Monthly Spotlight Calendar January 2017
February 2017
March 2017
April 2017
2017 Forecast
Industrial Development Real Estate Guide and Insurance
Spring Preview
Brokerage Commercial Real Estate Guide
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
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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.
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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
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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
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Annual Review December 30, 2016 January 5, 2017 SECTION B
USA $3.95 March 31-April 6, 2017
Campanelli Construction; Designed for performance, built for success
Company of the Month SPOTLIGHT PAGES 8-9C
Harriman completes 1,500 s/f Great Falls Transportation Center
Spotlight March 31-April 6, 2017
Cannabis SPOTLIGHT Section xxxxx
NE LOWER COVER A
in Commercial Real Estate
SPOTLIGHT Section C
Campanelli acquires 186,000 s/f 100 Technology Center Drive for $9m Join us at our upcoming Cannabis Summits! AMERICANN FACILITY, FREETOWN, MASS.
May 4, 2017NE COVER AJune 14, 2017
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Sign up for Hot Property Alert! Visit nerej.com/HPA Volume 56 • Issue 13
This Week’s Sections Front Section Billboard 2 Spotlights!
Spotlight 2017 Spring Preview SPOTLIGHT Section B
Trump SoHo New York 246 Spring Street, New York
Columnist
Rick Kaplan
Boston Convention and Exhibition Center 415 Summer St., Boston, Mass.
Coming Next! Northern New England New Hampshire
Inside Front Cover
New England Real Estate Journal
March 31-April 6, 2017
nerej.com
PREMIER RESTAURANT PAD NOW AVAILABLE!
AT RIVERBRIDGE VILLAGE A PREMIER NEW ENGLAND MIXED-USE VILLAGE Riverbridge Village is a 412k sq ft. architecturally enhanced village adjacent to Solomon Pond Mall & Solomon Pond Mall Park. Located directly off I-290 and
VILLAGE TENANTS INCLUDE:
• 105 room Homewood Suites by Hilton Hotel • 205 Residential Apartment Units
I-495 interchange in the heart of one of the largest metro-
• 3,500 sq ft. Shell Gas Station, Convenience Store, & Dunkin Donuts
trade areas in New England. Immediate trade area
• 12,500 sq ft. Daycare Center
includes a mix of affluent suburbs, urban density, and
• 2 Restaurant Pads up to 5,000 sq. ft Available NOW Located Right in Front of Hotel!
huge daytime population.
• Free-standing Medical/Retail Space Available Summer 2018
FOR MORE INFORMATION PLEASE CONTACT:
Matthew Senie, General Manager/Partner |
[email protected] | 631-804-6632
March 31 - April 6, 2017 Volume 56 • Issue 13
Quick Read Stubblebine Co. brokers two leases totaling 83,000 s/f in Wilmington ROSS OF NAI HUNNEMAN REPS SELLER, H.N GROIN; NGKF NAMED LEASING AGENT
Campanelli acquires 186,000 s/f 100 Technology Center Dr. for $9m
SEE PAGE 6A
Everest and Fisher of Nordlund Assocs. negotiate $835,000 sale
STOUGHTON, MA Campanelli, a full-ser-
vice commercial real estate development, acquisition and construction
David Ross
SEE PAGE 8A
Spring Preview Spotlight New England Real Estate Journal
Mike Frisoli
management company, has purchased 100 Technology Center Dr. According to public record, the property sold for $9 million. Tyler McGrail 100 Technology Center Dr., a six story, 186,000 s/f classA office building, is located at the intersection of Rtes. 139 and 24, also close to I-93/128.NAI Hunneman’s executive vice president of investment sales and capital markets’ David Ross represented the seller, H.N Groin. NGKF’s suburban brokerage team of Mike Frisoli and Tyler McGrail
March 31 - April 6, 2017 Section B
2017
1031 Exchange Bill Lopriore
First American Exchange Co.
Attorney Saul Feldman Feldman Law Office
Spring Preview
Architect David O’Sullivan O’Sullivan Architects
Counselor David Kirk
Kirk &Co.
Economic Development
Finance
Michael Gallerani
NorthMarq Capital
Wellspeak, Dugas & Kane
New Hampshire
Property Management
Restaurant
Retail
Dennis Serpone
Andrew Levy
Michael Chase
Brockton 21st Century Corp.
Billl Norton
Chris Mellen
Norton Asset Management
Tom Sweeney Sweeney Real Estate & Appraisal
Insurance
Jeffrey Dugas
Spencer Macalaster
Risk Strategies Co.
National Restaurant Exchange
Simon Cos.
RI-Brokerage
Golf
RI-Industrial
MEG Companies
RI-Office
Mike Giuttari
Pete Hayes
MG Commercial Real Estate
C&W|Hayes & Sherry Real Estate
SEE SECTION B
4 Sections 80 Pages Editorial Page.......................... 4A R. Kaplan .................................. 4A Referral Network ................... 5A Thru the Lens ........................14A Spring Preview ............... SEC. B Cannabis in CRE ..............SEC. C Company of the Month......8-9C Billboard ........................... SEC. D nerej.com
A.W. Perry names Beal president
BOSTON, MA According to A.W. Perry, Richard Beal has been appointed president of the company. Beal is following family tradition and becomes the 9th president of this privately held real estate firm established in 1884 by Alonzo W. Perry. Richard Beal In this role, Beal will oversee the overall strategic direction and operations of the company. Beal joined A.W. Perry in 2004 and spent 7 years overseeing the company’s South Shore residential development division as well as leasing, property management and asset management for various commercial properties. Since 2011, Beal has been president of Perry Brokerage Associates, a commercial operation providing leasing, sales and acquisition services.
100 Technology Center Drive - Stoughton, MA
will be the exclusive leasing agent for the property. The purchase of 100 Technology Center Dr. comes on the heels of Campanelli’s revitalization of the class A office campus known as Heritage Landing in Quincy. This complex underwent substantial upgrades in 2014-2016 and became one of the most sought-after properties South of Boston. 100 Technology Center Dr. will undergo a full rebranding to match Campanelli’s exciting renovation plans for the property, which will include several million dollars in upgrades to the infrastructure and common areas, a redesigned main entrance, new lobby finishes and a new café concept. For full story visit nerej.com
PROJECT FUNDED BY THE CITY AND FEDERAL GRANTS FROM FTA
Harriman completes 1,500 s/f Great Falls Transportation Center AUBURN, ME Harriman, a multi-disciplinary design and engineering firm, has completed the 1,500 s/f Great Falls Transportation Center. Harriman provided architectural design, structural, electrical and mechanical engineering, and interior design services to the city for its new station. The Lewiston-Auburn Transit Committee (LATC) sought a transportation center that would serve as a hub for the Lewiston-Auburn Citylink bus service, with a location and design that would allow for local and regional access to the travel corridor for connection to the intercity bus to Portland, Boston and beyond. Located on the northern edge of Great Falls Plaza, the transportation center offers a seating area to accommodate up to 20 passengers, public restrooms and a break area for drivers. High-top tables and electrical outlets provide space for commuters to work on laptops and charge electronics. The project meets the Buy America Act, which requires all products used to be manufactured in the United States. Project team members include: • Architect & MEP Engineer: Harriman;
• Structural Engineer: Casco Bay Engineering of Portland; • Civil Engineer: Casco Bay Engineering of Portland; and • General Contractor: Benchmark Construction of Westbrook. “The city of Auburn is committed to economic development and providing a first-class quality of life. We pride ourselves on our sustainable and diverse economy, employment and educational opportunities, and wide range of cultural and recreational activities,” said Denis D’Auteuil,
assistant city manager for the city and vice-chair of the Lewiston-Auburn Transit Committee. “Harriman created a transportation facility that serves both our tourists and commuters alike, and aligns with our values to support local commerce and energy efficient transportation. We are proud to provide commuters with this safe, warm transportation center.” The project was funded by a combination of city money and federal grants from the Federal Transit Administration.
New England Real Estate Journal
Inside Cover A November 18 - 24, 2016
F OR SA L E O R L EASE
nerej.com
725 MAIN STREET MILLIS, MA
• RENTS STARTING AT $3.75 / S.F. NNN, WITH LOW OPERATING COSTS • GREAT VISIBILITY FROM ROUTE 109. AVERAGE DAILY TRAFFIC 17,200 • 24 FOOT CEILINGS
MODERN INDUSTRIAL / WAREHOUSE SPACE UP TO 17.6 ACRES OF LAND ALSO ZONED FOR COMMERCIAL AND MIXED USE 94,000 SQUARE FOOT BUILDING AVAILABLE (SUBDIVIDABLE) Spaces Also Available: 12,400±, & Up to 17,000 SF± • Ceiling heights up to 24' with 9 docks in 94,000 SF building • Large parking area • Rail served • Building is on up to 17.6 acres of land (2 adjacent additional acres available) • 94,000 SF condo sale if purchasing just Building A featured in photo • 318,000 SF building if purchasing entire property • Additional spaces available in Building B (12,400 SF±) and Building D (Up to 17,000 SF) • New Energy Efficient Motion-Sensored Lights Installed in 2014
EXCL US I V E
LIST IN G
AGE N T
T H E S T U B B L E B I N E C O M PA N Y C O R F A C I N T E R N AT I O N A L T H E S T U B B L E B I N E C O M P A N Y I O N E C R A N B E R R Y H I L L I L E X I N G T O N , M A I P : 7 8 1 - 8 6 2 - 6 1 6 8 I F : 7 8 1 - 8 6 2 - 6 2 1 2 I W W W. S T U B B L E B I N E C O M P A N Y. C O M
New England Real Estate Journal
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March 31 - April 6, 2017 1A
REDEVELOPMENT OPPORTUNITY
42 west
TRANSIT ORIENTED TRANSFORMATIVE SUBMARKET SOUTH BOSTON, MA
SOUTH STATION
AT H
EN
SS
FUTURE SITE OF GE HEADQUARTERS
BROADWAY TR
EE
T
WE
S WE T BRO S T AD BR WA OA Y DW AY CAPITAL MARKETS JASON S. WEISSMAN Founder & Senior Partner 617.850.9608
[email protected]
NICHOLAS M. HERZ Managing Director & Partner 617.850.9624
[email protected]
MICHAEL A. D’HEMECOURT Managing Director & Senior Partner 617.850.9670
[email protected]
CHRISTOPHER J. DONATO Associate Director 617.850.9618
[email protected]
745 Boylston Street | Boston, MA 02116 | (T) 617.375.7900 | (F) 617.536.9566 | BRAdvisors.com © Copyright Boston Realty Advisors. All rights reserved. The information contained here has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any in ormation o s ecial interest should be obtained through inde endent verification
KEVIN BENZINGER Associate 617.850.9647
[email protected]
New England Real Estate Journal
2A March 31 - April 6, 2017
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SPRINGFIELD TECHNOLOGY PARK
PROFESSIONALLY MANAGED • 15.3 acre gated campus • Officer & camera monitoring • On-site management staff
• 24/7, 365 days security • FREE on-site surface parking • On-site grille with catering
OFFICE SPACE AVAILABLE: • SF • 7,000 SF • 22,000 SF
r o f l l Ca more on! i t a m r o f n i
Our on-site Olde Armory Grille, with indoor & outdoor seating, offers a pleasant option for breakfast & lunch with catering available for your company functions.
DATA CENTER SPACE AVAILABLE • • • REDUNDANT POWER • Two 13,800 volt feeds, manual transfer switch JOIN • Comcast • Verizon • Mass Broadband • Fibertech • Lightower • Crocker Communications • Axia • Level 3 • Access Plus
FOR LEASING INFORMATION: 413-734-7923 R.J. Greeley Company, Inc. One Federal St., Bldg. 104-2R • Springfield, MA 01105 www.rjgco.com KNOWLEDGE • PROFESSIONALISM • INTEGRITY
New England Real Estate Journal
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March 31 - April 6, 2017 3A
FOURTH ANNUAL
The Healthcare and Educational Facilities Design and Construction Event for New England SAVE THE DATE
April 4+5, 2017 Seaport World Trade Center Boston
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NEW for 2017
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Session Tracks Include: • Building Enclosures • Building Materials • Case Studies • Codes & Regulations • Educational Facilities
• Energy & Performance • Healthcare Facilities • Marketing & Practice • Sustainability
New England Real Estate Journal
4A March 31 - April 6, 2017
FOR LEASE Dedham, MA Office/Warehouse/Retail
Rick Kaplan NEREJ
Ride sharing helps urban developments
14,000 SF Dedicated Loading Dock Immediate access to Route 1 and Route 128 Adjacent to Legacy Place
WYMAN STREET ADVISORS 781-824-1200 x28 www.wsarealty.com
A
APROOF UCTION Changes
New Proof
Proof Approved
APRIL 20Section: , 2017 ROP Size: 2x4
crop 2”
PREMIER REAL ESTATE NE NY Tel: 781-878-4540 REAL ESTATE JOURNAL
BUSINESS FORCES IMMEDIATE SALE! From: RELOCATION Patty
12,982Run SFDate: CLASS 3-31 “A” OFFICE BUILDING
14 FAIRFIELD DRIVE, BROOKFIELD, CT 06804 OFFERED WITH A PUBLISHED RESERVE OF ONLY:
$395,000
PROPERTY DESCRIPTION: This attractive Office Headquarter opportunity is well located near I-84 in Brookfield, CT, just 50 miles from Hartford, CT, 70 miles from Manhattan, NY and 30 miles from New Haven, CT. Situated on 1.9 acres the property has 50 secure lighted parking spaces. Interior space includes 12,982 SF of executive offices, bullpen/admin area, conference room, lunch facilities & storage space. High-end architectural details including fireplace in front foyer. Large windows throughout the building offer views of beautiful landscaping. High efficiency mechanical systems, low operating costs. ON-SITE INSPECTIONS: Thursdays, March 30, April 6 & 13 from 1:00 P.M. to 3:00 P.M.
FOR BROCHURE & TERMS OF SALE , CALL:
216.861.7200 ChartwellAuctions.com HANNA COMMERCIAL REAL ESTATE / CHARTWELL AUCTIONS, LLC DAVID G. LANG, CT RE SALESPERSON / GORDON GREENE, CT RE BROKER
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SERVING THE REAL ESTATE INDUSTRY SINCE 1963
I can’t find a parking space, all of the parking garages are full, it’s pouring out and cold and don’t want to walk. I think these things happen to everyone who works, lives or plays in the city. But Uber, Lyft, ZipCar and other ride-sharing companies have been a game changer for urban transportation. More and more people are using ride-sharing, it has been so popular in the city that suburbanites are also using the services because of the convenience and low cost. The services that are offered can sometimes be less than public transportation and better experience. So how does this affect commercial real estate? Simple, eliminating the stress of the parking in the city, finding a garage near destination, pick up and drop off door to door, no monthly parking fees and for some living in the city, no need to own a car. The transportation to bring employees to a urban office can be less costly, the cost of not owning a vehicle in the city makes renting or buying in the city a little more affordable. Now with more cars on the road and less parking in the cities the service is working well and growing. It is also a great benefit to bringing shoppers into the city or even the suburbs who just want to eliminate the hassle of parking. Don’t forget that it takes the worry out of going out for the night for dinner and drinks with no worries about OUI’s. The services continuously keep improving and help developers build with less concerns with parking and transportation needs. Bottom line, ride-sharing economically makes a lot of sense and provides a great convenience to residents.
Rick Kaplan is media director at the New England Real Estate Journal, Norwell, Mass.
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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. 13 Mailing Address: P.O. Box 55, Accord, MA 02018 Express & Overnight Mail: 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993 | Fax: 781-871-1853 www.nerej.com POSTMASTER: Send address changes to New England Real Estate Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Drive, Unit 207, Norwell, MA 02061 REPORT AN ERROR IMMEDIATELY New England Real Estate Journal will not be responsible for more than one incorrect insertion. Disclaimer: The views expressed by contributing writers are not necessarily representative of the New England Real Estate Journal.
REAL ESTATE FINANCING * Condominium Conversions * Construction Loans
* Interim Loans * 2nd Mortgages
* Subdivisions * Sale of Mortgages * Letters of Credit For four decades, we have participated in providing short-term commercial real estate financing. Continually, we have met the needs of our clients and have adjusted to the marketplace with creative alternatives. We offer: • Quick Response and Closings • No “red tape” • Expert loan review by real estate professionals experienced in all facets of real estate; from development to management
Call Richard Bendetson at (617) 227-0893, ext 655, Samantha Bendetson, ext 691 or call Brian Sopp, ext. 663 for more information
Diversified Funding, Incorporated
63 Atlantic Avenue, Boston, Massachusetts 02110 Tel. (617) 227-0893 / Fax (617) 227-2995
Proof NE/NY REAL ESTATE JOURNALS
New England Real Estate Journal
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March 31 - April 6, 2017 5A
Referral Network This Week’s Real Estate Specialist- Southeastern Mass. 508-272-9910 Tony Baldwin, CCIM One Park Place, Plymouth, MA 02360 www.baldwin-realestate.com
[email protected]
FOR LANDLORD, CRESSET DEVELOPMENT; C&W REPS BOSCH
Giunta, Nugent and Krysiak of NGKF handle 17,188 s/f office lease Newmark Grubb Knight Frank (NGKF) has completed a 17,188 s/f lease to Bosch Thermo-
WATERTOWN, MA
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
Phil Giunta
George Nugent
technology Corp. at 65 Grove Str., on behalf of the property owner, Cresset Development. NGKF’s Phil Giunta, execuDan Krysiak tive managing director, George Nugent, executive managing director and Dan Krysiak, senior managing director represented Cresset Development in the lease negotiations. Kent Ilhardt, Ryan Harder and Michael O’Leary of Cushman & Wakefield represented Bosch. 65 Grove St. is a 120,000 s/f office, medical , R&D and life science-ready building located in a city home to notable corporate neighbors such as Tufts Health Plan, AthenaHealth,
NESN, Tetraphase Pharmaceuticals and Forma Therapeutics. Cresset Development acquired the property in June 2014 due to the desirable location and redevelopment potential. The firm completed a renovation program to reposition the property that included improvements to the building’s curb appeal as well as a renovation of the interior space and installation of new building HVAC, mechanicals, electrical systems and roof to maximize the building’s energy efficiency. In addition, Cresset
added several building amenities including a new landscaped courtyard, structured parking, common areas and interior bike storage. The building offers access to the Watertown Greenway Bike Trail scheduled for completion this year and numerous neighborhood amenities. Bosch’s lease will serve as a new northeast headquarters location for the firm. The lease includes expansion rights for the balance of the second floor (21,914 s/f), for a total of 39,102 s/f.
West Hartford, Conn.
Cheshire, Conn.
Northern Rhode Island
65 Grove Street - Watertown, MA
www.brodercommercial.com
BERETTA REALTY CO. Since 1965
43 North Main Street West Hartford, CT 06107 860-249-1540
We Cover the State 330 South Street, Cheshire, CT 06410 203-234-9000 / Fax 699-9316
Connecticut River Valley
Milford, Conn.
Also Serving NH & VT
Arnold Peck’s
SALES • APPRAISALS DEVELOPMENT -401-724-7980
[email protected] 869 Smithfield Ave., Lincoln, RI 02865
Providence, R.I.
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]
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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
Worcester, Mass.
The Kane Company 603-430-4000 netkane.com
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
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Concord Commercial, LLC
Burlington, Mass.
Hanover/Lebanon, N.H.
2½ Beacon Street, Suite 159 Concord, NH 03301
603-225-3200
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McLaughry Commercial
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
Commercial Real Estate
www.townandcountryrealty.com
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680 Boston Post Rd., Milford, CT 06460 203-877-1345 / Fax: 203-877-6090
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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.
Fo
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
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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:
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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.
Same photo as January
Call Chris
commodate a variety of users. Lease rates vary. Some units broker owned. For more info, call Louise or Chris Norwood.
Same photo as January
15 Con
Several C 1,771+/- S able in on with conv Lease rate $1.50 psf tact Perry
New England Real Estate Journal
6A March 31 - April 6, 2017
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INCLUDING 35,000 S/F TO AMERICAN FURNITURE RENTAL
Excellence on Every Level
Stubblebine Co. brokers two leases totaling 83,000 s/f in Wilmington The Stubblebine Company/CORFAC International leased 35,000 s/f at 5 Waltham St. to
WILMINGTON, MA
David Stubblebine
16 Huron Drive Natick, Massachusetts 01760-1337 508 651 3600 www.dacon1.com
James Stubblebine
American Furniture Rental. David Stubblebine and James Stubblebine, principals of The Stubblebine Co., represented the landlord, 5 Waltham St. LLC, and Ed Jaroz represented the tenant. 5 Waltham St LLC purchased the building in 2016 and has subsequently renovated and repositioned the asset; the building is now 100% leased.
5 Waltham Street - Wilmington, MA
UNIQUE INVESTMENT OPPORTUNITY! NORTHERN RHODE ISLAND RESIDENTIAL REAL ESTATE PORTFOLIO AVAILABLE FOR IMMEDIATE SALE 62+
PRO PERTIES LO CATED IN W O O N SO CK ET AN D CEN TRAL F ALLS, RH O D E ISLAN D • 420+ • $30,+
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F O R B ID P ACK AG E CO Ri c ah r d L.G e m m a , Co u r t Ap p o W i e c kD e Luc a & G e m m a In 56P i ne S t r e e t , Sui t e 70, Pr ovi de T: 01-4 458706E m a i l : r ge m m a
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Also, Gypsum Management & Supply Inc. dba Robert N. Karpp Co. recently leased 48,000 s/f at 1 Burlington Ave., a 450,000 s/f distribution building which was the former home of Sweetheart Cup for decades prior to the early 1990’s. David and James Stubblebine represented both the landlord, Big Joe LLC, and the tenant. Located at the intersections of Rtes. 38, 129 and 62, 1 Burlington Ave. is a first class high bay distribution complex with proximity to numerous amenities and the commuter rail. The Stubblebine Company/CORFAC International specializes in the sale and lease of industrial/commercial properties throughout New England.
Erland Const. continues work on 75 Moulton St. for Davis Companies
75 Moulton Street - Cambridge, MA CAMBRIDGE, MA Erland Construction
is currently renovating and upgrading the core and shell of a former warehouse and office building at 75 Moulton St. for the Davis Companies. The project will increase curb appeal and prepare the site for a future tenant’s office fit-out. Partnering with architect Jacobs, this one-floor structure will feature a new structural steel dunnage platform to support all of the rooftop mechanical systems. Exterior renovations to the building involve a new roof system with insulation and membrane, updated facade with metal panels and a glass canopy at the main entrance. Interior upgrades include 32 piles to support the dunnage platform. Erland is slated to complete construction this June.
New England Real Estate Journal
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March 31 - April 6, 2017 7A
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New England Real Estate Journal
8A March 31 - April 6, 2017
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EVEREST, FISHER AND BLAISDELL HANDLE 6,550 S/F SUBLEASE
Everest and Fisher of Nordlund Associates negotiate $835,000 sale GEORGETOWN, MA Chris Everest and
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KING & NEWTON COMMERCIAL REAL ESTATE www.KingNewton.com
of Massachusetts
Jack Fisher of Nordlund Associates, Inc. negotiated the sale of 11 Martel Way, a 7,200 s/f industrial warehouse building located off of Rte. 133. The property is set on 9.06 acres, and sold for Chris Everest $835,000. Nordlund represented the seller, Warren Light Craft, Inc., and David Hark of The Drumlin Group represented the buyer. Also, Everest, Fisher and Tom Blaisdell of Nordlund negotiated the sublease of 107 High St. in Danvers, a 6,550 s/f retail space located at the juncture of Rte. 35 and High St. Nordlund represented the landlord, Peoples United Bank, and Barbara Thibodeau of Laer Realty Partners represented the tenant, First Ipswich Bank. Nordlund Associates is a full-service commercial real estate firm serving tenants, landlords and investors by facilitating the acquisition and/or divestiture of properties through traditional and innovative strategies. They attribute their success to their knowledge, expertise, personalized service and entrepreneurial values. Creative solutions, adjustments and decisions are made on the go. To comment on this story visit nerej.com
Thomas R. King, MAI
Brokers Consultants Appraisers 155 Maple Street, Suite 306 Springfield, MA 01105
413-732-2300 NE NY Tel: 781-878-4540
Drinkwater and Richard of Marcus & Millichap broker $1.51 million sale NEW BRITAIN, CT Marcus & Millichap
completed the sale of AFC Urgent Care, a 3,200 s/f net-leased property,
L.A. Drinkwater
Seth Richard
according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $1.51 million. Laurie Ann (L.A.) Drinkwater and Seth Richard, both first vice president investments in Marcus & Millichap’s Boston and Manhattan offices respectively, had the exclusive listing
to market the property on behalf of the seller, a Connecticut development group. The buyer, a private investor in a 1031 exchange, was secured and represented by Willie Jalboukh and Gary Beydoun, investment specialists in Marcus & Millichap’s Manhattan office. “The AFC Urgent Care is located at 135 East Main St. in New Britain, Connecticut and was the newest location for the expanding medical practice group. It has already proven to be a very successful location after less than six months of operations” said Richard. “Based on the strong location and ease of access, we knew this was going to be a very productive use for this property and the buyers should do very well with it.”
