!
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New England Real Estate Journal
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August 11 - 17, 2017 13A
Referral Network This Week’s Real Estate Specialist- Milford, Conn.
Arnold Peck’s
680 Boston Post Rd., Milford, CT 06460 203-877-1345 / Fax: 203-877-6090
[email protected]
FORMER STRATFIELD MARKET SOLD BY URSTADT-BIDDLE
Angel of Angel Commercial brokers $1.2 million building sale
Firms appearing on this page are listed to represent the areas of activity in the New England economic region, and are available to answer your questions regarding investment, financing and/or brokerage opportunities in their area. They are willing to cooperate on all legitimate situations.
Southeastern Mass.
Londonderry, N.H.
508-272-9910 Tony Baldwin, CCIM One Park Place, Plymouth, MA 02360 www.baldwin-realestate.com
[email protected]
Residential, Commercial and Industrial
Cape Cod Mass.
Nashua, N.H.
TINKHAM REALTY
Route 102, Londonderry, NH 603-432-7769 / Fax: 603-434-1545 www.tinkhamrealty.com email:
[email protected]
René L. Poyant, Inc. REAL ESTATE MANAGEMENT
1280 Stratfield Road - Fairfield, CT The former Stratfield Market building at 1280 Stratfield Rd., has a new owner according to Jon Angel, president of Southport-based Angel Commercial, LLC. A private investment group has purchased the Jon Angel property for $1.2 million from Urstadt-Biddle of Greenwich, who acquired the property a few months ago. The retail property is a 9,612 s/f two-story commercial building on 0.90 acre
in the Stratfield section of town. The building has been vacant for over a decade. The Stratfield Market was open for over 50 years and closed in 2006 after lease negotiations with the landlord failed. Walgreens attempted to open a store at this location but drew strong opposition from neighbors. “The new property owners are focused on securing an appropriate tenant for the neighborhood,” said Angel who was the sole broker in this transaction. “While a new food market is certainly a possibility, there are many potential uses for this property, and it remains available.”
Located at a four-way signalized intersection at the corner of Stratfield Rd. and Fairfield Woods Rd. with four curb cuts, the property is easily accessible and in the hub of a neighborhood shopping area. The property provides 35 parking space, 214 linear ft. of frontage on Stratfield Rd., and prominent pole signage. Angel Commercial is a full-service real estate brokerage firm headquartered in Fairfield County, Connecticut. The company specializes in the acquisition, disposition, and leasing of office, industrial, multi-family and retail properties on a local and national level.
West Hartford, Conn.
Cheshire, Conn.
Northern Rhode Island
FAIRFIELD, CT
www.brodercommercial.com
BERETTA REALTY CO. Since 1965
43 North Main Street West Hartford, CT 06107 860-249-1540
We Cover the State 330 South Street, Cheshire, CT 06410 203-234-9000 / Fax 699-9316
Connecticut River Valley
Milford, Conn.
Also Serving NH & VT
Arnold Peck’s
SALES • APPRAISALS DEVELOPMENT -401-724-7980
[email protected] 869 Smithfield Ave., Lincoln, RI 02865
Providence, R.I.
PROLMAN REALTY 100 Elm St. Nashua, NH 603-880-6655
Post Office Square, 20F Camp Opechee Rd. Centerville, MA 02632 508-775-0079
[email protected]
[email protected]
Western Mass.
Portsmouth, N.H.
Macmillan and Son, Inc.
Commercial, Industrial, Investment Real Estate Services 1550 Main St., Ste.104, Springfield, MA 01103 413-736-8338
The Kane Company 603-430-4000 netkane.com
Worcester, Mass.
Southern New Hampshire
446 Main Street, Suite 2200 Worcester, MA 01608 Commercial-Industrial Div. 508-755-0707 www.kelleher-sadowsky.com
Res/Comm’l/Ind Consultants One Verani Way, Londonderry, NH 03053 603-845-2500
Space Available
Central New Hampshire
veranicommercial.com
Brenda Litchfield, CCIM
To list your company call Karen Dowell 781-878-4540 x254
[email protected] nerej.com
Concord Commercial, LLC
Burlington, Mass.
Hanover/Lebanon, N.H.
2½ Beacon Street, Suite 159 Concord, NH 03301
603-225-3200
[email protected]
McLaughry Commercial
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Commercial Real Estate
www.townandcountryrealty.com
[email protected]
680 Boston Post Rd., Milford, CT 06460 203-877-1345 / Fax: 203-877-6090
[email protected]
146 Westminster Street, 2nd Floor Providence, RI 02903 401-273-1980/Fax 421-4207 www.hayessherry.com
Vermont
South Windsor, Conn.
Warwick, R.I.
800-542-5188
55 Cambridge St., Burlington, MA 01803 781-272-2899 www.rjkellycompany.com
Bruce Waters 93 S. Main St., W. Lebanon, NH 03784 603-298-8904
Andover, Mass.
Bedford, N.H.
Formerly k
Vermont’s Commercial Real Estate Leader Since 1987
Sales & Leasing Buyer/Tenant Representation Site Selection
29 Church St.,Burlington, VT 05401 802-878-9000, www.jldavisrealty.com
Mark F. Butler, Specialist
Residential & Commercial • Sales & Leasing
800-292-1102
950 Sullivan Ave., #19 South Windsor, CT 06074
[email protected]
www.ButlerRealty.us or email Jeff Butler at
[email protected] Trusted Real Estate Service Since 1977 401-886-7800
Ron Fredette, CCIM, CIPS 138 River Rd., Andover, MA Office: 978-475-2111 Cell: 603-540-4489 Email:
[email protected]
116 South River Road Same photo as New Photo Bedford NH • 603-668-7000January 28 Deer Street Suite 301 Coldstream Office Park 175 Lincoln Street • Manchester, NH Portsmouth, NH • 603-431-3001 Newly redeveloped 2,550+/- SF office/industrial 116 South River Road • Bedford, NH unit New windows, natural timber columns Several Class A office units avail for immed occup. throughout, sandblasted walls, wood ceiling and Units vary from 911+/- SF to 2,181+/- SF, & a www.nainorwoodgroup.com is handicapped accessible One loading dock. 3,899+/- SF stand-alone building . Units can acLease Rate: $7.50 psf, nnn. Norwood for details.
Call Chris
Same photo as January Ridgewood Road & Palomino Lane Bedford, NH
New construction of a 20,200+/- SF state-ofthe-art, Class A medical/professional building
commodate a variety of users. Lease rates vary. Some units broker owned. For more info, call Louise or Chris Norwood.
Same photo as January
225 Lowell Road • Hudson, NH
Several retail & office units from 950-1,700+/SF available on busy Route 3-A across from the new Stop & Shop. Very visible with high traffic
Same p Janu
15 Constitution D
Several Class-A offic 1,771+/- SF to 4,542+/ able in one of Bedford with convenient on-si Lease rate $17.00 psf $1.50 psf for electric). tact Perry Snow or J
Same p Jan
227 Lowell Roa
1,300+/-SF bldg on an a include restaurants, off and more. Great visibil
New England Real Estate Journal
14A August 11 - 17, 2017
BIG news small budget!
nerej.com
CI 104 INVESTOR ANALYSIS FOR COMMERCIAL INVESTMENT R.E.
A one year $139.00 subscription includes: • The 53 year old New England Real Estate Journal delivered. • Access to the digital edition on nerej.com. • The Daily RE Cap newsletter which covers New England sales, leases, mortgages, construction and many activities linked to the multi-trillion dollar industry.
Subscribe to the New England Real Estate Journal Tel: 781-878-4540 | 800-654-4993
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Russell of Pearce Real Estate teaches CCIM CT Chapter course HARTFORD, CT According
to Barbara Pearce, CEO and president of Pearce Real Estate, the CCIM Connecticut Chapter hosted a CI 104 Investor Analysis for Commercial Investment Real Estate course taught by Carl Russell, CCIM, SIOR at 90 State House Sq. The cornerstone of the CCIM program, the designation curriculum is designed to equip practitioners with the skills they need to profit from the ever-changing commercial real estate industry. Many thanks to Julianna Fritz, Damon Ralph, and Judi Bigda at Wells Fargo for generously allowing them to use their conference facility. CCIM stands for Certified Commercial Investment Member. The CCIM lapel pin denotes that the wearer has completed advanced coursework in financial and market analysis, and demonstrated extensive experience in the commercial real estate industry. CCIM designees are recognized as leading experts in commercial investment real estate. Above all, the CCIM designation represents proven expertise in financial, market, and investment analysis, in addition to negotiation. Courses in these core competencies are taught by industry professionals, ensuring all material reflects the state of the industry. With this real-world education, CCIM designees are able to help their clients: • Minimize risk; • Enhance credibility; • Make informed decisions; and • Close more deals. For full story visit nerej.com
Northeast Private Client Group brokers $3.135 million sale of 32-unit Georgetown Apartments NEW HAVEN, CT Investment sales bro-
ker Northeast Private Client Group,completed the sale of Georgetown Apartments, a 32-unit apartment property located at 241 Quinnipiac Ave. Bradley Balletto, the firm’s regional manager, and Mallory Chila, a licensed associate, represented the seller and sourced the buyer in the $3.135 million transaction, which closed on June 23. “The New Haven submarket continues to deliver rent growth and asset appreciation,” said Balletto. “As always, we managed a highly competitive process to source the most qualified buyer at top market
price and terms for our client.” The Georgetown Apartments comprises 16 two-bedroom flats and 16 two-bedroom townhouse units with parking. Recent improvements include updated unit interiors, new sidewalks, landscaping and exterior finishes. The property is well positioned to capitalize on the strong multifamily fundamentals underpinning the New Haven submarket. The seller, CCP Real Estate Partners LLC sold the property to Loggerhead Investment Group at a price that equates to more nearly $98,000 per unit, and a capitalization rate of 7.9%.
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New England Real Estate Journal
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August 11 - 17, 2017 15A
New England Chapter
The most prestigious designation for office industrial real estate with 2,700 members internationally
New England Chapter President Timothy Brodigan, SIOR
www.siorne.com
Colliers International Boston, MA
ON THE 2017 COMMERCIAL REAL ESTATE MARKET ON JUNE 8
SIOR New England and NAIOP host mid-year market review BOSTON, MA The New England Chapter
of the Society of Industrial and Office Realtors and MA NAIOP held its mid-year market review on the 2017 commercial real estate market at the Boston Hyatt Regency on Thursday, June. Here is a summary from a panel of experts of the relevant points as it relates to 2017 and the economist Hans Nordby of CoStar Portfolio Strategy.The panel of experts included Andrea DeSimone, CBRE on retail; Evan Gallagher, Colliers International on Cambridge and suburbs; Sue Hawkes of The Collaborative Cos. on multi-family; Ben Heller of JLL on downtown office and Ed Maher of NGKF on the capital markets. The Economy: Corporate growth margins are now durable and there is no foreseeable recession. Small businesses are excited and the unemployment is at a 17 year low. 45% of all jobs come from small business. The unemployment rate is real low. We need to slow down because there will be no one left to hire. We will have wage growth. Another driver is that we need more housing. There is a shortage. The U.S. had 1.4 million units built per year and it’s now half. We have worked off the excess but we don’t have enough inventory. There is not enough for sale. Boston housing has a shortage but housing is expensive here so it drives the apartment demand. Risks: First, the Trump administration policies. The executive arm doesn’t have much power to enact changes. You need Congressional approvals. We are in the longest economic cycle. The average cycle lasts 5.4 years and we are over 8 years. We have a chance in 3 years to be in a recession but Nordby’s model has failed twice on predicting recessions so who knows? However the next recession will be milder. Second, What will cause the next recession? Nordby thinks technology, cyclical, venture capital dollars are decreasing and there is less cash going into technology. Capital Markets: Nordby thinks values are bobbling. Boston sales index is increasing but not as fast in the last years especially in multi-family which is not as great. The trading volume in Boston is about the same as last year and the same amount of square feet. It will lead to more stable values. Apartments: The U.S. vacancy rates are predicted to be 30 basis points higher next year. Permitting activity has pulled back. Suburban Boston and Cambridge apartment inventory is very tight and expensive for consumers. The Boston vacancy is tighter than the U.S. average but is getting a little more inventory but
permitting is dropping and vacancy is predicted to go down. We are close to the U.S. average and it’s easier to retain young workers. The rents of 35% of U.S. apartments required consumers to make $70,000 annual income and 57% of renters have to make over $100,000 a year to afford the rent. Most Millennials don’t make $100,000 a year. Boston inventory was 17% growth versus U.S. at 11% so we built more in the U.S. Boston has little supply at the lower rent range. Office: U.S. inventory is tight and has a rosy picture. Vacancy is below the average vacancy. Permitting is pulling back to be disciplined. The type of space being demanded is different. There is high demand for higher class space but there is slow construction activity because costs are high and land price is high. Rents aren’t penciling due to high costs so there is low construction activity and therefore very old office stock. Retail: Boston retail forecast suggest that rents are up 12% for high level locations but 10% of space is in very tight demand while 90% of retail space only has average demand. After Nordby the panelists then gave a 10 minute summary of their sectors. Multi-Family: “Place making” is the difference of this cycle vs. other cycles. We have price appreciation. Rents are only appreciating by 2% this year while last year it was 5%. There has been more construction and more micro-units that have curbed the rent increase. Smaller is better but now amenity wars are critical. It’s all about services and not just about space. Sales are better with service supplied complexes than rentals with services. Services are including concierge, valet, etc. Co-habitating is going well. Fitness centers aren’t has popular since people want specialized fitness such as cross-fit and kickboxing. So gyms are getting smaller in apartment buildings. Suburban housing residents are expecting condos to deliver more in services when they move back into the city. They don’t need as much space since they aren’t moving all their furniture back into the city. Boston rental rates are high as new construction costs will drive rents to $4,000-6,000 per month for high-rise units. It’s a tough market for most people to afford. Studios at $2,000 per month are considered exceptional value. That is a tough rent to afford and the studios are going up in rent. New construction units will be at $5,000 per month or more. Condos at $3,000 per s/f are not sustainable and is unbelievable but the cost of construction is the highest in Boston for the U.S. Even $1,500
per s/f sales can’t be affordable here. There is also a neighborhood “buy” mentality that is impactful on decisions and drives what is being built and where. There is also a great deal of out-of-state consultants during this last growth cycle and an influx of out-ofstate developers, designers, architects, consultants that have different ideas and have influenced the appearance of buildings. Mid-Rise Luxury Condos:A midrise is considered 6-10 stories with full amenities but it isn’t high rise. Mid-rise is hot from $1200-1500 per s/f sales price and it’s affordable than hi-rise luxury. You still need parking especially for 2 bedroom owners. Parking is driving the unit sales. Complexes at mass transit locations is good but you still need parking. Somerville is a big demand market. Conclusion: It is good have foreign capital here but the challenge is controlling it. East Boston is over $800 per s/f in sales price and is the new frontier. The BackBay is $1282 per s/f. You can sell a lot of $3,000 per s/f units. You need mid-rise at $1200 per s/f. We need more affordable units both for sale and rent. The next panelist then proceeded with retail review. Retail Market: Sears, Payless Shoes, JC Penny, Radio Shack, etc. have announced closing of stores and that number is growing. Leadership is changing as CEOs are being let go. Who is doing well? HomeGoods, Marshalls, TJ Maxx. They created a demand and you can’t buy on-line. Walmart is doing well and they just bought Jet for home deliveries. On-line is not slowing down. E-Commerce in 2016 comprised 25% of purchases versus 13.7% in 2010. E-Commerce is growing and can’t be stopped. It’s convenient. Amazon has a bookstore at Legacy Place. How will Retail survive? Retailers will have to invest in technology and in-store experience has to be enhanced. Waiting for consumers to come to the store and buy is now a dead idea. You need a connection with the consumer and an emotional attachment to draw the consumer to a store. The restaurant scene is robust and are new anchors. They aren’t hurt by the internet. You have to go to a restaurant to eat. The only threat is a shortage of good restaurant labor. Starbucks just opened a 43,000 s/f roastery in Chicago and it’s the largest in the world. It serves beer and wine and has bicycles for sale. Centers today need new paint, new planters, etc. to update retail before a retailer shows up to lease. Boston will be “alright” in the retail world. For full story visit nerej.com
Robert J. Nahigian FRICS, SIOR, CRE, FRICS, MCR 335 Auburn St., P.O. Box 66125 Newton, MA 02466 Tel: 617-332-6900, Fax: 617-965-2570
[email protected] www.siorcre.com
Auburndale Realty Company Since 1949
Worldwide Commercial Real Estate Services
Ernest C. Wronka, SIOR, CCIM, GRI The District, 1500 District Ave. Burlington, MA 01803 Tel: 781-229-2233
[email protected] www.wronkaltd.com Garry R. Holmes R.W. Holmes Realty Co., Inc. 321 Commonwealth Rd. Wayland, MA 01778 Tel: 508-655-5626 Fax: 508-651-3415 www.rwholmes.com
R.W. 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] FedEx Ground DC, Natick MA
Expect Challenge. Achieve Distinction. Design / Build Services: Project Test Fits | Project Programming | Project Estimating | GMP Pricing Construction Documents | Construction Services | On-Time Occupancy
Chuck Reilly 16 Huron Drive, Natick, MA 01760 Tel: 508-651-3600 Dacon Corporation | 16 Huron Drive, Natick, Massachusetts 01760-1337 | 508 651 3600 | www.dacon1.com Fax: 508-655-2229 www.DACON1.com
Michael J. Giuttari, SIOR George Paskalis, SIOR Tel: 401-751-3200 Toll Free: 877-751-3201 www.mgcommercial.com
Karl F. Sherry, Jr. Peter C. Hayes Jeff Finan 146 Westminster St., 2nd Fl. Providence, RI 02903 Tel: 401-273-1980 Fax: 401-421-4207
Independently Owned and Operated A Member of the Cushman & Wakefield Alliance
Michael Giancola SIOR, CCIM 3131 Cranberry Highway E. Wareham, MA Tel: 508-759-3030 www.southeastcommercialre.com
2017 New England SIOR Chapter Officers President
Timothy Brodigan Colliers International
Vice President
Michael Giuttari MG Commercial R.E. Services
Secretary
George Paskalis MG Commercial R.E. Services
Treasurer
Katherine Williams Kane ReloLogic and Maestro Consulting
Listings are a smart way to advertise your business.
Contact Patty Colman,
[email protected] Karen Dowell,
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New England Real Estate Journal
16A August 11 - 17, 2017
nerej.com
Thru the Years ne
New England Real Estate Journal
Hobbs Brook Management signs nine leases totaling 47,533 s/f
Appraisal & Consulting
THE LARGEST WEEKLY
Volume 55 ■ Issue 33
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August 12 - 18, 2016
GRIFFIN, MAHER AND PULLEN OF NGKF CAPITAL MARKETS HANDLE THE SALE
1 Year Ago
Coulombe, Gorga & Hatzipetrou of Fantini & Gorga arrange $18m
BOSTON, MA Newmark Grubb Knight
Frank (NGKF) Capital Markets has completed the sale of 70 Franklin St.
Peregrine Group completes $1.6m renovation project for Newport Yachting Center
Edward Maher
to Deka for $42.1 million. The NGKF Boston Capital Markets team, led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher and executive managing director Matthew Pullen, oversaw the transaction of the urban mixed-use building on behalf of GLL Real Estate Partners. Comprising a total of 85,977 s/f, 70 Franklin St. is presently 91% leased to an eight-tenant roster anchored by Fortune 100 financial services firm TIAA-CREF and complemented by ground-floor retailers Jos. A. Bank
and Papyrus. “70 Franklin’s timeless architecture combines with its flexible floor plates, open office layouts and modern building systems to create one of Boston’s premier class B buildings,” said Maher. “As a result, Matthew Pullen the asset boasts exceptional leasing momentum with tangible upside potential in Boston’s booming Downtown district.” Featuring a centralized location just one block from the MBTA’s Downtown Crossing station, 70 Franklin St. provides immediate access to public transit options and regional highway systems. Additionally, the property benefits from the wealth of recent activity throughout Downtown Crossing – more than $2.4 billion has been invested in the area in the last decade alone.
COMMERCIAL/INVESTMENT NEWSPAPER IN THE COUNTRY
erland const. holds groundbreaking for 82,000 s/f $28m manufacturing facility aug
august 10 - 16, 2007
Hi-LigHts Meredith & Grew secure $10.1m refinance loan for Liberty Tree Kevin PheLan and John Broderick of M&G’s Capital Markets group represented Liberty Tree SPS in ten-year, fixed rate loan. See PaGe 8a.
Largo advisors arranges $12.75m mortgage for the harbor hotel
70 Franklin Street - Boston, MA OVER
Hughes of New Dover Associates, Inc. and JLL broker $7.2 million building sale
Washington Trust provides $3.5m in financing to South Windsor Realty Co. for mixed-use portfolio
3.2
3.2 OVER
MiKe LoriGo of Largo R.E. Advisors arranged the first mortgage for the Portland Harbor Hotel, a winner of the four diamond award. See Cover, SeC. B, fD.
Pro Con inc. breaks ground on 82,800 s/f nyLo Warwick hotel Pro Con is building the hotel for NYLO Hotels. The project is expected to cost $12m and is scheduled to open in the summer of 2008.
also inside:
152 Deming Street - South Windsor, CT
4 Sections 80 Pages Editorial Page .............................. 4A P. Flowers ..................................... 4A Referral Network ........................ 9A SIOR News ................................. 16A Financial Digest ...................SEC. B Appraisal & Consulting ........7-14B Rhode Island ......................... SEC. C Billboard................................SEC. D
nerej.com
Washington Trust’s Commercial Real Estate Group recently provided $3.5 million to South Windsor Realty Co., LLC, for the refinancing and tenant improvements of an eight-building, mixed use office and retail portfolio. Located on 453-497 Buckland Rd., and 152 Deming St., the buildings contain a combined total of 53,451 s/f of rentable space on 12.37 acres. Within that space, 46,461 s/f is mixeduse office space while the additional 6,990 s/f is retail.
SOUTH WINDSOR, CT
“We are pleased to have been able to offer a financing solution that worked well for this project located in the heart of South Windsor,” said Julia Anne Slom, senior vice president & team leader of Washington Trust’s commercial real estate group. “The office space at the center is an important location for many of the local service providers.” South Windsor Realty Co., LLC is a limited liability company formed in 2002 for the purpose of acquiring the portfolio.
350 Hopping Brook Road - Holliston, MA Scott Hughes, president of New Dover Associates, Inc. of Framingham, Mass., and Anthony Coskren, senior vice president; Edward Jarosz, managing director; Richard Schuhwerk, managing director; and Scott Hughes Brian Pinch, HOLLISTON, MA
assistant vice president of JLL of Boston co-brokered the sale of 350 Hopping Brook Rd. for the purchase price of $7.2 million. New Dover represented the buyer, SEJACJ, LLC and JLL represented the seller, Atlantic-Holliston Realty LLC. 350 Hopping Brook Rd. is a fully air conditioned high bay warehouse building comprised of 106,250 s/f on 12.78 acres. •to comment on this story visit nerej.com•
5
Editorial Page ....................6a S. Feldman, R.E. Law ........6a Financial Digest............SeC B Spotlight ......................15-26B Maine A.I. News .............. 25B
raynhaM, Ma Erland Construction is building a new manufacturing facility at 480 Paramount Dr. in the Raynham Woods Commerce Center. Paramount Development, owner of Raynham Woods, sold the 20-acre site to Greatbatch Ltd. subsidiary Electrochem Commercial Power. Electrochem’s 82,000 s/f facility will provide 200 plus jobs in Southeastern Mass. and is scheduled to open next June on Rte. 44. Electrochem will retain its employees while expanding in a region with a high concentration of battery and engineering expertise. The company is relocating from a smaller facility 20 miles north in Canton. Maugel Architects designed the building. Thomas Hook, CEO of Greenbatch Ltd. said, “the company invested heavily in the Canton facility over the past three years, but it has grown 30% a year since 2005, and the new site will be triple the current size to allow continued growth.” Susan Bratton, senior VP of Electrochem said, “The new facility
10 Years Ago will enable the company to invest in technology and semi-automation as well as increased research and development for the company’s engineers.” “Raynham is providing us with an ideal location and a welcoming economic climate for increasing
our manufacturing capacity,” said Hook. The facility will be a green building, containing energy and manufacturing equipment and will have enhanced safety systems Completion of the new facility is planned for June 2008.
r. Griffin, C. Griffin, neLSon anD ThoMaS BroKer $6.4M SaLe
c&W’s sells the Brook House for captial Props. to atlantic Mgmt. BrooKLine, Ma Cushman & Wakefield sells ten medical/retail condominium units totaling 22,834 s/f
See Cover, SeC. D, rhoDe iSLanD.
SEE LOWER COVER OF SECTION C
Newmark Knight Frank closes on two sale transactions totaling $24 million
GreaTBaTCh PurChaSeD ProPerTy froM ParaMounT Dev.; MauGeL arChiTeCTS iS DeSiGner
GLL Real Estate Partners sells 70 Franklin St. to Deka for $42.1m
Robert Griffin
Fantini & Gorga arranged the construction loan for the redevelopment of a building in Malden Center, to be known as the Residences @ Malden Station 138. SEE COVER OF SECTION B
feaTurinG Mass.
feaTurinG FinanciaL Digest
Quick Read
Front Four Group signed a new three-year lease for 5,565 s/f at 101 Edgewater Dr. in Wakefield. SEE PAGE 8A
NEW ENGLAND
sections, 152 pages Massachusetts .............SeC C Greater Boston ............24-25C Rhode Island ................SeC D RIBA news ....................... 24D N.E. Billboard ............... SeC e
robert Griffin for $6.4 million. The Brook House, a residential and commercial condo complex, has 108 parking spaces. C&W’s capital markets group of Robert Griffin, Christopher Griffin, Frank Nelson and Elizabeth Carrillo Thomas represented the seller, Capital Properties and procured buyer, Framingham-based Atlantic
Management. Located at the juncture of Rte. 9, Brookline Avenue and the Jamaicaway, Brook House is minutes from Boston’s Longwood Medical and Academic Area. The property offers pedestrian-friendly medical and retail establishments. Brook House, with public trans-
25 Years Ago
portation via the MBTA Green Line “D” train and “E” train as well as the 66 Bus Route, embodies the adage “location, location, location.” The Brook House offers upside potential, as it stands to profit from an increased demand for medical retail space, resulting in escalating rents within the marketplace today.