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March 31 - April 6, 2017 9A
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10A March 31 - April 6, 2017
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CONSISTING OF 130 HOMES IN 21 BUILDINGS ON 60 ACRES
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Novaya and Five Mark select Nickerson to sell Sconset Landing Novaya Real Estate Ventures and Five Mark Properties, developers of Sconset Landing, selected Nickerson Real Estate Partners (Nickerson RE) to lead sales and marketing for one of the South Shore’s largest new residential projects. Located 20 miles south of Downtown Boston and 30 miles north of Cape Cod, Sconset Landing is a centrally located condominium and townhome community featuring 130 homes throughout 21 buildings within a private 60-acre area. “Sconset Landing meets the need in the South Shore for right-sized new homes that benefit from a secluded, yet central location,” said Shawn Hawthorne of Novaya. “The collaborative marketing and sales team developed by Nickerson PR and Nickerson RE allows for maximum
HANOVER, MA
Sconset Landing clubhouse interior - Hanover, MA visibility for this community, along with a full-service sales experience for both our residents and high volume of interested buyers.” Sconset Landing includes a variety of floorplans, all offering finishes such as oak hardwood floors, custom millwork options and oversized windows throughout. Kitchens include custom backsplashes, granite counter tops and GE Energy Star appliances. Each home also features private outdoor space overlooking the professionally landscaped property, private laundry room and an attached one or two-car garage with extra storage space. Available home styles range from single-level condominiums to twoand three-level townhomes. Phase I, which is over 40% sold, consists of three designed floorplans, The Brant Flats, The Gardner Flats and The Essex Townhomes. For full story visit nerej.com
We Recycle... Working To Protect The Environment
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Municipal, Industrial, Commercial Parking Lots, Shopping Centers, Strip Malls, Supermarkets, Office Parks, Property Maintenance
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800-SWEEPER
603-598-2608 • Fax: 603-598-2693 www.immaculatesweeping.com •
[email protected] 1401 Mammoth Rd., Pelham, NH 03076
®
MANCHESTER, NH Michael Reed, president of Stebbins Commercial Properties, Inc. completed the sale of 696-700 Harvey Rd. from Robert Longchamps to Kevin Duffy. According to the Registry of Deeds the sale price was Michael Reed $850,000. Reed represented the seller and assisted the buyer in the transaction.
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March 31 - April 6, 2017 11A
2017 SUMMIT
in Commercial Real Estate 2.0
June 14, 2017
Boston Convention and Exhibition Center 415 Summer St., Boston, Mass.
8:00am-9:00am Breakfast Buffet
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10:00am-11:00am
Changing laws, financing and zoning for new cannabis industry real estate needs
Corporate Sponsor
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New England Real Estate Journal
12A March 31 - April 6, 2017
BIG news small budget!
Boston’s demographic cliff? Baby Boomer retirement
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Liz Berthelette NAI Hunneman
It’s no secret that shifting demographic patterns are vital to understanding economic growth and commercial real estate markets. While the rise of the Millennials (aka Echo Boomers or GenerationY) has been a hot topic for the better part of the last 30 years, the impending demographic cliff due to accelerating Baby Boomer retirement is a concern both locally and nationally. As Baby Boomers continue to age, growth in the nation’s working-age population is expected to slow to a mere crawl over the next five years. Projections for this deceleration are
Chart 1 - Sources: CoStar Portfolio Strategy, Moody’s Analytics
Milford, MA
westborough, MA
Marlborough, MA
Quarry Square - 989 SF Pad sites : 3,000 -20,000 SF
Westmeadow Plaza 1,400 & 1,800 SF Spaces
Wayside Crossing 9,100 SF Proposed
more pronounced in Greater Boston, with growth dipping negative during the forecast period. What are the implications for commercial real estate fundamentals? As discussed in our recent recap of CoStar’s State of the Office Market, the short answer is this demographic movement will ultimately weigh on demand for space–particularly in the office market. Greater Boston will likely face steeper headwinds as the demographic outlook is comparatively less favorable. Lower demand will push office vacancies northward and impede rent growth during the latter half of the next five years.
Liz Berthelette, director of research at NAI Hunneman, Boston, Mass.
Grand Coast Capital acquires 101,285 s/f retail/ office center in Ireland
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
Land - Prime Development
• Exclusive Hotel Site • 1.13 Acres • 550 Ft. of Frontage on Mass Pike • Proposed 68 Room Hotel
Milford, MA
Apartment Land for Sale
• Exclusive Hotel Site • 2,000 Ft. Frontage - 12 Acres • Located on Rt. 16 & 495
Permitted for 200 Apartments - Ashland 5.2 Acres - $39,000 / Unit
FafardCommercial.com
BOSTON, MA Grand Coast Capital Group, a Boston-based real estate investment and private lending firm, has acquired Swords Plaza, a 101,285 s/f retail and office complex located on Main St. in Swords, County Dublin. The centrally located mixed-use property presents a significant opportunity for value-add positioning and includes a variety of top-performing local, national and international tenants including Smiles Dental, Axa Insurance, McDonalds and DHL Express, among others. This acquisition reiterates Grand Coast Capital’s continued investment interest in Ireland, which now includes a number of hotel, commercial, and mixed-use real estate assets. “The acquisition of Swords Plaza provides Grand Coast Capital a strategic investment opportunity in an ideal location at a very attractive basis,” said Jeff Carter, CEO & founder of Grand Coast Capital. For full story visit nerej.com
New England Real Estate Journal
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March 31 - April 6, 2017 13A
News Outside the Region Ariel Property Advisors’ Hunt Mortgage Group Kaufman Dolowich & Troutbrook Miami Dev. Avison Young NJ arranges Capital Services Division finances $9.2 million Voluck LLP expands with and Freud Builders close $34.125m construction arranges $1.8 million loan multifamily property deal Baugh Dalton merger on two Fla. land parcels loan for mixed-use proj. Ariel Property Advisors’ Capital Services Division arranged a $1.8 million acquisition loan, on a $2.4 million purchase, for a 6,000 s/f, corner mixed-use property located at 140 Main St. The division arranged a non-recourse seven-year acquisition loan at 4.125% with a favorable step-down pre-payment schedule where the client can prepay their loan in the final two years. The property consists of four retail units and five residential units where all the retail tenants are on short term leases but have been at the location for a number of years.
EAGLE, ID According to Hunt Mortgage Group, it provided a $9.2 million Freddie Mac loan to enable the acquisition of a multifamily property. The transaction was sourced by Terry Painter at Business Loan Store. Eagle River Apartments is an 80unit, garden-style apartment facility located at 827 East Riverside Dr. The property is on 5.38-acres and has 20 one-bedroom, 40 two-bedroom, and 20 three-bedroom units in six, two-story apartment buildings.
According to AmTrust Title Insurance Co., Marci Lerner has joined the as an agency representative for New Jersey. Prior to joining AmTrust, Lerner was an agency representative for Westcor Land Title. She also was involved in commercial relationship development by calling on lenders and attorneys to ensure bank acceptance. Earlier, she spent over 10 years working for Chicago Title in its New Jersey Direct operation.
first restaurant in the state at The Shoppes on Broad at 695 Broad St. Alison Horbach of Ripco identified the location and negotiated the transaction on behalf of Wok to Walk. Marta Person Villa of CBRE represented the landlord.
MANASQUAN, NJ
Horbach of Ripco and Villa of CBRE complete lease for Wok to Walk AmTrust Title hires Lerner NEWARK, NJ According to Ripco Real as agency representative Estate, Wok to Walk has opened its EAST BRUNSWICK, NJ
Ackman-Ziff arranges bulk condo sale in Cape Coral, Fla.: 76 units Ackman-Ziff represented the seller in the sale of 76 bulk condominium units located at the Isles of Porto Vista. Developed by Lennar in 2007, the gated condominium community has a total of 18 buildings with 216 units, swimming pool, fitness center and clubhouse. Most of the acquired units have recently been upgraded, and almost all of the units are occupied.
CAPE CORAL, FL
MacManus joins A10 Capital as president, strategic accounts
BOISE, ID According to A10 Capital, Tom MacManus has joined the firm in a newly created role, president, strategic accounts. “Tom brings executive leadership and over 35 years of commercial real estate finance experience,” said Jerry Dunn, A10 Capital co-founder and CEO. “He will deepen our relationships with key commercial real estate firms, an initiative that will further strengthen A10’s momentum. We are delighted to welcome him to the firm.” Previously, MacManus served as president and COO of ARA Finance. He was also chairman and CEO of Cushman & Wakefield Sonnenblick Goldman.
Citizens Bank provides $65m construction loan for Outlets of Des Moines
According to Citizens Bank, Citizens Commercial Banking is providing a $65 million loan to NED Altoona LLC / New England Development to finance, in part, the construction of a 300,000 s/f retail outlet center outside of Des Moines. Citizens is the sole lender. ALTOONA, IA
Newsletter
CHICAGO, IL According to Kaufman Dolowich & Voluck LLP (KDV), it is quadrupling the size of its local office with the addition of 15 attorneys from Baugh Dalton LLC, a boutique law firm specializing in financial services, professional and general liability, employment practices liability, commercial litigation and insurance coverage. Eight partners, four associates and three of counsel from Baugh Dalton will be joining the KDV Chicago office. Baugh Dalton named partners David Baugh and John Dalton will be joining KDV where they will be co-managing partners of the office with Stefan Dandelles, who joined KDV in 2014 along with David Brown and Brendan McGarry, when the firm opened this office. Baugh will also be co-chair of KDV’s Financial Services Practice Group along with Dandelles and Gregg Breitbart.
Shepley Bulfinch holds grand opening of Phoenix en Hance Park condos PHOENIX, AZ According to Shepley Bulfinch, the firm celebrated the grand opening and ribbon cutting ceremony for phase one of en Hance Park, a condominium development located downtown. This first of three project phases for en Hance Park comprises 49 units and 65,000 s/f. Shepley Bulfinch is working closely with developer Sencorp on this transformational urban development project which, when complete, will cover a city block.
G.S. Wilcox & Co. secures $15.8 million for 12-bldg. portfolio in Atlanta, Ga. ATLANTA, GA G.S. Wilcox & Co. has
completed $15.8 million in financing for a 12 building industrial portfolio. The financing was arranged by Gretchen Wilcox, president, and Al Raymond, principal. The firm represented Hartz Mountain Industries for the transaction which was financed by Advantus Capital.
MIAMI, FL Troutbrook Miami Develop-
ment, a subsidiary of Freud Builders of NYC has entered an unconditional contract and closed on two land parcels in Wynwood and Allapattah neighborhoods. Both sites will be a combination of uses inclusive of showroom and residential for the Wynwood site and retail, office and residential for the Allapattah site. The larger of the two sites is 1490 NW 20th St.; a 40,000 s/f site zoned for mixed-use development. Troutbrook anticipates a staged ground-up development initially of 50,000 s/f of combined new development, and depending on financing entering a JV with Smith Henzy housing developer for an additional 80,000 s/f residential building, for a combined 120,000 s/f.
Acentech’s Studio A completes AV system for Straz Center in Tampa TAMPA, FL Acentech’s Studio A has completed audiovisual system design work for the David Straz, Jr. Center for the Performing Arts. The Straz Center is one of the largest performing arts centers in the U.S. and the only one with an on-site and accredited performing arts conservatory. As part of its scope of work, Studio A coordinated and evaluated loudspeaker demonstrations by multiple loudspeaker manufacturers to allow stakeholders to see and hear potential loudspeaker solutions in the halls. Based upon these demos and analysis, Martin Audio was the selected loudspeaker manufacturer. Studio A also provided design documents and specifications to allow AV systems contractors to bid equally on the project, and subsequently provided commissioning services to verify the accuracy of their installation. The new systems were commissioned in September 2016. Driving $110 million annually, the Straz Center supports the Tampa Bay economy and is one of the largest performing arts institutions in the country. In addition to five theaters, the Straz Center has three restaurants and a coffee shop, SteamHeat Cafe.
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LEHIGH VALLEY, PA According to Jeffrey Heller, Avison Young, principal and managing director of the company’s New Jersey office, its Capital Markets Debt & Equity Group recently arranged a $34 million construction loan to build a luxury mixed-use development. The project will feature rental residences with a clubhouse, outdoor swimming pool and commercial space, which will include a shopping center and two retail pads. The loan will finance the first phase of construction. George Gnad, principal, Jonathan Kristofich, vice president, and Michael Winters, senior associate of Avison Young New Jersey Capital Markets Group brokered the balance sheet loan for the sponsor.
Cronheim Mortgage originates $30m loan for Shrewsbury Plaza in N.J. SHREWSBURY, NJ Cronheim Mortgage
secured $30 million in financing for Shrewsbury Plaza, a 223,000 s/f community retail center located along Rte. 35. The loan self-liquidates over a 30-year period and was funded by American General Life Insurance Co., whom Cronheim represents as correspondent and servicing agent. This loan was originated and placed by Andrew Stewart, Dev Morris, and Allison Villamagna.
A&G Realty Partners and McKeska launch joint venture: Elkhorn R.E. Ptrs. OAK BROOK, IL According to A&G Re-
alty Partners, the firm has launched a joint venture with Joe McKeska, a 25year veteran of the grocery business who previously headed the real estate operations of Southeastern Grocers, LLC and Supervalu, Inc. “The new venture, Elkhorn Real Estate Partners, offers grocers, retailers of all types and investors an integrated, data-driven pathway toward maximizing the value of their real estate assets,” said to Andrew Graiser, co-president of A&G Realty.
Newsletter
14A March 31 - April 6, 2017
New England Real Estate Journal
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Thru the Lens
Bowdoin participated in Builders’ Day at Cradles to Crayons
BOSTON, MA In spirit of the holiday, HallKeen Management ran a private toy drive at the corporate office to benefit Horizons for Homeless Children. Employees were invited to contribute toys, household goods or gift cards from a specific list. After 3 weeks of contributing, HallKeen employees contributed over $1,500 in gifts and HallKeen matched $1,000 worth of the donations. On December 16 Janel Satterwhite-Williamson, the head of their Community Relations Department, dropped off the donations to Horizons location in Roxbury.The children were thrilled with all of the toys HallKeen contributed.
Shown (from left) are: Phil Dinan, Bruna Warren, Susan Corcoran, Jennifer Hajec, and Shalyn Callahan, all of Callahan Callahan Construction Managers (Callahan), a Bridgewater-based full-service construction management firm, partnered with Cradles to Crayons for Builders’ Day, a special event that joins colleagues from the engineering, construction, project management and architecture industries to help support children across the Commonwealth. The Callahan team, alongside other industry leaders, volunteered their time and efforts to sort, size and package KidPacks filled with basic necessities for children in need. Callahan was among 10 organizations that dedicated time to help Cradles to Crayons impact nearly 1,100 local children by providing products necessary for their daily life in school, at home and at play. Collectively, local partners helped raise $4,400 for children across the Commonwealth.
BOSTON, MA
New England Real Estate Journal
BRIGHTON, MA On March 2, Bowdoin participated in Builders’ Day at Cradles to Crayons, where several organizations from engineering, architecture and construction firms came together for networking and volunteering. Ten employees from Bowdoin Construction helped sort, size and package goods to be placed in KidPacks for the children Cradles to Crayons serves. It was a very rewarding experience. For weeks before the event, Bowdoin held a product drive to collect clothing, toys, diapers and hygiene products. We were able to donate a truckload of items to Cradles for Crayons. Cradles to Crayons provides children from birth through age 12, living in homeless or low-income situations, with the essential items they need to thrive – at home, at school and at play. They supply these items free of charge by engaging and connecting communities that have with communities that need.
Shown (from left) are: Hal Jordan, previous president/CEO Granite YMCA; David Brady, owner, Brady Sullivan; Marlena Guay, finance, Brady Sullivan; Jen Stone, commercial, Brady Sullivan; John Harris, president/CEO Granite YMCA MANCHESTER, NH David Brady of Brady Sullivan Properties presented a check for $20,000 CDFA tax credits to John
Harris, president and CEO of The Granite YMCA. Also present for the donation was Hal Jordan, previous president/ CEO of the Granite YMCA, Marlena Guay and Jennifer Stone of Brady Sullivan Properties. Established in 1854, The Granite YMCA has over 25,000 members and serves over 35,000 individuals per year. It is comprised of five facilities and two overnight camps throughout New Hampshire. With an emphasis on serving a population of culturally diverse, low-to-moderate income kids, The Granite YMCA is developing a Center for Youth and Teen Leadership. The initiative calls for extensive renovations to the YMCA of Downtown Manchester branch to accommodate a wide variety of services including tutoring space, new STEM programs, a commercial kitchen, and robotics and media labs.
Professional Profiles
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New England Real Estate Journal
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March 31 - April 6, 2017 15A
Thru the Years New England Real Estate Journal
Quick Read
Volume 55
Issue 13
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March 25 - 31, 2016
TREFOIL PARK, A FIVE-BUILDING, OFFICE/LABORATORY/FLEX PARK AT 35 CORPORATE DR.
1 Year Ago
Griffin, Millerd, Smith and Penman of NGKF broker $14m sale
Cushman & Wakefield reps The Silverman Grp. in $26.7m sale
TRUMBULL, CT Cushman & Wakefield represented The Silverman Group in the sale of Trefoil Park, a
Spring Preview Spotlight New England Real Estate Journal
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Section C
March 25 - 31, 2016
Spotlight 2016 Spring Preview Appraisal
Architect
Attorney
Attorney
Webster Collins Peter Mugford CBRE|New England
David O’Sullivan O’Sullivan Architects
Christopher Currier Partidge Snow & Hahn LLP
Sidney Spiegel PHH Home Loans NE
Condo Attorney
Economic Development
Golf
Hotel
Saul Feldman Feldman Law Office
Earle Wason Wason Assoc. Hospitality R.E.
Michael Gallerani Brockton 21st Century Corp.
Jeffrey Dugas Wellpeak Dugas & Kane LLC
Insurance
Maine
Massachusetts Retail
New Hampshire
S. Macalaster R. Rosenzweig Risk Strategies Company
Mark Sandler Cardente Real Estate
Michael Branton KeyPoint Partners
Bob Rohrer Colliers International
Property Management
Restaurant
Rhode Island - Broker
Rhode Island - Office
Christopher Mellen The Simon Companies
Dennis Serpone New England Restaurant Brokers
Tom Sweeney Sweeney Real Estate & Appraisal
Peter Hayes C&W|Hayes & Sherry
SEE SECTION C
4 Sections 112 Pages Editorial Page .............................. 4A S. Feldman.................................... 4A Carpenters News .....................6-7A 1031 Exchange Spotlight ......9-16A Shopping Centers ................SEC. B Spot/Spring Preview ........... SEC. C Billboard................................SEC. D IREM Quarterly ................... INSERT
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SPRING PREVIEW 1031 EXCHANGE FACILITIES MANAGEMENT
BUTLER AND ST. JOHN OF C&W BROKER SALE; NATALIZIO OF CORNERSTONE ARRANGES FINANCING
Mt. Vernon Co. purchases 122-unit Moshassuck Sq. Apartments - $10 million mar
March 30 – April 5, 2007
HI-LIGHTS
PROVIDENCE RI The Mount Vernon Company purchased Moshassuck Sq. Apartments, located near Col-
O’Brien Commercial sells 10,907 s/f building for $1.975m Tom O’Leary
The team oversaw the transaction of the CVS-anchored asset on behalf of K&R Realty Trust. SEE COVER OF SECTION B
FEATURING
N.E. BILLBOARD With over $1 billion in offerings contained within its pages
Brimberg of O,R&L completes 4,728 s/f lease and $305,000 sale
O,R&L Commercial, LLC completed both a lease and a sale in the Highland Industrial Center in Cheshire, CT. SEE PAGE 18A
FEATURING
Andrew Merin
Gary Gabriel
David Bernhaut
five-building, office/laboratory/ flex park located at 35 Corporate Dr., for $26.7 million. Additionally, because of its thorough Andrew information Schwartz package, starting with a clear and concise Offering Memorandum, Cushman & Wakefield located and worked with the buyer, 265 West 34th Street, LLC. A Cushman & Wakefield team of Tom O’Leary, Gary Gabriel, Andrew Merin, David Bernhaut and Andrew Schwartz represented The Silverman Group. “Trefoil Park presented a rare opportunity to purchase a flex portfolio in prestigious Fairfield County, CT,” said O’Leary, senior director of Cushman & Wakefield. “Given its strong history of tenant retention, we’re not surprised that the complex sold in such a short period of time, and we are gratified to continue our involvement with the property as its exclusive management and leasing agent.” The five buildings included in the portfolio are: • 35 Corporate Dr. (three stories and 54,899 s/f); • 55 Corporate Dr. (three stories
and 47,264 s/f); • 126 Monroe Turnpike (two stories and 44,221 s/f); • 30 Trefoil Dr. (single story and 45,615 s/f); • 204 Spring Hill Rd. (single story and 40,675 s/f). Trefoil Park has a diverse roster of 37 corporate and industrial tenants. At 95% leased, over 36% of the net rentable area consists of tenants that have held leases with the property for ten years or longer. Some of the buildings’ tenants include: Sun Products Corp.; Enthone, Inc.; Ocean and Coastal Consultants; Liberty Mutual and Bright Horizons Children’s Centers. Trefoil Park offers an array of amenities including a fitness center located at 35 Corporate Dr. and a child care center located at 126 Monroe Tpke. The property also provides an abundance of parking space, flexible floor plates and high-tech security system access for all its buildings, and attractive landscaping. Located in the heart of Fairfield County, Trefoil Park is easily accessible to commuters and conveniently located within minutes of major highways such as the Merritt Parkway (Rte. 15) and Rtes. 8, 25 and 111, I-95 and I-84. The corporate campus is also situated nearby mass transit such as the Metro-North Railroad/Bridgeport rail station. Additionally, Cushman & Wakefield has been appointed by 265 West 34th Street, LLC as exclusive management and leasing agent for the portfolio.
Minnerly and Osvold of NAI Hunneman complete 221,605 s/f in leasing at 625 University Ave., Norwood
Joel Aho of O’Brien recently procured the buyer in the sale of a 10,907 s/f Acton, Mass. office building. John Amaral of Omni represented the seller. SEE PAGE 13A.
M&G and Equity Office Props. handle 7,675 s/f lease John Butterworth of M&G represented the tenant in the company’s relocation. He worked with Gratton of Equity Office Props., the landlord, in the transaction. SEE PAGE 14A.
625 University Avenue - Norwood, MA NORWOOD, MA NAI Hunneman recent-
ly completed two transactions totaling 221,605 s/f at 625 University Ave.
Cathy Minnerly
Ovar Osvold
PODS Enterprises leased Space A in its entirety totaling 122,692 s/f, expanding its space and relocating from its current facility at 675 Canton St. in Norwood. ASD Lighting Corp., an innovative British manufacturer of lighting, leased all of Space B for 98,913 s/f. ASD Lighting is currently leasing 25,849 s/f at 120 Shawmut Rd. in Canton, and is adding the space at 625 University Ave. for its warehouse operations.
NAI Hunneman executive vice president Cathy Minnerly and vice president Ovar Osvold represented the landlord Hackman Capital Partners of Los Angeles and Calare Properties of Hudson, Mass. Ed Jarosz of Jones Lang LaSalle represented PODS, and Tony Coskren, also of Jones Lang LaSalle, represented ASD Lighting. “Both tenants were drawn to the building’s first-class and efficient space, along with its prime location directly off a major highway (I-95),” said Minnerly. “In a constrained market it’s becoming harder to find space of this quality, and there is still an additional 19,592 s/f available in an adjacent building at the property–a rare find with today’s market conditions.” Located off I-95, 625 University Ave. is set in a popular commercial area adjacent to a wealth of area amenities including Westwood Station. •for full story visit nerej.com•
Bruce Percelay lege Hill. The 122-unit complex was designed by Bill Warner and is located at the gateway to the redevelopment of the downtown. The buildings are designed in a townhouse style with the Moshassuck River running behind them. Bruce Percelay, chairman of The Mount Vernon Co. said, “We are extremely excited about upgrading these units and bringing our style of quality management to Providence.” Simon Butler of Cushman & Wakefield, who brokered the sale, said, “This is a unique landmark apartment property downtown and there is little question that Bruce Percelay will bring it to a new stan-
Moshassuck Sq. Apartments, Providence dard of quality.” Biria St. John along management skills to maximize the with Butler represented Picerne Real performance of what is already a Estate Group in the sale. great asset.” Paul Natalizio, president of Mayor David Cicilline said, Cornerstone Realty Consultants, “This property was a pioneer of who arranged $7 million of Fannie downtown living in Providence” and Mae financing through Greystone indicated his excitement at having and Co., Inc. in New York, said, The Mount Vernon Co. invest in “This is a perfect property in which the city at a news conference held The Mount Vernon Co. can use its at the city hall.
10 Years Ago
Windover Dev. completes 46-unit school Depot Sq. Condominium project Bufftree Building Company constructing $6teammillion include architect Design Steve Dodge of Windover concluded a “smart growth” project in Beverly, Mass. Windover also plans to rehab the storage facilty in the rear of the building. SEE PAGE 16A.
Also inside:
5
Editorial Page ....................6A N. Posner, Accounting ......6A Referral Network ............. 13A Through the Years .......... 15A Spring Preview.............SEC B
Partnership of Cambridge, Inc., civil engineer Daylor Consulting Group, Inc. and structural engineer DM Berg Consultants, PC.
Shea and Dacruz of Shea Comm‘l. Props. broker $1.19m sale
sections, 116 pages Facilities Mgmt..............SEC C NEBFM07 ........................ 8-9C 1031 Exchange .............SEC D Company of the Month ......8D N.E. Billboard ............... SEC E
Two Main St. has been acquired by Bickford/Thomas Properties, LLC. The sellers of the property, Black Dog Investment Holdings, LLC, renovated the building with a 3,000 s/f addition, however, retaining the original stone building. The property will be utilized by Air Planning, a company that handles private jet travel. Sale price according to the registry of deeds was $1.119 million. The sale was handled by Ozzie Dacruz and Harry Shea of Shea Commercial Properties, Inc.
SALEM, NH
The construction of the new Early Childhood Center will be realized in time for the opening of school in September. A groundbreaking ceremony in early December 2006 marked the start of the Sacred Heart Early Childhood Center building project on the site of the former McKim Soccer Field on Bishops Hwy. Bufftree Building Company is the general contractor for the $6 million project. The single-story center will
KINGSTON, MA
house four kindergarten classrooms, two preschool classrooms, an allpurpose cafetorium (cafeteria/gym), offices and faculty workspace, an outdoor play area and storage space. The center’s exterior, said Bufftree project manager Dean Kelliher, has a building blocks theme. “The façade of the center consists of metal wall panels in different shapes and colors that should be very inviting to the students.” Other members of the project
25 Years Ago
45 Years Ago
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New England Real Estate Journal
16A March 31 - April 6, 2017
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New England Real Estate Journal
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March 31 - April 6, 2017 17A
Roland Hopkins Journal Founder, Author
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New England Real Estate Journal
Back Page A March 31 - April 6, 2017
Light Manufacturing & Office Facility
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40,000 SF
WOBURN 299 Washington Street
Suite Features • Abundant natural light • Four loading bays and one drive-in • Expansion opportunity to 47,000 sf • Two levels of office space with high-end finishes • 23,000 square feet of high bay manufacturing, light assembly, or electronics lab with 277/480V power
Location • Abundant free parking • Prime Washington Street location in Woburn • Easily accessible from Route 128 (I-95) and I-93 • Adjacent to West Cummings Park and Cummings Park • Nearby amenities include Starbucks, Dunkin Donuts, b.good, Subway, FedEx, UPS Store, W.B. Mason, fitness centers, daycares, banks, dry cleaner, and many more
CummingsProperties.com
Contact Leasing Manager Ed Silvey at 781-932-7039
New England Real Estate Journal March 31 - April 6, 2017 Section B
2017
1031 Exchange Bill Lopriore
First American Exchange Co.