45 Years Ago
Newsletter
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New England Real Estate Journal
nerej.com
August 11 - 17, 2017 17A
Thru the Lens
Portside Real Estate Group hosted “Pins for a Cure” at 33 Elmwood in Westbrook, bringing more than 250 bowling fanatics together to support the Maine Cancer Foundation.As part of the annual Portside Gives Back Campaign, the event raised $5,000 to support the nonprofit organization and their efforts to fight cancer with prevention programs and screenings. “We can’t fight cancer without support from our community, and Pins for a Cure was the most creative community fundraiser of the year,” FALMOUTH, ME
It’s always a great day when big checks, cake, and lemonade are involved. CIL and Leadership Greater Hartford (LGH) celebrated the outcome of the CIL Walking Challenge with all three on July 19. A donation of $1,806.61 to LGH was made in honor of Doe Hentschel, LGH’s vice president, who has provided customized leadership training to CIL. The CIL HARTFORD, CT
Walking Challenge is an initiative of CIL’s wellness program, and aims to help employees be more aware of their activity level, while also helping local nonprofits. For the challenge, staff is split into two groups, who compete to be able to choose the charity that the proceeds are donated to. The donation is based on the cumulative number of both team’s steps, with CIL donating 50 cents per mile walked.
Leadership Greater Hartford (LGH) is a mission-driven, nonprofit organization that supports and strengthens the local community by training and connecting aspiring and established leaders. For more information about how to be a participant or sponsor, or to inquire about customized training with Leadership Greater Hartford, visit leadershipgh.org, or follow LGH on Facebook and Twitter.
said Kristen Smith, director of community engagement at Maine Cancer Foundation. “This donation allows us to invest in communities around the state to educate children and adults about cancer prevention, encourage timely and regular cancer screenings, and facilitate access to cancer care.” Portside Gives Back is an annual campaign focused on bringing the Greater Portland community together to support local causes. As part of the campaign, Portside hosts 4 events each year, benefitting a variety of organizations throughout Maine.
WALTHAM, MA Hobbs Brook Manage-
ment LLC held electronic recycling events at its campuses in Waltham and Wakefield, resulting in a total of 4,318 pounds of discarded electronics, or e-waste, collected. Together with Goodwill Industries of Rhode Island (Goodwill), Hobbs Brook was pleased to offer this 6th annual event to its tenants and employees in the state. Goodwill was on site to accept donations from park tenants and employees. Hobbs Brook hosted the event with three goals in mind. The first was to offer a much-needed recycling opportunity for tenants within the park, many of whom packed their cars with everything from computers, to microwaves, to vacuum cleaners and more. The second goal was in accordance with Hobbs Brook’s GREEN initiative, which was formed to promote sustainability across all Hobbs Brook endeavors. The third goal underscores Hobbs Brook’s culture of supporting community-based programs and activities. New England Real Estate Journal
Wining team from JLL Eleven teams representing commercial brokerage, architectural and construction firms competed in the Commercial Brokers Association’s (CBA) 2017 Charity SoftballTournament at Moakley Park, which raised $10,000 for Team IMPACT. JLL was the winning team for the third year in a row, and CBRE|New England were the runners-up. Also participating were Avison Young, Colliers, Commodore Builders, Cube SOUTH BOSTON, MA
3 Studios, J. Calnan & Associates, NAI Hunneman, Newmark Grubb Knight Frank, Transwestern, and Vantage Builders. Founded in 2011, Team IMPACT improves the quality of life for children facing life-threatening and chronic illnesses by drafting them onto local college athletic teams. Team IMPACT children become an official member of the team from draft day through graduation.
Professional Profiles
100s of archived profiles and photos since 1960. Research your potential clients! nerej.com/professional_profiles
New England Real Estate Journal
Back Page A August 11 - 17, 2017
nerej.com
Cummings is now in Andover 40 Shattuck Road
Location 2,500 to 35,000 SF Available Cummings Properties has expanded to Andover with its acquisition of 40 Shattuck Road. This first-class 120,000 SF office/R&D building features a two-story atrium lobby and an expansive ribbon window system.
Floor Plan
Lobby
Located just off River Road at I-93 and I-495, the property offers convenient access to major highways, and proximity to many desirable amenities, including restaurants, hotels, and daycare.
Corporate neighbors
40 Shattuck Road is located in a thriving corporate center:
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Financial Digest
August 11 - 17, 2017 Section B
Quick Read HFF arranges $16.8 million financing for Crowne Plaza Nashua
PERMANENT FINANCING FOR CLOCKTOWER PLACE II THROUGH FANNIE MAE LENDER
Cunnane and O’Donnell of Fantini & Gorga arrange $14.175 million NASHUA , NH Fantini & Gorga has ar-
ranged $14.175 million in permanent financing for Clocktower Place II, a
SEE PAGE 2B
MassDevelopment issues $9.4 million in bonds for Walker Park
SEE PAGE 4B
Make the difficult look easy and make the routine look difficult for appraisers - by Pastuszek
SEE PAGE 7B
24 Pages Appraisal & Consulting... 7-14B Appraisal Institute..........10-11B Counselors of R.E............12-13B REFA News.............................21B
New England Real Estate Journal nerej.com
Jason Cunnane
Tim O’Donnell
183-unit converted mill multifamily property located in downtown. “We were pleased to have secured this extremely attractive loan package for our longstanding client,” said Jason Cunnane, senior director at Fantini & Gorga, who along with Tim O’Donnell, principal, arranged the financing. “We were able to deliver an incredibly low fixed rate and the best overall terms consistent with our client’s long-term objectives. The financing was placed through a national Fannie Mae lender. Clocktower Place II is a five-story rehabilitated mill building that is contiguous with Clocktower Place I.
Meridian Bancorp and Meetinghouse Bancorp complete merger BOSTON, MA Meridian Bancorp, Inc.,
the holding company for East Boston Savings Bank, and Meetinghouse Bancorp, Inc. , the holding company for Meetinghouse Bank, signed a definitive merger agreement for Meridian to acquire Meetinghouse and East Boston Savings Bank to acquire Meetinghouse Bank. The transaction has been unanimously approved by the boards of directors of both companies. Under the terms of the agreement, Meetinghouse shareholders will receive $26.00 in cash for each of their outstanding shares of Meetinghouse common stock, representing a total transaction value of $17.8 million. Meetinghouse Bank has $118 million in assets, $80 million in loans and $99 million in deposits as of March 31, and conducts its operations from two offices located in Dorchester and Roslindale. For full story visit nerej.com
Clocktower Place II - Nashua, NH
ON BEHALF OF THE BORROWER, FSD APARTMENTS, LLC
CBRE provides $18 million loan for 121-unit Front Street Lofts HARTFORD, CT CBRE Capital Markets’
Debt & Structured Finance team has provided an $18 million loan for Front Street Lofts, a 121-unit, class A, apartment building located at 20 Front St. CBRE provided the loan through its Freddie Mac program.The 10-year, non-recourse loan provided a ‘take-out’ of the borrower’s existing construction loan. Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office, and Mike Riccio, Susan Larkin and Anna Pfau of CBRE’s Hartford office facilitated the loan on behalf of the borrower, FSD Apartments, LLC–a subsidiary of the HB Nitkin Group. “The developer, HB Nitkin, leased the apartments in less than eight months, and a majority of the retail space is already committed to the UConn Barnes & Noble bookstore,” said Fisher, senior vice president, CBRE. “HB Nitkin has done a fabulous job developing this property, the Front St. Retail Center, and UConn’s
contiguous Hartford campus.” Designed by JKRP Architects and built by Whiting-Turner, Front Street Lofts contains a full amenity package, adjacent deck parking and high-end fit-and-finish.The property–managed by Trio Properties–also contains ground floor retail, which will be 75%
occupied by the UConn Barnes & Noble Bookstore supporting its new Hartford Campus which will open to students this fall. The property is within the immediate vicinity of numerous restaurants and entertainment venues including The Capital Grille and Spotlight Theater.
Inside Cover B August 11 - 17, 2017
Financial Digest
New England Real Estate Journal
“Your Source for Commercial Real Estate Lending.” Find out more at www.CornerstoneRC.com $16,000,000
$7,600,000
$2,350,000
Development of a 45 Unit Mixed-Use Property
Acquisition of a 25 Unit Multifamily Portfolio
Acquisition of a 16 Unit Apartment Property
Boston, MA
Somerville, MA
Quincy, MA
$34,350,000
$6,000,000
$7,500,000
Refinance of a 132 Unit Multifamily Portfolio
Acquisition and Development of a 5 unit Condo Building
Refinance of a 64 Unit Mixed-Use Property
Boston, MA
Brookline, MA
Manchester, NH
$8,525,000
$1,200,000
$1,840,000
Acquisition of an 89 Unit Apartment Property
Acquisition of an 11,600 SF Commercial Property
Acquisition of a 3 Unit Apartment Property
New Bedford, MA
Burlington, MA
Boston, MA
Contact us to find out how we can help you with your next acquisition or refinance.
Financial Digest
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August 11 - 17, 2017 1B
2017 NEDA
Annual Conference Providence, RI October 1-3, 2017 Registration NOW OPEN
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Financial Digest
2B August 11 - 17, 2017
New England Real Estate Journal
ON BEHALF OF THE BORROWER, LINCHRIS HOTEL CORP.
HFF arranges $16.8 million financing for Crowne Plaza Nashua
Serving New England’s real estate valuation and consulting needs since 1972 Faneuil Hall Marketplace 4 South Market Building, Floor 4 Boston, MA 02109
Holliday Fenoglio Fowler, L.P. (HFF) has arranged $16.8 million in financing for the 230-key Crowne Plaza hotel. HFF worked on behalf of the bor rower, Linchris Hotel Corp., to secure a ten-year, fixedGreg LaBine rate acquisition loan through East Boston Savings Bank. The borrower will reflag the hotel as a DoubleTree following a property improvement plan. The hotel is located at 2 Somerset Pkwy., north of downtown and one mile from Rte. 3 (Everett Tpke.), which provides access to Manchester to the north and I-495 and 95 to the south. Situated amongst NASHUA, NH
Specializing in counseling and valuation assignments involving investment properties for a wide range of public, private and institutional clients. Services include valuation reports, litigation support, arbitration, tenant counseling and valuation review. David L. Cary, MAI, MRICS Edward K. Wadsworth, MAI Elisha F. Lee, Jr., MAI Scott Rand, MAI
Thomas J. Jensen, MAI Matthew G. Pattison, MAI Gregory Curtis, MAI
For further information contact:
David L. Cary, MAI, MRICS Senior Managing Director
617-451-9110 fax: 617-451-0039
email:
[email protected]
website:
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phone:
Crowne Plaza Hotel, 2 Somerset Parkway - Nashua, NH
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Size: 2x4 From: JK Run Date: 10-14
New Proof
Proof Approved
Section: NE FD
LocaL & RegionaL expeRtise:
Since 1994 Spiegel Associates has been involved in arranging financing for Real Estate related transactions.
can Finance any pRopeRty stRuctuRe:
Property types include: condominium construction, single family subdivision, office, retail, assisted living, hotel & specialized properties.
ReLationships aRe the Basis oF ouR Business: Whether it is relationships with our capital sources or with our clients, we are constantly striving to improve our dealings.
crop 2”
CREATIVE SOLUTIONS FOR REAL ESTATE FINANCING NEEDS Changes
Permanent Loans: • Office Buildings • Retail Centers • Industrial Buildings • Apartment Buildings - Agency & Conventional - Bridge Loans ConstruCtion Loans: • Office Buildings • Retail Centers • Industrial Buildings • Apartment Buildings - Agency & Conventional Land aCquisition / deveLoPment / ConstruCtion Loans: • Subdivisions / Condominiums • Single Family Spec Houses Wind & soLar energy • Construction & Permanent Loans
a dynamic corporate environment, the hotel’s demand drivers also include the Anheuser Busch Brewery, Holman Stadium, Verizon Wireless Arena and the New Hampshire International Speedway. Renovated in 2013, the property features an indoor pool, whirlpool, sauna, spa, fitness center, business center, meeting and banquet rooms, complimentary shuttle, club lounge and Speaker’s Corner & Pub. The HFF debt placement team representing the borrower was led by managing director Greg LaBine and director Martha Nay. “This was the result of a successful history of these two firms working together in a similar fashion,” LaBine said. “Linchris’ trust in East Boston’s ability to smoothly execute a complicated and time sensitive transaction combined with East Boston’s confidence in Linchris’ ability to handle a large repositioning resulted in a highly successful transaction.”
Financial Digest A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
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August 11 - 17, 2017 3B
$12,800,000 First Mortgage Loan for
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Manchester, New Hampshire on behalf of
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Goedecke & Co., LLC 10 High Street Boston, MA 02110 617-790-9000
1720 Post Road East Westport, CT 06880 203-221-1151
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Financial Digest
4B August 11 - 17, 2017
New England Real Estate Journal
BANK OF AMERICA PURCHASED THE BONDS
MassDevelopment issues $9.4 million in bonds for Walker Park MassDevelopment has issued $9.4 million in bonds for Walker Park, a project from the Urban Edge Housing Corp., a community development organization. Urban Edge is using bond proceeds to build Walker Park, a 49-unit affordable rental housing facility in the Egleston Sq. section of the city. Urban Edge will demolish a blighted building and revitalize two blighted lots to make way for the construction of two buildings that will house the rental units. Eight of the units will be available to households earning 30% of the area median income and to homeless individuals and families, and the remaining 41 units will be available to households earning no more than 60% area median income. MassDevelopment also assisted the Massachusetts Department of ROXBURY, MA
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Housing and Community Development with the approval of federal low income housing tax credits that will provide $5.8 million in equity for the project. Bank of America purchased the bonds. “Building sustainable housing options for Massachusetts residents is a central tenet of MassDevelopment’s mission,” said MassDevelopment executive vice president of finance programs Laura Canter. “We are proud to lend our support to the Walker Park project, which will revitalize a formerly underused parcel of land and provide affordable housing options for this vibrant, diverse Boston neighborhood.” Urban Edge Housing Corp. is a national leader in the community development field known for innovation and excellence. With its heart in Boston’s culturally and economically diverse Egleston and Jackson Sqs., Urban Edge works with others across the city of Boston and region to promote high-quality, sustainable, and affordable communities. Public, private, and non-profit entities turn to Urban Edge for its advice and expertise, and as a partner in undertaking complex and transformative urban projects. “We are grateful for the support from MassDevelopment for the Walker Park project,” said Urban Edge CEO Frank Shea. “The development will provide families living in Egleston Square access to 49 new units of quality affordable housing and services while also revitalizing the neighborhood by renovating blighted properties. We thank MassDevelopment for its support and we look forward to the completion of the project.” MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, they financed or managed 352 projects generating investment of more than $4 billion in the state economy.
Financial Digest
nerej.com
August 11 - 17, 2017 5B
SOME RECENT FINANCINGS $18,500,000
$4,000,000
Methuen Village Assisted Living
144 Bowdoin Street Mixed Use
Methuen, MA
Boston, MA
$21,300,000
$7,600,000
Self-Storage Portfolio
Aura at Weymouth Multifamily
Various, FL
Weymouth, MA
Permanent Loan
Permanent Loan
Permanent Loan
Permanent 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 • Keith Wentzel Jason Cunnane • Chris Miller • Despina Hixon • Jon Garcia • Lindsay Feig 155 Federal Street, Suite 1600, Boston, MA 02110 Tel: 617-897-1149 • Fax: 617-951-9944 • www.fantinigorga.com
NE NY Tel: 781-878-4540
Financial Digest
6B August 11 - 17, 2017
New England Real Estate Journal
TO REFINANCE 208-ROOM LA QUINTA INN & SUITES DON GRIFFIN APPRAISALS Inc. Professional Appraising Throughout New England Donald J. Griffin, MAI, SRA Commercial Real Property Valuation / Consulting Expert Witness, Market Analysis, Eminent Domain Financing, Sub Division, National Credit Tenant Retail, Office, Industrial, Apartment, Mixed Gas-Convenience, Hotel, Restaurant 14 Cottage St., Unit A, Pepperell, MA 01463
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Siska of HREC Capital Markets places $6.25 million senior loan HREC Capital Markets, the dedicated mortgage brokerage team within HREC, has arranged a $6.25 million senior loan for the refinancing of the 208-room La Quinta Inn & Suites. The loan was John Siska provided by a local community bank. John Siska, vice president in the Boston office, exclusively represented the private owner-operator. “In addition to negotiating favorable loan terms, we were able to structure cash out proceeds for the owner to utilize toward a planned extended stay hotel development project in the region,” said Siska. SPRINGFIELD, MA
“Our experienced and knowledgeable debt team pinpointed appropriate lending sources from the extensive national HREC active
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lender database to craft a solution to meet the overall objectives of our client,” said Mike Armstrong, principal and head of HREC’s capital markets group. HREC is one of the nation’s leading lodging and gaming real estate advisory firms specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.
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De Vito, president and CEO of The Village Bank, Kelly Johnson has joined the bank as compliance officer and assistant vice president. In her new position, Johnson will be responsible for maintaining regKelly Johnson ulatory compliance on both federal and state levels. She steps into a role previously held by Elizabeth (Betty) MacLellan, senior vice president, compliance, who is retiring after nearly 30 years of service. A graduate of the University of Louisiana at Monroe, Johnson has over two decades of experience in banking, auditing, and risk assessment, most recently as senior regulatory compliance internal auditor with Citizens Bank in Cranston, RI. She has also held internal auditor, fund accountant, trust relationship manager, and trust compliance officer positions with First Security Group Bank, SunTrust Endowment and Foundation Services, and SunTrust Banks, all in Chattanooga, TN, and with SunTrust Banks in Atlanta, GA. She has earned CPE credits in fiduciary and investment risk management from Cannon Financial Institute.
Appraisal & Consulting New England Real Estate Journal August 11 - 17, 2017 Section B
Make the difficult look easy and make the routine look difficult for appraisers Bill Pastuszek Shepherd Associates
It is said of some athletes that they make the difficult look easy and make the routine look difficult. I’ve heard this said of goalies and shortstops at the very least. Sometimes it’s true of appraisers. Appraisers can sometimes make the simple seem so very complicated. It can be a matter of unfamiliarity, of overthinking, of feeling outside of one’s comfort zone, of a lack of confidence in one’s training and abilities that can lead to confusing, even unsupported appraisal reports. So let’s see if we can keep the simple simple, and make the difficult, at the very least, intelligible. What constitutes a difficult assignment? Sometimes we realize it’s not the property but the client who may be the real source of the difficulty.A variation can be that the appraiser is not familiar or comfortable with the client or the client’s expectation, or with what the assignment really entails.A misplayed Problem Identification can result in a flawed scope of work and a poorly executed assignment. Understand your client’s expectations and assumptions before you go forward with a job. Other pitfalls where the simple can become confounded… 1. A Specific Property. Some appraisers just aren’t knowledgeable or comfortable with certain property types, and aren’t able to or don’t want to spend the time and resources researching the property and the market. And what may seem to be a perfectly straightforward property type becomes highly complex in the context of highest and best use.You don’t have to take these assignments. You do have to meet the USPAP competency requirements. And if you do take on somewhat unfamiliar assignments, don’t be afraid to ask for direction from appraisers experienced in these types of properties. Under appropriate guidance this can be a great learning experience. But remember the USPAP competency disclosure requirements and make sure the client will be comfortable with this situation. 2.A Specific Market. A property is
a creature of its market. An appraiser might understand the property but not the market it is operating in as of the effective date. A complex, unstable market creates a difficult assignment, which might apply to the majority of appraisals in today’s low inventory / high demand markets, residential or commercial. Do the market research. It will help your understanding, and help the client understand the property in its context. 3. Geographic Area. Geographic knowledge is the result of many years of practicing in the same place; the subtleties and quirks of a market may not be well understood by someone from the “outside.” On the other hand, someone with long knowledge may have a difficult time articulating his or her familiarity. Know your subject’s location, location, location. 4. Intended Use. The use to which an assignment might be put can scare off a lot of otherwise well-qualified appraisers when litigation and potential testimony and court appearances may be required. Make sure you are comfortable with the journey your assignment and report may take. 5. Laws or Regulations that apply to an assignment may dramatically affect how an otherwise pedestrian assignment is conducted, say, in the case of an assignment where the IRS is an intended user. Again, check your competency quotient. 6. An Analytical Method. Discounted cash flow analysis may be needed, or, a properly developed cost approach may be essential. If appraisers don’t have the skill set to handle these tasks, a stratightforward assignment assumes an entirely different level of complexity to the practicitioner. All professionals are faced continually with challenges. Many appraisers would like their appraisal life to be completely on the rails, all vanilla ice cream, with few deviations, surprises, and no scope of work changes. That wouldn’t be fun in the long run, would it? Kind of like taking infield practice every day and never playing in a game. Some out there may be happy with that…. Whether the appraisal professional is up to the challenge and is either willing to do what is takes to competently understand and analyze the property—or is willing to walk away
from the assignment—is the critical test. Some appraisers complain bitterly about complex assignments but the end product meets expectations. Other appraisers simple don’t know when to decline or withdraw from an assignment. They really think they can hit the curve ball. Ultimately, the appraiser is responsible, whether the assignment is complex or straightforward, to develop credible assignment results and report the results via the requirements of USPAP Standard 2. Appraisers used to fitting everything into a “template” will not thrive when the complexity of
the problem to be solved requires “out of the box” analysis and discussion. I had a roommate in college who would spend hours staring at the ceiling to the point of annoying not only me but anyone who walked by. The roommate would arise after an appropriate period and sit down and write a paper, a very good one, pretty much in one sitting. Impressive. But most of us can’t do that. But we can work through difficult and challenging problems by (a) being able to identify them as such; (b) doing our homework; and (c) seeking guidance and advice when needed.
Consider that in the the next difficult, tough assignment it really is necessary to spend the appropriate time and resources to a/ determine whether the appraiser can perform competently and, if so, b/ provide an appropriate solution to the problem. Consider the goalie that makes all saves look spectacular, including the ones that aren’t.Appraising is like that, making the spectacular just part of a good day’s work!
Bill Pastuszek, MAI, ASA, MRA, heads Shepherd Associates, Newton Mass.
Appraisal issues in a hot market Maria Hopkins Maria Hopkins & Associates
The market has been steadily increasing in the eastern area of the state for some time now but this year there is no doubt that values are up in central Mass. over last year with days on market usually under 30 days and often within a week. Similarly there are multiple offers, offers over asking price, offers with fewer or no contingences, including removal of “the appraisal clause.” That’s the clause that has been added over the last several years that stated that the property had to appraise at or above the sale price or the buyer had the option to back out. This clause is required for VA buyers but not for conventional financing. One of the reasons it is being removed more often is that there is a fear amongst sales agents, sellers and also buyers that they will get an appraiser that is not keeping up with the market and that will not do the due diligence which includes some extra work, really analyzing the sales that are under agreement and calling those sales agents to get the confidential sale prices. These sale prices can not be disclosed in the report but the appraiser can have them in their file and state that they support both the time adjustment used for market appreciation and also
the appraised value of the subject property. Statistics showing the increase in the average sale prices from a period of time to a period of time can also be used, such as a one year period from the past 12 months over the previous 12 months or a 6 month period to the most recent 6 month period. Certain price ranges may be relevant such as lower end isolated from higher end. Sometimes higher end homes don’t appreciate or don’t appreciate at the same rate. Condos can be isolated from single families and one project might show a different rate from another one. Multi families are extremely hot investments this year with appreciation showing just about everywhere. So why is it that when everyone involved in real estate as well as buyers and sellers all agree that the market is going up are some appraisers still saying the market is stable and not showing time adjustments to the comparables sales? Or worse, they are saying in the neighborhood and market section of the appraisal that the market is increasing and then not doing time adjustments to the sales, which is totally contradictory. One appraiser told me “My banks don’t like it”. Another told me he wasn’t sure we should because he heard another more experienced colleague wasn’t doing them.These reasons of course are not acceptable. What will happen when the market turns around and starts to decline? Will they let others influence their judgment on time adjustments
then as well? We saw that in the last crash. Appraisers were afraid to state the obvious until they thought everyone else was. I do appraisal work for many lenders and appraisal management companies (AMCs) and none of them have ever had a problem with my using time adjustments. At the beginning of the year there was a little more push back to really prove them, which got easier and easier to do with market statistics and on deposit sale prices as the spring progressed. Honestly if there are multiple offers all over asking price with properties going on deposit immediately, how in the world can any appraiser say the market is not going up. That doesn’t mean every appraisal should hit the sale price. There are buyers under duress in a sellers market who are desperate to get a house and are over paying and often don’t care. When there is a buyers market, it is often the sellers who are under duress and underselling their house. But that can happen even in this hot market. Appraisers are responsible to verify the circumstances of the sales to make sure they are truly armslength sales and then decide if they should use them or how much to weight them. So what should lenders and underwriters do when they have appraisers giving conflicting reports? The first instinct for an underwriter or reviewer is to make the appraiser who is saying it’s increasing to prove it, which requires CONTINUED ON PAGE 10
Appraisal & Consulting
8B August 11 - 17, 2017
New England Real Estate Journal
History repeats itself when it comes to market cycles Jim Kasparian
Kasparian Appraisal & Consulting Here we are again...1998!!! Values in the Greater Boston area are showing a continued increase with no rhyme or reason. The buyers’ pool is going over asking price repeatedly, and sometimes properties are not making it to the open market! Does this seem familiar to you? If so, here comes the old adage, which may be even more familiar to you...“History Repeats Itself.” If you have been in the industry since the 90’s, you are in the middle of a complete cycle. With the closing of 2016 and the onset of 2017, the market for residential real estate has begun to boom. Inventory was decreasing in a lot of communities, while prices con-
James Kasparian MA Cert. RE Appr. #4828 NH Cert. App. #576 Tel: (978) 362-2652 630 Boston Road, Suite M104 Billerica, MA 01821 www.kasparianappraisals.com
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tinued to climb. Was this the result of any election which may have changed the economic climate? Has our dollar strengthened? How about the economy in general? Sometimes, we need to step back for a second and reassess the little things. Never mind analyzing the bond market or the Dow; instead ask: How are those gas prices doing? Are Home Depot, Costco, and Lowes busy today? Go to your local Mexican chain restaurant, and see if they are crowded on a Thursday. These all may be indicators of a generalized economic climate. Of course this creates the same difficulties for the local appraiser in 1998; How can I justify the sale price?? If it is a commercial property, it may be a little easier. The capitalization rate might be lower with adequate justification. New leases might also point to a new benchmark. Of course the residential appraiser may start getting these com-
ments from brokers: “It was a bidding war,” “there were 10 offers,” or believe it or not, I myself got this one a couple times now... “There are no comps, and I don’t know how you’re going to do it?!” Um...great and thanks for that!! A rule of thumb most appraisers keep in the back of our minds is “what is the highest priced comparable home to sell?” Which also means in simpler terms; Don’t over value the neighborhood. This may contradict the brokers, who tend to have overoptimistic expectations for their listing. So what is an appraiser to do? I am definitely not going to say go into your local Border Cafe and see if its packed on a Thursday then justify it with a “there ya go.” An appraiser must identify the problem, analyze current and historical data, and report their conclusions. This means identify the local market trends. What are the price trends for the past 2 years for the neighborhood (or condo development)? What has the absorption rate been reflecting? After tracking and adjustments, can you justify your conclusion? An appraiser may think before making the opinion of value, the buyer may, or will pay the difference anyway; thereby set a new price benchmark. This thinking could have merit, but leads to inconsistency and inaccuracy, and one must not handcuff the natural increasing trend either. Being overly conservative is the cousin to overvaluation. This leads us to that awkward adjustment; the time adjustment. Banks do not like it, and Appraisers don’t care for it. Simply put, it is a measurement of sale price increase (or decrease) over a small period of time. If you are forced to make these adjustments after assessing your data, be sure you can indeed support the adjustment. A simple formula could be: choose two properties between two periods of time, make them as relative as possible by making warranted adjustments, and then determine the percentage of increase during that time. (Good idea to review your appraisal class notes here). Another option is to utilize a higher-priced neighborhood or town, which could prove easier by way of bracketing your value, but not without risk. Care must be taken here, so as not to contradict, or suggest that your subject property is now reaching into a higher-valued neighborhood. It is very important to make adequate, warranted adjustments to this comparable, which includes location. Beware, yet another risk comes in to play here; a case could be made for the subject now being in an area of equal value.A problem/topic for another time. In conclusion, yes, we are well into 2017, and yes, it might be another price cycle. However difficult this may be on the appraisal end, we should remember, it sure makes it interesting in our profession, and who knows? We could take this ride to say 2022!
Jim Kasparian is the owner of Kasparian Appraisal & Consulting, Burlington, Mass.
Appraisal & Consulting
nerej.com
Appraising growing inventory of life science facilities Thomas Jensen Integra Realty Resources
The increasing inventory of life science facilities in the Boston area presents another special use property category for the experienced appraisal profession. It is only natural for the life sciences industry to flourish with prestigious universities such as Harvard and MIT along with several large life science companies in the area. The Bloomberg U.S. Innovation Index scored Massachusetts with the highest ranking for the second straight year in 2016, a testament to how much the economy’s wheels are greased by investment in higher education and research. The most recent Innovation That Matters report created in partnership with the U.S. Chamber of Commerce Foundation ranked the Boston metropolitan area as having the most innovative economy in the United States. Greater Boston also has the largest concentration of life science researchers in the United States. Professional industry organizations such as Massachusetts Biotechnology Council (aka MassBio) and start-up incubators such as Mass Innovation Labs and LabCentral continually generate new companies with life science research space requirements. According to Transwestern consulting group’s bioStatus year-end 2016 report, the Greater Boston lab market housed 20.2 million s/f of inventory with a vacancy rate of only 4.4%.The 10.6 million s/f Cambridge market had an even lower vacancy rate at 3.3% while the 4.1 million s/f Boston market had the lowest rate of 2.5%. However, the roughly 5.5 million s/f Suburban market had the highest vacancy rate at 8.1%. Laboratory rental rates vary widely by location. The East Cambridge Kendall Sq. submarket near MIT has the highest asking rents ranging from $80.00 to $85.00 per s/f triple net. The Route 128 West submarket between Waltham and Lexington ranges from $35.00 to $50.00 per s/f triple net. The tight Cambridge supply and high rent levels have led to a migration of life science tenants to larger facilities in the Rte. 128 West submarket. Many older office and R&D buildings are being retrofitted into new life science research facilities. These core and shell retrofit expenses range from $125 to $150 per s/f with another $125 to $150 for specific tenant improvements over shell. The rental suites typically consist of 40% to 50% laboratory with the remaining space being traditional office area. Earlier stage companies typically have higher lab requirements while more established companies require more office for sales and administration teams. The high construction costs of life science facilities limit speculative
construction and potential oversupply in the local market. However, facilities located further from Cambridge have lower potential for re-use by other companies. The limited number of replacement users typically results in outlying properties trading at prices below replacement cost. It is important for appraisers to understand the difference between clinical and research laboratory space. A clinical laboratory examines specimens and reports results to healthcare providers and/or individuals for the purpose of diagnosis, prevention, or treatment of a condition. Clinical laboratories in the United States must be CLIA certified. The CLIA (the Clinical Laboratory Improvement Act/Amendment) requires that clinical laboratories meet certain federal quality and proficiency standards. A research laboratory examines specimens for the purpose of understanding
a condition better or developing a clinical test. Laboratories in the US performing research testing are not subject to CLIA regulation. Clinical laboratories typically have less extensive laboratory build-outs and have higher ratios of office area. Appraisers need to identify the specific biosafety level designations of certain laboratory areas. The biosafety levels are designated in ascending order, by degree of protection provided to personnel and the environment. Standard microbiological practices are common to all laboratories. Special microbiological practices enhance worker safety, environmental protection, and address the risk of handling agents requiring increasing levels of containment. Biosafety Level 1 or SBL-1 is suitable for work involving well-characterized agents not known to consistently
August 11 - 17, 2017 9B
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Shepherd Associates
Real Estate Consulting, Review and Appraisal Services
Commercial/Industrial/Land Appraisals Litigation Support Disposition/Acquisition Regulatory Audit/Appraisal Review
189 WELLS AVENUE, SUITE 200 NEWTON CENTRE, MA 02459 (617) 928-1778 • FAX (617) 663-6208 e-mail:
[email protected] website: www.shepherdnet.com
William J. Pastuszek, Jr., MAI, SRA, MRA
Appraisal & Consulting
10B August 11 - 17, 2017
New England Real Estate Journal
New England Chapter www.appraisalinstitute.org
What do appraisal clients want? Part 1
Thomas S. Andolfo, MAI, SRA, AI-GRS Andolfo Appraisal Associates, Inc. 216 Weybosset St., Providence, RI 02903 Tel: 401-273-8989 www.andolfoappraisal.com Jonathan Avery, MAI, SRA Christopher H. Bowler, MAI, SRA Avery Associates 282 Central Ave., Acton, MA 01720 Tel: 978-263-5002 www.averyandassociates.com
Avery Associates
Kevin T. Quinn, MAI, MRICS Joseph J. Blake and Associates, Inc. Two Financial Center 60 South St., Boston, MA 02111 Tel: 617-348-3838 www.josephjblake.com
David L. Cary, MAI, MRICS, Thomas J. Jensen, MAI, Edward K. Wadsworth, MAI, CRE, Elisha F. Lee, Jr., MAI, Matthew G. Pattison, MAI, Gregory Curtis, MAI, Scott Rand, MAI
Integra Realty Resources 4 South Market Blg. Fl. 4, Boston, MA 02210 Tel: 617-451-9110, www.irr.com
William E. Coyle, III, MAI, SRA Mary L. Coyle P.O. Box 3341, S. Attleboro, MA 02703 Tel: 508-761-7865 P.O. Box 1323, Pawtucket, RI 02862 Tel: 401-725-2200
Richard J. Dennis, Sr., MAI, SRA, MRA Richard J. Dennis, Jr. Casey and Dennis 40 Driftway, Scituate, MA 02066 Tel: 617-523-0023
[email protected]
William E. Coyle, III MAI, SRA Mary L. Coyle
Casey and Dennis
H. Randolph (RAN) Glennon, MAI, AI-GRS, CRE President Eastern Appraisal & Consulting, Inc. Two Monument Sq., Portland, ME 04101 Tel: 207-772-1112, Fax: 207-772-0829
[email protected] www.easternac.com
Allan D. Foster, MAI, CRE, CCIM Foster Appraisal & Consulting Co., Inc. 100 Erdman Way, Leominster, MA 01453 Tel: 978-534-1350 X23, Fax: 978-534-1913
[email protected] www.thefostercompany.com Claude A. Giroux, SRA, ASA, MRA C.A. Giroux SRA Appraiser and Consultants P.O. Box 487, Taunton, MA 02780 Tel: 508-823-4171, Fax: 508-822-3855
[email protected] www.claudeagirouxsra.com
Farms, land, easements, development rights, contamination, community and private water supply, cranberry bogs, churches, gift tax appraisals, litigation support and testimony.
Michael J. Hart, MAI Senior Appraiser Landvest, Inc. Ten Post Office Sq., Boston, MA 02109 Tel: 617-357-0430, Mobile: 617-821-7742
[email protected] www. landvest.com
To list your company call Jeff Keller 781-878-4540 x244
[email protected] nerej.com
Karen Friel
Appraisal Institute What do appraisal clients need in appraisals? Their needs are two-fold; service and quality. This month, I’ll explore client expectations about service. Many years ago I was the dinner speaker for an appraisal organization, and during Q & A I was asked what the number one problem was with appraisals. I am pretty sure the questioner and likely the audience was looking for a technical answer like the highest and best use analysis is insufficient, the discount factors are incorrect or perhaps the calculation of obsolescence was wrong. That appraiser was taken aback when I announced that by far the biggest problem with appraisals is that they are too often delivered late. “No, really” he answered. He clearly didn’t grasp his clients’needs. Let’s talk about the service part of an appraisal. Here are some things to keep in mind. • Do everything possible to avoid delivering the appraisal late. Communicate (call, email, text) with the property contact as soon as you get the engagement letter to schedule the inspection and request property related data. • If you can’t make contact with the property contact within 48 hours, let the client know. The client may be able to expedite the communication process. • Don’t ask the property owner for the kitchen sink in your data request. It bewilders them. Consider what is really needed to develop a credible appraisal. If the information is publicly available, don’t ask the property contact for it. If the requested information is delayed, let the client know. Again, the client may be able to expedite but they can’t if they don’t know about it. • If it looks like (despite your best efforts), report delivery will be delayed, let the client know as soon as possible and give a realistic revised time frame for delivery. • While developing the appraisal, if you see something, say something. Unfortunately, the client may have never seen the property, and an appraiser can be their eyes and ears imparting valuable property information. For example, if the rent roll provided does not seem to square with the occupied area at the subject property, discuss this with the client. If the property is poorly maintained to the point where it affects the valuation, apprise your client before delivering the appraisal. Surprises are not generally received well when delivered within the appraisal, and this is an opportunity to be an asset to your client. • Don’t make extraordinary assumptions for convenience sake. For
example, do not blithely assume that a major tenant whose lease rolls before year end will simply renew. It makes for easier appraisal development but does not necessarily reflect the risk profile of the property. Talk to the client first. The transaction could well be contingent on a renewal in which case an extraordinary assumption might be appropriate. If not, the lease renewal risk should be reflected rather than assumed away. • Make yourself available during the review process. Think ahead and let the client know if you are going to be out
of the office for an extended time after the report is delivered. Offer a time to accommodate review questions. The key to appraisal service is communication with the client. Service is an important element and in many institutions service is graded alongside appraisal quality. Both are fundamental to client retention.
Karen Friel, MAI, MRA, is the 2017 president of the Massachusetts and Rhode Island Chapter of the Appraisal Institute and principal at Friel Valuation Advisors, Carlisle, Mass.
Appraisal issues in a hot market - by Hopkins CONTINUED FROM PAGE 7
extra work but is easily done. But I would argue that if the whole world knows it’s going up, the appraiser who is not doing time adjustments should prove it and be challenged by those engaging their services. Real estate agents, buyers and sellers should not have to worry they will get one of the few appraisers on their deal who is behind the market or thinks they know what their client wants, when what they really want is an honest appraisal. Yes, with recent sales, a time adjustment may not be necessary in order to appraise the property at the sale price but that isn’t the point. A true picture of the market with consistency needs to be indicated on all appraisals in order to not create a misleading report. If the market is going up on one appraisal, it is going up on all appraisals in that same market. This will be very important as the market stabilizes eventually and ultimately declines. We, as appraisers have a responsi-
bility to tell it like it is and know how to prove it. If an appraiser isn’t sure all they need to do is get on the phone and do a little survey. Call 10,20 or more if they need to, real estate professionals in their market area and ASK what they are experiencing. Call their appraiser colleagues. Often what happens in the eastern area of the state trickles to the central area and then west. With today’s technology, often people get too isolated in their offices trying to meet deadlines and still live their life. Sometimes it is just a matter of staying connected with people not just computers. Belonging to an appraisal organization is extremely beneficial, like the MBREA or The Appraisal Institute. After 32 years as an appraiser, I still say networking is the key to not only success but continued enjoyment of the profession. See you out there!
Maria Hopkins, SRA, RA, is president of Maria Hopkins Associates, Spencer, Mass.
Appraising growing inventory of life science facilities CONTINUED FROM PAGE 9
cause disease in immunocompetent adult humans, and present minimal potential hazard to laboratory personnel and the environment. Biosafety Level 2 builds upon BSL-1 and so on. Most life science research facilities house multiple BSL-1 and BSL-2 suites. Bio manufacturing facilities are more typically located in the suburbs and house limited office and laboratory areas. These are often referred to as GMP (Good Manufacturing Practices) facilities with ISO bio-manufacturing areas. The GMP refers to a system of manufacturing that guarantees reproducibility of product quality to set specifications. ISO stands for International Organization for Standardization, which offers a standard for operating a firm from management through manufacturing. It is more encompassing than GMP. The ISO systems describe specific GMP
standards. The ISO system pays more attention to the management of the firm and places a number of reporting loops in the firm to ensure attention to issues. Although an ISO standard is required to maintain a GMP facility, it is essential that a firm satisfies the requirements of the client’s quality system. Generally, this means conforming to ISO standards. These certifications are common in facilities suited for the manufacture of pharmaceutical grade material for clinical trials and other bio-pharmaceutical products. Appraisers with extensive life science property experience can be a valuable asset for real estate professionals involved in mortgage lending, asset management, and brokerage sales.
Thomas Jensen, MAI is an associate director at Integra Realty Resources, Boston, Mass.
Appraisal & Consulting
nerej.com
August 11 - 17, 2017 11B
New England Chapter www.appraisalinstitute.org
Demographic shifts and the impact on real estate values Marc Nadeau Nadeau & Associates
The landscape is changing in Connecticut and this time we’re not just referring to trees, shrubs and coastline. Yes, there have been obvious changes to the physical landscape by way of eroding beaches, flooding in areas that historically were not impacted by flooding and a continued erosion of our state roads and highways and, to those naysayers that think climate change has nothing to do with the physical changes to many areas within our state, I say think again! All one has to do is to pull an older legal description of a waterfront property most anywhere in the state and one will find that the distance to the water is now much closer than it was say, 50 or 100 years ago. In as much that the changes to the physical landscape are impacting values, this article is not so much focused on the environmental shifts in the state as opposed to the economic changes. Real Estate Value Changes as a result of a shifting landscape of population Seemingly, most of us have recovered from what I like to call the Meltdown of 2008, when the entire financial system experienced a hiccup like no other. Century-old banking institutions failed, auto manufacturers went out of business, millions of homeowners just walked away from their homes and the equity markets for the most part fell off the proverbial financial cliff. It would certainly seem as though the past events helped shape the psychological view of the buying and owning a home – which may help explain the rising demand for good rental properties versus a decline in home ownership. Connecticut has seen a significant shift in physical population as well as income distribution. A recently-published paper by Manisha Srivastava from Connecticut’s Office and Policy and Management entitled “Connecticut’s Population and Migration Trends: A Multi-Data Source Dive” succinctly dissects the changes in the population landscape. In short, the state is losing not just population but also higher-wage earners who had become the foundation for Connecticut’s economic platform. The following chart shows recent and projected population flow within the state. Chart 1 shows a migration away from the state of 20,000 to 30,000 people each year over the past few years. What may be more important is the component of the shifting population and who they are and their
Chart 1 place within the economic stratum. According to the Connecticut Budget released in May of 2017, the state is reeling from the consequences of sliding tax revenues that have historically come from the financial section, most notably from hedge fund managers. Recent figures have shown that the tax revenue from the state’s top 100 highest-paying taxpayers declined 45% from 2015 to 2016. That drop translates into a $200 million loss in tax revenue for Connecticut. A Deeper Look into the Migrating Population: Connecticut has become one of the most expensive states to live on nearly all fronts. Everything from housing costs to energy costs, to the state income tax rates, Connecticut is a front-runner in nearly all of the aforementioned categories. • Recently published energy costs reveal that the cost of energy in Connecticut is nearly twice that of the national average. • Connecticut is the sixth most expensive state to live in from the standpoint of average housing costs. • The state ranks as the second-most expensive place to live from a tax standpoint. The tax figure is a collective one, factoring in both state income and local property taxes. • There has been a general growth in reporting of individual income in the northeast with Connecticut being the laggard. Chart 2 compares Connecticut to other Northeast states.
Chart 2 In comparison to Massachusetts for example, which has had an increasing population and has benefitted from a migration of top businesses and corporations to the state, Connecticut is simply failing. And, the reality is that much of Connecticut’s migrating income is not necessarily leaving the country but is going to other states including that of Massachusetts,
Florida and other southern states. In the past three years alone we have seen major corporations make the move to greener pastures. These corporations include: United Technologies relocating to West Palm Beach, Florida with the benefit of no state income tax for its employees and a 10-year property tax abatement; Pfizer relocating to the Boston area from New London, Connecticut leaving behind a wake of a ravaged and unspoken for landscape of redevelopment parcels that came about by one of the worst Supreme Court Decisions in the history of this country, Kelo vs. City of New London; and General Electric Corporation announcing its move to Massachusetts after is life-long history of being headquartered in Fairfield. These corporations are taking with them not just their employees but also the taxable income associated with those employees, most of which are upper management people earning salaries at the high end of the wage spectrum. The effect on Real Estate and the Fix for the Problem: In as much this appraiser/author has a practice that is concentrated along the shoreline, east of New Haven, this appraiser has generally seen a slow waning of prices across the board.That waning of prices has averaged approximately 3% annually over the past couple years. Shown in Chart 3 for theTown of Guilford, one of the many impacted shoreline towns.
David S. Kirk, MAI Kirk & Company 31 Milk St., Suite 820, Boston, MA 02109 Tel: 617-261-7100, Fax: 617-261-7910
[email protected],www.irkco.com
Emmet T. Logue, MAI, SRA Mark Savage, MAI, MRICS NAI Hunneman-Appraisal & Consulting 303 Congress St., Boston, MA 02210 Tel: 617-457-3270 www.naihunneman.com
Gary M. MacLeod, MAI Horne & Hastings Associates P.O. Box 1068, Princeton, MA 01541 Tel: 978-464-5060, Fax: 978-464-5061
[email protected]
William J. Pastuszek, Jr. MAI, SRA Shepherd Associates 199 Wells Ave., Newton Centre, MA 02459 Tel: 617-928-1778, Fax: 617-558-0057 www.shepherdnet.com
Horne & Hastings Associates
Shepherd Associates
Eric T. Reenstierna, MAI Eric Reenstierna Associates 43 Thorndike St., Cambridge, MA 02141 Tel: 617-577-0096, Fax: 617-577-0196 www.erassoc.com
Mark F. Tyburski, MAI, SRA Phyllis Contestabile, MAI Tyburski Appraisal Corporation 89 Summer Street, Hingham, MA 02043 Tel: 781-749-0700, Fax: 781-749-4470 www.tyburskiappraisal.com
Seeking an Appraisal? Massachusetts & RI Chapter Lianne Andreucci, Ex. Secretary, 781-397-8922 Karen Friel, MAI, President 617-997-5004 Chart 3 Source: Connecticut Multiple Listing Service Interviews with brokers in other parts of the state reveal like if not greater rates of price decline. The fix is without question rooted in the political landscape where lawmakers need to come together in a partisan way, finding revenue sources (other than individual and corporate taxation). These revenues will be needed to restore our infrastructure, restore Connecticut’s reputation as a viable state to do business in and ultimately, draw back the needed foundation of the working population.
Marc Nadeau, SRA, is owner of Nadeau & Associates, Guilford, Conn.
Connecticut Chapter Jacqueline Beauchaine Ex. Secretary 860-482-9992 Peter A. Vimini, MAI, President 203-384-6000 Maine Chapter Jacqueline Beauchaine, Ex. Secretary 860-482-9992 Kevin King, SRA, President 207-232-0251 New Hampshire Chapter Vermont Chapter Jacqueline Beauchane, Ex. Secretary 860-482-9992 David Cornell, MAI, CAE, President 603-203-5517
Appraisal & Consulting
12B August 11 - 17, 2017
New England Real Estate Journal
Crosswhite ProPerty Advisors
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REAL ESTATE COUNSELING • APPRAISAL
Lincoln Property Company
Reconciliation can similarly be complex for appraisals
John C. Bowman, CRE Multifamily • Chapter 40B Development
activity, the capital and inventory conditions in the related markets. In commercial real estate markets,
David Kirk
Kirk & Company 6 BEACON STREET SUITE 200 BOSTON, MA 02108 TEL 617 742 6061
[email protected]
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Appraisals of commercial real estate and other special purpose properties consider three approaches to value and conclude with a reconciliation of the approaches to estimate a final value. The three approaches to value are cost, sales comparison and income capitalization approaches. Reconciliation is the reasoned process of making two or more different facts or ideas result in a single conclusion. Appraisals are more often complex with data and analyses. Reconciliation can similarly be complex, weighing the resulting value estimates from the approaches when two or more approaches are considered relevant for the appraisal process. Global conflicts have increased significantly the current reporting of reconciliation, and appraisal reconciliation has lost the luster once shining in the appraisal process. We should remember the importance of reconciliation, a reasoned process, in the U.S. non-residential real estate markets with high transaction volumes and persistent fundamental growth. All approaches are often relevant. The cost approach captures the current impact of land prices and values, and the current impact of rising construction costs based on materials and labor fluctuations – all up. The sales comparison approach captures current transaction
the successful buyer often pays more than anyone else and more than the true value. Contrarians,
Appraisals of commercial real estate and other special purpose properties consider three approaches to value and conclude with a reconciliation of the approaches to estimate a final value. The three approaches to value are cost, sales comparison and income capitalization approaches. Reconciliation is the reasoned process of making two or more different facts or ideas result in a single conclusion. Appraisals are more often complex with data and analyses. Reconciliation can similarly be complex, weighing the resulting value estimates from the approaches when two or more approaches are considered relevant for the appraisal process. the income capitalization approach is the most highly relied upon approach, if not the most highly reliable approach. The income capitalization approach captures current micro- and macroeconomic conditions that relate to the appraisal of the property. The value estimate from the income capitalization approach is based on current market and financial data derived from the relevant property and capital marketplace. The three approaches capture the current motivations of the buyers and the sellers and inform the underwriting process. Quick and dirty can fail here. In the rush and frenzy to have a Boston asset in the portfolio, record prices are being recorded. Above cost and surpassing current sales records,
scavengers, arbitrageurs, flight capital, strategists balancing portfolios, among others, contribute to ever evolving market frontiers. The appraisal process includes the collection of the data, the analyses of the market terrain and reconciliation of indications of value from the relevant approaches. Not really pedantic or overscrupulous, just logical, sensible and reasonable. The simple luster of a reconciled conclusion of value in a vital market and economy! Enjoy the summer action and activities. No doldrums expected.
David Kirk, CRE, MAI, FRICS, is principal and founder of Kirk & Company, Real Estate Counselors, Boston.