Attorney Saul Feldman Feldman Law Office
Spring Preview
Architect David O’Sullivan O’Sullivan Architects
Counselor David Kirk
Kirk &Co.
Economic Development
Finance
Golf
Insurance
Michael Gallerani
Michael Chase NorthMarq Capital
Jeffrey Dugas
Spencer Macalaster
Brockton 21 Century Corp.
Wellspeak, Dugas & Kane
st
Property Management
New Hampshire Billl Norton
Chris Mellen
Norton Asset Management
Risk Strategies Co.
Restaurant
Retail
Dennis Serpone
Andrew Levy
National Restaurant Exchange
Simon Cos.
MEG Companies
RI-Brokerage
RI-Industrial
RI-Office
Tom Sweeney
Mike Giuttari
Pete Hayes
Sweeney Real Estate & Appraisal
MG Commercial Real Estate
C&W|Hayes & Sherry Real Estate
2017 Spring Preview Spotlight
HAYNES MANAGEMENT, INC.
Inside Cover B March 31 - April 6, 2017
New England Real Estate Journal
SPRING AHEAD
TO ONE OF OUR FABULOUS LOCATIONS
WELLESLEY & LEXINGTON
16 Laurel Avenue Wellesley Hills
110 Cedar Street Wellesley
888 Worcester Street Wellesley
1040 Waltham Street Lexington
781-235-4300 www.haynesmanagement.com
2017 Spring Preview Spotlight
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FOR SALE
March 31 - April 6, 2017
438 OLD UNION TURNPIKE LANCASTER, MA
LAND FOR SALE 101.68 ACRE SITE As Exclusive agent, The Stubblebine Company is pleased to present 438 Old Union Turnpike, Lancaster, MA, a landmark 101 acre site, for sale immediately. Salient details include: • Located at the on/off ramp (Exit 34) along Old Union Turnpike; adjacent to Route 2, near the intersection of Route 2 and I-190 in Lancaster, MA. • Newly zoned in an Integrated Planning Overlay District which may allow multifamily and more dense development. • Currently zoning allows Retail and Industrial. • Site will have all utilities including sewer. • Outstanding Route 2 visibility • Bid deadline: April 30, 2017
EXCLUSIVE
LISTING
AGENT
T H E S T U B B L E B I N E C O M PA N Y C O R F A C I N T E R N AT I O N A L T H E S T U B B L E B I N E C O M P A N Y I O N E C R A N B E R R Y H I L L I L E X I N G T O N , M A I P : 7 8 1 - 8 6 2 - 6 1 6 8 I F : 7 8 1 - 8 6 2 - 6 2 1 2 I W W W. S T U B B L E B I N E C O M P A N Y. C O M
1B
2017 Spring Preview Spotlight
2B March 31 - April 6, 2017
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New England Real Estate Journal
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2017 Spring Preview Spotlight
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March 31 - April 6, 2017
VALUATION & ADVISORY
VALUATION & ADVISORY VALUATION & ADVISORY VALUATION & ADVISORY BOSTON
BOSTON
HARTFORD
HARTFORD
MANCHESTER
MANCHESTER
NEW HAVEN
NEW HAVEN
PORTLAND
PORTLAND
PORTSMOUTH
PORTSMOUTH
PROVIDENCE
PROVIDENCE
The Valuation & Advisory Services Group of CBRE/New England provides the widest range of real estate and BOSTON HARTFORD MANCHESTER HAVEN PORTLAND PORTSMOUTH PROVIDENCE urban economic consulting services to corporate,NEW institutional and public sector clients throughout the region.
Services Groupleading-edge of CBRE/New England provides theservices widest range of real estate and OUR MISSION isMANCHESTER to provide appraisal and consulting to a broad base NEW HAVEN PORTLAND PORTSMOUTH PROVIDENCE
The Valuation HARTFORD & Advisory BOSTON
urban economic consulting services to corporate, institutional andprovides public sector clientsrange throughout region. The Valuation Advisory Services of CBRE/New England the widest of realthe estate and of local,®ional and nationalGroup clientele. urban economic consulting services to corporate, institutional and public sector clients throughout the region. is tothe provide leading-edge appraisal and consulting services to aofbroad base and OURMISSION includes highest level of professional experience with designations as MAIestate The OUR Valuation &TEAM Advisory Services Group of CBRE/New England provides thesuch widest range real of economic local, regional national clientele. OUR MISSION is toInstitute), provide leading-edge appraisal and consulting services to a Institution broadthe base (Member of the and Appraisal CRE (Counselor of Realand Estate) andsector FRICS clients (Fellow, Royal urban consulting services to corporate, institutional public throughout region. of local, regional and national clientele. of Chartered Surveyors).
OUR MISSION is tothe provide leading-edge appraisalexperience and consulting services to a broad TEAM includes highest level of professional with such designations asbase MAI OUR as part ofCRE CBRE, the world’soflargest full-service real estate company, of local, regional and national clientele. (Member ofPLATFORM the Appraisal Institute), (Counselor Realexperience Estate) andwith FRICS (Fellow, Royal Institution OUR TEAM includes the highest level of professional such designations as MAI
provides access Institute), to an unparalleled network of of top state-of-the-art of Chartered Surveyors). (Member ofexclusive the Appraisal CRE (Counselor Realprofessionals, Estate) and FRICS (Fellow, technology Royal Institution and best-in-class practices. of Chartered Surveyors). OUR TEAM includes the highest level of professional experience with such designations as MAI (Member of the Appraisal Institute), (Counselor of Real Estate) and FRICS Royal Institution OUR PLATFORM as part ofCRE CBRE, the world’s largest full-service real (Fellow, estate company, of Chartered Surveyors). provides exclusive access to unparalleled network top professionals, state-of-the-art technology OUR PLATFORM asan part of CBRE, the world’soflargest full-service real estate company, and best-in-class provides exclusive practices. access to an unparalleled network of top professionals, state-of-the-art technology andmore best-in-class practices. For information, please call +1 617 912 6960 OUR PLATFORM as part of CBRE, the world’s largest full-service real estate company, provides exclusive access to an unparalleled network of top professionals, state-of-the-art technology and best-in-class practices. CB Richard Ellis – N.E. Partners, LP, a CBRE Joint Venture
For more information, please call +1 617 912 6960 ForBOSTON more information, please call +1 617 912 6960 Harris Collins, MAI, CRE, FRICS • James Moore, MRICS • Webster Collins, MAI, CRE, FRICS • John Davis, MAI • Matthew Wood, MAI, MRICS Mathew Santos • Shelly D’Aleo • Walter Hyde • Christopher Moore • Rachel Goldberg • Karin Brown • Kimberly Katz
For more information, please call +1 617 912 6960 CB Richard Ellis – N.E. Partners, LP, a CBRE Joint Venture HARTFORD
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Harris Collins, MAI, CRE, FRICS • James Moore, MRICS • Webster Collins, MAI, CRE, FRICS • John Davis, MAI • Matthew Wood, MAI, MRICS BOSTON CB Richard Ellis – •N.E. Partners, LP,•a Walter CBRE Joint Mathew Santos Shelly D’Aleo HydeVenture • Christopher Moore • Rachel Goldberg • Karin Brown • Kimberly Katz Harris Collins, MAI, CRE, FRICS • James Moore, MRICS • Webster Collins, MAI, CRE, FRICS • John Davis, MAI • Matthew Wood, MAI, MRICS Mathew Santos • Shelly D’Aleo • Walter Hyde • Christopher Moore • Rachel Goldberg • Karin Brown • Kimberly Katz HARTFORD BOSTON Louis Pellegrino, MAI • Timothy Mitchell • Diane Mazzatto • Joshua Koladis, MAI • Emily Ricketson HARTFORD Harris Collins, MAI, CRE, FRICS • James Moore, MRICS • Webster Collins, MAI, CRE, FRICS • John Davis, MAI • Matthew Wood, MAI, MRICS Louis Pellegrino, • Timothy Diane Mazzatto • Moore Joshua•Koladis, MAI • Emily Ricketson Mathew Santos •MAI Shelly D’Aleo •Mitchell Walter •Hyde • Christopher Rachel Goldberg • Karin Brown • Kimberly Katz HARTFORD
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Louis Pellegrino, MAI • Timothy Mitchell • Diane Mazzatto • Joshua Koladis, MAI • Emily Ricketson
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3B
2017 Spring Preview Spotlight
4B March 31 - April 6, 2017
New England Real Estate Journal
1031 Exchange
Well planned tax-deferred exchange may help you enjoy your vacation home, with tax benefits Bill Lopriore
First American Exchange Co., LLC Many people own rental properties in vacation locations. With proper planning, a tax-deferred exchange may help them enjoy their vacation property to a limited extent, while still having the tax benefits available from a tax-deferred exchange. It’s important to understand that property held for personal use does not qualify for tax-deferred treatment under Internal Revenue Code Section 1031. To qualify for tax-deferred treatment under §1031, both the
relinquished and replacement properties must be held for investment purposes or for use in the taxpayer’s trade or business. But, what about vacation homes? Personal use is usually why they were acquired, but how much personal use is too much under §1031? Does the property have to be rented out to be considered an investment? There is some legal precedence on this topic. The taxpayers in one case faced this exact dilemma (see Barry E. Moore et ux. v. Commissioner, T.C. Memo, 2007-134; No. 1100203, May 30, 2007). They owned lake property that they used during weekends in the summer, with occasional
maintenance visits in the off season until later years when maintenance decreased substantially.They exchanged the lake house for property closer to home and used the new property even more often. The Court disallowed the exchange, finding that the property was held primarily for personal use, not for investment. The mere hope or expectation of appreciation was not sufficient to establish investment intent. The taxpayers in this case never attempted to rent either property, never claimed deductions for maintenance or depreciation, and deducted the interest as home mortgage interest. Also, their eventual failure to properly maintain the relinquished property was inconsistent with investment intent.
In 2007, the Treasury Inspector General forTaxAdministration issued a report recommending additional oversight of like-kind exchanges concerning both second homes and vacation homes. In response, the Internal Revenue Service (IRS) issued Revenue Procedure 2008-16, which provides a safe harbor. If the procedures are followed, the IRS will not challenge whether a property qualifies as being held for productive use in a trade or business or for investment.An exchange may fall outside the safe harbor and still qualify, but expect more scrutiny from the IRS. Both the relinquished and replacement properties must have been owned by the taxpayer for at least 24 months immediately before and
Depend on our strength for your 1031 exchange transaction. Local expertise with nationwide service William P. Lopriore, Jr. Regional Manager and Counsel – New England and New York
[email protected] | 617.631.2539
after the exchange. In each of the two 12-month periods immediately before and after the exchange, the properties must be rented at a fair market value for a minimum of 14 days or more. The taxpayer’s personal use cannot exceed the 14 days or 10% of the days during each 12-month period that the property was rented at a fair market value (whichever is greater). Also, it is important to know that “personal use” is not limited just to use by the taxpayer. It also includes use by: • the taxpayer’s family members; • any other person with an interest in the unit, or their families; • anyone using the unit under an arrangement which enables the taxpayer to use some other dwelling unit (even if no rent is charged); or • anyone, if the rent paid on the property is less than fair market value rent. You must meet the ownership requirements mentioned above, limit personal use of the property to 14 days per year or 10% of the rental period (whichever is greater).And, if you use the property for any additional days for repairs and maintenance, you must be ready to show proof of the actual maintenance that was completed. The property should be rented to an unrelated party for at least 14 days per year, but there is no need to rent the property for more than 14 days. You may also rent the property to a related party, if they use it as their principal residence and pay fair market value rent. It is also important to treat the property as an investment. Make sure that the property is properly maintained. Deduct expenses for maintenance, utilities, insurance and depreciation. Also, any mortgage should be an investment loan, not a loan for a primary residence. A tax-deferred exchange is one of the few wealth-building tools available to virtually any investor. Taxpayers should consider the benefits of a tax-deferred exchange whenever they plan to sell property that is not their principal residence.
800.556.2520 q www.firstexchange.com ©2015 First American Financial Corporation and/or its affiliates. All rights reserved. q NYSE: FAF
Nothing contained in this article is to be considered as the rendering of legal advice for specific cases, and readers are responsible for obtaining such advice from their own legal counsel.This article is intended for educational and informational purposes only.The views and opinions expressed in this article are solely those of this author, and do not necessarily reflect the views, opinions, or policies of this author’s employer, First American Exchange Company, LLC.
Bill Lopriore is the northeast regional manager and counsel for First American Exchange Company, LLC, Wayland, Mass.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
5B
Architect
Overall the market continues to be upbeat and positive, our industry should see continued growth David O’Sullivan O’Sullivan Architects
Springtime, a season which starts cold and then we spring forward with daylight savings time. As we enter a new season, we naturally look forward, anticipate what is to come, and look at our accomplishments during the first quarter. What were your expectations 3 months ago as you started the New Year and you set your goals, budgets and plans for 2017? Have you been able to keep on track with what you set as the path for yourself professionally? What were your successes? Where did you fall short? Where did you exceed the goals? This is a good time to take stock of where you are as you begin the second quarter. The year is one quarter over and still no one is quite sure what we are going to see this year. We have a new President who continues to shake things up, a Republican controlled Senate and House that are trying to pass their agenda and confirm the new president’s appointees. The economy continues to chug along at somewhat the same pace. The forecast for ongoing growth seems to be holding so far for the next year. Architects are all busy working on new projects for homeowners and developers.There seems to be a general consensus that we will see continued growth and builder confidence is high. Many feel positive that decreased regulation, tax reform and economic growth will continue and make for a strong 2017. The architects who work for some of the national developers are being hired to create new designs for homes, apartments and communities which bodes well for us all. These na-
tional developers are investing money in new designs, getting approvals for a variety of new developments and working to update their offerings to appeal to both millennials and boomers who seem to be creating a strong market for housing. Locally in Boston and the surrounding towns we are seeing development pressures as the center of the city values continue to climb, pricing out many in the housing market. The demand for better affordability has resulted in the urban areas ringing Boston experiencing many new projects proposed and approved. The neighborhoods of Boston such as Dorchester, Allston/ Brighton/ East Boston, Hyde Park and even Mattapan are now experiencing growth with new housing and mixed use developments, sometimes
The forecast for ongoing growth seems to be holding so far for the next year. Architects are all busy working on new projects for homeowners and developers. There seems to be a general consensus that we will see continued growth and builder confidence is high. Many feel positive that decreased regulation, tax reform and economic growth will continue and make for a strong 2017. even with an office component being proposed and built. Cities such as Quincy, Chelsea, Medford and Malden have become hot markets. As these new developments come on line and add to the housing options for people another trend has surfaced. The rents for projects are showing a leveling off or even a slight decline. The plan in
Boston has always been to increase supply and reduce pressure on rents and it seems to be working. There is much talk among developers that maybe it is time to slow the pace of new apartment complexes and look to other development options. Another trend we see is downtown suburbs coming on as strong devel-
opment areas. The market demand is for expanded restaurants and services along with housing within walking distance to public transportation. These appeal to older empty nesters who don’t want to leave the town where they have roots but wish to experience some of the benefits of urban living. These developments seem to be both rental and condominium projects. Overall things seem to continue to be upbeat and positive for 2017 with favorable demographics, continued household formations, expanded markets and maturing of the millennials, our industry should see continued growth for the year.
David O’Sullivan, AIA, is the president of O’Sullivan Architects, Inc., Reading, Mass.
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2017 Spring Preview Spotlight
6B March 31 - April 6, 2017
New England Real Estate Journal
Condo Attorney
Condominium mortgages and collateral assignments of phasing rights Saul Feldman
Some lawyers still believe that phasing rights are interests in personal property and treat phasing rights as personal property in drafting a mortgage. One lawyer insisted that phasing rights, being personal property, should be transferred by a separate bill of sale. This is incorrect, as phasing rights are interests in real estate and must be treated as interests in real estate in any construction mortgage.
Feldman Law Office The Massachusetts Condominium Statute, Chapter 183A, was adopted in 1963. Since that date, those of us who draft condominium documents have drafted phased condominiums for numerous developments or conversions. In the 1960s and early 1970s, there was a lot of truth to the expression “In the land of the blind, the one eyed man is king.” I was fortunate enough to be one of the seven or eight lawyers drafting condominium documents in the decade from 1963 through 1972. We were struggling to learn a new
sub-specialty to real estate law – condominium law. Although we became better at it eventually, we still need to improve when it comes to representing lenders who are making loans for condominium developments to be developed in phases. Phasing rights are sometimes called “development rights” or “expansion rights.” While most real estate lawyers know
how to draft a master deed for a phased condominium, there is much confusion on how to draft a construction mortgage for a phased condominium. Some lawyers still believe that phasing rights are interests in personal property and treat phasing rights as personal property in drafting a mortgage. One lawyer insisted that phasing rights, being personal property, should be transferred by a separate bill of sale.
This is incorrect, as phasing rights are interests in real estate and must be treated as interests in real estate in any construction mortgage. This means that the mortgage must include the phasing rights in the description of the mortgaged premises. This can be stated very succinctly: “together with the phasing rights provided in the Master Deed.” In my opinion, it is not enough to
CONDOMINIUM L AW F
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Experience with residential, commercial, and mixed-use condominiums throughout Massachusetts since 1968; f rom 2 unit condominiums to condominiums with over 300 units, on registered and recorded land. Contact :
Saul J. Feldman, Esq . sa u l @
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include all of the land described in the Master Deed with the exception of the units which have already been conveyed to unit purchasers. Real estate is a bundle of rights. One of these rights is the phasing rights in a phased condominium. Phasing is done for financing and marketing considerations. A lender will only fund based on the market. The developer believes that the annual absorption rate for his 50 units is one year. The lender may believe the annual absorption rate is 10 units a year for five years. The lender insists on a phased condominium. The golden rule states that he who has the gold makes the rules. The lender has the gold. Therefore, there will be a phased condominium. Lawyers for lenders must learn to draft condominium construction mortgages properly. Failure to do so will adversely affect the value of the lender’s collateral and may lead to a legal malpractice claim. Some lenders require both a conveyance of the phasing rights in both a mortgage and a collateral assignment of development rights.This is a belt and suspenders approach but it is a reasonable requirement. Of course, there are many other concerns for a lawyer representing a lender. For example, the business deal for the payment to the lender when the lender is asked for a partial release. In the interest of privacy, this and other business points should be put in the loan agreement, which is not recorded. It should not be put in the mortgage, which is recorded. I believe we are in a bubble, that the real estate market has plateaued. I have witnessed the downturns of the mid-1970s, late 1980s, early 1990s and 2005-2010. When we are in the next decline, lenders will have to consider workouts, foreclosures, and deeds in lieu of foreclosure. At that point, our documents become very important! Lawyers representing lenders who have failed to draft the loan documents properly will be in trouble. Also, lawyers representing lenders who fail to review the condominium documents carefully will be in trouble. For example, if the master deed states the phasing rights expire in seven years, the lender needs to know this as it will affect the value of the collateral. Our lender clients rely on us to protect them by drafting correct mortgage descriptions of the property which contain assignments of phasing rights as well as assignments of phasing rights as a separate but also important document to be recorded. In the event our condominium construction mortgages and assignments of phasing rights fail to protect our lender clients, there will be chaos. We real estate lawyers must do our job and draft loan documents correctly.
Saul Feldman, Esq. is an attorney with Feldman Law Office, Boston.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
7B
Counselor
Market stability seems an appropriate descriptor for capital markets and commercial RE markets David Kirk Kirk & Co.
Even with the extraordinary run-up in the domestic securities market since the election and more recent daily adjustments, economic conditions might be characterized as stable and sustainable. Likewise, the commercial real estate market might be characterized as stable and sustainable, supported by moderate fundamentals. Beneath these broad generalities, micro action in property submarkets are experiencing a broad array of balancing actions in supply and demand that are best characterized by primary research, anecdotal evidence and analysis, reconciled with experience and expertise of the real estate professional. Even with the unprecedented second FED rate increase at the March 2017 meeting, market stability seems an appropriate descriptor for the capital markets and the commercial real estate markets. Of course the pundits and the media opt for more excitement in their lexicon of descriptors.
At March 31, the first quarter data is still flowing and fairness speaks too early to wrap up 2017 or even first quarter. Daily securities market transactions based on corporate earnings and fundamental trends are packing positive action. Commercial real estate market pricing and trends are also packing positive action. Both markets are a distillation of current conditions and expectations relating to specific finite investments or specific aggregations.
and a bullish stock market have prevailed broadly in 2017. The FED has increased rates for the second time. Off to a confident start on stabilized and sustainable economy and market at 2% inflation and full (4% unemployment) employment. This FED rate action has moved rate cluster and jiggled capital stack for commercial real estate, both marginally. What is next? For the metropolitan Boston region, the property submarkets are active in leasing, sales and production in a variety of amounts, generally off the pace of 2016. Because of significant additions to supply, absorption of new additions and vacated inventory are burping trends and collateral adjustments in pricing, occupancy, velocity and volume, and submarkets are recording stronger symptoms of
For the metropolitan Boston region, the property submarkets are active in leasing, sales and production in a variety of amounts, generally off the pace of 2016. Because of significant additions to supply, absorption of new additions and vacated inventory are burping trends and collateral adjustments in pricing, occupancy, velocity and volume, and submarkets are recording stronger symptoms of inflection. Not too early to monitor closely and defend against turns and turnovers whether a major inflection or not.
has been stable. The FED rate action during 2017 is expected to include two more rate adjustments during 2017. The next two FED rate increases will also be without historic precedent as rates all move higher across the market. Further upward FED action and concurrent adjustments in rates or spreads in fixed rates in the broader market are baked into longer term investments. Capital stack for commercial real estate will adjust; however, uncertainty is increasingly impacting sourcing and terms of capital for commercial real estate. Liquidity in real estate is already impacted.
David S. Kirk, CRE®, MAI & Brett Pelletier inflection. Not too early to monitor closely and defend against turns and turnovers whether a major inflection or not. Of course the inflections will not be known for a while any way.
National and global trends are generally supportive of a stable and sustainable domestic economy. Job gains have sustained economic fundamentals broadly and economic outlook
David Kirk, CRE, MAI., FRICS is principal and founder of Kirk & Company, Real Estate Counselors, Boston, Mass.
KIRK & COMPANY Real Estate Counselors
Counseling, Valuation, Due Diligence, Fiduciary Servic Market & Feasibility Analysis, Litigation Support
At March 31, the first quarter data is still flowing and fairness speaks too early to wrap up 2017 or even first quarter. Daily securities market transactions based on corporate earnings and fundamental trends are packing positive action. Commercial real estate market pricing and trends are also packing positive action. Both markets are a distillation of current conditions and expectations relating to specific finite investments or specific aggregations. So far, a persistent economy
99 Summer Street, Suite M120 David Boston, S. Kirk Brett N. Pelletier MA 02110-1256 CRE®, MAI www.KIRKCO.com Counseling, Valuation,Fax Due(617) Diligence, Phone (617) 261-7100 261-7910
[email protected] & Feasibility Analysis, Fiscal Impact Analysis
31 Milk Street, Suite 820 Boston, MA 02109 www.KIRKCO.com Phone (617) 261-7100
[email protected] •
[email protected]
2017 Spring Preview Spotlight
8B March 31 - April 6, 2017
New England Real Estate Journal
Economic Development
Creative partnerships are driving Brockton's future in an exciting and positive direction Michael Gallerani Brockton 21st Century Corp.
Brockton is not unlike almost every city and town in 2017. The fiscal challenges facing mayors, city councils, boards of selectmen and town meetings across New England are probably greater today than they have been at any time during the past several decades. Education and public safety are creating more and more demands for funding. Add to that the fact that the population of most communities is aging in place and with that creating a new set of needs and wants. In Brockton, the answer has been
n Brockton, the answer has been creative partnerships. Several years ago, the city joined with the development community to start the process of revitalizing the downtown. The resulting Downtown Revitalization Plan paved the way for the Transformative Development Initiative (TDI) Partnership which has further strengthened the joint efforts of the city and private partners. In addition, the Brockton Redevelopment Authority (BRA) has moved forward with an Urban Revival Plan (URP) that won City Council approval. creative partnerships. Several years ago, the city joined with the development community to start the process of revitalizing the downtown. The resulting Downtown Revitalization Plan paved the way for the Transformative Development Initiative (TDI) Partnership which has further strengthened the joint efforts of the city and private partners. In addition, the Brockton RedevelopmentAuthor-
ity (BRA) has moved forward with an Urban Revival Plan (URP) that won City Council approval. The TDI Partnership is working to bring the proposed 400 car parking garage to reality. Once again, an example of the private development and investment partners joining with the City, B21 and the BRA to answer a need.The garage has won initial funding approval from MassDevelopment.
Once built the new parking will bring an important element to Brockton’s future. It will be the cornerstone for new mixed use investment. The future downtown Brockton will be a place where people will find affordable residences a that within a short commute to Boston and Cambridge, a new and eclectic mix of restaurants, art galleries, studios, entertainment venues, retail and offices.
BROCKTON Everything is within reach!
Developers & Investors Reception and Tour Mayor B ill Carpenter invites you to a reception and tour where you can see Brockton’s successes and the development opportunities that lie ahead.
Please j oin us on
Wednesday April 5, 2017 4 to 6PM 60 Main Street/Enterprise Building Downtown Brockton Featured Speaker
Marty Jones of MassDevelopment RSVP to
[email protected]
Contact: Michael Gallerani, E x ecutive Director Phone: 508 586 002 1 E mail: mgallerani@ b rockton2 1.com 50 School Street B rockton, MA 02 310
Beyond downtown a significant and unique approach to community design has been the partnership forged by B21 with the Boston Architectural College (BAC).Through that partnership, Brockton will have a design plan for the city’s oldest commercial neigh-
Beyond downtown a significant and unique approach to community design has been the partnership forged by B21 with the Boston Architectural College (BAC). Through that partnership, Brockton will have a design plan for the city’s oldest commercial neighborhood, Campello. The Campello Design Study will offer property owners a platform to build off of as they consider new designs for their existing buildings, and concepts for yet to be constructed buildings. borhood, Campello. The Campello Design Study will offer property owners a platform to build off of as they consider new designs for their existing buildings, and concepts for yet to be constructed buildings. The public spaces and streetscape are also part of the holistic design approach that will give city planners and developers alike a sense of what Campello will look like with positive progress. The Brockton Façade Program, a partnership between the BRA, B21 and the city will give property owners a head start by offering financial assistance that will drive the changes in Campello and beyond. B21, the city and the South Eastern Economic Development (SEED) Corp. have joined forces to offer a business loan program specifically for Brockton based businesses. That combined with the Brockton Main Streets Initiative and a comprehensive technical assistance program is paving the way for start-ups and growing businesses to create a new demand for space in Brockton. On WednesdayApril 5th mayor Bill Carpenter will be hosting a reception and tour for developers and investors to learn more about what the Brockton has to offer and how they can become part of the city’s exciting future.
Michael Gallerani is the executive director of Brockton 21st Century Corp., Brockton, Mass.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
9B
Finance
Upcoming rate movements could push borrowers towards longer term financing from locking in. On March 15th the FED made its first of what are expected to be multiple adjustments to the Benchmark rate in 2017. As we know, the yield curve is not a straight line, so movements at the short-end do not always evenly translate throughout the curve. There is still significant downward pressure on long-term rates. Following the FED’s announcement long term rates actually decreased slightly with the 10-year U.S. Treasury dipping from
Michael Chase
NorthMarq Capital Many people who work and participate in the commercial and multifamily mortgage industry are all too familiar with the term “Wall of Maturities.” It consisted of a wave of nearly $400 billion in commercial real estate mortgages that were scheduled to mature in 2016 and 2017, many of which were 10-year loans originated in the peak times of 2006 and 2007. While many will point to the loose underwriting standards that helped fuel the CMBS market at the time, there was also another contributing factor why borrowers were so eager to lock in long-term – the yield curve. For this discussion the chart above shows the average annual yield curves for selected years. Back in 2006 and 2007 the yield curve was not only flat but was actually slightly inverted.This caused many borrowers to choose to lock in longer term deals since there was no additional rate premium for locking in 10 years versus 5. In fact, due to the marketability of different CMBS securities, many 5-year loans were priced wider than 10-year deals.
Once the recession hit in 2008 the FED dropped short-end rates to 0% in an effort to provide economic stimulus. This corrected the inverse yield curve from 2006 and 2007, but it did not normalize the curve. Once the recession hit in 2008 the FED dropped short-end rates to 0% in an effort to provide economic stimulus. This corrected the inverse yield curve from 2006 and 2007, but it did not normalize the curve. Instead, knowing that such short-term rates were not likely going to last forever, a significant spread was created between short and long-term rates. The chart above includes the average annual yield curve from 2010, which marks when the recovery started to take place in the U.S. and the yield curve was at its steepest. At that time the spread between the 5 and 10-year U.S. treasury reached 150 basis points! While the yield curve has trended towards normalization over the past several years, the spread between short and long-term rates has led many borrowers to elect short-term or even floating rate debt. Even while long-term rates have been at historic lows, the opportunity cost of paying a higher rate during the early part of the loan term kept some borrowers
2.6% to 2.5%. As of March 17, 2017, the 10-year U.S. treasury yield is at 2.5%, while the German 10-year bond is yielding 0.45% and the Japanese 10-year bond is at 0.08%. The relative value of U.S. treasuries in the global marketplace is likely to keep longterm U.S. rates in check. So what does this mean?As the FED moves short-term rates, the downward pressure on long-term rates is likely to continue the trend of a flattening yield curve. Borrowers may once again see the benefit from being able to lock in long-term deals at an attractive risk adjusted premium versus the shorter term deals that have been so attractive over the last several years.
Michael Chase is a senior vice president with NorthMarq Capital, Boston.
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2017 Spring Preview Spotlight
10B March 31 - April 6, 2017
New England Real Estate Journal
Golf
It is important for the appraiser to have some basic knowledge of maintenance equipment Jeffrey Dugas
Wellspeak Dugas & Kane In order to run a golf course, the operator must utilize personal property in conjunction with the real estate. Personal property would include clubhouse furnishings, like tables, chairs, flatware, computers, kitchen equipment, along with golf carts and grounds maintenance equipment. When valuing a going concern the manner in which an appraiser handles personal property is critical to the analysis and conclusions being reported; this is especially true with golf courses. Under federal bank-
ing regulations, it is incumbent on the appraiser to allocate the value between the going concern, it’s real estate and nonrealty (both tangible and intangible) therefore a thorough understand of this topic is paramount. It is important for the appraiser to have some basic knowledge of maintenance equipment; the age, type and condition of the equipment can vary greatly. During my six year term on the board of governors at Wampanoag Country Club in West Hartford, I worked as the liaison between the board and the grounds maintenance department. During this time I became intimate with the workings of the equipment, their cost and their usage. The information I learned while working with our course superintendent enhanced my
Aside from maintenance equipment, most courses lease their golf carts. The cost for leasing carts usually ranges from $700 to $1,000 per cart per year. Most courses require between 50 and 70 carts, depending on the level of play and size of membership. Therefore, the average cart rental fleet lease is around $50,000 a year. skill as a golf course appraiser. As an analyst we strive to support our assumptions and cash flow projections with market based evidence. We have done this by exploring maintenance leasing costs as they pertain to the overall maintenance budget. In the following chart we have summarized five examples of
golf courses that lease most if not all of their equipment and how these costs relate to the overall maintenance budget. It is reasonable that the greater the maintenance budget, the more equipment the course would require. The opposite would also be true. As indicated, the cost of leasing equipment generally runs between
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10% and 20% of the overall maintenance budget. The thing to remember is that these costs can vary from course to course, since some clubs opt to pay cash to satisfy their equipment needs while others use conventional financing or capital leases. The treatment of this expense which can range from $50,000 to $200,000 and as such it has a significant impact on value. If the club chooses to buy their equipment, then a reserve fund must be sufficient to replace items over time. Therefore, how this expense is treated by the appraiser must be outlined in the report and accounted for in the cash flow. This is especially important when completing assessment appeal work because in most states the property owner does not pay taxes on personalty. Therefore, when valuing just the real estate, the value contribution of the personalty in a going concern analysis must be accounted for. Again, this knowledge is critical since lenders require that appraisers allocate between real estate and nonrealty. Aside from maintenance equipment, most courses lease their golf carts. The cost for leasing carts usually ranges from $700 to $1,000 per cart per year. Most courses require between 50 and 70 carts, depending on the level of play and size of membership. Therefore, the average cart rental fleet lease is around $50,000 a year. Because personalty depreciates at a rapid rate, the cap rate for business and personal property can range from 15% to 25%. If an appraiser were trying to value the personalty by applying a real estate. cap rate, they would overstate its value. The same could be true if the appraiser were to value the personal property based on book value derived from the club’s balance sheet; they could be understating the value of the real estate. The impact of personal property is critical to the income approach, but equally as important to the handling of the sales approach. How the appraiser handles such an expense is critical to the valuation of the property.And, whether personalty is owned or leased can impact the price paid for a property. This article is meant to bring to light the intricacies of going concern analysis and the understanding that is needed to prepare golf course appraisals. Wellspeak Dugas & Kane’s Golf Advisory Group, has been preparing golf course appraisals for more than 25 years at an average of 80 assignments annually. Therefore, with over 2,000 golf appraisals to our credit we have given consideration to issues like these.
Jeffrey Dugas, MAI, SGA, is a partner in the firm of Wellspeak Dugas & Kane, LLC, and heads the golf advisory group, Cheshire, Conn.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
11B
Insurance
What direction is the insurance market taking and will changes in tax laws impact my holdings? Spencer Macalaster
Risk Strategies Co. As we enter the second quarter of 2017, our clients are asking what direction the insurance marketplace is taking and what impact changes in tax laws could have on their holdings. The markets for the most part have remained stable through the first quarter of 2017. The insurance renewals generally saw flat rates overall. Rate changes, if any, are primarily confined to inflationary levels, except for those risks in catastrophic loss locations, such as waterfront, wind prone and the like. Hurricane Mathew boosted U.S. catastrophic loss experience to levels not seen since Hurricane Sandy. In addition, overall industry underwriting results have deteriorated with combined loss ratios exceeding 100, making these results the worst in four years. Other areas of concern looking into 2018 are legislative. Republicans hold the majority in both the House and Senate, and for the first time since 1928 the Presidency as well. It seems fairly certain the tax laws will change over the next year. One area of change in the tax code is the affordable housing sector. As developers scramble to maintain valuations created by historical and low income tax credits, pressure will mount on insurance brokers and carriers to lower premiums. As in the past few years, those nervous about changes in their property placements will fall into two distinct exposure categories. Those with little catastrophic exposure will see flat renewal options. Those with catastrophic exposure, especially to flood or wind perils, will see higher rate increases and higher deductibles. Our approach has been to evaluate options with higher deductibles, in conjunction with putting a maximum exposure through the negotiation of aggregate deductibles. Through this method, we have successfully reduced exposure to large rate increases, while creating an opportunity for significant savings if losses do not materialize. Primary Casualty insurance (general liability and workers’ compensation) capacity remained healthy; insured’s should expect renewals of flat to rate of inflation increases. Favorable loss histories will dictate the outcome of the casualty renewal. Investment in loss prevention along with claims management and contractual controls will enhance your risk in the eyes of the underwriting community. Deviating from this stable market is the auto liability industry where litigation and significantly higher loss experience is causing rates to increase upward of 10% to 20%. The umbrella marketplace has firmed as well and
Republicans hold the majority in both the House and Senate, and for the first time since 1928 the Presidency as well. It seems fairly certain the tax laws will change over the next year. One area of change in the tax code is the affordable housing sector. As developers scramble to maintain valuations created by historical and low income tax credits, pressure will mount on insurance brokers and carriers to lower premiums. capacity is harder to negotiate and will be more expensive at renewal. Most insureds now realize Cyber Liability is a real and present danger. All companies—big or small—are vulnerable to a privacy breach or a network security incident. Cyber liability can be attributable to human
error, hackers, digital espionage, data theft, denial-of-service attacks, electronic sabotage, improper employee or contractor access, computer viruses, or programming errors. Our clients have approached the exposure from both a prevention standpoint and insurance coverage standpoint. We
recommend all companies evaluate cyber liability coverage during their next renewal cycle. Executive Management Liability insurance continues to show signs of firming with most renewal rates increasing 10% or more, primarily driven by employment practices related claim exposure. Even companies with claim free exposures are experiencing rate increases. Companies with global operations should evaluate the evolution of corporate laws expanding the duties of D&O’s in many foreign jurisdictions. Coverage voids may exist for foreign D&O’s at subsidiaries of U.S. parent companies. Purchasing local D&O policies in countries that do not recognize non-admitted U.S. D&O policies is a prudent option. Strong loss prevention measures
combined with claims management and contractual standards are increasingly important, thereby presenting the best possible risk to the carriers. In addition to building strong risk management relationships with your broker and underwriters, approaching the marketplace early will allow for the negotiation of the most competitive program the markets will offer. We recommend you work closely with your insurance broker, prepare your submission early, and detail the precautions you have taken to protect your risk.
Spencer Macalaster is a executive vice president and real estate practice leader with Risk Strategies Co., Boston.
R ESIDENTIAL │ C OMMERCIAL │ A SSISTED L IVING │ D EVELOPMENT For more information about Risk Strategies Company and their insurance solutions, contact Spencer Macalaster at (617) 330-5705 or
[email protected] You can also visit: www.risk-strategies.com
Managing the Full Spectrum of Risk
2017 Spring Preview Spotlight
12B March 31 - April 6, 2017
New England Real Estate Journal
New Hampshire
As spring arrives we are hopeful for continued smooth sailing for commercial real estate Bill Norton
Norton Asset Management Where to begin? The Dow over 21,000... Interest rates still hovering at historic lows. Donald Trump has been president for two months (and counting). Energy prices continue to decline. China and Europe are holding their own, but pose no threat to the U.S.’s position as the global safe harbor, hence international capital continues to flow to the U.S., especially the commercial real estate sector. That is not to say that things are as robust as they have been in the recent past, but overall not bad. The Counselors of Real Estate
Counselors of Real Estate published their top 10 issues for commercial real estate. #1: The U.S. should remain highly attractive for global capital inflows - even if economies weaken further. #3: Boomers are retiring at a rate of approximately 10,000 per day... which creates a huge housing and lifestyle demand. #4: Densification/Urbanization including transportation options favor close in “urbanized” areas. Densification attracts job growth and dynamic urban centers attract new residents and businesses. #8: Current global energy prices squeeze green energy initiatives and thus fracking is on the back burner. But the dramatic shift to natural gas will eventually force gas pricing up and the greens will be back in business. (CRE’s) published their top 10 issues for commercial real estate. #1: The U.S. should remain highly attractive for global capital inflows
- even if economies weaken further. #3: Boomers are retiring at a rate of approximately 10,000 per day... which creates a huge housing and
lifestyle demand. #4: Densification/Urbanization including transportation options favor close in “urbanized” areas. Densifica-
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tion attracts job growth and dynamic urban centers attract new residents and businesses. #8: Current global energy prices squeeze green energy initiatives and thus fracking is on the back burner. But the dramatic shift to natural gas will eventually force gas pricing up and the greens will be back in business. #9: The shared/virtual economy including Airbnb, Uber, bicycle sharing, to name a few, have become alternatives to traditional lodging and transportation as well as offering alternatives for employment. #10: Experiential retail is forcing adaptation. Stores are closing (to wit Sears, Macy’s...) and downsizing footprints while offering more online options. On Black Friday, online sales were up 23% over 2015. What this all means is change is upon us. If you are still operating with a 20th century mindset you are going to miss opportunities or worse, start losing money through increased vacancy and properties that become functionally and economically obsolescent. Fiscal and monetary policy goals are to ramp up GDP growth from the 1% - 2% range to 3+% period, while this is a noble goal, no one is quite sure how to do this. The shift from physical stimulus to monetary leaves the FED with less ammunition. Hopefully, somehow The Donald succeeds in making America great again. A rising tide floats all boats... But big annual deficits are a drag on long-term growth. The uncertainty regarding health care policy is a drag (markets do not like uncertainty). Whether the new president can actually govern (as in running and managing the Executive Branch of our national government) is very much a work in process (alas, with much uncertainty). As an aside, the Concord and Merrimack County (NH) GOP’s brought governor Matt Bevin (R-KY) to town on President’s Day. He spoke for 90 minutes. He was very passionate and well-reasoned. Clearly, the GOP needs to surface someone to run for 2020. Governor Bevin grew up in Coos County and has a strong affinity for New Hampshire. Keep an eye on him and if you get a chance to hear him speak - go! So as spring is about to arrive, we are hopeful for continued smooth sailing for commercial real estate. A new governor in Concord wants to make changes too. So many ideas, so little time, or resources ($)… Clearly, in addition to public sector debt, getting health care costs under control is essential to long-term growth and stability. Big tasks, tall orders, but options are fewer every year. Good ideas that are actionable are welcome.
Bill Norton, CRE, FMA, Hon. AIA NH, is a principal of Harrington & Reeves, Manchester, N.H.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
13B
Property Management
Real estate management market is strong both on multifamily and office/retail side Christopher Mellen Simon Cos.
As of mid-year 2017, our recovery from the Great Recession will be eight years old. Although, to many across the various industries, it doesn’t feel as strong of a recovery as it has been. To us, though, in the commercial real estate business it is hard to relate to a recent year end article in Fortune magazine that stated “If the economy is continuing to recover, most Americans have missed the memo.” The commercial real estate sector, as stated recently by LawrenceYum,
As to the office sector, leasing picked up in 2016 and the metropolitan vacancy rate dropped to 12.5%, the 5th lowest in the country. The national average vacancy rate stayed level at 16%. Strong employment numbers in the Greater Boston area and new businesses moving into the region will continue to have a favorable impact. In The longer term this sector will maintain its momentum through 2017. NAR chief economist, “Is on firm ground in spite of the global and domestic headwinds that continue to keep U.S. economic growth in a headlock.” But we, as New Englanders and living on the coast, know the commercial real estate market is like the ocean; in one instance calm and continuous and in the next unstable and crushing. And that real estate change can happen at any time. From a real estate management perspective, I can continue to report that we finished the year strong; market conditions were good, both on the multifamily and office/retail side. Rents still went up, vacancy went down and demand was strong. Our eight year run has been a good one. 2016 ended as expected. Boston’s average apartment rents are the 3rd highest in the country and experienced an average of a 4% rental increase with only a 3.8% vacancy.
From a real estate management perspective I can continue to report that we finished the year strong; market conditions were good, both on the multifamily and office/retail side. Rents still went up, vacancy went down and demand was strong. Our eight year run has been a good one. This 4% rental increase was, down, this sluggishness while we continue to try and absorb those luxury units though, from 5% in 2015. This leads me to my 2017 pre- which were newly constructed in 2016 and those in the 2017 construcdiction. pipeline. With the downward pressure from 639 Granitetion Street This will also create a unique the luxury apartment new construcleasing environment in the Class B tion market and the first signs of MA Braintree, 02184 oversupply, we’ll begin to see rents and C apartments as the oversupply in this submarket being reduced and of upper end apartments and com781-848-2500 the return of concessions. This will petitive demand trickles downward. be the result of a flood of new luxury This will allow for rents and vacancy apartments in the market where most to remain close to 2016 levels. 2018, of the new construction has taken however, will prove to be a more place. We will need to work through challenging year.
As to the office sector, leasing picked up in 2016 and the metropolitan vacancy rate dropped to 12.5%, the 5th lowest in the country. The national average vacancy rate stayed level at 16%. Strong employment numbers in the Greater Boston area and new businesses moving into the region will continue to have a favorable impact. In The longer term this sector will maintain its momentum through 2017. Finally, the Boston metropolitan retail vacancy rate, year ending
2016, closed out at close to 3% as compared to the national vacancy rate of 7.5%. This local vacancy rate rivals the multi-family market and is the lowest it has been six years. The amount of vacant sublease space has also trended down. Rents grew approximately 5% in this market. In 2017, centers that have luxury and discount retailers will continue to prosper. Mid-tier retailers like Macy’s and Sears will continue to struggle due to the impact of e-commerce. This will also affect those centers where these mid-tier retailers are situated.
Christopher Mellen, CPM is the vice president of the Simon Companies, Braintree, Mass.
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2017 Spring Preview Spotlight
14B March 31 - April 6, 2017
New England Real Estate Journal
Restaurant
The challenge for most business owners is to recognize when it's time to get out Dennis Serpone
National Restaurant Exchange It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way. . . . I’m always amazed that no matter what the issue is, there’s an opposite point of view. Today is sunny, but to-
night it’ll be dark...it’s cold and snowy but soon it’ll be summer...I love doing big deals, but look at how much more I have to pay in taxes. Look at the cranes on the skyline, look at the euphoria that has gripped the stock market. The unemployment rate is below expectations, new home sales are up, family incomes are inching up, and there are more new cars on the roads than sand on the beach. Hallelujah! With all that consumer confidence, the restaurants are busy, whether high-end full service, sports bars, or fast food...they’re ‘cranking’! We get calls every week from major chains, franchisees looking for locations. Every day the phone rings with buyers who see being in the restaurant business as a panacea for the good life. The Seaport area, the evolving
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness...” Downtown Crossing, Newbury St., the financial district, the South End, Harvard Sq., Market St. in Lynnfield, the numerous lifestyle centers in Burlington, Westwood, Westford, Plymouth, and Hingham...the streets are paved in gold. If you’re a shopper or a dinner, and I guess we’re both, the negative side of this apparent success is having to deal with the traffic and the constant ‘circling’ to find a parking space.
For most of us, we take it in stride. Hell, what can you do about it? For most of us, traffic, waiting in line, making reservations, frequenting you favorite place off-hours is becoming a way of life. OK, so what’s the downside? COMPETION! Competition for good sites to build your business. Competition for your market share. Competition to be profitable. It’s easy to aggressively compete and lose money but that’s not the game
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plan. “it was the spring of hope, it was the winter of despair.” OCCUPANCY COSTS! Up until just recently, the major problems that most business people, specifically restaurateurs, had to contend with was product cost and occupancy cost. Today, product costs tend to be manageable, conversely the indifference of landlords has driven rents to suffocating levels. Rent increases that were agreed to 10 years ago are today unreasonable. Unfortunately landlords have become, and probably always were, your partner. If you want to stay in business to continue what you’ve built, you’re forced to accept the realization that you’ve always had an invisible partner. “we had everything before us, we had nothing before us.” LABOR! There’s a tsunami coming to the Greater Boston area in particular but it’s effect will be felt everywhere. Quick story. I had an upscale Italian restaurant in Wakefield for sale. Owner wanted to retire after 25 years. Highly profitable, priced right, phenomenal reputation, great staff. When it was confirmed that Davios and Legal C Bar was opening at Market St., one mile away, within a year, I strongly suggested that the owner lower her price and get away. She refused. They opened, she lost her staff to them, and she reluctantly closed the doors getting nothing for her business. Today, the reality of life is that EVERY business is struggling for good help...even mediocre help. Do you hear that sucking sound? By 2019 the new 670 room Wynn hotel and casino in Everett will be opening. Much worse than the effect of Market St., this extremely well-funded operation will require thousands of full and part time workers from chamber maids, cleaners, servers and cooks, to managers and administrators. Where will they come from? Where do you think? They’ll be raiding every established businesses near and wide. Who wouldn’t like to work in a glitzy new hotel and casino?They’ll be higher wages, getter benefits, and, I assume nicer working conditions. Both the independent mom & pop businesses along with the chains are going to suffer. A word to the wise...time to start thinking of making some changes before it’s too late. “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness...” Every business has a life expectancy. The challenge for most business owners is to recognize when it’s time to get out.
Dennis Serpone is president of National Restaurant Exchange and New England Restaurant Brokers, Wakefield, Mass.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
15B
Retail
Spring forecast is optimistic! Manchester, Salem, Londonderry and Concord all have new projects Andrew Levy
MEG Companies Well except for Tuesday’s sneak attack nor’easter, winter is on its way out (?) and spring is right around the corner. Always a happy time of yearno matter how bad the winter was by now most people are plain sick of it and yearn for the sun and hot weather, and all the things we love in spring & summer in New England. Business always likes spring as well. People are out and about and generally more optimistic. Activity seems to be a bit more brisk than in years past, with better job reports, stock market increases, and consumer confidence the major barometer that drives shopping is slowly improving. New Hampshire’s economy, and real estate markets in all sectors continue on an upward spiral absorbing space and lowering vacancy numbers. Predictions for moderate economic growth for 2017 with new construction of industrial, residential, hospitality, banking and retail properties is on track. Retail activity overall is good with several New Hampshire communities in particular seeing more than average retail growth. Rte. 3 Bedford (South River Rd.) has become the preferred upscale community with new medical office, retail developments, road widening improvements, and store openings. Most significant being Hannaford’s renovation of the Stop 'n Shop on Kilton Rd., the new Whole Foods at the Goffe Mill Plaza at the former Wayfarer hotel site, and the largest development under construction, Encore Retails' 300,000 s/f Market and Main mixed-use project on the former Macy’s site. Just last week it was announced that Boston Interiors will open it’s first New Hampshire store, 21,000 s/f of the former Hannaford supermarket on Colby Court in the Bedford Grove Shopping Center in late summer. Owner Brixmor Property Group has other lease opportunities at the center. Manchester is also seeing a lot of activity and positive growth. Both the new Super WalMart on Gold St., and Aldi’s have recently opened. Aldi’s will fill the former Michael’s crafts store at 1111 South Willow St., according to Ronald Golub, principal of The Stonewood Companies, which leases and manages the property. The former Lowe’s adjacent to the Mall of New Hampshire is being redeveloped, anchored by Chunky’s Cinema Pub, and it was recently announced that Cowabungas, the indoor children’s play center, will join them. Textbook retail co-tenancy 101! A front restaurant PAD is available as well as retail space in the remainder of the building. A few blocks north on South Willow St. construction work has begun at
Brady Sullivan and Anagnost Companies recent acquisition of the Sylvania site which will be transformed into a 300,000 s/f mixed use retail development. Also on the "strip” though the Sports Authority closed, it is already being renovated for new tenants. Party City will be moving from their 8,000 s/f into the old Sports Authority space across the street to double their size. They plan to open this summer. The existing space located at 908 South Willow St. will be subdivided into three units consisting of 2,000 to 3,000 s/f available late this fall according to property manager Denise Bernard. Andy White at National Commercial has the 5,400 s/f former Dot’s unit at TJ Max Plaza for lease.A new discount apparel store has opened behind them next to Burlington Coat Factory.
Downtown continues to thrive with some of Manchester’s most iconic and historic properties seeing new life converted to luxury apartments namely The Lofts at Mill West on McGregor St., and the Citizens Bank building on Elm St. These properties are fueling the demand from young professionals who want to live, work, and play downtown. They offer unique architectural features such as sandblasted brick, high ceilings, views, and on site amenities not found in ordinary new construction. In addition to the 90 +/- residential apartments on Elm St. plans call for ground level retail and restaurants including a new upscale gourmet burger place. Manchester will also see two new hotel developments adding hundreds of rooms. Both were originally planned
to be under construction this spring. New restaurants and music venues continue to open downtown. A new Cajun Concept is coming to The Bell Building next to City Hall. Recently it was announced that the former Brimmer’s on Elm St. will re-open with a new look and menu and live rock n roll music. Ted Hebert’s Music School, a mainstay in downtown for 30 + years at the Bell Bldg., bought by Majestic Theatre Co., has reopened on Paige St. In Londonderry the Woodmont development is on track but no new stores have opened since last winter though highway construction has started for the proposed new Exit 4-A. Sadly Appletree Mall (Shaw’s Supermarket) one of the towns most established and recognized shopping centers is scheduled to be auctioned
in a few weeks. Both Home Goods and TJ Maxx have left sizable space available for lease as they have moved to the Woodmont site. Though Tupelo Music Hall has left Londonderry they are about to open new bigger and better digs nearby in Derry on A St. Also, The Grind Rail Trail Café has opened on Broadway, and Midgard Comics at Hood Commons. In Concord there is continued infill of the few remaining land parcels near the recently sold Steeplegate Mall for more power centers and free standing pad developments. For full story visit nerej.com
Andrew Levy, CCIM, is vice president of retail leasing for the MEG Companies, Londonderry, N.H.