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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Residential value: Will it change with fed interest rate increase? Prospectus, LLC
A few days ago a got a mailer from a residential broker saying that this is a great time to sell, because the pending federal increases in interest rates will cause lower sales prices in the future. Seems probable, since higher costs of money will affect what people can afford. However, as in most things, there is more than meets the eye. About a year and a half ago, I similarly wrote about the relationship between an increase in interest rates and commercial cap rates.At that time, most thought cap rates would increase with interest rates, and thus commercial real estate value would decrease. But I learned that this was not a perfect correlation. Research by such groups as Reis, Morgan Stanley and Teachers Insurance and Annuity Association (TIAA) had reached conclusions that there is as much negative correlation between interest and cap rates as there is positive correlation, depending upon other factors over time. They cited five out of eight periods of rising interest rates since 1990, where cap rates have actually declined. In other words, there were other factors at work. Some history first: A little while back Janet Yellen, chair of the Federal Reserve, talked about slowly increasing interest rates, and only a couple of times during 2017. She indicated that her chief concern is inflation, and at this point it is low. Thus, she believes a very slow pace of rate increase will not stymie the economy, and inflation is low enough that a speedier pace is not required. Most economists agree, and it is widely held that modest and slow rate increases will have little impact on economic growth. But what about
residential real estate value? One of the main influencing factors is public perception and consumer
three rate increases since the end of 2015, with the most recent being this past March. It is anticipated that
Increased interest rates, and thus increasing borrowing costs, have some but not perfect correlation with the value of residential real estate compared to commercial. It may be more significant in residential markets, where it is more dependent on individual borrowing power at a personal level, and where resulting behavior may also be more personal or emotional. confidence. If people think things are improving, they believe their ability to earn more income will compensate any cost in higher interest rates. Further, an increase or decrease is very much location and demand dependent. If young technology entrepreneurs in Silicon Valley believe they have bright and unlimited futures, and they want housing nearby their jobs, residential demand in that area will not wane. In fact, as continuing to be evidenced, bidding wars may prevail. This particular phenomenon is evident in all of the hot markets, based on the potential for jobs and thus positive perception of future income. In addition to SF, think LA, Denver, Seattle, Austin, and our close to home stalwarts of New York and Boston. Another factor by which the real estate industry may not see negative impact from modest interest rate hike is bank lending standards. Higher interest rates may provide lenders with more of an incentive to make loans, and regulations are loosening a bit. As a result, a slightly higher rate, tempered by a slightly more aggressive lending practice, may dampen any negative impact. Predictability of rate increases is, counter-intuitively, also a modestly positive impact among potential negatives. There have been
there will be one more in 2017 and potentially two more in 2018. With this level of predictability, investors and buyers are prepared and hedging in various ways. As a result, there has been a modest increase in borrowing rates, but not a commensurate decrease in sales pace or price. Increased interest rates, and thus increasing borrowing costs, have some but not perfect correlation with the value of residential real estate compared to commercial. It may be more significant in residential markets, where it is more dependent on individual borrowing power at a personal level, and where resulting behavior may also be more personal or emotional. Cap rate analysis is tied to net operating income, and thus a more quantitative correlation. Residential demand, and supply, can be more qualitative, and thus have an even looser correlation with changes in interest rates. Keep an eye on employment statistics and consumer confidence. It those factors go negative, they may have more impact than a slight increase in interest rates, and a combination of both events could be more significant.
Daniel Calano, CRE, is the managing partner and principal of Prospectus, LLC, Cambridge, Mass.
335 Auburn St., P.O. Box 66125 Newton, MA 02466
Robert J. Nahigian, FRICS, SIOR, CRE, MCR Office • Industrial Property Specialists • National Specialists on BTS • Advisory Services to Corporate Tenants and Investors • Corporate Services • Corporate Representation • Expert Testimony Services 617-332-6900 Fax 617-965-2570 email:
[email protected] NE NY Tel: 781-878-4540 PROOF ESTATE JOURNAL Jill S. HREAL atton, cre Changes
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ProsPectus, Inc.
~ SInCE 1988 ~
• Real Estate Counseling on Commercial, Industrial And Residential. • Management of development projects for investor partnerships. SpECIAlIzAtIon In: Rehabilitation & Reuse of property’s Highest & Best Use Analysis, land planning/Development, Conservation planning/Easements Daniel Calano, CRE Managing Partner & Principal
2 Brattle Square, Cambridge, MA 02138 t (617) 868-0800 x243 F (617) 868-3331
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Phone: (978) 534-1350
Fax: (978) 534-1913 100 Erdman Way Leominster, MA 01453
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Donald Bouchard, Chapter Chair 617-951-4138 Vice Chair: Julie McIntosh, CRE Secretary: John Power, CRE Treasurer: John Baczewski, CRE Membership Officer: David Levy, CRE
Daniel Calano
August 11 - 17, 2017 13B
Appraisal & Consulting
14B August 11 - 17, 2017
New England Real Estate Journal
The Association for Valuation Professionals www.mbrea.org
Appraisal Company of New England Since 1987
Paul J. Hartel Commercial / Residential Paul J. Hartel Tax Abatements / Partial Interests Gifting / Feasibility Studies Residential / Commercial Serving MA, CT, NH, RI & VT Tax Abatements / Partial Interests Litigation / Feasibility Studies 508-540-0448
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HOWARD S. DONO & ASSOCIATES, INC.
BARNSTABLE / PLYMOUTH A P P R A I S A L S E RV I C E S
CASEY and DENNIS REAL ESTATE Appraisers - Consultants
WAYNE J. VALLIERE, MRICS, RA EMAIL:
[email protected] P.O. BOX 697 BUZZARDS BAY, MA 02532 PHONE (774) 302-4176 FAX (774) 302-4174
RICHARD J. DENNIS, SR. MAI, SRA, MRA MA Cert. Gen. #8
40 Driftway Scituate, MA 02066 Phone: (617) 523-0023 email:
[email protected]
G A Johnson and Associates Real Estate Appraisers and Consultants Lexington, MA 02421 781-652-0042 Phone - 781-652-0147 Fax E-Mail:
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Gregory A Johnson
Real Estate Appraisers & Consultants
MA Cert Gen #737, NH Cert Gen #560 Serving Eastern Massachusetts & Southern New Hampshire
Howard S. Dono, MRA, IFAS President/CEO 360 W. Boylston Street W. Boylston, MA 01583
Residential and Commercial Appraisal ~ Financing ~ Acquisitions Estate Planning ~ Probate ~ Expert Testimony
Tel: (978) 362-2652 630 Boston Road, Suite M104 Billerica, MA 01821 www.kasparianappraisals.com
Slovak Appraisal Associates Real Estate Appraising and Consulting
Peter T. Vadala, MRA Mass. Certified General 75137
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VADALA REAL ESTATE APPRAISALS, INC Mill Pond Professional Building 9D Dr. Osman Babson Road Gloucester, MA 01930
MA Real Estate Appraiser Certified General #70876
P.O. Box 202, South Yarmouth, MA 02664
Tel. 508-760-1112 | Fax 508-394-0014
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Residential Real Estate Appraisals Edward Lewis 44A Russell St. Plymouth, MA 02360 Office 508.746.5822 Fax 508.746.5432
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NE NY Tel: 781-878-4540 REal EstatE JouRNal
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Financial Digest
new england real estate journal • financial dig August 11 - 17, 2017 15B
The Massachusetts B to announce Tribute to MBREA Hall of Fame member Richard D. Simmons, Sr. the in
MBR H
The MBREA is saddened to note the death of Richard D. Simmons, Sr., a MBREA past-president and a member of the Appraisal Hall of Fame.
Dick served as MBREA president in 1973 and was known for his extraordinary commitment to the education of appraisers. Dick Dennis, Sr., notes “In late 1983 the Board of Trustees asked me to make a recommendation as to how the MBREA could give special recognition to Richard D. Simmons for his contributions to the Board especially in the area of education. After some consideration and in an effort to make the recognition singular, I made the following Charles Akerson recommendation to the Board of Trustees at the meeting held December 5, 1983.
Leon B
That an achievement award be established. This would distinguish this particular structure from many others which are similar, but which reward by scholarship those who show promise. By making this award one of achievement the Trustees can acknowledge the flowering of that promise in distinguished persons and thereby singularly distinguish the name and achievements of Richard D. Simmons.” Recipients of the Richard D. Simmons, Sr. award include Karl Chip Case, William Apgar and Charles Akerson. Hall of Fame Group On June 17, 2009, Dick was among the first class of honorees inducted into the Appraisal Hall of Fame. Included in his class was a “who’s who” of individuals who made outstanding contributions to the appraisal profession, including: Charles Akerson, Leon Boudreau, MRA, Abigail Burns, MRA, Steven Byrnes, Richard Dennis, Sr., MRA, John Hewitt, MRA, Paul Kinsella, MRA, John Quincy, Jr., MRA, Richard Simmons, Sr., MRA, William Stewart, MRA, Tony Trodella, MRA and Timothy Warren, Jr. We extend our condolences to his son, Dick Simmons, Jr., MBREA’s immediate past president to the family.
Born in Fall River in 1922, Richard was raised in Winchendon and was a graduate of Murdock High School of Winchendon. Following high school he enlisted in the US Army and served at 1st Richard Dennis, Sr., MRA Lieutenant from 1943-1946. He was a longtime Lynnfield resident and owner of Simmons Real Estate and Simmons Associates Appraisal Firm of Lynnfield. He was a charter member of the Lynnfield Rotary Club and past president of the Massachusetts Board of Real Estate Appraisers. He was also the past president of the Eastern Middlesex Board of Realtors. He held the designation of CRE (Counselor of Real Estate) from the American Counselors of Real Estate and the MRA, a commercial designation Richard Simmons, Sr., MRA conferred by the Massachusetts Board of Real Estate Appraiser.
John
William
ThisM. page wasSimmons. sponsored by Alla Richard was the beloved husband of Miriam (Snow) He was the loving father of Carole S.Ellen Hamilton of Salem, Richard D. Atlantic A McDonald, North Simmons, Jr. and his partner Carol Roberts of Swampscott. He was the Associates Spangle brother of Jean Peters of NH and the late Frederick Simmons. He was the grandfather of Amy C. Hamilton, David Hamilton & wife Kimberly & and was he great grandfather of Sophie, Henry and Owen.
Financial Digest
16B August 11 - 17, 2017
New England Real Estate Journal
TO MORTGAGE ACQUISITION ASSOCS. & SWINBURNE ROW RETAIL
BankRI provides $6.896 million loan for acquisition of two retail props. Bank Rhode Island’s (BankRI) commercial real estate division finalized a transaction to provide $6.896 million in total financing to Mortgage Acquisition Associates, LLC and Swinburne Row Retail, LLC for the acquisition Keb Brackenbury of two properties in downtown’s Shops at Long Wharf and Brick Market Place. The property being acquired by Mortgage Acquisition Associates, LLC is an eight unit, one-story building with a total of 17,690 s/f and a 77 space parking lot that is home to a variety of retail tenants, including Gap and Yankee Candle. Known as the Shops at Long Wharf, the building NEWPORT, RI
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Berg named vice president at East Cambridge Savings East Cambridge Savings Bank has appointed Laura Berg as vice president, community outreach officer. Berg joined East Cambridge Savings Bank in 2013 as vice president, lending operations officer. She played a key role in the oversight of loan processing, operations and lending compliance functions relating to the bank’s extensive residential and consumer loan portfolio. In her new role, Berg will connect with communities served by East Cambridge Savings Bank to find innovative ways for the bank to support economic development and neighborhood revitalization in low and moderate income neighborhoods. Additionally, Berg will identify new opportunities for educational and financial literacy programs in the bank’s 15 Community Reinvestment Act (CRA) communities. CAMBRIDGE, MA
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provided $4.14 million to Mortgage Acquisition Associates, LLC. In receiving $2.756 million in financing from BankRI, Swinburne Row Retail, LLC is acquiring 135151 Swinburne Row, Unit 1, a 1.75 story U-shape building with 19,640 s/f and adjacent to Brick Market Place. The property is divided into 4 units and has a 57 space parking lot. The building maintains a number of well-known Newport retail shops, including Brooks Brothers, along with a 6,600 s/f available restaurant space that overlooks Newport Harbor. “As a bank, we look forward to continuing to develop and grow our relationships with consumers and business partners across Aquidneck Island,” said Keb Brackenbury, who facilitated the transaction and serves as senior vice president of commercial real estate lending for BankRI. “We are pleased to have met the financial needs of our clients to acquire properties located within the busiest section of an area that draws people from around our region and tourists from around the world.”
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August 11 - 17, 2017 17B
Hotel Summit
2017
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Financial Digest
18B August 11 - 17, 2017
New England Real Estate Journal
FOR THREE SEPARATE RETAIL PROPERTIES IN MASS.
Chase of NorthMarq Capital arranges $31.425m in financing
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Michael Chase, senior vice president of NorthMarq Capital’s Boston office arranged financing totaling $31.425 million for three separate retail properties. Located in Methuen, a 170,000 s/f retail property reMichael Chase ceived refinancing of $12.5 million. The transaction was structured with a long-term fixed rate, non-recourse financing and a flexible prepayment structure. Coming off a maturing CMBS loan, NorthMarq arranged financing for the borrower through its relationship with a correspondent life company and was able to provide a nine-month forward rate lock. “Utilizing the forward rate locking ability of one of our correspondent life companies, we were able to allow the borrower to take advantage of the attractive pre-election rates in early November of 2016,” said Chase. “This provided the borrower rate certainty while also helping to save over $1 million in prepayment defeasance charges had the loan been refinanced in 2016.” Located in Peabody, a 37,692 s/f mixed-use property received refinancing of $5.2 million. The transaction was structured with a long-term fixed rate and a flexible prepayment structure. NorthMarq arranged financing for the borrower through its relationship with a local METHUEN, MA
37,692 s/f Retail Center - Peabody, MA
Retail Center - Tyngsboro, MA bank. “We were pleased to once again meet the needs of a long-time client,” said Chase. “This newly developed mix-used center will surely be a long-term investment. We were able to provide a financing structure to fit the sponsor’s needs while also providing flexibility in case of the unexpected.”
Located in Tyngsboro, a neighborhood retail center received acquisition financing of $13.725 million. The transaction was structured with long-term financing which included two years of interest-only and a flexible prepayment structure. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
S
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• Construct to permanent loan to finance the construction of the Boston Celtics' new practice facility • Financing arranged by Transwestern
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Financial Digest
nerej.com
August 11 - 17, 2017 19B
Aug-17 PROPERTY TYPE
DOWNTOWN OFFICE
DESCRIPTION
ESTIMATED DEVELOPMENT COST
RETURN ON COST (income-expenses = NOI)
GENERAL FEASIBILITY & SUPPORTABLE LOAN
COMMENT
First class high-rise tower
$700 PSF, assuming market price is paid for each component of development.
Trended average gross income estimated to be $65 PSF, with expenses and taxes totaling $25 PSF producing NOI of $40 PSF or 5.70% on $700 cost.
A 5.70% return on cost suggests marginal feasibility. Conventional financing after lease up supports a loan of approximately $500 +/- PSF, requiring 28% ongoing equity.
Significant pre-leasing and/or substantial equity (40% + LTC) are required.
$400 PSF assuming market price is paid for each component of development.
Gross average rents estimated to be $45 PSF with expenses and taxes totaling $15 PSF producing net rent of $30 PSF or return on cost of 7.50%.
A 7.50% return on cost suggests feasibility for this asset type. Conventional financing after lease up supports a loan of approximately $300 PSF, requiring 25% ongoing equity.
Some pre-leasing, strong tenant credit and substantial (40% + LTC) equity are required.
$150 PSF assuming market price is paid for each component of development.
Rents vary widely depending upon exact location, amount of office space, loading docks, etc. A property of the quality described here would probably rent at $9.00 PSF producing a 6.00% return on cost.
A return of 6.00% on costs makes development of this asset class unlikely unless a built-to-suit with strong credit and longer term.
Selective build-to-suit developments are feasible based on tenant lease term and credit.
$300 PSF assuming market price is paid for each component of development.
Substantial leasing, including at least one quality anchor tenant is a Core suburban rents for Typical mix of anchors and requirement. Current capital markets grocery anchor will probably be satellite space would generate limit leverage to 70-75% LTC during in the mid $20's PSF and other a mid 8%'s return suggesting construction. Upon stabilization a tenants could pay in the upper solid feasibility, if tenants in significant portion of development $20's PSF for satellite space. hand. equity can be returned through permanent financing.
SUBURBAN OFFICE
Class "A" suburban office development
WAREHOUSE / DISTRIBUTION/ FLEX
Good quality, well-located, highly functional warehouse distribution, and flex space
Typical grocery or drug NEIGHBORHOOD anchored CENTERS neighborhood center
Facilities Costs vary depending on land containing units value and facility design but SELF STORAGE of various sizes $85-$150 PSF is a reasonable for storage range.
Rents of $14.00 PSF for a standard 10' x 10' unit will produce an annual revenue of $1,400. Subtracting expenses of 35%, or $490, produces an NOI of $910, or 9.10% of cost, assuming a PSF cost of $100. Rents of $5.00 PSF for a 800 SF apartment will produce annual rents of $48,000. Subtracting expenses, 30% of EGI, produces an NOI of $33,600, or 6.72% of cost.
In a normal market, with a "lease up to stabilization" period of 36 months, a return on cost of between 9%-12% should be expected.
Self storage development is feasible in well located, under-served markets. Current capital markets limit leverage to 75% LTC. Earnouts are available.
At 6.72% return on cost, feasibility is acceptable for this Most projects use institutional equity asset type and would support a sources which prefer debt not to loan of approximately 90% +/exceed 55%-65% of cost. of costs requiring ongoing equity of 10% +/-.
LUXURY APARTMENTS
Mid to high rise Class A apartment property
$500,000 per unit is a reasonable estimate but can consistently see a cost variation of 20% +/-.
SUBURBAN APARTMENTS
Good quality wood frame suburban construction
Estimated at $300,000 per unit, but this can easily vary by 20% +/-. Current upward pressure on costs.
CONDOMINIUMS
Residential developments offering condominiums for sale
Cost and sale prices will vary widely based on design and target market.
Experienced condominium developers are targeting a profit of 15-20% on net sellout for a new project. Smaller projects are feasible in select markets.
Feasibility is improving within many locations. However, lenders remain cautious and continue to insist on a strong guarantor and substantial equity.
Condo lending is available, especially for small and/or phased projects (limited absorption risk). The outlook continues to improve for new developments.
LUXURY HOTELS
Downtown first class hotel
Typical new hotel would cost $500,000+ per room.
Range widely.
Most new hotel deals would require at least 40% + equity during development.
Softening sector fundamentals have both debt and equity capital being more selective.
Monthly rents of $3.00 PSF for At 7.77% of cost, feasibility is Current capital markets limit LTC to a 925 SF unit will produce strong and would support a 60%-70% during development. annual rents of $33,300. loan of approximately 90% + of Upon stabilization a portion of Subtracting expenses at 30% costs requiring equity of around development equity can be returned of EGI, produces an NOI of 10% ongoing equity. through permanent financing. $23,300, or 7.77% of cost.
The terms shown herein approximate market conditions at the time of publication and are subject to frequent changes based on the shifts within the The purpose of this edition of the MMM is to introduce at a necessarily imprecise level the notion of feasibility for different types of real estate development. Simply stated feasibility is measured by comparing net rental income against anticipated development costs for the different product types. Available market information usually provide the data needed for a reasonable accurate estimate of net rental income. Conversely, development costs include land at market, average site costs and building costs. The later, however, are Fantini & Gorga's best estimates and may not always best represent the actual costs of development. All considered, it is believed that this matrix is the best available glimpse of feabibility of different real esate product types. ALTHOUGH THE INFORMATION INCLUDED IN THIS MATRIX HAS BEEN PREPARED CAREFULLY, IT'S ACCURACY CANNOT BE GUARANTEED. COPYRIGHT FANTINI & GORGA 1999.
Fantini Gorga 155 Federal Street, Boston, MA 02110 Ph: 617.951.2600 Fax: 617.951.9944 Visit us at www.fantinigorga.com
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Financial Digest
20B August 11 - 17, 2017
There’s always room for speaking opportunities! Conference sponsorship or speaking information contact Rick Kaplan
781-878-4540, ext. 247,
[email protected]
New England Real Estate Journal
Financial News Outside the Region A COLLECTION OF 89 UNITS ON OVER 64 SEPARATE TAX PARCELS
Love Funding secures $13 million FHA loan for Camden Townhomes CAMDEN, NJ Love Funding, one of the
nation’s leading providers of FHA multifamily, affordable and healthcare financing, completed the closing of a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scattered-site, affordable housing property. Camden Townhomes is a collection of 89 units spread over 64 separate tax parcels scattered throughout the Lanning Sq. and Bergen Sq. areas of the city. The property will be renovated using the loan proceeds and 4% low-income housing tax credits (LIHTCs) provided by the New Jersey Department of Community Affairs, which originally purchased and assembled the units in 1992. At the time, the property was recognized as a single
A new neighborhood emerging.
manageable and marketable development, and awarded a 15-year Section 8 project-based voucher contract as part of a substantial rehabilitation. As part of the latest transaction, the project has been approved for a new 20-year contract. Love Funding senior director Leonard Lucas of the company’s Boston office obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d) (4) mortgage insurance program. The program provides low-rate, non-recourse financing for up to 40 years to fund the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, the elderly and the handicapped.
Washington Trust provides $14m loan for 101,000 s/f retail site Washington Trust’s Commercial Real Estate Group provided $14 million to Bensalem MZL, LLC, for the refinancing and redevelopment of a 101,000 s/f retail center. Redevelopment of the property, which is located at 1837 Street Rd., includes renovations to accommodate a ShopRite grocery store in the shopping center’s largest, 75,000 s/f space. The center also includes outparcels occupied by Krispy Kreme and Philly Pretzel Factory. The shopping center is located a mile from I-95 in the primary retail corridor of town. “We are pleased to do more business with Katz Properties, providing them a flexible financing solution to work through the redevelopment of the center in Bensalem,” said Julia Anne Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group. “Once completed, the location will be a destination for local residents - providing a wide variety of retail amenities including grocery.” BENSALEM, PA
Carriage Grove is planned for live, work, and play. Located in Belchertown, Massachusetts, the development includes commercial, residential, and cultural opportunities complemented by walking trails, a village green, and panoramic views. Currently accepting proposals for multi-family residential, commercial, retail, and industrial uses. Features: l
Master planned for up to 581,000-square-feet of mixed-use development.
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Construction is underway on Christopher Heights of Belchertown, an 83-unit assisted living facility.
l
Retail/medical office frontage on Route 202.
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10 miles from the University of Massachusetts, Amherst.
CONTACT Claire O’Neill, MassDevelopment
[email protected] (617) 595-9430
Financial Digest
nerej.com
August 11 - 17, 2017 21B
The Real Estate Finance Association services individuals in the business of real estate finance and those who furnish services to the industry
President Paul Nasser
Intercontinental Real Estate Corp. Boston, Mass.
Executive Director Adrienne Maley
www.gbreb.com
Real Estate Finance Association
ANNUAL CHARITABLE GOLF TOURNAMENT AT DEDHAM COUNTRY & POLO CLUB HELD JULY 24
Real Estate Finance Association past summer events and and upcoming fall programs On Monday, July 24, Real Estate Finance Association (REFA) held its Annual Charitable GolfTournament at Dedham Country & Polo Club with over 115 members and colleagues in attendance. The Charitable Tournament raised money for FamilyAid Boston and Rosie’s Place, and representatives from each organization participated in the day. On Wednesday, July 26, REFA hosted a Women’s Roundtable with speaker Kathy Sweeney, co-founder & managing partner – chief investment officer, Blue Moon Capital Partners.The REFA Women’s Roundtable Series was launched in 2015 to help engage women in the CRE industry. These programs provide an opportunity for women to hear from a senior-level female who shares information about her career path and provides insight for professional development. Hosted by the REFA Emerging Leaders, REFA’s Annual Summer Panel and Reception was held on August 2 at Goulston & Storrs, with over 100 in attendance. The program portion of this event focused on the current state of the retail market, debunking rumors that retail is “dead.” The panel was led by moderator Justin Smith, managing director, Newmark Grubb Knight Frank and speakers Douglass Karp, president, BOSTON, MA
New England Development; Eric Smookler, chief financial officer, WS Development; and Matthew Curtin, senior vice president and partner, CBRE/New England. Fall Programs On Wednesday, September 6, REFA will hold an After Hours networking event at Trade, Boston from 5:30 - 7:30 p.m. This event is open to both REFA members and non-members free of charge. There will be a cash bar. TheAnnual REFA Fall Conference will be held on Friday, September 15 at the Boston Harbor Hotel from 7:30 – 11:00 a.m. The conference schedule includes a keynote session followed by two panel discussions.The keynote session will include moderator Bill Poorvu, adjunct professor of entrepreneurship, emeritus, Harvard Business School, co-founder, Baupost Group LLC, co-chair, Baupost board of advisors and keynote speakers Rob Griffin, U.S. head of capital markets, president, New England, Newmark Grubb Knight Frank and Bryan Koop, executive vice president, Boston region, Boston Properties. The keynote session will be followed by one panel discussion focused on the topic of “Debt Capital Markets: Is It a Lender or Borrower’s Market?” and a second panel discussion focused on the topic
Shown (from left) are: Justin Smith, managing director, Newmark Grubb Knight Frank; Matthew Curtin, senior vice president & partner, CBRE/New England; Douglass Karp, president, New England Development; and Eric Smookler, chief financial officer, WS Development at REFA’s Annual Summer Panel and Reception. of “Urban or Suburban: What Are The Drivers Behind The Decision?” Workforce Housing will be the topic of discussion at REFA’s Quarterly Education program on Tuesday, September 26. The panel discussion will take place at WilmerHale, 60 State St., from 7:45 - 9:15 a.m. Travis D’Amato, managing director, JLL will moderate the panel discussion which will include speakers Kenan
Bigby, managing director, Trinity Financial; Jay Doherty, CEO, Cabot, Cabot & Forbes; and Jordan Warshaw, principal, Noannet Group. The 2017 REFA Annual Gala will be held Wednesday, October 4 at the Westin Copley Place. Stephen Karp, chairman, New England Development and Steven Fischman, vice chairman, New England Development will be awarded with the 2017
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.