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ORCHARD VIEW DR. LONDONDERRY Prime first floor end cap retail/office unit; Office suites available for lease. Flexibility in size. Easy access to I-93. “Commercial Property Management and Development Administration Services” The MEG Companies has over 25 years of extensive experience enhancing and maintaining the profitability of retail and office oriented properties as well as commercial and industrial properties of all sizes. Our management information system provides us with in-depth analytical tools which tailor financial reports to meet our clients’ specific needs. With a full service maintenance department, your property will never decline in value due to neglect or disrepair. Rounding off our management services is a leasing division, with the highest level of market knowledge in the New England area. In addition, if you need assistance to “jump start” your next construction or renovation project, the MEG Companies offers an array of development administration services to assist in the feasibility analysis, permit and approval coordination, project team selection, contractor selection, project monitoring and financing placement to turn your needs and ideas into reality.
Call Brian Morisseau at 603-490-7234 for more information
PRIME RETAIL SPACE
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2017 Spring Preview Spotlight
16B March 31 - April 6, 2017
New England Real Estate Journal
Rhode Island - Brokerage
Spring brings new growth, and in Providence shovels for new construction are breaking ground Tom Sweeney
Sweeney Real Estate
& Appraisal
Spring brings new growth, the ground begins to thaw and in Providence shovels for new construction are breaking ground. Year after year we’ve said that things are getting better but without cranes in the sky, there is always a bit of doubt. Well those cranes are in, or are about to be in, the sky and new projects continue to be announced. Incentives drive the development of the 195 District and the ever changing comminuting work force dictates construction. In the 195 District, Johnson & John-
son is establishing a health technology center said to bring in 75+ software application jobs making them eligible for the qualified jobs tax credit. The company is currently using temporary space at 1 Ship St. and plans on staying in the vicinity. When asked Johnston & Johnston said they chose Rhode Island for its “world-class universities” and they plan to capitalize on recruitment during this springs graduation cycle. Wexford Science and Technology (now Ventas, Inc.) is building a new innovation campus with Brown University and the Cambridge Innovation Center as the proposed lead tenants, directly across from South St. Landing, the soon to be open Brown University/URI-RIC Nursing School complex. Construction due to begin this spring the $158 million project
New hotels are leading construction in downtown this spring. Construction has already begun on the $24.5 million, 120-suite, Homewood Suite by Hilton extended stay hotel. First Bristol Corp. is building this hotel on the vacant triangle parcel in the Capital Center District, between Memorial Blvd. and Kennedy Plaza. will yield 287,000 s/f of building area. On the other side of the Financial District the property at 75 Fountain St. (formerly the Providence Journal building) bringsVirgin Pulse and General Electric to downtown Providence. Virgin Pulse, after acquiring the local company Shape Up, is quadrupling its work force here in Rhode Island. The company is moving into 90,000 s/f
downtown and said to add 292 jobs in the city, qualifying them for both the Rebuild Rhode Island tax credit and the Qualified Jobs Incentive credits. After spending 42 years in Connecticut, General Electric is moving out of the state and relocating in both Massachusetts and Rhode Island. As part of their search for a new headquarters, GE was impressed with the
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programs and initiatives that governor Raimondo and her team at Commerce RI presented. While they selected Boston as their new headquarters, they are bringing their “digital hub” to the building and with it a projected 100 plus skilled labor jobs. New hotels are leading construction in downtown this spring. Construction has already begun on the $24.5 million, 120-suite, Homewood Suite by Hilton extended stay hotel. First Bristol Corp. is building this hotel on the vacant triangle parcel in the Capital Center District, between Memorial Blvd. and Kennedy Plaza.This project is said to bring in 61 jobs to the city. Another project already underway is on the former Fogarty Building site between Sabin & Fountain St. The Procaccianti Group is in the process of demolishing the property to make room for a $40 million, 154 room Marriott Residence Inn. The Quonset Business Park in North Kingstown is positioning themselves for new construction projects. They offer pre-permitted parcels for lease ranging from 1.3-53 acres and run a “site readiness” program that offers permits in place and a streamlined development process to so lessees can start construction in as little as 90 days. The residential offerings in downtown are about to expand as well. The Irons & Russell building located at 95 Chestnut St. is being converted to residential units. Alongside the Irons & Russell building a new $27 million build of Chestnut Commons is due to break ground in April. The 116,000 s/f building is being developed with 89 housing units, 6,000 s/f of retail space, green space and a skywalk to connect the two properties. There is also an additional 30 unit apartment building happening on Hospital St. In regards to the industrial sector, a new user is now in the market space. Medical marijuana cultivators are becoming very active but have many regulations that must be met. While some towns are more welcoming than others the regulations disqualify a number of sites and with the flurry of new ventures qualifying industrial space for grow centers is in high demand – and is only expected to grow for the foreseeable future. There is an opportunity for new construction for both these sites and our ever existing shortage of high bay warehouse space. Overall, activity is up in all sectors, with some challenges that still need to be addressed. The economic health of the state appears to be on track and the real estate market should benefit from it with the hopes that true appreciation and the impetus for construction across all sectors will follow.
Thomas Sweeney, SIOR is president of Sweeney Real Estate & Appraisal, Providence, R.I.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
17B
Rhode Island - Industrial
The State of the Ocean State, or at least the Rhode Island industrial market Mike Giuttari
MG Commercial Real Estate As we enter the spring of 2017, if nothing else, Rhode Island continues to prove that the industrial market is as consistent as anything could ever be. Rental rates remain relatively low, and not high enough to justify investors speculating on new construction without a tenant in hand. Owner / user sale prices remain consistent, in the $25 - $45 per s/f range dependent upon size of building. Occasionally there will be an aberration that brings in an $80 or $90 per s/f sale, but this is to a Mr. Perfect buyer that doesn’t want to go through the construction process or the location is something they cannot replicate. For the last 30-40 years, as the 40 or so industrial parks sprinkled around this market were being developed, there was never really anything driving companies to these parks from the outside, other than occasional instances in the Highland Corporate Park or Quonset. The bottom line is that there is really no large demand generator that would cause a change in the market, raising lease rates and sale prices. There is still zoned, permitted industrial land available for private development. The State owned park at Quonset has available land for lease and can make it available in a way, and with State benefits that leave the private developer with land in a predicament. Although it does not seem like great news, the market we live in is active and relatively strong, although not Boston or N.Y. like. There are certainly many local success stories in the industrial market such as Hope Valley Industries and Alex and Ani, Orion Retail Services and Banneker Industries, Liquid Blue and Edesia, and many, many more home launched, home grown, home-expanded industrial companies that expand and do business here and give the industrial market its substance. The investor side of the industrial market is the much smaller part of the transaction volume compared to the user side, although there continues to be significant transactions in our market such as the sale of 200-270 Frenchtown Rd. in North Kingstown in June to Equity Industrial Partners from Mass. This is a 700,000 s/f multi-tenant industrial facility, a quarter vacant and in need of capital improvements, but anchored by a few significant tenants such as Anvil in 164,000 s/f and Amtrol in 225,000 s/f. This is a stand-alone property (outside of a business park setting) in between Rtes. 4 and 1. 30 Plan Way in Warwick, a 100,000 s/f facility occupied by a single tenant,
There is still zoned, permitted industrial land available for private development. The State owned park at Quonset has available land for lease and can make it available in a way, and with State benefits that leave the private developer with land in a predicament. sold in February as part of a 1031 situation. 85 Commercial Way in East Providence (18,000 s/f) and 1 Angell Rd. in Cumberland (22,000 s/f) sold to the same active investor in our market.Although the above transactions were generic deals of generic properties needing improvements, capital or tenants, at the other end of the investment spectrum was the sale in July of a mint, fully occupied 54,000 s/f property at 30 Kenney Dr., Cranston, in the highly desired
Howard Business Park at Rte. 95 and 37 in the center of the state. This sale was to an out of state investor from N.J. in a 1031 exchange. On the user side of our market, there are continual transactions that reinforce what we talked about in the first paragraph. With our earlier discussion of consistency, the user market is remarkably that, very consistent. We generally do not worry about the property appraising, but more often, is the environmental clean.
We began 2016 with companies such as HopeValley Industries buying and upgrading 13 Powder Hill Rd. in Lincoln (120,000 s/f) for $2.8 million ($23.33 per sf/), for their continuing expansion and the same with KB Surfaces buying 20 Providence Pike in North Smithfield (71,000 s/f) for $1.73 million ($24.37 per s/f). As the year went on, John Rocchio purchased 1485 South County Trail for $2.775 million ($39.64 per s/f), Interstate Electric purchased 20 North Blossom (30,000 s/f) and Dean Warehousing purchased 2000 Plainfield Pike (250,000 s/f). Dean continues its expansion in Rhode Island, adding this property to their existing 1.5 million s/f portfolio. Rental rates will be tested shortly just over the line in the North At-
tleboro Business Park, which floats between the Providence market and the 495 market for pricing. Case Snow Management will be expanding their development site with the addition of another 50,000 s/f of top of the market space, in terms of construction specs, image and pricing. This is not your typical Rhode Island space. Based on the initial plans and renderings, and the initial interest (50% already in discussions), Case will pass the test. This will be good for all, and may signal the other developers to take the plunge and follow Case’s lead by putting up some attractive space that tenants have been waiting for.
Mike Giuttari, SIOR, is president of MG Commercial Real Estate, Providence, R.I.
FFORORLEASE L EASE ▪ W AREHOUSE /F LEX BUILDING ▪ W AREHOUSE /F LEX B UILDING F OR L EASE ▪ W AREHOUSE /F LEX BUILDING 3 CROWNMARK DRIVE ▪ LINCOLN, RI
3 CROWNMARK DRIVE ▪ LINCOLN, RI 3 CROWNMARK DRIVE ▪ Colgate LINCOLN, RI Palmolive, Hess Petroleum,
Thyssen Krupp, MARS Chocolate and many others in the next Stainless Steel Development project, before it is too late.
LOCATION In the North Central Business Park, off of Albion Road and Jenckes Hill Road on the Lincoln/Smithfield line and less than 2 miles to Routes 295 & 146. Across from the North Central State Airport.
3 CROWNMARK DRIVE is the 6th revival project in the area for this landlord. Others include 40 Albion Road, 44 Albion Road and 614 George Washington BUILDING For more information or to arrange 3 CROWNMARK DRIVE is the 6th revival project in the area for this landlord. Others include 40 Albion Road, 44 Albion Road and 614 George Washington a showing, please contact: projects transform Highway. Their existing, 2nd and 32,520 SF industrial facility built in 1983, and renHighway. Their projects transform existing, 2nd and 3rd generation industrial facilities into office, R&D and sales / serviceR&D locations that are demanded by 3rd generation industrial facilities into office, in 2016 with the latest energy code the top tenants in the market, at extremely reasonable rentalovated/rebuilt rates. The Michael Giuttari,/SIOR existing facilities consistently maintain a 100% occupancy level. Come and and sales service locations that are demanded by requirements. join tenants such as Colgate Palmolive, Hess Petroleum, Thyssen Krupp,
[email protected] MARS Chocolateat andextremely many others in thereasonnext Stainless Steel Development the top tenants in the market, 401-751-3200 X305 project, before it is too late. SITE able rental rates. LOCATION 3.4 acres – Total Site Size In the North Central Business Park, off of Albion Road and Jenckes Hill Road on the Lincoln/Smithfield line and less than 2 miles to Routes 295 & 146. • 2.7 acres, Plat 28, Lot 145, Lincoln The existing facilities consistently maintain a 100% Across from the North Central State Airport. occupancy level. Come and join tenants such as • 0.7 acres, Plat 45, Lot 98, Smithfield BUILDING 32,520 SF industrial facility built in 1983, and renovated/rebuilt in 2016 with PRICE: Exclusive Agents: the latest energy code requirements. $4.75 per Square Foot, Triple Net SITE Exclusive Agents: 3.4 acres – Total Site Size 2.7 acres, Plat 28, Lot 145, Lincoln 0.7 acres, Plat 45, Lot 98, Smithfield
Richmond Street, S For more 3 CROWNMARK DRIVE is the 6th revival project in the area for this 300 landlord. 365 Eddy information Street, Penthouse or to arrange Providence, RI 02 P RICE : Providence, Rhode Island 02903 For more orand to arrange a showing, Others include 40 Albion Road, information 44 Albion Road 614 George Washington $4.75 per Square Foot, Triple Net aFor showing, please contact: www.mgcommercial.com 401.751.3200 751.28 more information or to arrange 3Highway. CROWNMARK DRIVE isplease thetransform 6thcontact: revivalexisting, project2nd in the this landlord. Their projects andarea 3rdfor generation industrial www.mgcommercia Others include 40 Albion Road, 44 Albion Road and 614 George Washington a showing, please contact: facilities into office, R&D and sales / service locations that are demanded by Michael Giuttari, SIOR Eddy Street, Penthouse Commercial365 Real Estate Consulting and Brokerage Services Highway. Their in projects transform existing, reasonable 2nd and 3rdrental generation the top tenants the market, at extremely rates. industrial The
[email protected] Providence, 02903 facilities into office, R&D and sales / service locations that level. are demanded Michael Giuttari, SIOR Rhode Island facilities existing consistently maintain a 100% occupancy Come andby 401-751-3200 X305 www.mgcommercial.com the top tenants in the market, at extremely reasonable rental rates. The join tenants such as Colgate Palmolive, Hess Petroleum, Thyssen Krupp,
[email protected] Michael Giuttari, SIOR existing facilities consistently maintain occupancy level. Come and MARS Chocolate and many others in thea 100% next Stainless Steel Development 401-751-3200 X305 join tenants such as Colgate Palmolive, Hess Petroleum, Thyssen Krupp, This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. All
[email protected] project, before itshould is too late. references to age, sq. footage, income, and expenses are approximate. Buyers conduct their own independent investigations and rely only on those results. MARS Chocolate and many others in the next Stainless Steel Development 401-751-3200 X305 project, LOCATIONbefore it is too late. In the North Central Business Park, off of Albion Road and Jenckes Hill Road T h i s i nf ormati on h as b een s ec u red f rom s ou rc es w e b el i eve to b e rel i ab l e, b u t w e mak e no repres entati on or w arranti es , ex pres s ed or i mpl i ed , as to th e ac c u rac y of th e i nf ormati on. A l l ref erenc es to ag e, s q . f ootag e, i nc ome, and ex pens es are approx i mate. B u yers s h ou l d c ond u c t th ei r ow n i nd epend ent i nves ti g ati ons and rel y onl y on th os e res u l ts .
2017 Spring Preview Spotlight
18B March 31 - April 6, 2017
New England Real Estate Journal
Rhode Island - Office
Governor Raimondo's tax credits, incentives and grants are attracting new companies to R.I. Pete Hayes
C&W|Hayes & Sherry Real Estate The city of Providence has had no new ground-up office development over the last year. The vacancy rate, as reported in our Cushman & Wakefield | Hayes & Sherry MarketBeat report for Q4 2016, was 12.7%. The largest development in Providence is the renovation of the 269,000 s/f historic building called South St. Landing. This is a former power plant that was named South St. Station. Ventas, a Chicago-based real estate investment trust, recently purchased South St. Landing and the new 744-car parking garage for $130 million. The property was purchased from affiliates of Blackstone Real Estate Partners. Approximately half of the 269,000
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s/f will be occupied by the Nursing Education Center, a joint partnership of the University of Rhode Island and Rhode Island College, and the remainder by Brown University for administrative offices. Occupancy is targeted for late 2017. Wexford Science & Technology has proposed a seven-story, 191,000 s/f innovation building on two vacant lots in the 195 District. The Cambridge Innovation Center plans on occupying 66,000 s/f. The first phase of this development also proposes a 170-room hotel. 75 Fountain St., the former Providence Journal Building, is nearing completion of its renovations. The 156,000 s/f office portion, plus 10,000 s/f of retail/restaurant space, has had a number of leases signed over the last year. Providence-based CornishAssociates and Nordblom Company from Brookline, Mass. are the landlord. GE Digital and Johnson & Johnson
Both of the above deals are a direct result of governor Raimondo and Commerce RI’s efforts to attract new companies to Rhode Island by applying jobs creation tax credits, and other incentives which were passed by the legislature in 2015. are being welcomed to Rhode Island and Providence and have made commitments to occupy space. GE Digital signed a lease at 75 Fountain St. for 12,000 s/f with an option to expand to 20,000 s/f. Fifty employees will occupy the initial space. Johnson & Johnson will open a health technology center. 1 Ship St. will be the temporary space until a lease is signed that will accommodate 75 employees. Both of the above deals are a direct result of governor Raimondo and Commerce RI’s efforts to attract new companies to Rhode Island by applying jobs creation tax credits, and other
LOCAL Knowledge
incentives which were passed by the legislature in 2015. The “elephant in the room” in Providence is 111 Westminster St., locally known as the “Superman Building”. The 26-story building has been vacant for over three years. There have been many ideas on what to do with the property, including office, residential, hotel, student housing, retail, or a mix of all of these components. No one wants this building to remain vacant. To get something started it is clear that public funds and tax credits are necessary. The 195 Redevelopment District
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Commission continues to work hard to attract developers and companies to the nineteen developable areas. In a recent meeting with Peter McNally, executive director of the Commission, he was confident that once the deal with Wexford Science & Technology was completed to start their 191,000 s/f innovation center and hotel, other developments would follow. First Bristol Corp. has started construction of an 8-story, 120 room Homewoods Suites on Parcel 9 in Capital Center, located along Memorial Blvd. and catty-corner to Kennedy Plaza.The expected opening is in 2018. The Procaccianti Group is demolishing the former Fogarty Building at 111 Fountain St. to start construction on a 176-room Marriott Residence Inn with an opening at the end of 2018. In the suburbs, the West Bay vacancy was 12.8% a year ago and today is down to 9.7%.There was no new office development in the last twelve months. Michael Integlia & Co. has a “shovel ready” site at One MetroCenter for a three-story 75,000 s/f, ClassA building overlooking the Airport Connector in Warwick.Additionally, Michael Integlia & Co. has 1 City Centre located at 475 Jefferson Blvd.in Warwick. This 400,000 s/f mixed-use development will include office, retail, residential and hotel. This is directly across the street from the Warwick Intermodal Transit Center and Airport Skybridge. Northwoods Office Park in Johnston signed three new leases in the past year totaling 72,134 s/f. The 341,000 s/f, 3-story building has 95,000 s/f available. The largest development in Rhode Island is Citizens Bank’s new 424,000 s/f campus in Johnston, overlooking I-295. In addition to the four main buildings, which will be interconnected, the campus will have several sports fields and courts. In the East Bay, the vacancy rate has lowered to 7% from 8.1% a year ago. University Medicine occupied 54,000 s/f at 375 Wampanoag Trail in East Providence. The largest development under construction is the 90,000 s/f University Orthopedics building located at Kettle Point in East Providence. Occupancy is targeted for the 4th quarter of 2018. In Northern Rhode Island, there has been no new office development and the vacancy rate is 7.3%. With GE Digital and Johnson & Johnson bringing new jobs to Rhode Island, and Virgin Pulse and PayPal showing interest in bringing several hundred jobs to the State, it is clear governor Raimondo’s tax credits, incentives and grants are working. “Hats Off ” to the governor, Commerce RI and the 195 Development District Commission!
Peter Hayes is a partner with Cushman & Wakefield|Hayes & Sherry Real Estate Services, Providence, R.I.
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
19B
Union carpenters make my company the best. Dave Rampone President, Hart Engineering Cumberland, RI
Construction has always been a tough, competitive business. You want a company who can actually complete a project, not just compete for one. Union contractors recognize they need to be at their best every day to win business and be successful. That’s why they partner with the New England Regional Council of Carpenters. Our professional and well-trained workforce emphasizes safety, quality and productivity on the job site, helping to reduce risk and maximize value. It’s the right team – at the right time – for successful results.
The New England Regional Council of Carpenters. It’s time to build. To learn more, visit NERCC.org
NECU_Rampone_NEREJ_FullColor1.indd 1
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2017 Spring Preview Spotlight
20B March 31 - April 6, 2017
N OV E L IRON
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New England Real Estate Journal
2017 Spring Preview Spotlight
nerej.com
March 31 - April 6, 2017
21B
989 SF, 1,200 SF, 54,764 SF EXISTING | 3,600 SF, 7,000 SF, and 20,000 SF PAD SITES
QUARRY SQUARE SHOPPING CENTER 196 E. MAIN STREET, MILFORD, MA 01757 Quarry Square Shopping Center, is NOW LOOKING FOR AN ANCHOR for the busy Route 16 shopping center. Anchored by; TJ Maxx, HomeGoods, Gold’s Gym and TD Bank!
Population daytime*
1 mi 5 mi
15,788 102,480
Existing retailers include :
- 54,764 SF (Anchor Space) - 1,200 & 989 SF (In-line Spaces) - 3,600 SF (Frontage on Route 16) - 7,000 SF (Adjacent to TD Bank) - 20,000 SF Pad Site
income ($) average*
1 mi 5 mi
$85,278 $118,398
9,100 SF AVAILABLE | BUILD-TO-SUIT
1,400 SF & 1,800 SF W/ DRIVE THRU
WESTMEADOW PLAZA
WAYSIDE CROSSING
164 MILK STREET, WESTBOROUGH, MA
661 BOSTON POST ROAD, MARLBOROUGH, MA
Westmeadow Plaza is conveniently located off of Milk Street (Rte. 135) in Westborough, with additional access off of Route 9. Anchored by Ocean State Job Lot and Laser Craze.
Wayside Crossing is conveniently located off of Boston Post Road (Rte. 20) in Marlborough. Adjacent to Target, HomeDepot, Dunkin Donuts, and much more!
1 mi 5 mi
105,388 129,768
income ($) average*
1 mi 5 mi
1 mi
11,389 102,480
Population daytime*
5 mi
103,241 115,662
income ($) average*
1 mi 5 mi
12,780 112,231
Population daytime*
Back Page B March 31 - April 6, 2017
2017 Spring Preview Spotlight
New England Real Estate Journal
March 31-April 6, 2017
Cannabis SPOTLIGHT Section C
in Commercial Real Estate
AMERICANN FACILITY, FREETOWN, MASS.
Join us at our upcoming Cannabis Summits! May 4, 2017
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June 14, 2017
Boston Convention and Exhibition Center 415 Summer St., Boston, Mass.
Cannabis in CRE Spotlight
Inside Cover C March 31 - April 6, 2017
New England Real Estate Journal
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March 31 - April 6, 2017 1C
About Vantage Builders Vantage Builders is a full-service construction and general contracting firm serving corporations, building owners, property managers, and private institutions throughout New England. Founded in 2000 and based in Waltham, Mass., the firm’s team of professionals is dedicated to successfully completing construction projects—from small-scale tenant improvements, to larger renovations, to complete ground-up construction—that provide the foundation upon which our clients build their business. Key to our success is attention to detail, maintaining open lines of communication with our clients and, most importantly, creating the right team for each project. We start with having our senior management team being involved in every project. And our relationships with designers, architects and contractors throughout the region ensure that the best team is assembled to support our clients’ success.
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Cannabis in CRE Spotlight
2C March 31 - April 6, 2017
New England Real Estate Journal
Maintaining this billion dollar industry presents “growing” opportunities. Glenn Gould
J.C. Cannistraro You may have more in common with the medical marijuana industry than you thought! Much like your facility, the marijuana grow facilities operate under specific guidelines that require strict attention to detail. The term often used to describe these marijuana farming operations is “grow facility.” While you may not be directly involved with this new industry you can certainly learn from its innovative ways of business and operation. As of November 2012 Massachusetts became the 18 th state to legalize medical marijuana. With the advent of legalization several grow facilities have been established and are producing for over 34,000 patients that are registered with the Massachusetts Department of Public Health. To produce medical-quality grade marijuana, facilities are managed under very specific and highly regulated operating infrastructures. These grow facilities, much like other critical use-buildings, require continual monitoring of the humidity, carbon dioxide levels, and air changes. The correct equipment and a skilled facilities crew that understands this new, billion dollar
industry is paramount for successful operations. As of February 2017, there are 201 registered marijuana dispensaries (RMD) within the state of Massachusetts, according to the Massachusetts Department of Health and Human Services. With the increased demand for medical marijuana, comes an increased need for medical grade grow facilities, and consequently, the likelihood of increased property and operational costs. While inflation and increasing market values are largely unavoidable, negotiating lower fixed rental cost and focusing on energy efficient products and practices are simple ways to save. As stated, one of the key components of any facility is the team that operates it. Medical marijuana facilities should consider the importance of an accredited, experienced team of technicians that can appropriately manage areas such as air condition, ventilation, energy consumption, waste disposal, cleanliness, lighting, and odor. “Grade A” medical marijuana grow facilities should hire “Grade A” technicians and facility managers; the industry is no longer based out of Mom’s basement! In fact, Massachusetts will be the home to the nation’s largest grow facility at roughly 1 million s/f. AmeriCann, the developer of this and several other grow facilities, indicates that the Massachusetts Medical Cannabis Center (MMCC) will serve as
grow space that could be leased or sold to registered growers and have laboratories, corporate offices, and a
systems. While common, HVAC systems require specific knowledge and training to ensure smooth and
Medical marijuana is a rapidly evolving industry with lucrative opportunities; particularly in Massachusetts. Building owners and tenants who wish to take advantage of this growth should treat their facilities like a hospital, clean room, or data center where attention to detail and critical consideration have been practiced for decades. This is an exciting new industry with unbelievable potential to innovate, provide care and make money! training center. MMCC will sit on 52 acres and consist of more than just one facility. This space will unquestionably require an industry leading crew to ensure its proper operation. Legitimate grow facilities should be paying just as much attention to their hired or in-house mechanical team as they do their final product. A deeper dive into what makes the ideal medical marijuana facility management team reveals that these standards have not yet been fully developed. Grow facilities operate within very specific climate tolerances. Depending on the grow facility, you may find specialized split systems, packaged DX (direct expansion) air handling units, or even chillers. Each of these systems are types of heating, ventilation, and air condition (HVAC)
proper operations. Routine maintenance greatly reduces the potential for a devastating mechanical failure, resulting in lost dollars, plant damage, and patients without medicine. Owners and managers, especially those without an in-house maintenance team should consider establishing a preventive maintenance plan for all mechanical equipment, with a reputable (fully licensed and accredited) mechanical service provider. Placing the care of mechanical systems in the hands of a responsible crew allows the grow team to focus on their business: producing medical grade marijuana for those in need. Medical marijuana is a rapidly evolving industry with lucrative opportunities; particularly in Massachusetts. Building owners and tenants
who wish to take advantage of this growth should treat their facilities like a hospital, clean room, or data center where attention to detail and critical consideration have been practiced for decades. This is an exciting new industry with unbelievable potential to innovate, provide care and make money!