CROWNINSHIELD
Kevin C. Phelan Co-Chairman
617 330 8050
The Copley Group
617.262.3930 Phone 617.927.6930 Fax
[email protected]
160 Federal Street Boston, MA 02110-1707
New England’s premiere condominium management company Since 1983
www.colliers.com
R& S B
Robert S. Swain Jr. Award, REFA’s Distinguished Service Award - join over 500 members and CRE professionals for the premiere industry networking event of the fall.
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REAL ESTATE DEPARTMENT HENRy H. THAyER DANiEL J. OSSOff MELiSSA L. ELLiS LAuREN D. ARMSTRONg LAuRENcE M. yORRA
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TEL (617) 542-2300 FAx (617) 542-7437
MANAGEMENT CORPORATION AMO® • Commercial / Residential Management • Financial Services / Serving all of New England For information please contact: Nick Ruccolo
Email:
[email protected] Tel (978) 532-4800 • Fax (978) 532-6023
Fantini & GorGa 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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To place your business card here Please contact Jeff Keller England Real Estate Journal 800-654-4993 • 781-878-4540 ex. 244 •
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Financial Digest
Back Page B August 11 - 17, 2017
New England Real Estate Journal
Better relationships. Better results. With close relationships to Freddie Mac, Fannie Mae, FHA, as well as correspondent relationships with more than 50 life insurance companies, connections with hundreds of banks, and many CMBS lenders, NorthMarq Capital 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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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
Rhode Island 95 Cripe St. North Kingstown, RI (401) 295-0044 www.quonset.com
(401) 621-4336
August 11 - 17, 2017 Section C
Quick Read Colliers arranges $31m financing for parking asset in Warwick
GOV. RAIMONDO, ROBERT KRAFT AND JONATHAN KRAFT AMONG ATTENDEES
PROCON designs and builds 65,000 s/f Rand-Whitney expansion Rand-Whitney Container at 455 Narragansett Park cut the ribbon on its newly expanded facility. Company officials were joined by governor Gina Raimondo, state and local representatives and business partners. Rand-Whitney owner, Robert Kraft and Jonathan Kraft ofThe Kraft Group also attended the event. PROCON CEO and chairman Mark Stebbins, whose Manchester, N.H. based company designed and built the 65,000 s/f expansion, also attended the event. The new addition provides much needed space to store surplus packaging materials as the company continues to grow. Rand-Whitney CEO and president Nick Smith kicked off the morning’s speeches, and shared some backstory about Rand-Whitney Pawtucket. “We have operated in Rhode Island since the early ’80s and this will be our 3rd major expansion at this facility. This will provide us with the necessary space to continue to add equipment and capabilities to this operation. We have had a great relationship with the city of Pawtucket and our workforce is truly one of our competitive advanPAWTUCKET, RI
SEE PAGE 6C
RIHousing arranges $12m refinancing for Saint Elizabeth Place
SEE PAGE 10C
tages and our greatest asset. We are excited about what the future holds for us in Rhode Island!” Governor Raimondo who said, “I want to thank you for not only staying here, but expanding here. This is just one more sign - just the latest example of the economic momentum we have in Rhode Island. There have been approximately 15,000 jobs created since I became the Governor, and it’s not me, it’s this, investing in Rhode Island and trying to create the conditions for growth.” Robert Kraft said, “I have a wonderful feeling about the state of Rhode Island and you are all doing a tremendous job. What we love about Pawtucket is the great workforce.You have a great state and I thank you for making us feel welcome to grow and prosper here.” Before expansion, the company rented offsite space from another business to store their products. The new space eliminates the need for offsite storage. The expansion also includes a new conference room, driver’s office and employee cafeteria. PROCON senior vice president
Shown (from left) are: Rand-Whitney team member Robert Gosson; Rand-Whitney general manager Adam Tominsky; mayor Donald Grebien; governor Gina Raimondo; secretary of commerce Rhode Island Stefan Pryor; The Kraft Group owner Robert Kraft; The Kraft Group president Jonathan Kraft; PROCON chairman and CEO Mark Stebbins; Rand-Whitney CEO and president Nick Smith. of operations Daniel Messier had executive oversight of the massive expansion. He said, “We are thankful for the Kraft’s continued trust in
our services. It is always a pleasure to work with such a great group of professionals like Rand-Whitney and The Kraft Group.”
Long of BankRI provides $3.425m for renovation at VHB, Pare Corp. and PRIME AE Grp. earn ACEC-RI 2017 Engineering Excellence Awards costs of more than $10 million was 259 Weybosset St. CRANSTON, RI The American Council
SEE PAGE 12C
20 Pages By James Moran....................... 2 City of Warwick.......................... 4 Quonset........................................ 8
New England Real Estate Journal nerej.com
of Engineering Companies of Rhode Island, a professional association representing 32 engineering firms doing business in Rhode Island, named the recipients of the 2017 Engineering Excellence Awards. These awards recognize engineering achievements that demonstrate a higher degree of merit and ingenuity and contribute to the infrastructure of Rhode Island. The award titles are designed in recognition of the Rhode Island State Flag and to commemorate the State’s great engineering history. The following four awards were presented at the ACEC-RI annual meeting by executive director Marcel Valois: • The 1st place Gold Anchor Award for a project with construction costs of more than $10 million was awarded to VHB, led by Bharat Patel, P.E., for the design of the replacement of I-95 ProvidenceViaduct (Southbound Bridge) No. 578 in Providence. The owner of this project is the Rhode
ACEC-RI 2017 VHB project team upon being awarded the 1st place Gold Anchor Award. Program. members of VHB include (from left): Peter Chiu, Joe Wanat, Bharat Patel, Tom Hennessy, Jeff Klein, Peter Pavao and Rachel Dooley. Island Department of Transportation. GZA GeoEnvironmental, Inc., also a member of ACEC-RI, provided geotechnical engineering services for the project. This project replaced
the aging and rapidly deteriorating structure while maintaining interstate traffic. • The 2nd place Blue Ribbon Hope Award for a project with construction
awarded to Pare Corporation for the civil/site design of the Richard E. Beaupre Center for Chemical and Forensic Sciences Hall on the Kingston Campus of the University of Rhode Island.The Pare engineering team was led by Dave Potter, P.E. This $68 million, 134,600 s/f four-story academic building on the University’s Health and Life Sciences District at the northern portion of the Kingston campus is owned by the University of Rhode Island. • The 1st place Gold Anchor Award for a project with construction costs of less than $10 million was awarded to PRIME AE Group, under the supervision of Russell Moresi, P.E., for the Shippee Bridge Replacement Rte. 98 (Sherman Farm Road over the Nipmuc River) in Burrillville. The owner of this project is the Rhode Island Department of Transportation. For full story visit nerej.com
Rhode Island
Inside Cover C August 11 - 17, 2017
New England Real Estate Journal
Peter M. Scotti & Associates, Inc. Brokerage/appraisal/ManageMent A full Service Real Estate Company
COMMERCIAL BUILDING/ SITE FOR SALE 403 SOUTH MAIN STREET PROVIDENCE, RI
LAND FOR SALE 404 SOUTH MAIN ST. PROVIDENCE, RI Prime location where Providence’s East Side meets Downtown. 5,337 square foot commercial lot. Commercial C-2 zoning allows office, retail, residential, mixed uses, current use parking lot. Across from Providence River and 195 Redevelopment land. Price: $425,000.00
5,100 SF Historic Building, the “Dolphin House” on 3 lots totaling 6,854 SF of land. C-2 Commercial Zoning allows broad uses, including residential, office, retail, hotel, restaurant. Ample off street parking with excess land for development, phenomenal location, ext. 14.
OFFICE FOR LEASE 295 GOVERNOR STREET EAST SIDE OF PROVIDENCE, RI
OFFICE BUILDING FOR SALE 1935 KINGSTOWN RD. S. KINGSTOWN, RI
1,000 - 3,000 square feet of Office space available on first floor. Great for Professional Services and Medical. Multiple office and suite configurations Central A/C, ample on site parking. Asking $16.00 psf, NN.
20,130 square foot, 3 story brick office building, circa 1988, on 1.35 acres of land. Parking for 80 cars, elevator, sprinklers, h/c accessible. Seller lease back 2 floors. Excellent investment or owner occupied opportunity. Price: $1,800,000.00
SALE 1125 MAIN STREET WEST WARWICK , RI
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SALE 1125 MAIN STREET WEST WARWICK, RI
Currently operating CVS in the center of West Warwick, RI. Lease expiring January 2018. Concrete block building of 10,253 SF constructed over full basement. Building is supported by a .79 acre site with two curb cuts and parking for 40 plus vehicles. Business zone. $1,800,000
Michael Kern Peter M. Scotti & Associates 246 Hope Street, Providence, RI 02906 (401) 421-8888 x20
Currently operating CVS in
[email protected] ter of West Warwick, RI. Lease expiring January 2018. Concrete block building of 10,253 SF constructed over full basement. Building is supported by a .79 acre site with two curb cuts & parking for 40 plus vehicles. Business zone. $1,800,000
45 DIKE STREET PROVIDENCE, RI
4,390 square foot fully renovated commercial building, 2,500 sf quality office with kitchen, shop and storage. Ample parking with 14 spaces, loading dock, excellent access to highways and Providence area. New Price: $399,000
FOR SALE 16 POST ROAD, SR 1 WESTERLY, RI 24,088 SF retail sited on 10.97 acres, located at the intersection of Rtes. 1 and 78. Property accessed via signalized intersection on Rte. 1. Constructed in 1999 the store was most recently occupied by Staples. Staples downsized and relocated within the area. Reduced Price: $2,600,000.00
COMMERCIAL/INDUSTRIAL LAND FOR SALE 1733 WEST MAIN RD. MIDDLETOWN, RI 3.34 Acre site on busy West Main Road with 515 linear feet of frontage. Excellent access and exposure. Zoning allows various commercial uses. Located near busy W Main retail corridor. Price: $799,000.00
Peter M. Scotti & Associates, Inc. • 401-421-8888 246 Hope Street, Providence, Rhode Island 02906 Visit our web page at www.scottirealtyri.com
Rhode Island
nerej.com
August 11 - 17, 2017 1C
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
146 WESTMINSTER STREET, 2ND FLOOR, PROVIDENCE, RI 02903 401-273-1980 WWW.HAYESSHERRY.COM
Northwoods
1301 Atwood Avenue, Johnston, Rhode Island
OneMetroCenter
1 Metro Center Boulevard, Warwick, Rhode Island
341,010 SF of highly efficient office
constructed Class A office
space on landscaped campus setting
building
Expected Gold LEED Certification
Ideal visibility immediately off the
Large unobstructed floor plates
Airport Connector and I-95
Full service cafeteria, ATM, showers/
North/South
locker room & exercise facility in the
building
Available
Available
for
CONTACT:
Lease
Pete Hayes Karl Sherry Matt Fair 401-273-1980
40 Westminster Street Providence, Rhode Island
for
Lease 1 Crownmark Drive Lincoln, Rhode Island
Located in heart of Providence’s
8,248 SF finished office; 1,276 SF
Westminster & Weybosset Streets Parking available on-site
24-hour on-site security
unfinished office space; 1,856 SF 2nd story mezzanine
Available
for
Up to 24,000 SF
CONTACT: Karl Sherry or Matt Fair 401-273-1980
[email protected]/
[email protected]
for
Lease
500 Exchange Street Providence, Rhode Island
12-story, 317,000 SF Class A office building
Up to 25,000 SF available for lease
Large windows for spectacular view of On-site parking garage
Short walk to Downtown Providence and
Up to 25,000 SF
for
Lease
CONTACT: Karl Sherry or Matt Fair 401-273-1980
[email protected]/
[email protected]
Parking - 152 cars CONTACT: Jeff Finan 401-273-1980
[email protected]
East Providence, Rhode Island
4-story, 72,000 SF Class A office building
Up to 18,000 SF Office/Medical space on 4th floor (can be subdivided)
Immediate access to Route 195
On-site parking - 4/1,000 SF leased
Place Mall Available immediately
18’ - 26’ clear ceiling height
950 Warren Avenue
adjacent to train station and Providence
Sale or Lease
the State House and downtown skyline
25,700 SF Warehouse; 32,969 SF Manufacturing/Warehouse;
Financial District at intersection of
Up to 70,049 SF Manufacturing/ Warehouse Space
1,800 - 24,000 SF available
Available immediately
Available Third Qtr. 2015 CONTACT: Pete Hayes 401-273-1980
[email protected]
266,000 SF Class A office building
Custom office suites ideal for corporate headquarters
Ample parking on-site
100,000 - 125,000 SF newly
2 miles to Providence
Available April 1, 2017
Available
for
Lease April, 2017
CONTACT: Karl Sherry 401-273-1980
[email protected]
Rhode Island
2C August 11 - 17, 2017
FOR LEASE
DEARBORN VOLUNTEERS IN GUADALAJARA, MEXICO
Bristol, RI
Retail / Storefront / Office
The Bristol Shopping Center Hope St. (Rt. 114) & Gooding Ave. Bristol, RI Established 1959
2 Acre PAD Site 3,000 SF End Cap Spacious Parking High Traffic Intersection Office / Retail
Gooding Realty Corp. Tel. 401-253-3190
Fax. 401-253-3494
[email protected] Mortgagees’ Sales of Real Estate at
PUBLIC AUCTION
508-833-6333 NE NY Tel: 781-878-4540
Proof REal EstatE JouRNal Changes
New Proof
Proof Approved
New England Real Estate Journal
MA Lic #107
PAWTUCKET 2 FAMILY HOME Section: SC from: Karen Dowell x254 run Date: 10-11
560-562 Power Road
Friday, August 18 at 3:00 PM Assessor’s MBLU: 49//0829// 6,576± sf lot • 2,676± sf liv sp • 12 rms • 6 BRs • 2 baths • detached garage
Arpin wins Corporate Social Responsibility Award from LACMA Arpin International Group has won the 2017 Corporate Social Responsibility Award, presented by the Latin and Caribbean Movers Association (LACMA), for its commitment to the environment and the global community it serves. Mark Dearborn, vice president of corporate accounts, accepted the award from LACMA immediate past president Walter Laffitte on behalf of Arpin International Group. Dearborn recently joined about 40 of his industry peers in Guadalajara, Mexico, to take part in a community service project where he helped build five houses for the homeless in the two days before the LACMA Conference in Puerto Vallarta. The Techo program is a social responsibility initiative that runs throughout Latin America. It focuses on building houses for hand-picked communities with the goal of making them sustainable. Dearborn described his feelings about returning home after the experience: “I came home after LACMA with a completely different perspective and have tried to pass that message along to friends, family and co-workers. We take things for granted and especially in the United States. Techo has reminded me of that and my message to everyone is that life is good for us, love life every day and do not worry about the small things. It can always be worse.” Arpin Group seeks to positively transform the moving industry through its green initiatives. UnWEST WARWICK, RI
Mark Dearborn (second from right, top row) building a house in Guadalajara, Mexico with Techo volunteers derstanding that the world’s natural resources are limited and fragile, the company considers environmental protection and sustainability to be consistent with its overall goals and values and an important consideration in its operations. The Arpin Charitable Fund, also known as Arpin Strong, was formed to help those in need during natural
disasters, or when unfortunate circumstances arise, by participating in community-based volunteer projects and fundraising events. Arpin Strong announced in its 2016 year-end report that it has raised over $80,000 and donated to 37 charitable organizations. Since its founding, Arpin Strong has raised over $234,000 for the community.
Mort. Ref: Pawtucket Land Records in Bk 2883, Pg 54, as affected on 10/6/10, in Bk 3502, Pg 56, as affected on 3/13/15, in Bk 3825, Pg 299
WOONSOCKET 4 UNIT APT. BLDG.
East Providence Come Grow With Us
202-204 Welles Street
Monday, August 21 at 10:00 AM Assessor’s MBLU: 28/E/194/33/ 5,213± sf lot • 5,460± sf liv sp • 16 rms • 8 BRs • 4 baths
Mort. Ref: Woonsocket Land Records in Bk 2035, Pg 149
PAWTUCKET 3 FAMILY HOME 300 Mendon Avenue
Monday, August 28 at 1:00 PM Assessor’s MBLU: 05//0532// 5,500± sf lot • 3,183± sf liv sp • 15 rms • 9 BRs • 3 baths
Mort. Ref: Pawtucket Land Records in Bk 2568, Pg 191
• East Providence offers all the amenities of the big city without the big city hassles. We’re just a stone’s throw from downtown Providence • East Providence offers a full variety of economic incentives including low interest loans, and tax stabilization programs • East Providence’s varied development opportunities are impressive. You’ll find land and buildings suitable for all forms of development from R&D, Class A office, hotel development, retail and multi-family residential, particularly within the City’s Waterfront Special Development District. • Our City is well known for its skilled, motivated workforce, excellent infrastructure, competitive tax rate and efficient government services.
TERMS: $10,000 deposit by cash or bank check. Balance due 45 days. Accuracy of information not guaranteed. Additional terms announced at sale.
For more information contact us at
PatriotAuctioneers.com
www.eastprovidencebusiness.com
(401) 435-7531 or visit us at:
nerej.com
Rhode Island
August 11 - 17, 2017 3C
365 Eddy Street, Penthouse Providence, RI 02903 877-751-3201 (toll free) 401-751-2871 (fax)
OFFICE FOR LEASE: 4,500’ Class A Office Space located in the center of the West Bay suburban office market. Professionally designed build out, on-site day porter/property management, immediate access to Route 95,295, TF Green Airport & AMTRAK/MBTA. Ample parking.
INDUSTRIAL FOR SALE: Highland Park, 34,000’, 100% AC, sprinklered, 4,000’ office, 16’-21’ clear, 1 trailer height dock w/leveler, 1 drive-in door, (2) 1-ton service cranes, compressed air, immediate access to Rtes 146 & 295, 15 minutes to I-495 & I-95.
COMMERCIAL/OFFICE FOR LEASE: Pawtucket, 600’-25,000’ high end mill renovation, artistic space, high ceilings, convenient location.
TURN-KEY RESTAURANT FOR LEASE: South Kingstown, 4,800’ fully equipped restaurant & kitchen in a South Kingstown Hotel. Amazing opportunity.
RETAIL FOR LEASE: Warwick, 4,000’ (50’x80’) of retail space in busy trade area. Join Family Dollar and Subway.
FOR SALE OR LEASE: Providence, 49,500’ clean, modern, air-conditioned production space, 12,000’ office space, one trailer height dock, heavy power.
INDUSTRIAL FOR LEASE: North Attleboro, 25,400’ mostly air conditioned industrial space, 6,500’ office, loading dock, North Attleboro Industrial Park/I-95.
OFFICE FOR LEASE: Warwick, Summit Office Park, 700 SF - 9,500 SF of flexible Class “A” office space. Many on-site amenities, ample parking, easy access to TF Green Airport, Amtrak and Route 2.
RETAIL FOR LEASE: Coventry, 1,200’ - 3,000’, end unit with drive through, free standing multitenant building in RI’s #1 rated plaza (2014) anchored by BJ’s Wholesale Club, Walmart and Home Depot.
OFFICE FOR LEASE: Providence, 39,000’ office/flex space includes loading docks and drive in doors with convenient highway access to I-95.
OFFICE FOR LEASE: West Warwick, 11,000’ first class office space w/I-95 visibility in a premier business park. 33,000’ corporate office could be leased separately.
OFFICE SPACE FOR LEASE: Cumberland, up to 50,000 SF completed renovated historic mill, brick and beam interior, built-to-suit, parking. Close to highway and MA line.
RETAIL FOR LEASE: Richmond, 11,500’ free standing retail building (former Walgreens) with drive-thru.
INDUSTRIAL FOR SALE: East Providence, 18,200’ light manufacturing and office space, heavy power with bus ducts, A/C, loading dock, convenient access to I-195.
OFFICE FOR LEASE: Providence, First Class contiguous space 1,000 to 16,000 RSF, in Financial District, close to court house, MBTA/AMTRAK and Hampton Inn, ample parking, immediate availability.
OFFICE FOR SALE: Providence, 52,000’ private offices, open areas and conference rooms on lower, first and second floors, 200 parking spaces, convenient Downtown location.
OFFICE SPACE FOR LEASE: West Warwick, 2,100 RSF Class “A” office suite with perimeter offices and bullpen/workstation, adjacent to NET campus.
INDUSTRIAL FOR LEASE: Coventry, up to 70,000 SF warehouse/manufacturing space, 7 tailboards, heavy power, 17’ ceilings, access to I-95.
OFFICE FOR LEASE: East Providence, 5,000 SF free-standing building located along I-195, with high visibility, exceptional parking, build-to-suit, close to downtown Providence.
OFFICE FOR LEASE: Lincoln, First Class office space in high quality office park campus. 1,500’ to 15,000’ available. Ample free parking, near Lincoln Mall and airport.
401-751-3200 mgcommercial.com
NE NY Tel: 781-878-4540
Rhode Island
4C August 11 - 17, 2017
New England Real Estate Journal
Celebrating 30 years!
Warwick Tourism Culture and Development Dept. Karen Jedson, director 401-738-2000 x6402
Mayor Scott Avedisian
www.movetowarwickri.com
As the seasons change, so do the milestones and projects 1987 - 2017
VISION 3 ARCHITECTS
Corporate Office | Education | Healthcare | Hospitality 401.461.7771 • www.vision3architects.com • follow us on LinkedIn
Looking to buy, sell or lease commercial property in or around Rhode Island?
Although it’s only August, when the eighth month of the year rolls in, many New Englanders cannot help but look ahead with eagerness to another season. Here in the Ocean State, we have the luxury of ever-changing seasons, which contribute to the continual planning and anticipation new weather brings. And, as sure as the seasons change, so do the milestones and projects in and around Warwick. The biggest milestone on the horizon is the last phase of major construction happening in Apponaug Village. With a substantial completion date of September 8, the project has taken shape, re-routed traffic, enhanced driver efficiency and helped restore the village into a walkable downtown area with easy access to local businesses and the waterfront. As the final touches are made, motorists are encouraged to drive the streets and acclimate themselves with the new roadway system. And as the final pieces are put into place on our roads, new and exciting plans are just taking off at T.F. Green. As promised, in addition to the runway expansion, there has also been an expansion in PVD’s flight roster. With both domestic and international flights now being offered, PVD is making traveling a breeze. In late
FOR LEASE
October, Norwegian Airlines will be offering flights to and from the French Caribbean. Interested travelers looking to mix French influence with sunshine and white sandy beaches, will be able to fly direct from PVD to Martinique and the Guadeloupe Islands. In addition to the extended services provided by Norwegian, Frontier Airline has announced several new markets for travel. They will be providing direct service to Denver, Orlando, Fort Myers, Tampa, Miami and New Orleans. Additionally, they also announced that Charlotte-Raleigh Durham will be added to their rolodex in by summer 2018. In addition to the obvious benefits of local and international flights offered from T. F. Green to other parts of the country and the world, is the impact that such additions will have on our local economy. With the city’s 17th hotel, the new Hyatt Place, currently under construction and rising occupancy rates, the need for additional lodging in Warwick is greater than ever. Located in the heart of City Centre Warwick, the new 125-room hotel is slated to open in May 2018. We’ll also see some new eateries popping up across the city. Work continues to progress at Rhode Island Mall, where the newest restaurant,
BJ’S Restaurant and Brewhouse, has taken over residency in part of the former SearsAuto Parts building. BJ’s is extremely popular on the west coast, boasting a variety of pizzas, pastas, burgers and more, their admitted attention to detail keeps there guests coming back time and again. Other changes are also happening on Rte. 2. The former site of Bernie & Phyl’s will be getting a new look. The furniture store will now be home to more retail shops on the first floor, as well as Launch Trampoline Park occupying the second floor. Be on the lookout for more details. Although the season has more than a month left, it is exciting to look ahead to some of our “fall favorites” as we enter the dusk of summer. From crisp air, to pumpkin picking and apple pies, there will be no shortage of fall festivities to enjoy. With ghosts and goblins hiding just around the corner, be sure to take in the final weeks of summer and enjoy them to the fullest. For more information about what’s going on in the city visit: http://www. visitwarwickri.com.
Scott Avedisian is the mayor of Warwick.
BRISTOL, RI - 21,000 SF Modern High Bay Warehouse Distribution
LOCATED WITHIN THE EAST BAY INDUSTRIAL PARK, BRISTOL RI. Halfway between Providence and Newport RI. 15 min from Fall River MA 24-30’ ceiling heights. 5 tailboard loading docks.Warehouse racking available.
The Rhode Island Commercial Information Exchange is your answer to listing and selling commercial real estate in the Ocean State. As the official provider of listing information to Commerce RI, Rhode Island’s economic development engine, as well as municipal sites throughout the state and a collaborative network of commercial specialists nationwide, RICIE offers unprecedented exposure for your listings. And if you or a client is looking to buy or lease, trust RICIE to be the most accurate, comprehensive resource available. Get more eyes on your listings by joining the Rhode Island Commercial Information Exchange today. Visit RIRealtors.org/RICIE or call 401-432-6935 for more information.