Glenn Gould is service sales engineer at J.C. Cannistraro, Watertown, Mass.
Spotlight 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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Cannabis in CRE Spotlight
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617-988-0633 185 Devonshire Street, Ste 401 Boston, MA 02110
Specializing in Condominium Law, Residential Landlord Tenant Law and Commercial Landlord Tenant Law in NH, RI, MA, CT, ME and VT
Flynn Law Group, located in downtown Boston, serves clients throughout Massachusetts, as well as Rhode Island, New Hampshire, Connecticut, Maine and Vermont. We are pleased to offer our clients: • Quality Representation at Reasonable Rates • Real Estate Litigation and Transactions • Condominium Association Representation • Condominium Collections • Residential and Commercial Eviction • Landlord/Tenant Law
Contact Attorney Frank Flynn
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[email protected]
• Property Management Representation • Commercial Collections
FLYNN LAW GROUP: 185 Devonshire Street, Suite 401, Boston, MA 02110 | 617-988-0633 | flynnlaw-ne.com
Cannabis in CRE Spotlight
4C March 31 - April 6, 2017
New England Real Estate Journal
Legalization of recreational marijuana: How will “Yes” effect my commercial property Frank Flynn
Flynn Law Group Greetings Colleagues! After this historic election a lot of things will be changing in New England, specifically in Massachusetts and Maine, but one of the biggest changes is the legalization of recreational marijuana! Many of you saw the referendum questions on your voting ballot, and I’m sure you heard about them all in the media; but what does it mean now that we’ve voted “Yes”? What actually passed? Though Massachusetts and Maine have slight differences, they both legalize three main things: The recreational use, possession, growth and (licensed) sale of marijuana. Implementing regulations similar to alcohol sale and consumption. Marijuana can be consumed recreationally, grown for personal consumption and sold by licensed retailers. All three of which only apply to individuals over the age of 21. Though don’t expect “pot shops” to pop up on every street corner just yet; we don’t have to worry about any licenses being issued until January 1, 2018. In Maine there is still the chance
of a recount, however in Mass., residents can possess under one ounce on their person, under 10 ounces in their home, and up to six plants for personal consumption effective Dec. 15, 2016. Regardless of your personal opinion on whether this should
have passed, it has. Now we have to examine what this will mean at your properties. So which law governs, State or Federal? At this time, that is a complicated question with some states legalizing recreational marijuana and others legalizing medical marijuana
use, it really becomes confusing. Which is why HUD recommends to have a specific marijuana policy. Detailing your property’s rules and regulations regarding this substance. We believe this method should be used at both subsidized and market rate properties. Though market rate
apartments don’t have a federal subsidy and state law usually controls, it is an effective method for controlling the substance use at your property. Possessing marijuana at your complex may also lead to other unintended consequences including drug trafficking and unsavory visitors to the apartment. While your lease may have provisions that would cover some of these issues (i.e. a smoking policy, or nuisance clauses), we have found that where the law is “unclear” tenants (and legal services) will attempt to use this “confusion” to avoid being evicted. If you provide a clear policy to your tenants regarding the use, growth, sale and possession of marijuana on the property and enforce the policy uniformly, you are less likely to face these issues when you get to court. Additionally, having a policy will help to avoid any claims of discrimination in enforcing the terms of your lease. This law goes into effect SOON, so if you don’t have a marijuana policy already, or if you do but it needs to be revised due to the recent development, contact our office. Flynn Law Group has the experience and expertise to develop a strong marijuana policy for your property!
Frank Flynn, Esq., is president and owner of Flynn Law Group, Boston.
Medical Marijuana Program Insurance Solutions Suite for MMJ RMD’s Proven National Programs tailored for New England RMD’s Corcoran & Havlin Cross Insurance is a leading provider of insurance solutions to businesses throughout New England. Working with non-profits has been a specialty for us since our beginnings in 1967. With over 50 employees and 3 Massachusetts office locations, our ability to provide applied solutions to complicated insurance and risk issues has set us apart from other insurance agencies and brokers.
program by adopting similar programs widely used in other States and integrating those programs with hands-on application which meet the strict Massachusetts DPH requirements. We provide a scalable approach to your RMD insurance needs to help minimize premium costs until your operations receives final approvals and are up and running. When you are ready to grow, your insurance plan will be right there with you.
Our Insurance Solutions Suite is an innovative specialty program specific to MMJ operations. Our consultants developed this
Wellesley Medfield 287 Linden Street, P.O. Box 9011 77 North Street, P.O. Box 219 Wellesley, MA 02482 Medfield, MA 02052 781-235-3100 508-359-5555
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Lougee 24 Bay Road, P.O. Box AC Duxbury, MA 02331 781-934-6500
Mark Sawyer, SVP 781-235-3100 ext. 103
[email protected] www.GrowInsure.com
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New England Real Estate Journal
The architecture of indoor agriculture Marijuana industry becomes more established Eric Gould
Helicon Design Group, Inc. It’s probably the most counter-intuitive project type for owners, architects and contractors: an indoor farm. This isn’t a NASA Mars mission prototype, with hydroponic crop rows, but it’s close – and it’s one that will see further deployment in Massachusetts and beyond as the medical marijuana business becomes more established and takes root as a new bio-pharma industry. Grow facilities for the cultivation and processing of medical marijuana really have two identities. On one hand, they are containers, virtual warehouses with as much basic territory to house and cultivate as many plants as possible for multiple grow cycles. On the other, they are sophisticated high-tech facilities, able to simulate daylong sunlight environments (with no cloudy days, by the way) and provide purified water, monitored doses of carbon dioxide, strictly controlled temperature and humidity ranges, chemical processing, and state-of-the-art security systems, to name just a few.
Most new facilities currently coming on line are single-story, existing warehouse buildings, retrofitted for growing use. Some are new pre-manufactured steel warehouse buildings, slab on grade, with enough height to allow for basic indoor grow design. Our firm is currently in the process of providing an atypical model. Because of the small parcel size in Norwell, Mass., it dictated a 40,000 s/f conventionally engineered structure on two floors. Developed and operated by the non-profit Mass Medi-Spa Inc., a registered marijuana dispensary (RMD). Construction is scheduled for this year. Teams experienced in the marijuana grow and dispensary field already know that delivery of such facilities is a complex venture involving the presentation to local town planning boards, zoning boards, and neighborhood groups for approval. Department of Public Health certification and architectural review is required, and then, the usual challenges of a designing and permitting a new building will follow. Owners are also sorting out the public dispensary side of facilities open to the public. Some are gearing designs more towards boutique-like retail environments while others are concentrating on a pharmacy
environment for the provision of medical products. For our project, Mass-Medi Spa is partnered with PhytoScience Institute (PSI) of Vermont, a firm focusing on evidence-based research and lab-testing best practices, to deliver specifically formulated proprietary medical marijuana products – primarily those developed for chronic pain patients looking for alternatives to opioid medications. Mass Medi-Spa’s primary dispensary will serve over 6,000 patients in the South Shore area. In general, a flagship medical marijuana facility will need to accommodate medical product processing as well as internal corporate needs. Aside from an on-site dispensary, grow facilities will have to have space to harvest and dry plant material, and processing equipment to extract desired chemical compounds. Kitchens are required to process edibles, and labs are needed to research and formulate new products. Server and computer rooms are required to comply with extensive DPH security regulations. But obviously, the main thing for companies is the cultivation and health of the plants, which are susceptible to mold, insects and other problems. Ground-up facilities are less prone than existing buildings to potential environmental problems
DESIGN MATTERS at www.helicondesign.com Boston, MA
that may cause trouble down the line. Grow experts are the obvious key to any operation and many have proprietary methods concerning grow mediums, water quality, seedling, cloning and flowering methods, and so on. Grow cycles can vary between 120 to 150 days, depending on the plant species desired. The facility team will be familiar with industry-standard analytical methods, which can study available floor area and lighting output. Total crop production volume can be calculated on an annual basis. These can then be used in an overall business plan integrating market-rate sales against the usual facility and development costs. Facility design issues are many, and include grow room layouts, fixture design, envelope and moisture control, specialized finishes and paints, exterior odor control, HVAC design and redundancy. Of course, lighting specifications are the most important – which are critical to the facility’s success. AKF of Boston provided full mechanical, electrical, plumbing and fire protection engineering for our facility, as well as industry-wide research into best practices and methods. Because of the high cost of lost crop cycles, some facility planners are specifying generators to provide electrical capacity during winter
storm outages, which are obviously a factor in New England. Another regional consideration – winter weather snow loads and temperature control – have also demoted the idea of large-scale greenhouse cultivation to the back burner for now. Reliable grow cyles and production are the key consideration here. While operating electrical costs of indoor facilities are high, owners are also continuing to incorporate sustainable methods of operation. Many are looking to recycle unprocessed plant material into on-site fertilizer use, resulting in very little agricultural waste. New LED lighting and solar panels are also being studied to increase sustainability and reduce operating costs. As architects, we are always mindful of aesthetics. The windowless nature of such production facilities often result in featureless boxes. For our facility in Norwell, the limited glass required was blended into a scheme of three budget-minded metal panel types that give the building a modern, forward-looking appearance – suggestive to both patients and the public alike of the innovation and new frontier of this emerging industry.
Eric Gould is principal of Helicon Design Group, Inc., Boston, Mass.
DESIGN GROUP, INC. ARCHITECTS
Cannabis in CRE Spotlight
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March 31 - April 6, 2017 7C
NEREJ Summit
NEREJ’s Cannabis and Commercial R.E. Summit examines challenges & opportunities for industry When Massachusetts passed the Regulation and Taxation of Marijuana Act in December of last year, there was rejoicing by both the recreational use community as well as the cannabis industry. But resistance from both the Massachusetts legislature and local governments has slowed the implementation process for entrepreneurs eager to get their enterprises off the ground. At the “Cannabis and Commercial Real Estate Summit” hosted by the New England Real Estate Journal at the Boston Marriott Newton Hotel in February, panelists discussed the challenges and ways for the real estate community to work with the cannabis industry in the Commonwealth. The first panel discussed the challenges and opportunities, and featured Tim Keogh, president and CEO of the Denver-based AmeriCann, a firm that develops cannabis cultivation properties; Kris Krane, managing partner at 4Front Ventures, which works with medical marijuana entrepreneurs; and John Connor, principal at Vantage Builders, whose firm just completed a facility in Bridgewater. The panel was moderated by Jim Borghesani, president of Primepoint Strategic Media, who also served as communications director for the Campaign to Regulate Marijuana Like Alcohol in Massachusetts, which spearheaded the passage of the recreational use law. Borghesani kicked off the discussion by reminding the sold out crowd of over 250 that while marijuana will soon be legal in Massachusetts, building viable businesses will be challenging. “You don’t shake off 100 years of prohibition easily… so we’re facing some built in resistance that hopefully will diminish over time.” Krane detailed some of that resistance, beginning with the difficulty of finding a place to set up shop, due to the many complicated zoning restrictions. “Siting a marijuana facility – whether it’s a cultivation facility or a dispensary – is unlike siting any other kind of business,” he said. Medical marijuana facilities require a city or town’s written permission (although it is unclear what the restrictions will be under the
NEWTON, MA
adult use laws), so the possibilities for locating a facility are limited. The next hurdle for marijuana business owners is finding a landlord that will actually rent to them, so he recommends that entrepreneurs try to buy their properties. In his experience, landlords in other parts of the country typically raise rents to offset the kinds of inherent risks that come with hosting a cannabis business (such as potential asset forfeiture by federal agencies). Connor talked about the specific requirements needed for the buildings (particularly cultivation facilities), including power and lighting configurations. Building structure should also be a consideration for operators, and he cautioned against using pre-fab metal buildings. As for construction costs, Connor said that per square foot build outs are running in the $175-$200 per square foot range, with $100 psf of that figure dedicated to mechanical systems. Keogh, whose firm is constructing a one million SF facility in Freetown, and has permitted an additional million square feet of cultivation infrastructure in the state, noted that the industry is changing very rapidly. “It’s beginning to look more institutional and is starting to attract more institution grade capital,” he said. “The developers that are coming in are expecting a higher level grade of business plans, designs and development, and they’re looking for a more sophisticated and broader approach.” The second panel, comprised of Adam Barnosky, an associate in the commercial real estate practice group at Ruberto, Israel & Weiner; Frank Flynn, managing partner/ owner of the Flynn Law Group; Steve Gormley, managing partner & CEO at Seventh Point, a private equity fund that invests in the cannabis industry; and Anthony Caiazzo, director of cannabis for the Wellington Group, an insurance brokerage firm, (with NEREJ’s Rick Kaplan moderating), examined the legal, investment and insurance issues associated with the new law. Caiazzo issued a caveat to the audience on identifying themselves publicly as medical or recreational users, cautioning that individuals who do so are likely to be classified as smokers by the insurance companies,
Shown (from left) are panel speakers: Jim Borghesani of PrimePoint Media; Tim Keough of AmeriCann; Kris Krane of 4 Front Ventures; and John Connor of Vantage Builders.
Shown (from left) are panel speakers: Anthony Caiazzo of The Wellington Group; Frank Flynn of Flynn Law Group; Steve Gormley of Seventh Point; and Adam Barnosky of Ruberto, Israel & Weiner. resulting in higher premiums for life insurance policies. Currently, insurance carriers “are more hesitant than ever” to get involved in the industry, because of the dichotomy between the state and federal laws, and the uncertainty of the stance of the new administration towards marijuana. “Product liability is the number one thing keeping most of the carriers out, because they’re just not sure how to quantify the risk.” Barnosky gave the audience an
overview of where the enactment of current law stands, and indicated that a full agency should be appointed by sometime in the spring with everything up and running by mid-2018. In the meantime, the state needs to create an infrastructure to make, create and enforce the laws, similar to the Alcoholic Beverage Control Commission, he said, but little has been settled. On the investment side, Gormley says the profile “has changed dramatically in the last 18 months.” Whereas investment came primarily from within the cultivation community in early stages of legalization for both medical and recreational use, high net worth investors began getting involved following the key legislative changes such as the Rohrabacher/ Farr amendment. Around 2015, the industry was seeing dollars from family offices, and last summer, following key judicial wins for the cannabis industry, private equity
firms, hedge fund operators and venture capitalists are now in the game. Flynn advised both multifamily and commercial property owners to develop and implement marijuana policies that not only address issues of medical and recreational uses, but also for tenants that wish to grow marijuana on the properties. Aside from the increase in utility usage that property owners would see with the onsite cultivation of marijuana, there are additional issues such as making properties vulnerable to mold and other water-related hazards. “It’s important to think about what type of property you want to have,” advised Flynn. The New England Real Estate Journal will host Cannabis in Commercial Real Estate 2.0 at the Boston Convention and Exhibition Center on June 14. For more information and to buy tickets visit: https://cannabiscre2. eventbrite.com
8C March 31 - April 6, 2017
Cannabis in CRE Spotlight
New England Real Estate Journal
Company of the Month CAMPANELLI CONSTRUCTION As South Shore developer Campanelli embarks on its 70th year, the company’s in-house construction arm, Campanelli Construction, is hitting milestones of its own. Americann, Inc. recently announced plans to develop a 160,000 square foot medical marijuana cultivation center at the Campanelli Business Park in Freetown, Massachusetts, with Campanelli Construction serving as General Contractor. AmeriCann (ACAN: OTCQX) is a publicly traded company that is developing and will lease sustainable, state-of-the-art medical cannabis cultivation properties around the nation. Campanelli provided AmeriCann with a vertically-integrated real estate solution including brokerage, development and construction management when AmeriCann purchased the 53-acre Massachusetts property in Freetown in 2016. “Campanelli proved to be an invaluable resource for our project in Massachusetts. We are confident in having such a knowledgeable local resource with national expertise and look forward to replicating this success by working with Campanelli on future projects throughout the nation,” stated AmeriCann CEO Tim Keogh. Campanelli provided AmeriCann with their vertically-integrated real estate services including brokerage, development and construction management.
Courtesy of AmeriCann
receives the ideal 12 hours of sunlight and 12 hours of darkness for maximum success. Plans for the project also include ground and roof-mounted solar fields, as well as electric car charging stations. “Campanelli has a long history of developing institutional grade commercial and industrial real estate throughout the nation. The MMCC brought us together for what we hope is a long, successful service relationship with AmeriCann as their construction manager. The MMCC will establish a prototype for best-in-class cultivation facilities that we hope to replicate with AmeriCann as a design-build service throughout the country,” stated Campanelli partner Rob DeMarco.
Campanelli Construction has an impressive portfolio, with over 22 million square feet of Courtesy of AmeriCann construction under its belt. Recently, the company has completed an 86,000 square foot warehouse and distribution center in North AmeriCann plans to develop the property as the Kingstown, RI for Edesia, a non-profit orgaMassachusetts Medical Cannabis Center (the nization the develops and delivers nutri“MMCC”), which is expected to be one of the largtion bars to malnourished children across est and most technologically advanced cannabis the globe, a 250,000 square foot manufaccultivation facilities in the nation. The sustainturing and distribution facility for Victory able greenhouse project will consist of multiple Packaging in Bellingham, MA, and a 57,000 planned phases; the first phase will include two square foot cold storage warehouse and buildings at 130,000 and 30,000 square feet and distribution center for New England Ice the second phase is permitted for an additional Cream Company in Norton, MA. 800,000+ square feet based on patient demand. Campanelli will break ground on the first phase Campanelli’s Business Park of Freetown in the first quarter of 2017 and AmeriCann’s tenis located on Route 24 at exit 9 with conants plan to have cannabis in production by Fall venient access to Route 495 in Freetown, of 2017. Massachusetts. Boasting 133 acres, the business park is CSX rail served. The site Construction will consist of multiple phases, inhas over 400,000 square feet available for decluding erection of a 20,000 square foot commervelopment and offers both multi-building and cial greenhouse manufactured by Nexus, which single-building scenarios. With access to airports allows capacity for up to three different companies to grow, and construction of laboratory space featuring a series of rooms for cutting, trimming, drying and production of cannabis, with Campanelli Construction at the helm. The construction process will be an intricate one, with delicate coordination of irrigation, heat and light. A bench heating system will be employed to provide heat to the greenhouse, and custom curtains will be used to ensure that the crops
and intermodal facilities of Providence and Boston, the Business Park of Freetown is an excellent solution for larger users such as AmeriCann who will benefit greatly from the direct highway access. AmeriCann recently completed a $2 million all equity financing that will be utilized in part for the Company’s Massachusetts Medical Cannabis Center development and to pursue new opportunities in California, Pennsylvania, Florida and other states. To date, medical cannabis is now legal in a majority of the United States with 28 states sanctioning the production and sale of cannabis. In a statement released by AmeriCann, Keogh commented, “The legalization of cannabis for all adults in Massachusetts significantly expands the need for the infrastructure to serve both patients and consumers. With nearly 1,000,000 square feet approved for development, AmeriCann can provide the type of sustainable, energy efficient cultivation facilities that is essential to serve the citizens of Massachusetts.” Massachusetts voters approved a ballot measure on November 8, 2016
Courtesy of AmeriCann
that will make it the first state in the eastern U.S. to legalize the recreational use of marijuana. Campanelli Construction is actively working on multiple projects, including CIRRUS Apartments, a 400-unit luxury apartment community being developed by Campanelli alongside Thorndike Development in Ashland, MA. Campanelli Construction completed two other luxury communities for the Campanelli-Thorndike partnership in 2016; 262 apartment units at One Upland in Norwood, MA and 188 units at East Main in Norton, MA.
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March 31 - April 6, 2017 9C
CONSTRUCTION
Rendering courtesy of AmeriCann
DESIGNED FOR PERFORMANCE,
BUILT FOR SUCCESS. Campanelli Construction congratulates
on their upcoming Freetown, MA project, and is excited to be serving as General Contractor.
CONSTRUCTION
www.Campanelli.com I 1 Campanelli Drive, Braintree, MA 02184
I 781.849.1440
Cannabis in CRE Spotlight
10C March 31 - April 6, 2017
New England Real Estate Journal
Is the old mill building in Western Massachusetts the solution? Sean Lamontagne Nadeau Corp. With Massachusetts vertical market in place, if you want to cash in on selling Marijuana, you need to cultivate it as well. Let’s step back from all the red tape that comes with buffer zones, distance requirements, and whether or not you’re in a cannabis friendly town. We aren’t lobbyists. At Nadeau Corporation, we are cannabis-focused certified contractors. I want to get into the brick and mortar questions surrounding these facilities and share our experiences when touring some of these properties. Our team has toured many pro-
spective facilities out in the far off lands of Western, Mass. We are invited to put construction professional eyes on these buildings by clients who are looking to take advantage of the low cost per kilowatt hour as well as the lower property values. While there are challenges to overcome with these aged properties, there are certainly pro’s along with the con’s. Electrical Power - PRO Obviously, these cultivation facilities are going to have a huge draw on the power grid due to the extreme loads needs for lighting and subsequent cooling. Most of these properties are old industrial mills that in a previous life, were the thriving heartbeat of that community. This usually indicates that they have more than adequate electrical capacity for even some of the larger
Each and every building we look at is its own unique structure and poses unique sets of challenges and benefits. One thing that remains a constant for each and every group we assist is this: The groups that enlist the help of professionals early on in the process see the most benefits and are more likely to avoid costly surprises. There is tremendous value in having an architect, engineer, and construction manager put professional eyes on a building prior to seriously considering it for your cultivation operations.
Our team has toured many prospective facilities out in the far off lands of Western, Mass. We are invited to put construction professional eyes on these buildings by clients who are looking to take advantage of the low cost per kilowatt hour as well as the lower property values. While there are challenges to overcome with these aged properties, there are certainly pro’s along with the con’s. grows being proposed. Put that in the Pro column, because bringing in a larger service can prove to be very costly and time consuming. Environmental Remediation - CON Now it’s no secret that the reason towns are inviting applicant groups to inhabit their abandoned infrastructure is that more often than not, it’s dilapidated. When something that was built 100 years ago hasn’t been maintained in the last 60 years, you’re going to find some environmental issues that you need to deal with. Two biggies come to mind when talking about old mill buildings. Mold and Heavy Metals. Mold usually just from not being weather tight for decades, and heavy metals are usually found as a result of the previous manufacturing use. Not always, but sometimes the cost to remediate these spaces just to get them to a blank slate can cripple a
budget. Even if the towns are literally giving away these facilities, if it costs $10 Million to make it into a commercial agricultural operation that’s usually a non-starter. Square Footage - PRO With many applicant groups seeing the approved recreational use as an indicator for increased demand and possible wholesaling opportunities, proposed cultivation operations are growing in desired square footage. If there is one thing old mill buildings have its lots of its square footage. Additionally, the typical high ceilings, cement flooring with drainage makes these sizable spaces a great basic starting point for most cannabis manufacturing operations. Don’t need 400,000 square feet? Groups that acquire these properties can usually securely divide the property into multiple sections with separate entrances and addresses making for profitable
lease opportunities as well. Summary All in all, some of these mill buildings deserve a look. There are certainly benefits that can be realized both for the applicant group as well as the host community given the right conditions. Obviously there are numerous factors that go into selecting a piece of property for your marijuana cultivation operation. The construction and engineering topics are really the only ones we are qualified to speak to, but there are definitely other very important determining factors. Each and every building we look at is its own unique structure and poses unique sets of challenges and benefits. One thing that remains a constant for each and every group we assist is this: The groups that enlist the help of professionals early on in the process see the most benefits and are more likely to avoid costly surprises. There is tremendous value in having an architect, engineer, and construction manager put professional eyes on a building prior to seriously considering it for your cultivation operations. Applicants need a team that can help streamline the site selection process and help them get to market quickly.
Sean Lamontagne is the director of business development for Nadeau Corporation, South Attleboro, Mass.
CONSTRUCTION MANAGEMENT FOR THE CANNABIS INDUSTRY
INDOOR CULTIVATION—DISPENSARIES—MIP KITCHENS—EXTRACTION ROOMS—LABS—GREENHOUSES
PRE-PROJECT PLANNING SITE SELECTION & EVALUATION PRE-CONSTRUCTION SERVICES OUTLINE PROJECT GOALS ARCHITECTURE AND ENGINEERING BUDGETING & PRELIM SUB PRICING SECURITY COLLABORATION CRITICAL PATH SCHEDULE ALTERNATIVE APPROACHES VALUE ENGINEERING SELECTION OF MATERIALS BIDDING AND SUB SELECTION
CONSTRUCTION MANAGEMENT PERMITTING ON SITE SUPERVISION CONSTANT COST CONTROL CONSTANT QUALITY CONTROL INSTALLATION OF EQUIPMENT JOB SITE SAFETY
DESIGN... BUILD... GET TO MARKET
For more info contact Sean at : 508-399-6776 / www.nadeaucorp.com /
[email protected]
EXPERIENCE 63,000 SF STATE OF THE ART CULT Lab Grade Production Environments State of the Art Cultivation rooms Air Showers Full Scale Commercial Kitchen Ops Real Time Environmental Monitoring Top Level Security *Biometric Controlled Access *Live check-in *100+ High Definition Cameras 10,000 SF HIGH END DISPENSARIES Warm Professional Environment Consultation Areas Bank grade vault 24-hour video surveillance
Cannabis in CRE Spotlight
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Cannabis
March 31 - April 6, 2017 11C
2017 SUMMIT
in Commercial Real Estate 2.0
AMERICANN FACILITY IN FREETOWN, MASS.