(401) 301-9002
Brian W. Clark, VP Commercial Brokerage Email:
[email protected] www.raveis.com
Rhode Island
nerej.com
August 11 - 17, 2017 5C
Medical Clinics and Facilities
WELCOME TO THE PLAZA CENTER! Office Space available in the Plaza Center 68 Cumberland St Woonsocket, RI
Office Space Available Spaces range from 900 to 8,300 sf Rhode Island’s answer to affordable Class A office space! This building has unique architectural features that distinguish itself from others with its glass block atrium entrance and marble accents. The sweeping stairways and glass skylight make a most pleasurable atmosphere and clients will appreciate the convenience of a 175 space welllit, private parking lot. This building has many angles associated with the structure which gives the interior units extra windows for added light. A distinctive building! Located in the heart of Woonsocket business district! Plaza Center is situated in a prime location at the intersection of Cumberland and Clinton Streets and offers proximity to CVS corporate headquarters. This building is convenient to many amenities, off the highway, and is just 30 minutes to Boston & Worcester and 15 miles to Providence.
Generous landlord allowances. Will build to suit. 150% broker fees paid For more information or to arrange a showing, please contact: Eric Szczepkowski -
[email protected]
COAST REALTY One Realty Way, East Providence, RI 02914
(401) 438-1000 (Office)
(617) 454-4460 (Cell)
Rhode Island
6C August 11 - 17, 2017
New England Real Estate Journal
BOYLE AND PHELAN REPRESENT BORROWER
PRIME OFFICE SPACE AVAILABLE
EAST PROVIDENCE, RHODE ISLAND
Colliers arranges $31m financing for parking asset in Warwick Colliers International’s Boston Capital Markets group has arranged a refinancing for 1960 Post Rd., a parking asset and adjacent retail site at T.F. Green Airport. Colliers worked exclusively on behalf of the borrower, New England Parking LLC, to place the $31 million fixedrate loan with Blue Hills Bank. The Colliers capital markets team representing the borrower was led by Patrick Boyle and Kevin Phelan. Boyle said, “These non-traditional assets can be challenging to underwrite, but Blue Hills took time to analyze the underlying strengths of ownership, parking, and the airport to put together a deal structure satisfying the financing needs of the borrower.” The garage, referred to as “Garage C,” is a structure providing covered, long-term parking for T.F. Green travelers. WARWICK, RI
Class A office spaces with great visibility from I-195! Various Sized Units Available. 1,800-2,500 SF For more information or to arrange a showing, please contact:
Eric SzczEpkowSki
[email protected]
Coast Realty
One Realty Way, East Providence, RI 02914 (401) 438-1000 (P) (401) 438-1060 (F)
Stevens joins The Randall Family of Companies
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Changes
Section: RI
New Proof
CHARLESTOWN, RI The Randall Family
Proof Approved
Growing Rhode Island
From: Karen Dowell x254
[email protected] Run Date: 3-11
One Business at a Time.
$6.8 Million
$4 Million
$3.4 Million
Acquisition of two retail centers located in Newport, Rhode Island.
Acquisition of a 23,000 sq ft office building located in Cranston, Rhode Island.
Construction financing for 27 student housing units located in Providence, Rhode Island.
$2.8 Million Construction loan for the redevelopment of a 40,000 sq ft. office building located in Providence, Rhode Island.
$2.9 Million Construction financing for 19 apartments located in West Warwick, Rhode Island.
$1.3 Million
$1.1 Million
Acquisition for a 6 unit apartment building located on the East Side of Providence, Rhode Island
Refinance of a 30,000 sq ft industrial office building off Jefferson Boulevard in Warwick, Rhode Island.
Whether you're buying commercial real estate, looking to start or manage a new business or expand your existing business; we have all the options for you. Speak with a Commercial Banking Professional Today by calling (401) 574-1502 or by visiting BankRI.com
NMLS ID# 410623
Member FDIC Equal Housing Lender
of Companies has appointed Dawn Stevens, CRP, GDS, GRP, SRES, as their new global relocation and corporate services director for Randall Realtors, Page Taft Christie’s International Real Estate Dawn Stevens and Kinlin Grover Real Estate. Stevens served the last 28 years in the real estate industry, 18 of which have been in relocation. Stevens’ extensive real estate credentials include Worldwide ERC’s Certified Relocation Professional (CRP) designation, the Relocation Director’s Council Global Destination Services (GDS) designation, and the NAR’s Senior Real Estate Specialist (SRES) designation. She is a member of Leading Real Estate Companies of the World’s Relocation Advisory Council, having served as chairperson of this influential leadership group in 2016. She will remain on the council through this year. In her new role, Stevens’ main responsibility will be to leverage the company’s new alliance with The Leading Real Estate Companies of the World (LeadingRE) and to grow the company’s 3rd party relocation business. Dawn will engage company sales associates in placing outbound referrals as well as train them on the relocation process. “By coordinating relocation, referrals and training, I hope to assist our agents in growing their business and the company’s business. My job will also include assisting clients in finding the perfect home. Conducting needs analyses and placing clients with the best and most appropriate agent will accomplish this. Assisting our clients and customers on moving into and out of the area in the most stress-free manner is my goal,” said Stevens.
Rhode Island
nerej.com
August 11 - 17, 2017 7C
Coldwell Banker Commercial
has been servicing the business needs of our customers and clients since 1906. To view our inventory visit
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FOR SALE: WOONSOCKET - Well maintained Signature office bldg, on high traffic Mendon Rd. Across from Highland Corporate Park (CVS HQ). 2 floors, ample parking, easy access to Rt. 146 & I-295. Ideal uses, medical, dentist, financial, legal, chiropractor. Call Mike Foncellino at 401258-2332
FOR SALE: PAWTUCKET - What a great opportunity. 5,000 sf building set on a 56,366 sf lot. This building is set next to McCoy Stadium and is currently used to house a fleet of ice cream trucks. Development opportunity. Land is used commercial but zoned residential (RT multi-family). This block building would be a great buy and has a vacant parcel of land for storage or to be sold separately. Site is level and consists of two lots. Water, electric. Call Michael Saccoccio 401-486-2911
FOR SALE: WEST WARWICK – Income producing, well maintained strip mall. New roof, mechanicals & signage. Good tenants, all triple net. Ideal owner operator with 5,000’ available. Many upgrades. Call Mike Foncellino at 401258-2332
FOR SALE/FOR LEASE: EAST PROVIDENCE – Medical Offices - fully functional offers reception, waiting room, private office, procedure room, examination room, kitchen area. Handicap accessible. Call Michael Saccoccio for details at 401-486-2911
FOR SALE: WARWICK - Well known, stand alone signature building. 15,003 sf, 3 levels, main floor is 9,736 sf, second floor is 5,267 sf, and finished lower level is 6,152 sf. Building has 2 elevators, service and passenger. 1.07 acre land. Easy highway access. Call Michael Saccoccio at 401-486-2911
FOR SALE: PAWTUCKET - Well established auto sales & repair business with real estate. Located on high traffic road with large lot. Sale includes 5 dealer plates to be transferred. Near Mass line. Call Mike Foncellino 401-258-2332
FOR SALE: LINCOLN - Office Condo, corner location, present use mortgage co., facing George Washington Hwy. 1st floor, ample parking, ideal medical, dental, chiropractor, physical therapy, financial, legal or accounting. Well maintained signature bldg. Easy access to Rt 146 & 295. Call Mike Foncellino at 401-258-2332
FOR SALE: PAWTUCKET - Well-known standalone building mixed use commercial building social club, hair salon on 1st flr. 2nd & 3rd floors are 2 bedroom apartments. Ample on-site parking for 22 cars. Great price! Call Michael Saccoccio at 401-486-2911
LE FOR SALE: WARWICK -2 Landmark bldgs., well maintained on large ½ acre lot. Sold as package. Well established Sandwich shop in business for 40 , equipment included in sale. The 2nd bldg. is set up as a bar/tavern. Fire coded, patio for outside dining, office & bathroom on 2nd fl., possible mixed use conversion with town approval. Ample Parking Call Mike Foncellino 401-258-2332
FOR LEASE: RUMFORD – This multi-tenant unit has over 15,000 sf of executive office space available with an attractive lobby entrance. Private entrance to be installed. This updated space offers five large office rooms, an administrative area and a mail/computer room. Located off Newport Ave business district with onsite convenient parking. Call Pauline Lemieux 401369-1811
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FOR SALE: CRANSTON - Great investment property, income producing. 9% cap rate, medical office bldg., high traffic rd., ample parking, elevator, fire coded, handicap access. Other uses, legal accountant, financial. Also, ideal for owner occupied, space available on 1st fl., 1200’ to 2400’. Call Mike Foncellino 401-258-2332
FOR LEASE: BURRILLVILLE – Located in shopping center, great space for any new business, 3000 sf, central air, handicap accessible, handicap parking, includes heat, previously used as a full service restaurant, high traffic area, a must see, will not disappoint. Owner may help with some renovations. Asking $2,800 mo. plus water & sewer. 1st month rent free. Call Linda Elliot 401-258-1102
BARRINGTON
280 County Rd Barrington, RI 02806
BRISTOL
RETAIL/OFFICE FOR SALE: EAST PROVIDENCE – Retail/Office Bldg. 2400’ (GBA 4800’) previously daycare. Plus 2 family income producing house situated on 51,000 sf lot. Ideal for daycare, retail convenience store, food service, office, lawyer, financial, medical, dental, chiropractor, church groups. Both bldgs. with many upgrades. Call Mike Foncellino 401-258-2332
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CO FOR SALE: CRANSTON - Only lot available on Countryside Dr. Many approvals, 4 bedroom house can be built, located near Alpine Country Club. Near 2 acre lot. Call Mike Foncellino 401258-2332
FOR SALE: WARWICK - New owner, many upgrades (70K+) including new exterior & sidewalks, flooring & HVAC. Open spaces Pro Forma Rent @ 15.00’ Net. Ideal for investors or owner operators, retail or office, food service, pet care. Call Mike Foncellino 401-258-2332
495 Hope Street Bristol, RI 02809
CUMBERLAND
1985 Mendon Rd Cumberland, RI 02864
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FOR SALE: CRANSTON - Well known corner location at the traffic light intersection of Oaklawn ave & Wilbur Ave. High traffic area and highly visible location. Zoned C-2. Call Michael Saccoccio 401-486-2911
527 Main Street E. Greenwich, RI 02818
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FOR LEASE: SMITHFIELD - New signature bldg. Off Putnam Pike (visible) near Greenville Center, present use communication consultant office. Other uses; lawyer, accountant, financial and consultation. 3 offices, conference room, large open area, kitchen and 2 bathrooms. Call Mike Foncellino 401-258-2332
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FOR SALE: NORTH PROVIDENCE - Excellent location, high traffic road, 7,801 SF building can be used for many purposes. Call Nick Tartaglione 401-486-6425
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RETAIL/COMMERCIAL FOR SALE: WARWICK – Great building in good condition. Currently used as a hair salon. Can be used for an office, retail, commercial. Building has good street exposure. Furnace has been updated. Call Michael Saccoccio at 401-486-2911
FOR SALE: PROVIDENCE - BUSINESS ONLY Admiral Spa DBA Papa Paulies. Well established breakfast and lunch turnkey operation. 21 years of successful operation, steady clientele and a favorite spot for PC students. Walking distance from the college. Owner willing to train. Call Paul DeCesare at 401-368-1133
NEWPORT
38 Washington Square Newport, RI 02840
WARWICK
831 Bald Hill Road Warwick, RI 02886
Rhode Island
8C August 11 - 17, 2017
Managing Director Steven King
New England Real Estate Journal
www.quonset.com
Quonset Development Corp. 95 Cripe St., North Kingstown, RI 02852 401-295-0044
Quonset amenities shine in the summer months Home to more than 200 companies and 11,000 jobs, Quonset Business Park is Rhode Island’s leading engine of job creation and economic growth. One of the many reasons Quonset tenants are able to attract and retain so many skilled workers is the park’s extensive list of amenities and ideal location—especially during the summer. “The amenities here at Quonset give our employees the opportunity to stay healthy and refreshed throughout the work week,” said Amy Greene, a human resources professional with AmWINS Group Benefits a wholesale
health insurance broker that moved to the business park in August 2013. “Whether it’s a lunch break by the bay or an afternoon walk on the beach, our employees love taking in the scenic views that Quonset offers.” • Quonset beaches – Quonset’s many tenants enjoy the sights and sounds of Narragansett Bay from Quonset’s four impressive beaches: Blue Beach, Compass Rose Beach, Spink’s Neck Beach, and Calf Pasture Point Beach. Each beach features its own unique scenery, providing some of the best views that the Ocean State has to offer.
COMMERCIAL PROPERTIES
TIVERTON FOUR CORNERS | MIXED-USE | RARE OFFERING RESTORED | $1,200,000 | WEB ID: 1165491 401.848.2101
N. KINGSTOWN WICKFORD | SAMUEL BRENTON HOUSE | MIXEDUSE | $599,900 | WEB ID: 1134322 401.789.6666
S. KINGSTOWN DOWNTOWN WAKEFIELD | MAIN ST | MIXED-USE | $398,000 | WEB ID: 1154575 401.789.6666
• Allen Harbor Marina – Located in the northeast corner of the Park, the Town of North Kingstown owns and operates the naturally sheltered harbor, which has exceptional views of the Bay. The marina includes 83 moorings, over 100 slips, and there is a boat ramp available for public use. • North Kingstown Golf Course – North Kingstown Golf Course is one of the best public golf facilities in the state. Its classic layout was designed by Walter Johnson, an associate of Donald Ross. It has been recognized by the Professional Golfers’Association of America as one of the finest former military golf courses in the country. • Quonset bike paths – The park features two tranquil bike paths: the Quonset bike path and the North Kingstown bike path.The paved paths are 2.5 and 1.3 miles long, respectively, and take travelers through Quonset’s serene Calf Pasture Point nature area. • History at your fingertips – The park itself features several historical and cultural venues, including the Seabee Memorial Park and the revolutionary-era Allen Madison House. And the stone for the World War II Memorial in Washington D.C. was cut right here at Quonset! • Rhode Island Fast Ferry – Whether you are headed to Martha’s Vineyard or want to get an up-close look at the lighthouses on Narragansett Bay, there is no better way to do it then heading out from the Rhode Island Fast Ferry location at the end of Roger Williams Way. • A place to rest your head – Opened inApril 2011, theTownePlace Suites by Marriott was the first LEED certified hotel in the state.The 104-key extended stay hotel offers moderately priced accommodations and on-site amenities such as a breakfast buffet area, indoor pool, fitness room, outdoor patio and guest laundry. • Wide World of Indoor Sports – Wide World of Indoor Sports provides a state-of-the-art training facility for all ages and abilities. The facility boasts five indoor turf fields allowing it to host a variety of sports year-round, including softball, soccer, volleyball, and football to name a few.WideWorld of Indoor Sports’ adult leagues are a fun way for employees and community members to stay active. These are just a few of the great amenities Quonset has to offer. Visit www.Quonset.com to learn more about the many benefits Quonset tenants enjoy. For full story visit nerej.com
N E W P ORT
NARRAGANSETT
PR O V I D E NC E
J A M E S TO W N
WATC H H I L L
BLO C K I S L A N D
Steven King, PE, is the managing director of the Quonset Development Corp., North Kingstown, R.I.
Rhode Island
nerej.com
August 11 - 17, 2017 9C
COME JOIN THE ELITE GROUP OF COMMERCIAL BROKERS FOR INFO CALL (401) 523-9555
Top Dog Training Available Commercial Division 144 Wayland Ave. Providence, RI 02906 This space is available for a new
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PAWTUCKET: Mixed use 10 unit in prime location. Call Mike (401) 523-9555.
Mike @ (401) 523-9555 sF
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PROVIDENCE: Prime 6,000 SF block building. Good for office, retail, warehouse, etc. High traffic signal intersection across from Walgreen. Reduced to $289,000. Call Mike at (401) 523-9555.
PROVIDENCE (Near Hospital): 11,700 SF Brick building for sale or lease. Possible lease option. Offered at $599,000. Call Arnie at (401) 474-5952.
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PAWTUCKET: 6 Unit 2 BR units good cash flow. Call Mike (401) 523-9555
CRANSTON: Executive office suite 7,451 SF with lease rate of $13.50 per SF. Call Arnie (401) 474-5952.
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PATUCKET: 9,000 SF mason building with manufacturing and office space and 1/2 acre lot. Offered at $349,000. Call Dave (401) 644-2150.
PROVIDENCE: Brick 18 Unit Multi three buildings with all 2 beds and parking for two spaces per. Close to highway access. 6.5% Cap Rate. Call Mike (401) 523-9555. s it
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PAWTUCKET: Six units on one 10,000 SF lot. Consists of (1) three family, (1) two family, and (1) single family.
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NARRAGANSETT - BONNET SHORES: Prime investment property 2/3 unit multi. Great college rental and/or summer rental or owner with au pair.
PAWTUCKET: 3 family 3 BR units close to train depot. Offered at $199,000. Cal Mike (401) 523-9555.
PAWTUCKET: GREAT INVESTMENT. Industrial property. 66,400 SF. $6,490,000. Call Bob Barrera (401) 439-0672.
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FALL RIVER: (Down City) 2,500 SF retail center. Solid cash flow.
More Properites at www.elitecommercial.org
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WARREN: 3,917 SF former machine shop, two garage bays, office space, new HVAC, option to heat; oil or gas. Minutes from highway. Offered at $350,000. Call Dave at (401) 644-2150.
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CRANSTON: Prime retail center high traffic good income. Reduced. Call Mike (401) 523-9555.
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PAWTUCKET: Prime 9 unit package with 3 unit plus 6 unit. Fully fire coded, tenants pay utilities, and in good condition. Close to new train station. Offered at $399,000. Call Carlos at (401) 952-5855.
Michael A. Alves | NE REGIONAL COMMERCIAL DIRECTOR | KW Realty
Rhode Island
10C August 11 - 17, 2017
New England Real Estate Journal
EXTENDS AFFORDABILITY OF 149 SENIOR APARTMENTS
RIHousing arranges $12m refinancing for Saint Elizabeth Place
(401) 435-6101 28 Boston St. East Providence, RI
PROVIDENCE, RI RIHousing’s board of
www.jjcardosi.com
Services we provide: • Design/Build Projects • Construction Management • Coordination of Subtrades • Facilities Renovations • Pre-Engineered Steel Buildings
Trades we perform:
• Site Work • Concrete foundations & form work • Carpentry — rough & finish • Framing • Doors & Windows • Demolition • Preparation for subtrades
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
From:
crop 2”
Proof Proof STREET Approved Changes FOR LEASE: 161New EXCHANGE Size: 2x4 RI Section: PAWTUCKET,
commissioners extended the affordability of 149 senior apartments for 40 years with the approval of $12 million in taxable refinancing for Saint Elizabeth Place, a housing development for elderly and handicapped individuals. “Rhode Island is facing a serious housing shortage – according to a study commissioned by RIHousing, our state will need about 35,000 additional homes over the next ten years. In particular, we project a shortfall in senior housing, as that segment of our population continues to grow,” said Barbara Fields, executive director of RIHousing. “Today’s approval ensures that much-needed homes for seniors are preserved at Saint Elizabeth Place, which has a stellar reputation for providing quality senior housing.” subsidized through funding that proSaint Elizabeth Place has a total vides rental assistance to residents. of 149 apartments, all of which are The current contract was set to expire
FOR LEASE: 35 SOCKANOSSET CROSS RD. CRANSTON, RI
Run Date:
in 2023. As part of this refinancing, the developer will renew the contract for 20 years and will execute a new 40-year affordability agreement. The property is self-managed by Saint Elizabeth Community, a non-profit corporation that provides residential apartments for independent seniors, assisted living, home care services, a skilled nursing facility and adult day care at 12 locations in Rhode Island.
REALTOR Foundation: RI grants available
The REALTOR Foundation: Rhode Island is accepting applications for funding grants of up to $5,000 that support the foundation’s mission to assist individuals or entities that have been affected by a personal or natural disaster. Only non-profit 501(c)(3) organizations operating within the state are eligible for grant consideration. An application form, complete instructions, and more information can be found at realtorfoundationri. org. The deadline to apply is 5 p.m. on August 15. WARWICK, RI
• 2nd floor creative office suite, live/work potential • 4,727 SF available, subdivide down to 500 SF • Mill loft character with state of the art amenities • On-off highway access
• 4,040 SF office space • Close to Garden City and Chapel View Plaza • Large windows, reception area, private offices • Quick access to I-95, Rt. 37 & I-295
FOR LEASE: 72 PINE STREET PROVIDENCE, RI
FOR LEASE: 55 DORRANCE STREET PROVIDENCE, RI
Rhode Island A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
• Aldrich Building Downtown • Class B office space • Corner of Dorrance & Pine Street • Newly renovated office suites
• Class B office space • Downtown Financial District • Attractive interior finishes • Ample nearby parking
For more information contact: Thomas O. Sweeney, SIOR
[email protected] 401.331.9300 • www.sreari.com
Publisher Karen Dowell x254
[email protected]
Editor Jennifer Tempesta x227
[email protected]
Rhode Island
nerej.com
August 11 - 17, 2017 11C
180 WESTMINSTER STREET PROVIDENCE, RI 02903 PHONE: (401) 454-4660 www.capstone-properties.com
Providing real estate services for today’s world SELECT COMPLETED TRANSACTIONS
CAPSTONE PROPERTIES REPRESENTED TEKNOR APEX IN LEASING 86,000 SF OF WAREHOUSE SPACE IN CLINTON, MASS.
FAMILY DOLLAR REPRESENTED BY CAPSTONE OPENS ANOTHER STORE IN PAWTUCKET, RI ACTIVELY LOOKING FOR ADDITIONAL LOCATIONS
CAPSTONE ASSISTED O’REILLY AUTO PARTS SECURE A NEW LOCATION IN SWANSEA, MA
CAPSTONE SECURED SPACE FOR GOURMET GRILLED CHEESE COMPANY, UMELT, ON THAYER STREET
PROPERTY LISTING PREVIEWS
PAWTUCKET, RI - FOR LEASE 3,400 SF AVAILABLE, WELL SUITED FOR RESTAURANT, RETAIL, OR AUTO Call Greg
FOR SALE 21 VENTURA, DARTMOUTH, MA 13,850 SQUARE FEET 1 ACRE LAND, 3 GROUND LEVEL DOORS GREAT ACCESS TO ROUTE 195 E/W Call Neil
EAST PROVIDENCE, AMPLE FREE PARKING IN CLOSE PROXIMITY TO SHOPPING AND HIGHWAYS OWNER WANTS TO DO DEALS! Call Chris
FOR SALE/LEASE OFFICE BUILDING 1075 SMITH STREET PROVIDENCE, RI 8,238’ 40 CAR PARKING Call Neil
GET ENERGIZED BY URBAN LOFT STYLE OFFICES UP TO 10,000 SF FOR LEASE AT 180 WESTMINSTER ST IN DOWNTOWN PROVIDENCE, JOIN TD BANK Call Chris
MOBILE MART - EAST PROVIDENCE, SINGLE TENANT RETAIL GAS AND CONVENIENCE STORE FOR SALE WITH LONG TERM CREDIT LEASE Call Chris
2,000 - 4,000 SF 2253 PAWTUCKET AVE EAST PROVIDENCE, RI Call Chris
NARRAGANSETT, RI - FOR SALE 5,500 SF STAND ALONE,VACANT OFFICE BUILDING FOR SALE ON ONE ACRE. BANK OWNED Call Chris
WARWICK, RHODE ISLAND - FOR SALE 1.3 ACRE PARKING LOT NEAR AIRPORT. BANK OWNED Call Chris
HUNT RIVER COMMONS - NORTH KINGSTOWN. SUB-DIVIDABLE 22,000 SF OF RETAIL SPACE AVAILABLE FOR LEASE. CO-TENANTS INCLUDE: STOP & SHOP, MARSHALL’S, AND PLANET FITNESS Call Greg Bohenko 781-273-4070 x234
1,000 SF AND 5,000 SF IN MYLES STANDISH PARK TAUNTON: OFFICE/FLEX W/LOADING DIRECTLY ACROSS FROM HOLIDAY INN Call Greg Bohenko 781-273-4070 x234
RESTAURANT SPACE FOR LEASE ON THAYER STREET, 2,345 SF AVAILABLE IN THE HEART OF BROWN UNIVERSITY AND THE EAST SIDE Call Greg Bohenko 781-273-4070 x234
Chris Greenman, Principal Broker
[email protected] 401-454-4660 x324
Neil Amper, Broker
[email protected] 401-454-4660 x322
Greg Bohenko, Sales Agent
[email protected] 781-273-4070 x234
Rhode Island
12C August 11 - 17, 2017
For Sale - 292 Elmwood Ave.
New England Real Estate Journal
WILL HOUSE 6 APARTMENT UNITS AND GROUND LEVEL RETAIL SPACE
Long of BankRI provides $3.425m for renovation at 259 Weybosset St.
Providence - 6,200 sf community residence formerly operated as a 20-bed assisted-living facility. Fire code compliant, sprinkler system. Kitchen, community dining, laundry facilities, gas-heat, 200 amp service, off-street parking. Asking $400,000.
Marc A. Cote
Commercial Division ext. 204
600 Cass Ave., Woonsocket, RI 02895-4729 Email:
[email protected].
401-766-2200 x204 View this listing at www.loopnet.com - Property ID: 19228961
New Proof
Changes
Proof Approved
Size: 2x4 Section: RI From:Karen Dowell x254
[email protected]
downtown, 259 Weybosset St. is undergoing an extensive transformation. The commercial real estate division of Bank Rhode Island (BankRI) provid-
ed Weybosset, LLC a $3.425 million construction/mini-perm loan to fund renovations to the mixed-use building. Once completed, the property will house six residential apartment units,
Warwick, RI
crop 2”
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
PROVIDENCE, RI Located in the heart of
Run Date: 7-14
Cranston, RI 175 Atwood Avenue, Cranston, RI Corner of Phenix Avenue Corner Parcel on Atwood Ave (RT-5) & Phenix Ave (RT-12) Diagnolly across from Super Stop & Shop and Benny’s Auto 22,800 cars per day 13,472 Square Feet
Check out website for over 35 exclusive listings AlbertRealtorsCommercial.com
ALBERT REALTORS COMMERCIAL DIVISION Trusted Since 1963
1050 Reservoir Ave., Cranston, RI 02910 • Albert Scaralia, Broker/Owner 401.944.8008 ext.712 •
[email protected]
each between 1,100 and 1,300 s/f, on the building’s upper three floors, and retail space on the ground level. 259 Weybosset St. is located across the street from Johnson & Wales University’s Downcity Campus in the Institutional EdJane Long ucational Overlay District of Downtown zoning, which allows for student housing. Combined, the six apartment suites will feature a total of 27 bedrooms, targeting students attending local universities. Each suite will be turnkey; fully furnished with beds, appliances, living room furniture, a kitchen table, and flat screen televisions. Utilities will also be included. “Housing for students, particularly in downtown Providence where tens of thousands attend our great universities, is among the most desirable property in the state,” said Jane Long, assistant vice president of commercial real estate for BankRI, who facilitated the transaction.
Gauvin of MG Commercial completes $735,000 sale
Dan Gauvin of MG Commercial completed the sale of a 10,456 s/f medical office building. Gauvin brokered the transaction between Arkland, LLC, the buyer, and J.A.L.S.R. Realty, the seller, for the property located at 126 Dan Gauvin Prospect St. Arkland is adding this to their portfolio and plans to keep the building as a medical office use. The building traded for a value of $735,000. PAWTUCKET, RI
nerej.com
Rhode Island
August 11 - 17, 2017 13C
Today’sBrightest Deals 500 Callahan Rd, Quonset Intermodal Park - Industrial/ Warehouse –– 6,000-42,000 sq ft, new lighting, large open customizable bays, 20’ drive-in and dock doors. From $4.00 psf
20 Centerville, Warwick – Brick 12,000’+ on 3 levels, grand character of old Apponaug School, on 1.2 acres on Rt 117 next to Cumberland Farms at 4 corners, can be expanded. $800’s
4372 Post, Warwick, EG Line – 7,200 office, great corporate or multi-use location. Currently Body, Mind , Spirit theme with café’ , TAW. ¾ acre lot, great parking, unique front porch and nice yard. $875,000
552-560 Toll Gate, Warwick – 2 offices on 2 lots, across from Kent Hospital, 1500’ ranch and 2000’ colonial, ½ acre corner combined. Minor cosmetics for 3 offices, residence, or new bldg. site. $500,000.
74 Nooseneck Hill Rd, West Greenwich – 3,800’ 4 unit tenanted retail plaza plus vacant 1,600’ stand-alone drive-thru building on 2.2 acres. Great parking, recent upgrades, high visibility Rt. 3 location, 1/4 mile from Rt. 95, Exit 6. Move in ready. $425,000
2340 South County Trail, East Greenwich – Prime Lt Ind/Office site - now a 2000’ residence, on 1.67 acres Development Site with 260’ frontage on Rt. 2, could fit approx. 10,000’ bldg. Across from Bostitch. ½ mi to Rt 4/403. $450,000
LAND - 991-995 Main Rd , Middletown, RI – Back on Market, PRIME DEVELOPMENT SITE on RT 114, 38,000 sq ft with two homes now, in Aquidneck Island hot spot, very close to Newport, one of last parcels in this strip! $665,000 LAND - 2845 Tower Hill, North Kingstown at SK line – WOW ! 111 acres, over 400’ frontage on Rt. 1, near Rt 138. ONLY $550,000. Great for farm, family compound, horses, livestock, tree farm/nursery, vineyard, and many agricultural uses. Awesome sunsets, sloping west some wetlands. Limited commercial uses.
THANK YOU TO OUR VETERANS AND DEDICATED SERVICE PEOPLE
More Properties
@ www.ButlerRealty.us
or email Jeff Butler at
[email protected] Trusted Real Estate Service Since 1977 Looking to Buy or Lease? Call the Butler! The Butler Did It! Another Done Deal.
NE NY Tel: 781-878-4540
METRO
Rhode Island
14C August 11 - 17, 2017
New England Real Estate Journal
TO HOUSE NEW FOOD PACKING LINES
A. Autiello Construction completes 30,000 s/f addition for Toray A. Autiello Construction Co., (AACC) a construction management firm headquartered in Cranston, completed the J6/J7 production line expansion for Toray Plastics (America), Inc. (Toray). The 30,000 s/f addition will house Toray’s new food packing lines at their facility in the Quonset Business Park. NORTH KINGSTOWN, RI
Toray retained the services of AACC to design and construct the addition, providing Toray with a single source solution. In addition to the Toray expansion, AACC has completed a number of projects in the Quonset Business Park including: Dominion Diagnostics, NOAA Okeanos Explorer Berthing Facility, and the NORAD Bentley Distribution Building. Anthony Autiello, Jr., president of
Testing & Monitoring
Changes
Size: 2x4 From: Run Date:
RHODE ISLAND
New Proof
Proof Approved
Section:
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PROOF
NE NY Tel: 781-878-4540 REAL ESTATE JOURNAL
Prime Retail Site
Clean Phase II envIronmental. WIde range busIness zonIng (bP) hIgh traffIC area Last A vailab le Site N Cente ear r of NE S/C
COVENTRY
2305 New London Turnpike Corner lot on New London Turnpike. Closest open parcel to the brand new Center of New England shopping center anchored by BJ’s, Home Depot and Walmart. Residence Inn, Hampton Inn, Fairfield Inn, immediately next to Wendy’s, CVS, Dunkin Donuts, and Webster Bank. On .81 acres, 146’ frontage. 26,000 cars daily.
Call
(401) 228-8511
email:
[email protected]
AACC said, “On behalf of everyone at A. Autiello Construction, we are very proud to be a part of a project that will bring manufacturing jobs back to our home state of Rhode Island”
Lila Delman R.E. sells 434 Ocean Rd. for $1.1m
NARRAGANSETT, RI A historic carriage
house at 434 Ocean Rd. has sold for $1.1 million. Lila Delman Real Estate International was both the listing and the selling company. Gladys Barbosa, sales associate, represented the seller and Tim Haxton, sales associate, represented the buyer.
“This Ocean Rd. historic carriage house, located in the estate area, epitomizes the charm of a century-old converted classic, set on a rolling acre with ocean views,” said Barbosa. The carriage house built, c.1887 is sited on an acre of grounds with garden terraces. Measuring 4,117 s/f across two levels, the house has 3 bedrooms, 2 full and 2 half baths, 3 fireplaces, and a 2-car detached garage. Lila Delman founded the company’s original office in Narragansett over 50 years ago. Since then, Lila Delman Real Estate International has grown to include 6 strategically located offices, over 100 associates, a marketing department that creatively uses online social media, and an award-winning website.
nerej.com
BANK OWNED ABSOLUTE REAL ESTATE SALE BY Rhode Island
August 11 - 17, 2017 15C
PUBLIC AUCTION PUBLIC AUCTION COMMERCIAL REAL ESTATE IMPROVED AND PREVIOUSLY BANK OWNED ABSOLUTE REAL ESTATE SALE BY
COMMERCIAL REAL ESTATE IMPROVEDSTORE AND PREVIOUSLY TILIZED AS A GASOLINE STATION, CONVENIENCE & CAR WASH, LOCATED I UTILIZED AS A GASOLINE CONVENIENCE & CAR WASH, LOCATED HIGH BUSINESSSTATION, DISTRICT ON MAJOR STORE (RT. 44) HIGHWAY. IN HIGH BUSINESS DISTRICT ON MAJOR (RT. 44) HIGHWAY.
MINIMUM BID $350,000
MINIMUM BID $350,000
BEING SOLD FREE AND CLEAR OF ALL ENCUMBRANCES.
BEING SOLD FREE AND CLEAR OF ALL ENCUMBRANCES. TO BE SOLD ON: THURSDAY, AUGUST 24, 2017 @ 2:00 PM ON THE PREMISES: 135 PUTNAM PIKE, JOHNSTON, RI
TO BE SOLD ON: THURSDAY, AUGUST 24, 2017 @ 2:00 PM IMPROVEMENTS SITUATED ON 43,386 135 SQ. FT. OF LAND PIKE, AND INCLUDE A SINGLE ON THE PREMISES: PUTNAM JOHNSTON, RISTORY 1,390
SQ. FT. MASONRY/STEEL BUILDING, 3 TWO NOZZLE EACH FUEL PUMPS COVERED BY A 224 SQ. FT. CANOPY, 2,854 AUTOMATIC TUNNEL CAROF WASH W/ADDITIONAL 1,702 SQ.A FT.SINGLE OF UPPERSTORY PROVEMENTS SITUATED ON 43,386 SQ. FT. LAND AND INCLUDE OFFICE & STORAGE SPACE, ETC., MANY AMENITIES TOO NUMEROUS TO MENTION. PLEASE 90 SQ. VISIT FT. MASONRY/STEEL BUILDING, 3 TWO NOZZLE EACH FUEL PUMPS COVERED US ONLINE.
A 224 SQ. FT. CANOPY, 2,854 AUTOMATIC TUNNEL CAR WASH W/ADDITIONAL 1,702 TERMS OF SALE: DEPOSIT OF TWENTY-FIVE THOUSAND ($25,000.00) DOLLARS IN CASH, . FT. OF UPPER OFFICE & STORAGE SPACE, ETC., MANY AMENITIES TOO NUMEROUS CERTIFIED OR BANK CHECK AT TIME OF SALE, 2% BUYER’S PREMIUM WILL APPLY. THE BUYER MENTION. VISITTO US ONLINE. SHALLPLEASE BE RESPONSIBLE RESOLVE AND/OR REMEDYANY NOTICES OF VIOLATION, CONTACT AUCTIONEER FOR DETAILS. OTHER TERMS AND CONDITIONS TO BE ANNOUNCED AT THE SALE.
ERMS OF SALE: DEPOSIT OF TWENTY-FIVE THOUSAND ($25,000.00) DOLLARS BYCHECK APPOINTMENT, CONTACT AUCTIONEERS. CASH, CERTIFIEDINSPECTION OR BANK AT TIME OF SALE, 2% BUYER’S PREMIUM LL APPLY. THE SHALL BE RESPONSIBLE TO RESOLVEINC. AND/OR LAWBUYER OFFICE OF CHRISTOPHER M. MULHEARN, ATTORNEYS CONTACT FOR THE BANKAUCTIONEER FOR DETAILS. MEDY ANY NOTICES OF VIOLATION, 55 PINE STREET, FOURTH FLOOR, PROVIDENCE, RI THER TERMS AND CONDITIONS TO BE ANNOUNCED AT THE SALE. SALE CONDUCTED BY AND FOR FURTHER INFORMATION CONTACT: INSPECTION BY APPOINTMENT, CONTACT AUCTIONEERS. IRVING SHECHTMAN & CO., INC.
PROFESSIONAL AUCTIONEERS & APPRAISERS LAW OFFICE OF CHRISTOPHER M. MULHEARN, INC 141 POWER ROAD, PAWTUCKET, RI 02860
ATTORNEYS FOR THE BANK M.C. PONTE, JR. & SONS 55RIPINE STREET, FOURTH FLOOR, LIC. # 2113 MA LIC. # 1070 NH LIC. #2484 PROVIDENCE, RI TEL: 401-728-9100 FAX: 401-728-9103 Visit Our Web Site www.AuctionsRI.com
SALE CONDUCTED BY AND FOR FURTHER INFORMATION CONTACT:
IRVING SHECHTMAN & CO., INC. PROFESSIONAL AUCTIONEERS & APPRAISERS
Rhode Island
16C August 11 - 17, 2017
New England Real Estate Journal
TO VIDEO UNLIMITED PRODUCTIONS AT 5 PLEASANT VIEW AVE.
The Ann Foncellino team of Coldwell Banker leases 2,000 s/f The Ann Foncellino team of Coldwell Banker commercial division listed and leased 2,000 s/f of class A office space at 5 Pleasant View Ave. to Video Unlimited Productions. The buidling is a new signature office building Ann Foncellino with the upper level occupied by Barone Orthodontics. The lot size of the building is 15,000 s/f. The space has 4 offices and conference room with a large open area with a recent build-out. Video Unlimited Productions is relocating its location from Cranston, and has another location in Delray Beach, Calif. They are a full-service digital media and interactive agency. SMITHFIELD, RI
September 29, 2017 Spotlight
Women
IN
Real Estate
Don’t be left out! Contact Patty Stone Colman 781-878-4540, ext. 251,
[email protected]
5 Pleasant View Avenue - Smithfield, RI Their facilities have post production suites, an audio recording studio and a unique team made up of creative marketing professionals, motion graphic animators and web developers.
Union carpenters make my company the best.
Residential Properties facilitates $2.1 million sale PROVIDENCE, RI Residential Properties
Ltd. facilitated the $2.1 million sale of 51 Prospect St. RPL represented both sides of the transaction, with sales associate Jim DeRentis as the listing agent and sales associate Kira Greene as the buyer’s agent. According to Statewide MLS data, this marks the 13th East side sale of over $1 million this year, with RPL listing nine of the sales and proudly representing 19 of the possible 26 transaction sides. This modern Contemporary was selected as the winner of the Honor Award as part of the American Institute ofArchitects (AIA) Rhode Island Design Awards. The AIA RI Design Awards is an annual program that celebrates excellence in architecture and recognizes achievements in design. The Honor Award is the highest award in the highly competitive residential sector. Designed byAlbert Garcia of KITE Architects, the focus of the project was to visually and spatially transform the building and its landscape to increase privacy, without losing its connections to Providence’s center of residential and student activity.
Dave Rampone President, Hart Engineering Cumberland, RI
Construction has always been a tough, competitive business. You want a company who can actually complete a project, not just compete for one. Union contractors recognize they need to be at their best every day to win business and be successful. That’s why they partner with the New England Regional Council of Carpenters. Our professional and well-trained workforce emphasizes safety, quality and productivity on the job site, helping to reduce risk and maximize value. It’s the right team – at the right time – for successful results. The New England Regional Council of Carpenters. It’s time to build. To learn more, visit NERCC.org
NECU_Rampone_NEREJ_HalfPgSquare1.indd 1
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Rhode Island
nerej.com
August 11 - 17, 2017 17C
2017 NEDA
Annual Conference Providence, RI October 1-3, 2017 Registration NOW OPEN
SAVE THE DATE
61st NEDA Conference www.nedaonline.org
Crossing Borders:
Geographic. Cultural. Economic. Disciplinary. SPONSORS
MEDIA SPONSOR
NE NY Tel: 781-878-4540
Back Page C August 11 - 17, 2017
Rhode Island
CITY
on the
MOVE
Scott Avedisian Mayor
movetowarwickri.com citycentrewarwick.com www.facebook.com/warwickbusinessdevelopment/
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Featuring
AUCTIONS
Over $1 Billion in Offerings Contained Within New England Real Estate Journal
Section D
ACADIA MILL METHUEN, MA
CAPE COD Centerville
August 11 - August 17
FOR LEASE - TAUNTON, MA 5,000 SF - 40,000 SF, Office, Light Industrial/Storage
René L. Poyant, Inc. GEREAL ESTATE MANA MENT
Renovated Mill Building Spaces Available from 6,000 SF to 61,000 SF!
René L. Poyant, Inc. REAL ESTATE MANAGEMENT
• SBA HUB Zone Approved • Beautiful 6,000 SF Executive Offices • Manufacturing Space from 6,000 SF and up • Plenty of Parking • Easy access to I-93/I-495 • Priced from $3.95 SF plus utilities and up! Call Steve DeSisto
Post Office Square, 20F Camp Opechee Road
Centerville, MA 02632 Tel: 508-775-0079 Fax: 508-778-5688
[email protected]
RETAIL SPACE FOR LEASE Auburn Plaza Shopping Center Routes 12 and 20 Auburn, MA
40 Kenoza Avenue • Haverhill, MA Office: (978) 373-3897 • Cell: (978) 852-5559 email:
[email protected]
L A N D
RESIDENTIAL
Single Family or Condominium
• 3,200± sq ft Retail Unit between T. J. Maxx and Park’n Shop Supermarket • 550± sq ft free standing building (former bank) with drive-up window
50+ units Raw, Approved, Urban Infill, W Multi-Family in Mass., R.I. & CT
77,161± sq ft strip shopping center at signalized intersection with frontage on Routes 12 and 20–1/4 mile to Route 290 and Massachusetts Turnpike.
A N T E D
HIRSCH&COMPANY (603) 886-4700
[email protected] www.hirschco.com OFFICE/R&D BUILDING FOR SALE 71 DEERWOOD DRIVE NASHUA, N.H.
Please contact: Land Acquisition
Pulte Homes of New England, LLC Call:
508-870-9999 Ext. 1
HAVERHILL, MA Retail/Office/Redevelopment
• Easy highway access • Ground floor • Radiant floor heat • Sprinklered, A/C • Monitored alarm system • Secure on-site parking • Processing, Document Storage, Warehouse Principals Only
508.207.3098 WOBURN, MA FOR LEASE OFFICE SPACE BELOW MARKET RATE MULTIPLE LOCATIONS 1,400 SF TO 4,500 SF CO-BROKER INCENTIVES • Access to I-93 & I-95/Rte. 128 • Free Parking • Ideal for executive office, call center • Furniture may be available • Numerous on-site and/or nearby amenities
781-229-2233
www.wronkaltd.com
FOR LEASE AUBURN, MA
OFFICE / WAREHOUSE
Successful Mini Golf Plus additional land for expansion and 8,000± SF of retail/ restaurant buildings • 4.8 Ac. Great location on Route 28 on Yarmouth/Hyannis line • Mini Golf (plus additional ancillary profit centers). All new greens and equipment • 2,300++ SF restaurant building. Fully leased • 5,100++ SF vacant retail/amusement/ food service for addtional income • Land for expansion - additional use zip line, nature trail, batting cages, etc. • Fantastic Cash Flow • Asking $1,975,000 Call John Shields at:
508-775-6000
[email protected]
FOR SALE
Airport Hangars Nashua Municipal Airport $1,350,000
SITE
USER / OWNER OPPORTUNITY
Property:
71 Deerwood Drive Nashua, N.H. 03063 Building SF: 8,750 ± SF Site Size: 1.3 ± Level Acres
• Rare large lot in the middle of town • Ideal for fast food, medical office, etc. • High traffic, lighted intersection, drive-thru possible
$795,000
COMMERCIAL PROPERTIES, INC.
603-882-6000 www.vear.biz
Warehouse Space 5,000 sf, 10,000 sf 15,000 sf, 20,000 sf 35,000 sf & 50,000 sf Convenient access to I-190, 290, 395, 495, Mass Pike & Rtes. 20 & 146
PURCHASE PRICE: $920,000
VEAR
Office Space 10,000, 5,000, 2,500 & 1,500 sf
Office: 978-556-6565 Cell: 978-590-1038
[email protected]
Call 978-365-4585
AUBURN INDUSTRIAL DEV. CORP. www.aidc.com
• Building 1 is 12,840 SF (8,880 SF office & 3,960 SF hangar) • Building 2 is 6,742 SF (5,482 SF hangar & 1,260 SF office) • 12,000± gallon double wall steel underground jet fuel storage system • Directly off the runway
603-880-6655 www.prolmanrealty.com
2D August 11 - August 17, 2017
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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
ACTIVELY ACQUIRING
FOR SALE
Urban & Suburban
linearretail.com
MARINA - NORTH SHORE, MA Several Buildings: • Waterfront Residence • Two story Office/Clubhouse
• Several Storage Buildings • 85 Deep Water Boat Slips
on 1.6 Acres Asking $2.3 Million Inquiries to -
[email protected]
Changes
Size: 5,000 SF-125,000 SF (or smaller for urban properties)
urban retail, retail condominiums, storefronts,
Price Range: $2M-$50M (typical)
banks and restaurants
retail development parcels, freestanding retail,
Aubrey Cannuscio Partner - Acquisitions |
[email protected] | 781.202.3545 Rick Rostoff VP - Acquisitions |
[email protected] | 781.202.3542
FOR LEASE
NE NY Tel: 781-878-4540 REAL ESTATE JOURNAL
New Proof
Property Types: Strip shopping centers,
UXBRIDGE, MA - FORMER RESTAURANT Located at Intersection of Rtes. 146A & Rte. 122
Proof Approved
Size: 2SP Section: BB From: Karen Dowell x254
[email protected] Run Date: 8-4
crop 2”
FOR PROOF SALE
Territory: Eastern MA, Southern NH and RI
Double Space (2-3/8" x 7-5/8") Please bill me ❏ (4 Fridays) $480 — ❏ (2 Fridays) $280 Pay in advance - SAVE
• 21,000± total SF • Owner willing to subdivide • Set on approx. 3.5 acres Proposed Project Renderings
Prepay — Check/Charge ❏ (4 Fridays ) $400 — ❏ (2 Fridays) $240
Call Karen Dowell (781) 878-4540 x254
• Ideal for: Wedding, Special Occasions & Events • Town Water, Sewer & Gas • Parking for 250-300 cars • Liquor Licenses Available
FAX (781) 871-1853
Agent Contact Info: Barry Desruisseaux
or
Deruseau Real Estate
email:
[email protected] website: www.nerej.com
20 South Main Street, Uxbridge MA 01569
617.877.3833 •
[email protected]
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New England Real Estate Journal
August 11 - August 17, 2017
RESTAURANT / RETAIL SPACE SO. NASHUA, NH BROKERS EARN 150% COMMISSION
2 MONTHS FREE
1,200 - 2,400 SQUARE FEET • Across from Pheasant Lane Mall • New electronic sign to advertise your business • $22 PSF SUN PLAZA, 295 D.W. HIGHWAY
RONEX CORP. 781-489-6282 Ext. 11 Email:
[email protected]
3D
4D August 11 - August 17, 2017
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New England For Sale
Lease Wanted
RESTAURANT / RETAIL SPACE SO. NASHUA, NH E FRE 2
THS
N MO
1,2002,400
• Across from Pheasant Lane Mall • New electronic sign to advertise your business • $22/PSF
SQUARE FEET BROKERS EARN 150% COMMISSION
CRE PROPERTY WANTED: 2017
SUN PLAZA, 295 D.W. HIGHWAY
RONEX CORP. 781-489-6282 Ext. 11 •Email:
[email protected]
CURRENT AVAILABLE PROPERTIES AMESBURY, MA 49 S. HUNT RD. - 18,400 sf, subdividable to 8,800, office, loading docks & drive-in doors. $6.95 NNN
HAVERHILL, MA FOR LEASE - $6.95 PSF NNN 11 ROGERS RD. - 18,700 sf w/office, loading & drive-in doors. 20' clear height 34 ROGERS RD. - 4800 sf. Office, warehouse, 1 dock, 1 drive in 175 FERRY RD. - 6600 sf - 1 dock, 28' clear height - office 183 FERRY RD. - 6,300 sf - 2 docks, 24' clear 233 NECK RD. - 3,186 sf, 2 loading docks,2 drive-in doors, 14’ clear - subdividable 34 SHELLEY RD. - 10,000 sf - warehouse w/office, 1 dock, 1 drive in, 15’ clear 10 AVCO RD. - 1,600 sf office space
126 MERRIMACK ST. - 40,000 sf sub-dividable, ++ power, office. Loading & drive-in doors. $6.95 NNN
SC
$2,500,000 - $25,000,000 Desired locations are within eastern Massachusetts, southern NH & ME. Preferred asset class (Off Market Transactions):
Retail - Medical - Mixed Use Urban-Multi Family Single or Multi Tenant - NNN Leased - Sale Leaseback * Immediate and confidential response to all submissions which include; Income and Expense, and Rent Roll Reports; * 30 Day Due Diligence Period (Physical & Operational) * 45 Day Due Diligence Period (Environmental-Title-Survey) * 60 Day Lender Commitment Period (Cash Optional) * 90 Day closing period * 1031 Exchange Asset "Relinquished" in contract * Cobrokers protected As an incentive to principles and cobrokers the 1031 Exchange Buyer is responsible for McLaughlin services. If you are considering selling or buying individual or portfolio assets, please call for a confidential consultation. ABOUT
METHUEN PROPERTIES
Contact: Scott Companies 978-374-0034 scott-companies.net
McLaughlin has been engaged by High Net Worth Investors and 1031 Exchange clients to facilitate the acquisition, and finance of "Middle Market" NNN CRE assets ranging in value from
SC
McLaughlin Investments is a full service commercial real estate firm which specializes in marketing, financing and consulting of middle market-commercial, and investment properties throughout New England.
John J. McLaughlin III, CCIM, CRE | McLaughlin Investments, Inc. 470 Atlantic Avenue, Suite 400, Boston, MA 02210 Office 781.229.2022, Cell 781.910.9652
[email protected] | www.mclaughlininvestments.com
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August 11 - August 17, 2017
The TheCity CityofofHolyoke, Holyoke, MA MA REQUEST FOR REQUEST FORPROPOSALS PROPOSALS
Former Lynch Middle School - 1575 Northampton Street Former Lynch Middle School - 1575 Northampton Street
THE CITY OF HOLYOKE REQUESTS PROPOSALS FOR The of Holyoke proposals for redevelopment of the THECity PURCHASE ANDrequests REDEVELOPMENT OF the THEpurchase FORMERand LYNCH MIDDLE SCHOOL
former Lynch Middle School
Ø Prime location for commercial development - access to 120,000+ vehicles every day!