June 14, 2017
Boston Convention and Exhibition Center 415 Summer St., Boston, Mass.
8:00am-9:00am Breakfast Buffet
9:00am-10:00am
New opportunities in commercial real estate with the cannabis industry
10:00am-11:00am
Changing laws, financing and zoning for new cannabis industry real estate needs
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Sponsorship and Speaking Opportunities Available. Register today for Early Bird Rate $99-ends June 6 Regular Rate $139-June 6-14
12C March 31 - April 6, 2017
Cannabis in CRE Spotlight
New England Real Estate Journal
Professional Profile Adam Barnosky
Attorney, Commercial Real Estate & Retail/Hospitality Ruberto, Israel & Weiner, P.C. Name: Adam Barnosky Title: Attorney, Commercial Real Estate & Retail/Hospitality Company: Ruberto, Israel & Weiner, P.C. Location: 255 State St., 7th Floor, Boston, MA Place of birth: Detroit, Michigan Family: Wife, Lauren; son, Jonah College: J.D., New England Law; B.S., Middle Tennessee State University First job unrelated to your current field: Caddy at the Grosse Ile Golf & Country Club. First job in current field: Judicial clerk for a United States Magistrate judge. What your firm does now and its plans for the future? RIW is a full service business law firm with practices including commercial real estate, retail/hospitality, employment, technology, litigation, banking & finance, corporate, and trusts & estates. The firm will continue to represent clients across a variety of industries. Hobbies: Running, road races, playing music, cooking, and traveling. Favorite novel: "This Side of Paradise" by F. Scott Fitzgerald Favorite film: "Adaptation" (Spike Jonze, director; Charlie Kaufman, screenwriter) Keys to success: Focus, creativity, and keeping an eye on the long game. Person(s) you most admire (outside of family) Barack Obama If you had to choose a different profession, what would it be? Filmmaker
Tim Keogh
CEO AmeriCann, Inc.
Name:Tim Keogh Title: CEO Company: AmeriCann, Inc. Location: Denver, CO & Boston, MA Place of birth: New Bedford, MA Family: Beautiful wife, an obedient Lab and a disobedient Yorkie College: Mount St. Mary’s University, Emmitsburg, MD – home of the 2016 NASCRO National Rugby Champions First job unrelated to your current field: Harbormaster at Crown Bay Marina, St. Thomas, USVI First job in current field: Founder, executive director of Coastal Compassion, Inc. What your firm does now and its plans for the future? AmeriCann, Inc. is a publicly-traded Ag-Tech company that designs and develops next generation cannabis farms. We have U.S. expansion plan to provide a sustainable solution to the massive cultivation and processing demands from the regulated cannabis industry. Hobbies: Sailing, fat-biking, fishing, hiking Favorite novel: "A Confederacy of Dunces" Favorite film: "The Big Lebowski" Keys to success: Hard work and level headed determination. Luck. Purpose. Person(s) you most admire (outside of family): Elon Musk If you had to choose a different profession, what would it be? Gourmet chef
Jim Borghesani Principal Primepoint Media
Name: Jim Borghesani Title: Principal Company: Primepoint Media Location: Boston , MA Place of birth: Massachusetts Family: Daughters Juliana, 21 and Celia, 18 College: Northeastern First job unrelated to your current field: Reporter at the Patriot Ledger First job in current field: Director of communications, Suffolk District Attorney What your firm does now and its plans for the future? Provide strategic communications and media relations services to a variety of clients. Hobbies: Tennis, surfcasting, playing guitar, practicing yoga Favorite novel: "The Great Gatsby" Favorite film: "Chinatown" Keys to success: Thorough knowledge and effective presentation of data and outcomes Person(s) you most admire (outside of family)? Dwight Eisenhower and Ulysses S. Grant If you had to choose a different profession, what would it be? Musician
Mark Sawyer
Senior Vice President, Health Care Practice Leader Corcoran & Havlin, Cross Insurance Name: Mark Sawyer Title: Senior Vice President, Health Care Practice Leader Company: Corcoran & Havlin, Cross Insurance Location: Wellesley, MA Place of birth: Massachusetts College: Gordon College First job in current field: Sentry Insurance Co., underwriter What your firm does now and its plans for the future? Cannabis insurance services Hobbies: Fitness and the outdoors Keys to success: Putting the client first and solving problems no one else can. If you had to choose a different profession, what would it be? Health care advocate or provider
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Cannabis in CRE Spotlight
March 31 - April 6, 2017 13C
Cannabis in CRE Spotlight
14C March 31 - April 6, 2017
New England Real Estate Journal
Cannabis insurance and commercial real estate: Working with a knowledgeable broker is essential Anthony Caiazzo The Wellington Group There is little difference between commercial insurance for the cannabis industry and that of everyday ordinary businesses. Cannabis companies have the same needs as any other business. The insurance carriers that operate in the higher risk markets of everyday companies are also serving the cannabis industry. Same carriers, same products, just a different risk. These same coverages include: property, general liability, product liability, crop insurance, directors & officers, cyber, crime, intellectual property, trademark coverage, and many others. Given the fact that ultimately cannabis is federally illegal, the insurers’ operations fall into a legal gray area. So how are these carriers able to legally sell cannabis insurance? In part, it is due to the same blind eye that has been turned from the industry entirely. However, since the McCarran-Ferguson Act of 1945, the authority over the insurance industry has been placed under the control of individual state laws rather than those of the federal government. Combine this with the fact that these legitimate national and international insurance companies are not high on the federal target list, and
it has allowed carriers to operate in the cannabis industry without repercussion. That may change with this new administration who’s already proposed reversing McCarran-Ferguson as it relates to healthcare. Insurance carriers were already extremely selective in this market. Even without any direct pressure, the perception of the new administration alone has made them increasingly cautious. Before the end of 2015, Lloyds of London was the biggest player in the cannabis property & casualty market, offering relatively inexpensive coverage. The company has since pulled out of the industry, because at a certain point they no longer felt comfortable with the dichotomy between federal law and their business. Since then, the cannabis insurance market has been increasingly much more difficult to navigate. Carriers are open to the industry and are excited for its lucrative future due to the enormous amount of potential from the sheer volume and high premiums. However, hesitations with the federal government have forced many insurers to retract recently. At the very least, insurers are being extremely selective with their risk. These large national and international carriers are profiting from a federally illegal enterprise and risk consequences that could impact the rest of their business. Aside from the legality aspect, product liability is the biggest issue for the
carriers. No one is exactly sure how to quantify the risk that comes with the plant directly. Only a few carriers are
proximity to a school or place of worship. Cannabis grows are not very complicated structures and often find
These uncertainties for insurance make the application process extremely important. With the limited number of carriers and the high degree of selectivity, cannabis investors only have so many opportunities to secure coverage. This makes working with a knowledgeable insurance broker who can navigate the cannabis market and has deep rooted relationships with the carriers essential. serious about this line of coverage.Two of which are James River Insurance Company and a wholesaler named Next Wave Insurance Services, LLC. Once you get beyond product liability, the number of carriers expands. Even the larger more conservative insurers like AIG, Chubb, and Berkshire Hathaway will look at the other lines of coverage within this market. As an insurance broker by trade, I have noticed an increasing trend between real estate and investments in cannabis grow properties. Growers are attracted to rural, less populated areas where the price per square foot of land is least expensive. Dispensaries on the other hand, tend to require locations in commercial, heavily populated areas with foot traffic to support the business. These properties come with a higher price tag and more zoning rules/restrictions that are tougher to adhere to, such as being in a certain
homes in otherwise worthless vacant lots or industrials. Investors can purchase real estate for less money and get a better rate of return. Insuring a landlord’s property and liability is as tough of a coverage to place as anything else in cannabis. Be cautious when constructing new lots and purchasing vacant industrials. Insurers will at the very minimum require a thorough inspection of the building and its electrical system prior to insuring the property owner. The property must be structurally sound in every way and will undoubtedly be under greater scrutiny due to the higher risk that comes with cannabis. For grow operations the main risk is fire. The landlord may not be involved with the plant directly, but the insurer feels that it is still taking on much of the risk without maybe knowing anything about the actual operation or cultivator. In most cases, property
owners purchase insurance with the intent of leasing it out to a grower and they have not yet secured one. It is paramount that an investor be aware of who their tenants are and their activities. If a grower tampers with the building’s electrical systems or is maybe manufacturing oils and concentrates when they shouldn’t be, it will put the landlord’s coverage at risk. If a recreational grower sells some of its product on the black market without the property owner’s knowledge and it were to be caught up in an investigation, the property could become caught up as well. Knowing your tenant is vital to minimizing the risk that a landlord takes on. Cannabis is a difficult and risky business for all involved, it is legally gray at best from every angle. This difficulty has only been exacerbated by the current administration without even utilizing any direct action. These uncertainties for insurance make the application process extremely important. With the limited number of carriers and the high degree of selectivity, cannabis investors only have so many opportunities to secure coverage. This makes working with a knowledgeable insurance broker who can navigate the cannabis market and has deep rooted relationships with the carriers essential.
Anthony Caiazzo is director of cannabis at The Wellington Group, LLC, New York, NY.
There’s always room for speaking opportunities!
Conference sponsorship or speaking information contact Rick Kaplan 781-878-4540, ext. 247,
[email protected] NE NY Tel: 781-878-4540
Cannabis in CRE Spotlight
nerej.com
Growing green: From cannabis to lettuce James Miner Sasaki
There has been a lot of discussion recently about the impact the cannabis industry is having on real estate throughout the U.S. Most of that discussion has focused on the reinvigorated market for underutilized or vacant warehouses near urban centers, which are being turned into indoor marijuana farms as more states legalize recreational use of marijuana. Beyond the near-term real estate boom for industrial space, there is also great potential for the cannabis industry to influence another key market that is getting more and more traction in our cities: local foods. And no, it’s not just because consumption of marijuana tends to induce hunger in many people. Many indoor marijuana farms use hydroponic growing systems to control light, heat, humidity, and nutrients to be able to produce a more consistent product. This same technology is also increasingly used to grow other leafy greens (the kind we eat in salads) and other highly perishable produce, the vast majority of which is grown in California and shipped across the country in refrigerated trucks. Seeking a more sustainable model, more and more New England farmers have taken up hydroponic farming and are now seeing increased demand for locally grown produce that can be harvested and delivered to your plate on the same day. But, like any emerging business, there are economic challenges to this business model–and that is where cannabis can help. Because the value of a pound of cannabis is significantly higher than a pound of romaine lettuce, the operating costs of hydroponic farming are less of a barrier for marijuana farmers. The biggest cost for traditional hydroponic farmers–other than capital costs to get a facility up and running–tends to be electricity. Indoor, controlled-environment farming takes a lot of energy to maintain consistently optimal temperatures and light levels. Even as the these costs continue to decline as LED technology become both more affordable and efficient, energy costs tend to be the factor that puts most hydroponic farmers out of business. This is less of a problem if you are growing marijuana, as the market for the product makes the operation viable. Indoor marijuana farms do have other hurdles to clear, however, which means it is still risky business. There is a lot more compliance work that needs to be done to grow cannabis, and many cannabis entrepreneurs have to pay thousands of dollars a month to maintain their bank accounts to be able to legitimize their profits. In the end, cannabis farmers have the same incentives to drive down production
costs as all other hydroponic farmers do. So, as we see a growth in the number of hydroponic cannabis facilities, we should also see acceleration in the development of technology that is used to grow marijuana, which will improve efficiency and lower operating costs. That should be very good news for the local foods industry. But why should anyone else care? There is evidence of the growing interest in locally-sourced food all around us: farmer’s markets, public markets, community-supported agriculture (CSA) memberships, and farm-to-table restaurants are all on the rise. Here, in New England, there are several factors which make indoor farming a key part of the local foods movement: 1) Our outdoor growing season is shorter than other places in the country, and indoor farming allows us to grow some foods all year round; 2)The transportation costs for some of the foods traditionally grown on the west coast (lettuce, leafy greens, tomatoes, and strawberries) can be eliminated if those same foods are grown indoors locally; and, 3) We have the highest concentration of urban population centers in the country, and these cities will certainly benefit from indoor farms that reduce reliance on food that has to travel great distances. If indoor agriculture gets a boost from the cannabis industry like we think it will, there is even more good news from a development perspective. As most developers that work in cities will tell you, food is playing
an increasingly important role as a driving force in the retail experience and branding of new urban districts. This is, in large part, due to the fact that the averageAmerican now spends more money dining out than they do at the grocery store. And, not only has the restaurant scene boomed in recent years, but it has also steered away from the large, national chains that used to anchor new developments, focusing instead on local culinary talent: rising chefs crafting seasonal menus based on locally-sourced ingredients. With this booming interest in local foods, new technologies in indoor, environmentally-controlled, hydroponic growing systems will afford consumers increasing access to hyper-local, hyper-fresh ingredients. To test our theory about the influence of food on the urban experience, Sasaki issued a survey of 1,000 people who both live and work in one of six dynamic U.S. cities—Boston, Chicago, NewYork, Austin, San Francisco, and Washington DC. We asked what they like most about their cities, and urbanites across the country agree on a few things: they want great food. 82% of respondents cited their city’s culinary offerings as a positive attribute, and there was agreement across all six cities that the primary motivator for exploring a new neighborhood would be to try a new restaurant! So, keep an eye on the cannabis industry–it could benefit you in ways you may never have imagined.
James Miner, AICP, managing principal, Sasaki, Watertown, Mass.
March 31 - April 6, 2017 15C
Developing a cannabis facility? Get right team Brian Anderson
Anderson Porter Design, Architects and Construction Yes, the green rush is on and no wonder why, reports show that the cannabis industry will be worth $50 billion by 2026. So if you are thinking about jumping in and the glimmer of building a marijuana cultivation facility and dispensary is in your eye, look before you leap. Assembling the right team of professionals, ideally right from the start, can ultimately make sure you are poised for success from the very beginning of what can be a complicated process. Anderson Porter Design, architects and construction consultants in Cambridge, is taking a leadership position in creating an integrated team to ensure successful design and building of cultivation facilities and dispensaries. People come into this business extremely excited, but with knowledge in a few specific areas. It’s all about assembling the right team of professionals with a broad spectrum of skills to fill in the knowledge gaps that can assist no matter where you are in the process of building your facility. Anderson Porter works with clients from the very beginning planning stages; site selection and permitting all the way through to the design and construction, and even beyond, to the develop of the retail brand experience at the dispensary. From Anderson Porter’s perspective it all starts with understanding
the needs and goals of his clients and integrating their business “grow” goals with the right size facilities to ultimately meet their financial projections. In addition, an important factor not to be overlooked when designing a dispensary is the “retail experience”. In this highly competitive environment, creating a unique “look and feel” can drive clients to frequent one location over another. There are hundreds of factors that need to be taken into account in every marijuana construction project. Add to that every jurisdiction has different municipal hurdles to overcome. Therefore the number of potential snags in the process expands exponentially, so starting off with the right site can make or break the way the project is going to go. All of this means that with all the complexities associated with becoming a “Cannabista” and developing a marijuana cultivation facility and dispensary, it is incredibly important to consult with an extremely knowledgeable group of professionals from the start. A group of professionals that can answer all your questions, from real estate to the details around construction and design, a team that is intimately familiar with the latest changes in the industry as well as the local building codes and permitting processes.
Brian Anderson is an architect and principal with Anderson Porter Design, Architects and Construction Consultants, Cambridge, Mass.
AKF PROVIDES FULL MECHANICAL, ELECTRICAL AND PLUMBING ENGINEERING
Helicon Design to begin construction of Mass Medi Spa's 40,000 s/f medical marijuana facility 2016 saw the completion of Helicon’s design and construction drawings for Mass Medi-Spa’s medical marijuana grow facility and dispensary. Construction is scheduled for this spring, with the company opening operations later in the year. Helicon began preliminary design with Mass Medi-Spa in 2015, surveying a wide variety of grow facility prototypes, operations and mechanical systems. This innovative facility included the owner’s plans for indoor grow lighting systems that emulate the natural light intensity of morning, afternoon and evening sunlight, as well as sustainable techniques that will produce extremely low agricultural waste from the year-round operation. Mass Medi-Spa is also engaged in studies with Vermont-based PhytoScience Institute to process specific product strains meant for use in alternative chronic pain management and for the reduction and dependence on opioid painkillers.
NORWELL, MA
Current practitioners are seeing substantial benefits with medical marijuana in the treatment of chronic pain, reductions in sleep disruption and other opioid side effects. AKF of Boston has provided full mechanical, electrical and plumbing engineering for the facility, which will average five full grow cycles per year in the 2-story, 40,000 s/f facility. The facility will also include a retail dispensary, corporate offices, a research and development lab, and extraction and processing areas to provide medical cannabis and medical cannabis infused products to Mass Med-Spa’s estimated 6,000 patients. Along with the owner’s design team, Helicon helped coordinate Massachusetts DPH regulatory requirements and finalize special
finishes and other interior features which will control moisture and mold effects on year-round indoor crops. There will also be extensive interior and exterior security features to the building, including redundant monitoring, restricted internal access and other architectural fortifications. The windowless nature of such production facilities often result in featureless warehouses. Helicon employed limited glass and a scheme
of three different metal panel types to give the new Mass-Medi Spa building a modern exterior appearance. The effect is a crisp, geometric and forward-looking structure that compliments the budgetary concerns of a flagship operation. Helicon is a full-service architecture and design firm in Boston emphasizing design innovation across a wide variety of project types and budgets since 1991.
Cannabis in CRE Spotlight
16C March 31 - April 6, 2017
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Cannabis in CRE Spotlight
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We Build. You Grow.
DESCO is leading the way on the SouthCoast with building the area’s first Medical Marijuana Dispensery. The 10,000 sq. ft., building is being converted into a state of the art grow and dispensary facility.
We are a full service grow facility construction firm 508-817-5050
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Classified
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AUCTIONS
New England Real Estate Journal
Section D
CAPE COD Centerville René L. Poyant, Inc. GEREAL ESTATE MANA MENT
• 8 4 - 1 4 4 S eats
• N ext to B u rl i ng ton M al l
REAL ESTATE MANAGEMENT Post Office Square, 20F Camp Opechee Road
Centerville, MA 02632 Tel: 508-775-0079 Fax: 508-778-5688
[email protected]
ACADIA MILL METHUEN, MA
Renovated Mill Building Spaces Available from 6,000 SF to 61,000 SF!
• B H B one ppro ed • Bea tif l 6,000 xec ti e Offices • an fact rin pace from 6,000 and p • Plent of Par in • as access to -93 -495 • Priced from $3.95 SF plus utilities and up! Call Steve DeSisto
40 Kenoz a Avenue • Haverhill, MA Office: (978) 373-3897 • Cell: (978) 852-5559 email:
[email protected]
OFFICE CONDO FOR SALE 71 Route 101A, Unit 13 Windmere Plaz a Amherst, N.H.
March 31 - April 6, 2017
BURLINGTON, MA RESTAURANT SITES
• 4 , 6 0 0 S F to 1 0 , 0 0 0 S F
René L. Poyant, Inc.
Million$ of Offering$ Sale Lease Wanted
• 1 0 0 %
L oca ti on Exclusive agent
Roy C. Papalia, Jr. (617) 484-7474
cell: (617) 306-7797 roy papalia@y ahoo.com
MILTON OFFICE SPACE
FOR LEASE
APARTMENT, OFFICE, RETAIL, WAREHOUSE & HOTEL PROPERTY MORTGAGES Starting at $1,000,000 Acquisition - Refinancing - Bridge Construction - Conventional www.AtlasCommercialCapital.com Call us today: 212-332-3457 ext. 101
[email protected] Kevin Meehan, Managing Partner 45 Rockefeller Plaza, 20TH Floor, NY, NY 10111 “With Atlas at your side, you will achieve better and quicker financing than going direct or through any other source.”©
ALL CASH PURCHASES • Store Blocks • Shopping Centers • Net Leased Properties
• 2 Granite Avenue, directly off SE Xway • 10 min to downtown Boston • 12,900 SF sublease. Seven years remaining • Well below market rent • Private offices, bullpen, conf. rooms, kitchen • Beautiful views of the Neponset River • Fitness center, walking paths, ample parking
Paul Durgin 617-680-2988
[email protected]
Conway Commercial 137 Washington St., Norwell, MA 02061
www.jackconwaycommercial.com
AV AILABLE
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Changes
Size: 1SP From: Patty Run Date:6-3
New Proof
Proof Approved
Section: BB
Quick Response to Submissions By Principals B roke rs W el co me
Jordan L. Rittenberg & Co. 25 Bound Brook Rd. Newton, Mass. 02461
(617) 964-3765 FOR LEASE AUBURN, MA
OFFICE / WAREHOUSE
FOR SALE
Airport Hangars Nashua Municipal Airport $1,350,000
24,000 Sq uare Feet SALE/LEASE USER / OWNER OPPORTUNITY
Property:
71 Rt 101A, Unit 13 Amherst, N.H. 03031 Avail SF: 1,250 ± SF Description: single-story, end unit
SALE PRICE: $99,900
VEAR COMMERCIAL PROPERTIES, INC.
603-882-6000 www.vear.biz
Zoned Retail
O F F I C E SP AC E 1 0 , 0 0 0 , 5 , 0 0 0 , 2 , 5 0 0 & 1 , 5 0 0 sf
in
W AR E H O U SE SP AC E 5 , 0 0 0 fs , 1 0 , 0 0 0 sf 1 5 , 0 0 0 fs , 2 0 , 0 0 0 sf 3 5 , 0 0 0 sf & 5 0 , 0 0 0 sf
Westerly RI Call Dante 781-762-1727 or email:
ruggedlady @norwoodlight.com
Conveni ent acce s to I- 1 9 0 , 2 9 0 , 3 9 5 , 4 9 5 , M ass P i ke & R tes. 2 0 & 1 4 6
Call 978-365-4585
AUBURN INDUSTRIAL DEV . CORP. www.aidc.com
• B ildin 1 is 12,840 8,880 office & 3,960 SF hangar) • Building 2 is 6,742 SF (5,482 SF hangar 1,260 office • 12,000 allon do ble wall steel nderro nd et f el stora e s stem • irectl off t e r nwa
603-880-6655 www.prolmanrealty.com
2D March 31 - April 6, 2017
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Business / Investment For Sale
Restaurants Stores Nursing Homes
Lease Wanted
Motels Apartments Farms
Businesses Condos Land
Land For Sale Southern NH
Commercial Land serviced by municipal water and sewer and natural gas. Engineering complete, just waiting for your final plan set. Zoning allows many uses: retail manufacturing, light industrial, office and more. Great visibility on Route 28 in Derry. ONLY $1,799,000
603.434.9700
This site has PB approval for a 9,217 sf office building. It is between Commerce Park No. and Commerce Dr. Serviced by Mun. Water and natural gas, the on-site septic and driveway permits are in-hand; geotec report available. Performance zone allows retail, prof. office, medical-dental clinics, R&D, churches, schools, ,membership clubs, prof. services, general service/repair, restaurant incl. fast food, funeral home, hotel/motel, auto and vehicle repair, wholesaling, rent and service of tools/equipment, and more.
• L ow er l evel w i ne e c l l ar/ f u nct i on room w i th b ar area, rest rooms • 8 0 ca r parki ng area • A d d i ti onal 2 , 4 7 4 S F D u pl ex - G enerates $ 2 6 , 0 0 0 + per year i n rental i nco me
David Iannuccilli RE/MAX Prof essionals 401-884-6050 ext. 359
[email protected]
24
140
Located at the Junctions of Routes 24 and 140 The site abuts Route 24, 140 and the Commuter Rail Line All utilities on-site. Water, sewer and electric, zoned industrial
18.7 Acres of Land, Harvard, MA - Beautiful hayed field woods to the rear of parcel upland . Potential B property, frontage on Ayer Rd. $1,000,450.
6.4 Acres of Land, Westminster, MA - At busy intersection of Route at Betty Spring Rd. reat location for as Station/Convenience store, strip mall or sport complex. Current shopping center concept design needs updating. reat visibility. ER CLOSE O RO E 2. $599,000.
Contact: Brandon or Scott Kelly
Development • Construction • Management
55 Cambridge Street, Burlington, MA 01803
508-775-6000
room,
• U pst ai rs d i ni ng / f u nct i on room w i th b ar area, ki tch en, rest rooms
For Sale or Lease
David Theroux 203.753.4116
[email protected]
[email protected]
• M ai n l evel b ar area, d i ni ng f u l l ki tch en, rest rooms
in Taunton, MA
11.6 acres senior housing zone site In the Center of Middlebury, CT Public water and sewer on-site Water pollution Control Authority has approved the project for a maximum of 58 bedrooms • Attached or detached units allowed • Units can be For Sale or For Rent • Restricted to 55 years young and no one under 18
Call John Shields at:
• 7 , 7 1 8 S F , 2 - S tory R est au rant
42 Acre Development Site
• • • •
• 4 . 8 A c. G reat l oca ti on on R ou te 2 8 on Y armou th / H yanni s l i ne • Mini Golf (plus additional ancillary profit ce nters) . A l l new g reens and eq u i pment • 2 , 3 0 0 + + S F rest au rant b u i l d i ng . F u l l y l ease d • 5 , 1 0 0 + + S F vaca nt retai l / amu se ment/ f ood se rvi ce f or ad d ti onal i nco me • L and f or exp ansi on - ad d i ti onal u se zi p l i ne, natu re trai l , b atti ng ca g es, etc. • F antast i c Cash F l ow • Asking $1,975,000
JUST REDUCED $1,275,000
Only $449,000
MULTI-FAMILY SITE AV AILABLE MIDDLEBURY, CT
Successful Mini Golf Plus additional land for expansion and 8,000± SF of retail/ restaurant buildings
TURNKEY, FULL SERV ICE RESTAURANT EAST PROV IDENCE, RI
2.9 Acres, Bedford, with approvals
5.5 Acres
Shopping Centers Hotels Mobile Parks
781-272-2899
[email protected]
524-530 Grant St., Leominster, MA - wo buildings, , SF , SF on . acre, zoned Commercial. Main building has two suites, 2, SF , SF with open oor plan. Off street parking for or more cars, a 2 car garage. Contractor garage, , SF has 2 2 ft. overhead doors, abundant outside parking/storage. $449,900. Rick Perkins, 508-341-9667
[email protected] or Duncan Chapman, 978-621-1290
[email protected]
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New England Real Estate Journal
March 31 - April 6, 2017 3D
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
4D March 31 - April 6, 2017
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Office / Retail For Sale
Office Space Office Space Retail Space Retail Space
Lease Wanted Condos Condos R&D R&D
RESTAURANT / RETAIL SPACE SO. NASHUA, NH E FRE 2
THS
N MO
Tewksbury, MA 2,500 SF of Retail/Office Space
1,2002,400
• A c ross f rom P h easa nt L ane M al l • N ew el ect roni c si g n to ad verti se you r b u si ness • $22/PSF
SQUARE FEET The space is located in a 14,000 SF retail plaza at 1120 Main St. (Rt. 38) Tewksbury. The property was built in 2005 and has 370 ft. of frontage on busy Rt. 38. It is nicely landscaped and has an abundance of parking. Very strong demographics and high traffic count make this location very desirable. The anchor tenants are: Enterprise Bank and high volume Crystal Convenient Store. Many national and regional tenants, like Home Depot, Market Basket, Papa Ginos, Staples, TD Bank, Bank of America, Super Wal-Mart center, Dunkin Donuts, etc are located in a very close proximity, along Rt. 38.