!Ø Prime location for development - access to Great accessibility and commercial visibility from I-91 Exit 17 120,000+ vehicles everyfeet day! Ø 2.9 acres with 83,000 square of finished floor space
!Ø Great accessibility and visibility from I-91 Exit 17 Suitable for new site construction or building reuse
! Ø 2.9 acres withrates 83,000 square Lowest electric in New Englandfeet of finished floor space ! Suitable for new site construction or building reuse property inspection be England held at 2:00 pm on Tuesday, July 25th ! ALowest electric rates inwill New For more information or questions please contact:
th A property inspection will be held at 2:00 pm on Tuesday, July 25 Lori Belanger, Chief Procurement Officer
For more
(413) 322-5650 or
[email protected] information or City questions please contact: of Holyoke Purchasing Department, Room 15 City Hall, Holyoke, MA 01040 http://www.holyoke.org/departments/purchasing-department/#extra1-tab
Lori Belanger, Chief Procurement Officer (413) 322-5650
[email protected] All proposals must be received byor 10:00 am on Wednesday, August 16, 2017 City of Holyoke Purchasing Department, Room 15 City Hall, Holyoke, MA 01040 http://www.holyoke.org/departments/purchasing-department/#extra1-tab
5D
6D August 11 - August 17, 2017
New England Real Estate Journal
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JOSEPH PROPERTIES • 603-641-8608
[email protected]
FOR SALE OR LEASE
295,335 SF INDUSTRIAL BUILDING - 21.58 ACRES 80 LAUREL STREET, KEENE, NEW HAMPSHIRE
RESIDENTIAL, STUDENT HOUSING, RETAIL, MIXED USE Property Specifications Building Size: 295,335 SF Whse/Mfg.: 270,335 SF Office: 25,000 SF Land Size:
21.58 acres
Type: Lt. manufacturing/ warehouse Year Built:
1900/1955 and stages
Utilities: Loading:
Municipal water, sewer & natural gas 17 overhead doors ranging from 8' x 8' to 14' x 20'
Cranes:
12 cranes ranging from 1.5-15 tons
Power:
240/480 volt, 3-phase
Clear Heights: Whse/Mfg: 12'-24' Office: 9'-10'
The property consists of a 295,335 SF industrial building of which 25,000 SF is office space and the remainder is used for light manufacturing/warehouse space. Formerly the home of Kingsbury Corporation, the property has great potential for redevelopment and consists of four parcels totaling 21.58 acres. Located near Keene’s Central Business District, it offers easy access to points north/south/east/west making it an ideal location for many businesses and just 3 blocks from Keene State College 150 acre campus.
Parking:
597 spaces
Zoning:
Industrial
County:
Cheshire
Taxes:
$50,341.51 (2012)
Lease Rate:
$5.00/SF
Sale Price:
Call for details
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August 11 - August 17, 2017
NAUTILUS REALTY GROUP 603-540-8380 25 Lafayette Road
Licensed Brokers MA ME NH Acquisitions & Dispositions
AVAILABLE FOR SALE/LEASE REZONED DEVELOPMENT SITE PORTSMOUTH, NH
Re t
ai
A
T E W AY
lS
pa
ce
G
D E N O REZ DISTRICT
12± Acre Redevelopment Site has just been "Rezoned" by the City of Portsmouth
— NEW ZONING ALLOWS: — • Multifamily • Planned Unit Development • Retail/Shopping Center • Office • Conference Center/Hotel Conceptual plans for 288 Residential Units and 40,000 SF of Retail Space Currently the Largest Site Available in City of Portsmouth, NH
7D
8D August 11 - August 17, 2017
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August 11 - August 17, 2017
89 ACRES, 100,000 S.F. BUILDING Excellent Redevelopment Opportunity 275 Portsmouth Avenue, Stratham, NH Great Bay
Permitted uses include: • Retirement communities • Continuing Care Facilities • Educational • Medical
Snapshot
Building Type Total Building SF Property Size Year Built Construction Type Frontage Traffic Count
Academic/Institutional 100,035± 89.9± acres 1982 Masonry & steel 193'± on Portsmouth Avenue 52'± on Sandy Point Road, currently undeveloped 15,000 VPD per 2011 NHDOT
• Hospitality • R&D • Professional offices/services • Residential
Zoning Flexible/Mixed Use Development Parking 450± spaces Elevators 1 Number of Floors 3 (partial 3rd floor) Overhead Doors 12 (11 doors access high bay space) Power 1,000 amps/3 phase Utilities Private water & sewer HVAC Oil fired forced hot water heat
Area Highlights
• Portsmouth, which serves as the cultural and commercial hub of the Seacoast region, is an easy 7 mile drive from the Property • Nearby conveniences include hospitals, pharmacies, churches, golf courses, parks, beaches, restaurants and shopping malls • The University of New Hampshire and its cultural, academic and athletic resources is only miles from the Property • Strong regional healthcare industry provides major hospital services and generates quality jobs • New Hampshire has a low tax burden, a high standard of living, a high level of education attainment and ranks high in health and safety
NAUTILUS REALTY GROUP 603-540-8380 25 Lafayette Road North Hampton, NH 03862
Licensed Brokers MA ME NH Acquisitions & Dispositions
9D
Shop, Rent-A-Center, CVS Pharmacy, Bank of America, H&R Block and Applebee’s 10D August 11 - August 17, 2017
Population Billboard | 2010 Census:
New England Real Estate Journal For Lease
Visit the paper online nerej.com
46,539 in 1 mile; 246,777 in 3 miles; 623,547 in 5 miles
Massachusetts Households | 2010 Census:
18,786 in 1 mile; 97,063 in 3 miles; 255,727 in 5 miles
Average Household Income | 2010 Census:
$73,786 in 1 mile; $76,098 in 3 miles; $86,980 in 5 miles
Established Supporting Advertisers Traffic:
25,000 cars per day; 12,000 pedestrians per day at the nearby MBTA T-station
Location | Convenience | Value
219
LOW FEES | GREAT RATES | STREAMLINED PROCESS
Call (888) 825-1785 or visit www.chase.com/MFL
Contact:
MIDLAND Construction
Greg Regazzini, VP, Director of Leasing
[email protected] ph: 781.321.7800, ext. 318 www.combinedproperties.com
Corporation
QUALITY
ESTABLISHED 1945 Call for a FREE Estimate 1-888-Sealer-O or 1-800-225-4015 Training is www.newenglandsealcoating.com
General Contracting Services Quality. Performance. Service Pre- Construction Consulting 1700 Dorchester Ave.,Managers Boston, MA 02122 Construction PERFORMANCE 617-446-1700 Design Build
www.midlandconstruction.com
Diversified Funding, Incorporated 63 Atlantic Ave., Boston, MA 02110 617-227-0893 www.diversifiedfundinginc.com
Our Strength
SERVICE
New England Carpenters Labor Management
Fantini & GorGa
1700 Dorchester Avenue, Boston, MA 02122 Telephone 617.446.1700
Since 1935
Connect with Combined Properties on Facebook and Twitter www.midlandconstruction.com
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 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
750 Dorchester Ave., Boston MA 02125 800-275-6200 www.NECarpenters.org Temple Beth Elohim Wellesley, MA Credit: Bruce Martin Photographer
R
Remic
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
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
One Burlington Woods Drive Burlington, MA 01803 781-273-5555 www.KeyPointPartners.com
Corporate Headquarters • 116 Hopping Brook Road, Holliston, MA 01746 • (508) 429-8830 Regional Offices • Charlotte, NC • Raleigh, NC • Duluth, GA • Pelham, AL www.waynejgriffinelectric.com
CT Lic ELC.0123697-E1
MA Lic A8999
King Painting Inc. 89 Hayden Rowe St., Hopkinton, MA 01748 888-538-7599 or 508-598-3511 www.solect.com
617-369-6600
281 Winter St., Waltham, MA 02451 781-895-3270 www.vantagebuildersinc.com
RJ O’Connell & Associates, Inc. 800-402-2265 www.stonehambank.com
617-628-8888 www.weatherproofing.net
80 Montvale Ave., Stoneham, MA 02180 781-279-0180 www.rjoconnell.com
85 Flagship Dr., No. Andover, MA 01845 978-683-7434 www.kingpaintinginc.com
[email protected] www.kinlingrovercommercial.com
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August 11 - August 17, 2017
11D
Massachusetts
Established Supporting Advertisers Fafard Real Estate 1250 Hancock St., Quincy MA 02169 617-773-8150 www.wesslingarchitects.com
One Campanelli Dr., Braintree, MA 02184 781-849-1440 www.Campanelli.com
120 Quarry Dr., Milford, MA 01757 508-881-1600 www.fafardrealestate.com
10 Everberg Rd., Woburn, MA 01801 781-932-0707 www.danddnet.com
Superior Service Since 1987
One Cranberry Hill, Lexington, MA 02421 781- 862-6168 www.stubblebinecompany.com
2 Sterling Road, Unit 1
285 Circuit Street
North Billerica, MA 01862
Hanover, MA 02339
978-436-9990
781-982-5684
www.tectaamerica.com
CALL US TODAY 1-800-SWEEPING or 781-395-1200 OUTSIDE OF NEW ENGLAND www.powersweeping.com
125 Samuel Barnet Boulevard New Bedford, MA 02745 800-544-0961 www.poyantsigns.com
Call today! 508-958-2196 www.kellyspainters.com
Improvement Company 39 Industrial Parkway Woburn, MA 01801
uspavement.com
1-800-PAVEMENT
www.masshousingrental.com
208 Wareham Road, Marion, MA 02738 508-748-6545 www.southcoastimprovement.com
Serving All Of New England
401-434-3329
[email protected]
978-560-0575 www.kspartnersllc.com
Connecticut Arnold Peck’s Commercial World 800-301-3077 www.blcompanies.com
265 Church St., New Haven, CT 06510 203-672-3300 www.marcusmillichap.com
680 Boston Post Rd., Milford, CT 06460 203-877-1345, Toll Free: 877-884-1927 www.arnoldpeckscommercialworld.com
Connecticut Chapter 203-234-6371 www.ccimct.com
Opportunities
ine urn
12D August 11 - August 17, 2017
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St, Bldg A 2.8311
ham
ad Avenue 9.6930
ebunk
t. Suite 1 7.4600
ford
in Street 0.2900
lls
st Road 6.5131
dham
erg Trail 2.8100
Greenfield • $1,200,000 Indoor Action Sports has been in opertation MLS #71276605 Mark Abramson • 413-774-1220
Established Supporting Advertisers
Fitzwilliam • $775,000 General Industrial zone. 3 phase. Used as saw mill with wood fired kilns. MLS #4004864 George Foskett • 603-283-1944
Portsmouth • $695,000 Prime corner lot at light with Convenience Store and 3 bedroom apartment. MLS #4089594 Patti Visconte • 603-601-1119
rk
dston Road 4.1200
W shire ford
Connecticut Greenfield • $850,000 Building can be used as a production facility or converted to office building. MLS #71160594 Mark Abramson • 413-774-1220
Lewiston • $950,000 95,000 S.F. Industrial Building offers a variety of floor. MLS #1028566 team fletcher • 207-795-9623
Keene • $1,200,000 38,332 SF lot. Perfect for single user or as investment. MLS #4048256 George Foskett • 603-283-1944
k Street 3.4558
husetts nfield
Visit the paper online nerej.com
Hampton • $499,900
North Hampton • $589,000 Price Reduced $100,000!! Prime retail or industrial on Rt. 1. MLS #4049352 Patti Visconte • 603-601-1119
Newmarket • $599,900 Remodeled 7 unit mixed use. 10% CAP!! Price just reduced $100K! MLS #4046079 Patti Visconte • 603-601-1119
Manchester • $675,000 Well Maintained 11 unit in a desirable Derryfield Park area. MLS #4070650 Jon Matta • 603-625-2800 x320
ChoziCk realty, inC.
Levey Miller Maretz Commercial Realtors
Stratham • $335,000
York • $499,900
In Home Business Opportunity! High Opportunity! 11% Cap! 25 individual rooms, fellowship hall, sound room, 114A Washington Ave. 7Investment visiblility on Rte 33. MLS #4077120 units - mixed use. MLS #4085286 kitchen, & 4 bathrooms. MLS #2749335 Christina DeYeso • 603-601-1113 Patti Visconte • 603-601-1119 Tamber Lewis • 207-337-3717 x230 North Haven, CT 06473 1768 Litchfield Turnpike 100 Wells St., Hartford, CT 06103 203-234-6371 Woodbridge, CT 06525 860-247-7400 www.theprotogroup.com 203-389-5377 www.LMMRE.com www.chozickrealty.com
www.masiello.com
New York Metro 212-904-1994 www.northmarq.com
River Road 5.2800
Cord
Street 8.0151
ver
tral Ave 9.4800
Boscawen • $324,900 Property has site plan approval for an automotive complex. MLS #4026240 Tracy Emerick • 603-601-1109
kittery • $250,000 Ideal for someone building a portfolio of small investment properties. MLS #4085156 Peter Gluckler • 207-363-4558 x226
York • $198,500 Commercial property with potential for 3 bdrm residence on site. MLS #1036786 Bill Dignan • 207-363-4558 x222
Windham • $2,558/ mo. The most sought after retail,restaurant or office space to lease In Windham!! MLS #4108170 Rick Hatton • 603-434-2374 x32
Pton
ette Road 6.4466
860-447-9570 www.pequotcommercial.com
ene
nd Street 2.5433
orouGh
e Street 4.8373
Epping • $1,850/ mo. First floor walk-in retail storefront! May be combined with abutting unit. MLS #4035627 Rick Hatton • 603-434-2374 x32
Keene • $1,500/ mo. Prestigious office space located within walking distance of downtown. MLS #4048386 Bill Hutwelker • 603-283-1956
Peterborough • $8/ sq ft A “One of a Kind” office building for lease or for sale in Peterborough,NH! MLS #2816653 Michelle Lange • 603-924-8373 x217
Peterborough • $7/ sq ft Climate controlled warehouse space for lease, built in 2004. MLS #2797377 michelle lange • 603-924-8373 x217
mouth
ess Street 0.9995
t Main St 6.3010
Rock Rd 4.2374
Hampton • $950/ mo. Office space with easy access to I-95 and Rte 101. MLS #4004545 Tracy Emerick • 603-601-1109
877-923-9850 www.CBCWorldwide.com
Keene • $18/ sq ft 1st Floor office or retail. New building. Pick your own finish. 545 SF. MLS #4021696 George Foskett • 603-283-1944
Northern New England
ton
dham
800-800-5261 www.transystems.com
hampton • $7/ sq ft 10,000 SF Industrial/Warehouse w/loading dock & drive-in. Hampton. MLS #4095663 Patti visconte • 603-601-1119
Peterborough • $6/ sq ft 6,343+/- total combined warehouse and office SF available for occupancy. MLS #4052300 Michelle Lange • 603-924-8373 x217
a complete line of commercial Brokering ServiceS
SMC
• buyer tenant representation • business sales/valuations • hospitality sales/valuations commercial development • full corporate services seller landlord representation
investment/value analysis
real estate consulting services
4 Park St., Concord, NH 03301 877-500-4994 www.masiello.com
One Sundial Ave. Manchester, NH 03103 603-626-1144
25 Orchard View Drive Londonderry NH 03053 603 434-6700 www.themegcompanies.com
P.O. Box 4430, Manchester, NH 03108 603.623.8811 proconinc.com
KW Commercial, NH Tel: 603-836-2740 www.kwcommercialNH.com
Rhode Island NRT 3275 Post Rd., Warwick, RI 02886 401-738-2000 MoveToWarwickRI.com
Call one of our commercial real estate professionals at 401-333-0010 Ext. 500 www.cbcnrt.com
1170 Pontiac Ave., Cranston, RI 401-781-1700
www.GreaterRI.com
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August 11 - August 17, 2017
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
• INDUSTRIAL PLANTS • MACHINERY • • CONSTRUCTION EQUIPMENT • • COMMERCIAL, INDUSTRIAL & RESIDENTIAL REAL ESTATE • TOLL FREE 1-877-POSNIK-1 (767-6451)
visit our website at www.posnik.com • Email us at
[email protected]
High Performance Auctions www.amgss.com 800.209.3900
Dale W. Schaetzke, CAI, AARE, CES, GRI
Auctioneer/Broker/Realtor®
The man with the “Golden Gavel”® P.O. Box 2114 • New Castle, NH 03854
373 BOYLSTON ST., NEWTON, MA 02459
617-731-4455 www.paineauctioneers.com MA Lic. #120 • NH Lic. #2779 • RI Lic. #0546
Real Estate Auctions and Brokerage throughout the Northeast Paul McInnis -
[email protected] Justin Conway -
[email protected] www.paulmcinnis.com (603) 964-1301
(800) 522-8488 • (603) 436-6711 fax
• NH Lic. #2736 • MA Lic. #1541 • ME Lic. #AUC957 RI Lic. #7774 - VT Lic., #057-0002209 FL. Lic. #AU 2301 www.auctionsnewengland.com
[email protected]
750 Boston Neck Road • Narragansett, RI 02882 Phone: 401.792.4300 Fax: 401.792.4337 Auctioneer: Michael Salvadore Jr. RI Lic. #1907 MA Lic. #380 NH Lic. #5052
#!! $ % "& ""'%&$ %&&
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45 Exeter Road, P.O. Box 400 #!! $ &$ &' & Epping, NH 03042 " %& $
email us at:
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COMMERCIAL & RESIDENTIAL R EAL E STATE AUCTIONS Over 16,000 Successful Real Estate Auctions Since 1976
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“PESCO” has been New England’s preeminent auction and appraisal firm throughout our 50 years in business, since opening in 1963. We are committed to delivering the highest quality real estate and equipment auctions as well as appraisal services to our clients for SUPERIOR results. 144 Centre Street, Holbrook, MA 02343 • Tel: 617-227-6553 Visit our website at www.pesco.com MA Lic 295, N.H 2508, R.I 4035, VT 057-0002204
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, CONNECTICUT There are Two Ways to Sell Real Property – On the Market for Months or Off the MarketNEW in Minutes. Take Action! KENMORE, YORK HaveSOMERSET, an Auction. TheNEW AuctionJERSEY Advantage!
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14D August 11 - August 17, 2017 New England Real Estate Journal D BY: S. SAPERSTEIN AD SIZE: 1/4 pg SECTION: Auctions
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Auctions
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 Receiver Court Ordered Auction
BOSTON – 11 Unit Apt Bldg Minimum Bid of $4,000,000 64 ReveRe St., BoSton, MA Wed, Sept 13, 2017 At 11AM
1,040+/-sf lot of land improved by a 4,340+/-sf multi-unit apartment building containing 11 total apartments. Deed recorded at Suffolk County Registry of Deeds, Book 25553, Page 303. There will be property inspections on July 31 from 10am-1pm, August 21st from 10am-1pm and on September 13th at 10am before the sale and additional inspection time may be made available upon request. For information packet please visit pesco.com or email
[email protected]. Order of the Plymouth Superior Court, Commonwealth of Massachusetts, Civil Action No. 2010-01153. Terms of Sale: A $100,000 certified or bank check will be required to bid and payment with that check will be required at the time & place of Auction, an additional deposit equal to 5% of the purchase price must be paid within 5 business days & balance within 45 days of auction. The successful bidder will be required at the time of the auction to execute a Purchase and Sale Agreement, the form of which is available from the auctioneer at the present time. Receiver reserves the right to postpone or adjourn the sale and/or to reject any and all offers. All other terms announced at sale. Neither Auctioneer nor Attorney make any representations as to the accuracy of the information contained herein. JOHN C. OTTENBERG, RECEIVER of WILLIAM R. KELLEY, JR., Ottenberg & Dunkless LLP, Boston, MA
Live Onsite & Webcast
Public AuctioN • 2 LOCATIONS • 2 PROPERTIES • RECEIVER’S SALE
• ±202 ACRE SAND & GRAVEL PLANT • • LAND & BUILDING •
• CONSTRUCTION EQUIPMENT •
• WHEEL LOADERS • SCREENING PLANTS • • DUMP TRUCKS • TRUCK TRACTOR • PICKUP TRUCK • • SAND & GRAVEL INVENTORY • SUPPORT & OFFICE EQUIPMENT •
BILL WILLARD INCORPORATED
1010 RYAN ROAD
(FLORENCE) NORTHAMPTON, MA
TO BE SOLD ON THE PREMISES AND BY LIVE INTERNET BIDDING
THURSDAY, AUGUST 17 TH
AT 11:00 A.M.
• ±88 ACRE SAND & GRAVEL PIT •
PERRY HILL ROAD/PERRY HILL ROAD EXTENSION WESTHAMPTON, MASSACHUSETTS TO BE SOLD ON THE PREMISES
THURSDAY, AUGUST 17 TH
AT 2:00 P.M.
LIVE ONSITE & LIVE ONLINE BIDDING AVAILABLE AT WWW.BIDSPOTTER.COM
SEND for DESCRIPTIVE PICTURED BROCHURE & BIDDER’S INFORMATIONAL PACKAGE or VISIT our WEB SITE at WWW.POSNIK.COM
1% BROKER INCENTIVE OFFERED ON REAL ESTATE!
JONATHAN R. GOLDSMITH, RECEIVER
SALE PER ORDER OF RECEIVER OF THE FIRM OF
GOLDSMITH, KATZ & ARGENIO, P.C., 1350 MAIN STREET, SPRINGFIELD, MA
TERMS OF SALE
REAL ESTATE: 1010 RYAN ROAD: $50,000.00 DEPOSIT BANK, CASHIER’S OR CERTIFIED CHECK PERRY HILL ROAD: $25,000.00 DEPOSIT BANK, CASHIER’S OR CERTIFIED CHECK 8% BUYERS PREMIUM APPLIES DEPOSIT TO BE INCREASED TO 10% OF PURCHASE PRICE WITHIN (5) BUSINESS DAYS PERSONAL PROPERTY: 25% DEPOSIT CASH OR CERTIFIED CHECK 10% BUYERS PREMIUM APPLIES ON ALL ONSITE PURCHASES 13% BUYERS PREMIUM APPLIES ON ALL ONLINE PURCHASES OTHER TERMS TO BE ANNOUNCED AT TIME OF SALE INSPECTIONS: WEDNESDAY, AUGUST 16TH – 10:00 A.M. TO 4:00 P.M. & MORNING OF SALE – 8:30 A.M. TO 11:00 A.M. (REAL ESTATE) SATURDAY, AUGUST 12TH - 10:00 A.M. TO 2:00 P.M. OR UPON REQUEST
Aaron Posnik
AUCTIONEERS · APPRAISERS
W e s t S p r i n g f i e l d , M A • P h i l a d e l p h ia , P A 4 1 3 - 73 3 - 5 23 8 • 6 10 - 8 5 3 - 66 5 5 T O L L F R E E 1 - 8 77 - P O S N I K - 1 ( 7 6 7 - 64 5 1 ) M A Au c . L i c . # 1 61 • P A Au c . L i c . # AY0 0 0 2 41 L
www.posnik.com • E-mail:
[email protected]
ATTENTION 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 TWO years OWNERS, DEVELOPERS AND BROKERS have been selling and leasing their commercial properties through the country's largest real estate weekly newspaper - NEW ENGLAND REAL ESTATE JOURNAL. The JOURNAL has probably marketed more commercial property than all the Sunday newspapers in the region put together.
Call Karen Dowell
Digital Edition: www.nerej.com (781) 878-4540 x254 • EMAIL:
[email protected]
Visit the paper online nerej.com
Billboard
New England Real Estate Journal
August 11 - August 17, 2017
Zekos Group Auctioneers
Terms: A deposit of $5,000 in certified or bank cashier’s check is required. Closing in 30 days. Property sold as is. We make no representations, warranties or guarantees as to the accuracy of information provided and urge all bidders to rely entirely on their own investigation.
zekosgroup.com
382 Boston Turnpike, Suite 222 Shrewsbury, MA 01545
508-842-9000
LIC. #104
15D
16D August 11 - August 17, 2017
New England Real Estate Journal
Billboard
Visit the paper online nerej.com
Chozick Realty, Inc. Commercial & Investment Real Estate Since 1967 Wethersfield, CT Beaver Brook Apartments 61 Units
Hartford, CT Mark Twain Apartments 65 Units
Closed at $6,300,000—June 2017
Closed at $2,600,000—June 2017
Multifamily Closings June 2017 Our experienced brokers are here to assist with your buying & selling needs.
Vernon, CT Hillside Terrace 70 Units
Middletown, CT Birchwood Apartments 32 Units
Closed at $6,100,000—June 2017
Closed at $2,050,000—June 2017
100 Wells Street, Suite 1D Hartford, Connecticut 06103 www.chozickrealty.com
[email protected] (860) 247-7400
New England Real Estate Journal
nerej.com
August 11-17, 2017
NOVEL IRON
WORKS, INC. Fabricators & ErEctors
• Structural Steel • Steel JoiSt • Metal Deck • MiScellaneouS iron
250 ocean roaD, GreenlanD, nH 03840 PHone: (603) 436-7950, Fax: (603) 436-1403
Email:
[email protected] www.noveliron.com CERTIFIED
Inside Back Cover
Back Cover
New England Real Estate Journal
August 11-17, 2017
nerej.com
FOR SALE THE
SHOPPES
AT W R E N T H A M , M A S S
THE
SHOPPES
AT W R E N T H A M , M A S S
Recently Constructed 124,760 SF Retail/Outlet Center Situated on 24.3 acres at Exit 15 off 495 Four buildings ranging from 11,000 SF to 84,760 SF
• Located at the heavily traveled intersection of I-495 at exit 15 and Route 1A - directly across from Wrentham Village Premium Outlets
• Approximately 35 miles south of Boston, MA and 20 miles north of Providence, RI, and 20 miles from Worcester, MA
• Daily traffic count of 82,671 vehicles on I-495 at exit 15
• Population of 70,240 people within a five (5) mile radius with an average household income of $110,593
• Parking for 600 cars
Contact Russ Kelcourse • 617-448-1700 •
[email protected]