BROKERS EARN 150% COMMISSION
SUN PLAZA, 295 D.W. HIGHWAY
RONEX CORP. 781-489-6282 Ext. 11 •Email:
[email protected] CURRENT AVAILABLE PROPERTIES
(781) 334-2476 • email:
[email protected]
Real Estate (since 1950)
WATERTOWN, MA 640 ARSENAL STREET
• atewa Propert to atertown • Hi Traffic ocation • 2 Tenant Retail Space wit Par in • xistin enant • pace ailable 1,200 NNN
HAVERHILL - PROPERTIES FOR LEASE 6.00 PSF NNN 11 Rogers Rd. - 18,700 sf w office, loadin dri e-in doors. 20 clear ei t.
175 Ferry Rd. - 6600 sf - 1 doc , 28 clear ei t - office
Phone:
J.M. Whitney & Co., Inc.
49 S. Hunt Rd., Amesbury, MA 18,400 sf, subdividable to 8,800, office, loadin doc s dri e-in doors. 6.00 NNN
34 Rogers Rd. - 4800 sf. Office, warehouse, 1 doc , 1 dri e in
RENAISSANCE REAL ESTATE CO.
full service, all purpose
MASSACHUSETTS
Contact: Curtis Whitney
J.M. Whitney & Co., Inc.
Phone: 617-924-7500 • email:
[email protected]
183 Ferry Rd. - 6,300 sf - 2 doc s, 24 clear 233 Neck Rd. - 23,186 sf, 2 loadin doc s, 2 dri e-in doors, 14 clear subdividable 34 Shelley Rd. - 10,000 sf - wareo se w office, 1 doc , 1 dri e in, 15 clear 10 Avco Rd. - 1,600 sf office space METHUEN PROPERTIES 126 Merrimack St. - 40,000 sf s bdi idable, power, office. oadin dri e-in doors. 6.50 NNN
Scott Companies 978-374-0034 scott-companies.net
Contact:
SC
Warehouses Warehouses Sites Sites
Major 45 Unit Franchisee Expanding in New England MASS
E ast ern M ass - f rom B ost on N orth and W est to R te. 4 9 5 , f rom B ost on S ou th i ncl u d i ng al l of Cape Cod
NH
E nti re S tate
MAINE
F rom N H
l i ne to M i d - S tate
LAND SIZE: M i ni mu m 3 / 4 acr e b u i l d ab l e BUILDING SIZE: 2 , 6 0 0 s. f . to 3 , 5 0 0 s. f . - 4 0 - 8 0 se ats w i th d ri ve- th ru DEAL TYPE: P u rch ase or G rou nd L ease
Exclusive Franchisee Broker: Mark Shair M&J Associates, Inc. - Tel: 617-630-4988 Email:
[email protected]
FOR SALE Double Space (2-3/8" x 7-5/8") P l ease b i l l me o ( 4 F ri d ays) $ 4 8 0 — o ( 2 F ri d ays) $ 2 8 0 P ay i n ad vance - S A V E
P repay — Ch eck/ Ch arg e o ( 4 F ri d ays ) $ 4 0 0 — o ( 2 F ri d ays) $ 2 4 0
Call Karen Dowell (781) 878-4540 x254 FAX (781) 871-1853 or email:
[email protected] website: www.nerej.com
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New England Real Estate Journal
March 31 - April 6, 2017 5D
Investment Property of the Week METHUEN, MA SOLD SEPARATELY or AS A PACKAGE
5 Pleasant Street • $1,549,900
There is a common kitchen. There are 5 common restrooms as well as 3 private full baths. The building is currently over 85% occupied and grosses over $155,000 in annual income.
The Historic Red Tavern building has 3 stories and over 40 parking spots. 26,419 total square feet. Downtown location, highway access, public transportation, central business district, corner lot.
275 Broadway • $799,900
Historic “John Hancock Masonic Lodge,” located on busy Rt. 28 in Methuen Square, directly across from the Clock Tower. 13,952 total square feet. Downtown location, free standing, highway access, public transportation, central business district, corner lot. is b ildin is 85 occ pied, b t onl 2 tenants. e b ildin offers 3 stories as well as a finis ed basement. ere is also a commercial kitchen and 4 restrooms.
Contact: Robert Palmisano
Properties Unlimited
978-686-0408 • email:
[email protected]
6D March 31 - April 6, 2017
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Personnel Wanted Office Space Retail Space
Condos R&D
Warehouses Sites
REGIONAL PLANNER IV, LEASING PROJECT MANAGER Responsible for the procurement and administration of real property leases on behalf of Commonwealth agencies. The Leasing Project Manager works with assigned user agencies to meet their needs for leased space across the state. The successful Project Manager will have experience in the following areas of commercial real estate: financial analysis of lease transactions, structuring of commercial leases, the planning and build-out of tenant space, property management of commercial space, and lease administration. Project Managers are working in a fast-paced environment in which teamwork is essential. Project Managers receive guidance and support from Senior Project Managers in the Office. Posting #160008W0 Preferred: 5+ years of professional real estate experience.
Web site: www.mass.gov/cam
Apply by creating an account and submitting application at:
https://massanf.taleo.net/careersection/ex/joblist.ftl
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BOSTON, MA – BROKER / SALESPERSON DESCRIPTION: Leading Boston brokerage firm is seeking two experienced brokers to join its retail leasing team. Candidate will have the ability to walk into a built in book of business. RESPONSIBILITIES: • Identify, qualify and secure expanding retail clients through canvassing, cold calling and networking. • Perform strategic planning, market analysis, site identification, site analysis, lease negotiation and transaction management. • Maintain and update prospect/deal activity regularly. • Conduct market research. • Maintain consistent, professional verbal and written client communication. • Oversee the creation and updating of market materials through coordination with internal marketing department. • Participation in various ICSC conferences and regional trade events. • Perform all other duties assigned. QUALIFICATIONS: • 2+ years commercial retail brokerage experience preferred. • Massachusetts Real Estate License required. • Must be self motivated, sales driven, and able to thrive in a dynamic, commission based, entrepreneurial business. • Must be professional with excellent communication, interpersonal and follow–up skills. • Ability to travel and work evenings and weekends as needed. • Demonstrate organizational, analytical and technical skills. • Ability to multitask in a fast paced environment. • Results oriented with the highest level of personal and professional integrity. Please send resumes to: HR DEPARTMENT P.O. Box 990403 • Boston, MA 02199
POSITION AVAILABLE NOW
T
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IT
u o y e? o d los t o a t h W ve ha
BOSTON, MA – PROPERTY MANAGER OVERVIEW: Leading Boston brokerage firm seeking a Property Manager. Responsibilities include management, operations, maintenance, tenant coordination, client and tenant relations, annual budgeting, risk management and financial reporting. RESPONSIBILITIES INCLUDE: • Involved in all aspects of day-to-day operations of properties, including management of accounting, tenant relations, maintenance, repair, security, janitorial services, landscaping, snow removal, etc. • Handling tenant complaints and service requests, and must be familiar with the terms of tenant leases. • Assists in the preparation of the annual budget, reporting and financial performance of the property. DESIRED SKILLS & EXPERIENCE: • 2+ years experience preferred. • Excellent verbal and written communications skills. • Demonstrate leadership and professionalism. • Ability to problem solve and provide actionable and positive feedback. • Ability to work independently and within a team environment. • Flexible and able to work in fast-paced environment. • Equity participation possible for appropriate candidate. Please send resumes to: HR DEPARTMENT P.O. Box 990403 • Boston, MA 02199
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8D March 31 - April 6, 2017
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Property of the Week DRAGON GROUP OFFERS FOR LEASE FORMER LOWELL BANK BUILDING AT 336 CENTRAL ST.
SITE
• • • • • • • • •
5,000 sf first floor that can be sub-divided or expanded and 5,000 sf finished lower level Drive-thru window service capability 45 designated parking spaces and additional 150 spaces available On major gateway road to downtown Lowell Downtown corner location at signalized 4-way intersection Less than 700 yards from $200 million dollar new County Court complex Walking distance from two colleges (30,000 students) Abuts 93,000 sf urban shopping center also owned by Landlord Join Rite-Aid, Auto-Zone, Pizza Hut, Subway, Rent-A-Center and others James C. Dragon, Managing Partner, Central Plaza Realty LLC New England Urban Shopping Center Owner/Developer P.O. Box 8598 • Lowell, Ma 01853 Tel: 978/640-5866 • Fax: 978/640-5899 Jim - Cell: 978/407-5762
[email protected]
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New England Real Estate Journal
March 31 - April 6, 2017 9D
INDUSTRIAL LAND FOR SALE MIDDLEBORO
SALE-LEASE BUILD TO SUIT NORFOLK Rt. 1A at Rt. 115
20 ACRES RT. 28 off 495 ZONED
2.2 ACRES APPROVED for 10,500sf COMMERCIAL INDUSTRIAL
for 170,000 SF WRE REPRESENTS BUYERS AS WELL AS PROPERTY OWNERS!
under agreement
LAKEVILLE 285 ACRES ZONED RESIDENTIAL
STOUGHTON 10 ACRES
STOUGHTON Rt. 27 near 24 3,700sf; 2 Bldgs Office / Retail 3 drive in doors; .16ac
LEASED!!! CANTON
near Rt. 24 ramps, Target, Fridays, LA fitness Zoned Neighborhood Business Town water & sewer Ideal religious, school, etc
under agreement SHARON CENTER—4400sf with full basement—ADA walk to commuter rail, high school, restaurants, FOR SALE
NORWOOD BEER & WINE BUSINESS
Make an offer ... 1634sf 2100sf
FOR SALE 1100 SF Medical / Professional OFFICE In CENTER w PARKING
Success as is or add convenience
FOR LEASE
NEW DEDHAM —OFFICE & RETAIL 1,100 — 3,700sf
-
-
NORWOOD STOUGHTON - Central & 138 1100sf RETAIL for LEASE
2750sf MEDICAL/OFFICE Rt 1 sign, active cnter
H&R Block and Applebee’s
Population | 2010 Census: 10D March 31 - April 6, 2017
46,539 in 1 mile; 246,777 in 3 miles; 623,547 in 5 miles
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Households | 2010 Census:
18,786 in 1 mile; 97,063 in 3 miles; 255,727 in 5 miles
Massachusetts
Average Household Income | 2010 Census:
$73,786 in 1 mile; $76,098 in 3 miles; $86,980 in 5 miles
Traffic:
Established Supporting Advertisers 25,000 cars per day; 12,000 pedestrians per day at the nearby MBTA T-station
Location | Convenience | Value
Contact:
Greg Regazzini, VP, Director of Leasing
[email protected] ph: 781.321.7800, ext. 318 www.combinedproperties.com
219
MIDLAND LOW FEES | GREAT RATES | STREAMLINED PROCESS
Call (888) 825-1785 or visit www.chase.com/MFL
Construction
Corporation
QUALITY
ESTABLISHED 1945 Call for a FREE Estimate is Training 1-888-Sealer-O or 1-800-225-4015 www.newenglandsealcoating.com
General Contracting Services Quality. Performance. Service Pre- Construction Consulting 1700 Dorchester Ave.,Managers Boston, MA 02122 Construction PERFORMANCE 617-446-1700 Design Build
www.midlandconstruction.com
Funding, Incorporated OurDiversified Strength 63 Atlantic Ave., Boston, MA 02110 617-227-0893 www.diversifiedfundinginc.com
SERVICE
Since 1935
&
F
New England Carpenters Labor Management
antini G orG a
Connect with Combined Properties 1700 Dorchester Avenue, Boston, MA 02122 on Facebook and Twitter Telephone 617.446.1700
300 real Commercial St., Suite 25 rm, creating better places www.midlandconstruction.com A full-service estate development to live & work. sm
Your Property Management Solution. 265 Franklin St., Boston, MA 02110 Malden, MA 02148 617-423-7000 617-951-2600 781-321-7800 Combined Properties, Inc. | 300 Commercial St., Suite 25 | Malden, MA 02148 | 781.321.7800 | www.combinedproperties.com www.firstrealtymgt.com www.fantinigorga.com www.combinedproperties.com
R
Remic
750 Dorchester Ave., Boston MA 02125 800-275-6200 www.NECarpenters.org Temple Beth Elohim Wellesley, MA Credit: Bruce Martin Photographer
Griffin Electric provides ongoing training and education for all of our employees. Preparing our team to be leaders in the electrical industry is the commitment we make to ourselves and to our clients. We firmly believe our opportunity to be the best stems from the continuous improvement of our most valuable resource –
Unlocking Value in Commercial Real Estate
our people. This dedication to training is evident in the quality of
Properties
177 Worcester St., Wellesley, MA 02481 781-237-9500 www.remicprop.com
106 River St., West Newton, MA 02465 617-969-2521 www.bostonneca.org
116 Hopping Brook Rd. the work we do. Holliston, MA 01746 508-429-8830 www.waynejgriffinelectric.com
One Burlington Woods Drive Burlington, MA 01803 781-273-5555 www.KeyPointPartners.com
Corporate Headquarters • 116 Hopping Brook Road, Holliston, MA 01746 • (508) 429-8830 Regional Offices • Charlotte, NC • Raleigh, NC • Duluth, GA • Pelham, AL www.waynejgriffinelectric.com
CT Lic ELC.0123697-E1
MA Lic A8999
King Painting Inc. 89 Hayden Rowe St., Hopkinton, MA 01748 888-538-7599 or 508-598-3511 www.solect.com
617-369-6600
281 Winter St., Waltham, MA 02451 781-895-3270 www.vantagebuildersinc.com
RJ O’Connell & Associates, Inc. 800-402-2265 www.stonehambank.com
617-628-8888 www.weatherproofing.net
80 Montvale Ave., Stoneham, MA 02180 781-279-0180 www.rjoconnell.com
85 Flagship Dr., No. Andover, MA 01845 978-683-7434 www.kingpaintinginc.com
COMMERCIAL GROUP 800-833-6104 www.kinlingrovercommercial.com
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March 31 - April 6, 2017 11D
Massachusetts
Established Supporting Advertisers Fafard Real Estate 1250 Hancock St., Quincy MA 02169 617-773-8150 www.wesslingarchitects.com
One Campanelli Dr., Braintree, MA 02184 781-849-1440 www.Campanelli.com
120 Quarry Dr., Milford, MA 01757 508-881-1600 www.fafardrealestate.com
10 Everberg Rd., Woburn, MA 01801 781-932-0707 www.danddnet.com
Superior Service Since 1987
One Cranberry Hill, Lexington, MA 02421 781- 862-6168 www.stubblebinecompany.com
2 Sterling Road, Unit 1
285 Circuit Street
North Billerica, MA 01862
Hanover, MA 02339
978-436-9990
781-982-5684
CALL US TODAY 1-800-SWEEPING or 781-395-1200 OUTSIDE OF NEW ENGLAND www.powersweeping.com
125 Samuel Barnet Boulevard New Bedford, MA 02745 800-544-0961 www.poyantsigns.com
Call today! 508-958-2196 www.kellyspainters.com
Improvement Company 39 Industrial Parkway Woburn, MA 01801
uspavement.com
1-800-PAVEMENT www.tectaamerica.com
www.masshousingrental.com
208 Wareham Road, Marion, MA 02738 508-748-6545 www.southcoastimprovement.com
978-560-0575 www.kspartnersllc.com
Connecticut Arnold Peck s Commercial World 800-301-3077 www.blcompanies.com
265 Church St., New Haven, CT 06510 203-672-3300 www.marcusmillichap.com
680 Boston Post Rd., Milford, CT 06460 203-877-1345, Toll Free: 877-884-1927 www.arnoldpeckscommercialworld.com
Connecticut Chapter 203-234-6371 www.ccimct.com
Opportunities 12D March 31 - April 6, 2017
Keene • $1,200,000 38,332 SF lot. Perfect for single user or as investment. MLS #4048256 George Foskett • 603-283-1944
• $1,200,000 s has been in opertation 71276605 on • 413-774-1220
m • $775,000 zone. 3 phase. Used as ed kilns. MLS #4004864 tt • 603-283-1944
Connecticut
Greenfield • $850,000 Building can be used as a production facility or converted to office building. MLS #71160594 Mark Abramson • 413-774-1220
Lewiston • $950,000 95,000 S.F. Industrial Building offers a variety of floor. MLS #1028566 Team Fletcher • 207-795-9623
Newmarket • $599,900 Remodeled 7 unit mixed use. 10% CAP!! Price just reduced $100K! MLS #4046079 Patti Visconte • 603-601-1119
Manchester • $675,000 Well Maintained 11 unit in a desirable Derryfield Park area. MLS #4070650 Jon Matta • 603-625-2800 x320
ChoziCk realty, inC.
York • $499,900 25 individual rooms, fellowship hall, sound room,
Stratham • $335,000 In Home Business Opportunity! High
114A Washington visiblility on Rte 33. MLS #4077120 7 units - mixed use. MLS #4085286 Ave. kitchen, & 4 bathrooms. MLS #2749335 Christina DeYeso • 603-601-1113 Patti Visconte • 603-601-1119 x230 North Haven, CT 06473 Tamber Lewis • 207-337-3717 100 Wells St., Hartford, CT 06103 203-234-6371 860-247-7400 www.theprotogroup.com www.chozickrealty.com
www.masiello.com
n • $324,900 plan approval for an plex. MLS #4026240 k • 603-601-1109
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Established Supporting Advertisers
Portsmouth • $695,000 Prime corner lot at light with Convenience Store and 3 bedroom apartment. MLS #4089594 Patti Visconte • 603-601-1119
Hampton • $499,900 Investment Opportunity! 11% Cap!
ton • $589,000 00,000!! Prime retail Rt. 1. MLS #4049352 e • 603-601-1119
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Kittery • $250,000 Ideal for someone building a portfolio of small investment properties. MLS #4085156 Peter Gluckler • 207-363-4558 x226
York • $198,500 Commercial property with potential for 3 bdrm residence on site. MLS #1036786 Bill Dignan • 207-363-4558 x222
860-447-9570 www.pequotcommercial.com Keene • $1,500/ mo. Prestigious office space located within walking distance of downtown. MLS #4048386 Bill Hutwelker • 603-283-1956
Hampton • $950/ mo. Office space with easy access to I-95 and Rte 101. MLS #4004545 Tracy Emerick • 603-601-1109
ugh • $8/ sq ft fice building for lease or ugh,NH! MLS #2816653 • 603-924-8373 x217
Peterborough • $7/ sq ft Climate controlled warehouse space for lease, built in 2004. MLS #2797377 Michelle Lange • 603-924-8373 x217
Hampton • $7/ sq ft 10,000 SF Industrial/Warehouse w/loading dock & drive-in. Hampton. MLS #4095663 Patti Visconte • 603-601-1119
1768 Litchfield Turnpike Woodbridge, CT 06525 203-389-5377 www.LMMRE.com
New York Metro 212-904-1994 www.northmarq.com
Windham • $2,558/ mo. The most sought after retail,restaurant or office space to lease In Windham!! MLS #4108170 Rick Hatton • 603-434-2374 x32
800-800-5261 www.transystems.com
$1,850/ mo. etail storefront! May be ing unit. MLS #4035627 603-434-2374 x32
L evey Miller Maretz Commercial Realtors
860-572-1936
[email protected]
877-923-9850 www.CBCWorldwide.com
Keene • $18/ sq ft 1st Floor office or retail. New building. Pick your own finish. 545 SF. MLS #4021696 George Foskett • 603-283-1944
Northern New England Peterborough • $6/ sq ft 6,343+/- total combined warehouse and office SF available for occupancy. MLS #4052300 Michelle Lange • 603-924-8373 x217
SMC
INE OF COMMERCIAL BROKERING SERVICES
• BUYER TENANT REPRESENTATION /VALUE ANALYSIS • BUSINESS SALES/VALUATIONS • HOSPITALITY ATIONS COMMERCIAL DEVELOPMENT • FULL CORPORATE SERVICES
LANDLORD REPRESENTATION
REAL ESTATE CONSULTING SERVICES
One Sundial Ave. Manchester, NH 03103 603-626-1144
4 Park St., Concord, NH 03301 877-500-4994 www.masiello.com
P.O. Box 4430, Manchester, NH 03108 603.623.8811 proconinc.com
25 Orchard View Drive Londonderry NH 03053 603 434-6700 www.themegcompanies.com
KW Commercial, NH Tel: 603-836-2740 www.kwcommercialNH.com
Rhode Island NRT 3275 Post Rd., Warwick, RI 02886 401-738-2000 MoveToWarwickRI.com
Call one of our commercial real estate professionals at 401-333-0010 Ext. 500 www.cbcnrt.com
1170 Pontiac Ave., Cranston, RI 401-781-1700
www.GreaterRI.com
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New England Real Estate Journal
March 31 - April 6, 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
#!! $ % "& ""'%&$ %&&
Auctions • Appraisals Liquidations
45 Exeter Road, P.O. Box 400 #!! $ &$ &' & Epping, NH 03042 " %& $
email us at:
[email protected]
((( % '& #"%#!
COMMERCIAL & RESIDENTIAL R EAL E STATE AUCTIONS
800.521.0111
www.JJManning.com Bringing Buyers and Sellers Together • Foreclosures • Private Owner Sales • Bankruptcies • Condominium Liens • Secured Party & Commissioner’s Sales • Commercial & Residential Sales
“PESCO” has been New England’s preeminent auction and appraisal firm throughout our 50 years in business, since opening in 1963. We are committed to delivering the highest quality real estate and equipment auctions as well as appraisal services to our clients for SUPERIOR results. 144 Centre Street, Holbrook, MA 02343 • Tel: 617-227-6553 Visit our website at www.pesco.com MA Lic 295, N.H 2508, R.I 4035, VT 057-0002204
·RECOGNIZED LEADER ·REGIONAL EXPERTS
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!
WE’RE SERIOUS ABOUT SERVICE! OVER 25 YEARS OF FOCUS & EXPERIENCE CHECK OUT OUR NEW MOBILE-READY WEBSITE!
NE NY Tel: 781-878-4540 PROOF REAL ESTATE JOURNAL ●N H ●R I
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Commercial & Residential Real Estate Auctions
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Over 16,000 Successful Real Estate Auctions Since 1976
207-775-4300 www.tranzon.com
auctionzip.com – ID #5964
Southcoast Auctions & Realty, Inc. - George A. Collias A Reputation for Results – for over 30 years
(508) 679-7919
AD#: NEREJ032617 14D March 31 - April 6, 2017
PREPARED FOR: PESCO
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Auctions
RUN DATE: 3
DEADLINE: Friday
REAL ESTATE
AUCTIONEERS • APPRAISERS
PAUL144 E.Centre SAPERSTEIN CO., INC. Street, Holbrook, MA 02343
AUCTION DOWNTOWN GAS STATION/MINI MART
Tel: 617-227-6553 •www.pesco.com MA Lic 295, N.H 2508, R.I 9246, VT 057-0002204 Mortgagee’s Sale of Real Estate at Public Auction
PEABODY Approved Subdivision 13 Total Lots/Winona Woods 16A WINONA ST., AKA 128 NEWBURY STREET PEABODY, MA TUES, APRIL 11, 2017 AT 10AM 168 South St. (Rt. 13), Milford, NH
3 Pumps with 6 Fueling Positions on .26± acre Corner Lot Curb cuts on Rt. 13 & Clinton St.
Wednesday, April 12 at 11am On-site Property Preview: Auction Day (9am-11am) Info, Broker Registration, Terms & More at:
www.JJManning.com or call (800) 521-0111 NH Co. Lic# 6018 Ref# 17-1724
ATTENTION
New England Real Estate Journal 1/4 page
13 buildable lots approved for single family homes with inlaw apartments. Lots range from 20,000+/-sf to 30,732+/sf. Road is up to subgrade. To be sold in entirety. Terms of sale: A deposit of $50,000 by certified or bank check will be required at the time & place of sale & increased to 10% of the bid price within 10 days of the sale & balance in 30 days. All other terms announced at sale. Neither Auctioneer, Mortgagee nor Attorney make any representations as to the accuracy of the information contained herein. Neil S. Cohen, Esq., Barsh & Cohen, Newton, MA.
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:
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March 31 - April 6, 2017 15D
2 0 1 7 S U MMI T
Northern New England State of Commercial Real Estate
June 29, 2017
Gold Sponsor
Portsmouth Harbor Events & Conference Center 100 Deer St., Portsmouth, NH
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16D March 31 - April 6, 2017
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THE SHOPPES AT SALEM 419 S Broadway (Rt. 28), Salem, NH
NNN Leased Investment Opportunity 57,000 +/- SF Retail Center | 2.88 +/- acres Suggested Indicative Bid: $7,500,000
Bids Due: Thursday, April 27th, 2017
Please visit www.ShoppesAtSalem.com for details. The Shoppes at Salem is a 57,000 +/- square foot retail center sited on 2.88 +/- acres and located on Route 28 just north of the Massachusetts – New Hampshire state line. This high volume retail corridor boasts approximately 40,000 vehicles per day in traffic, and is home to numerous national and regional retailers who benefit from the sales tax free NH location. The two-level center is currently 89% leased to a stable mix of seven retail tenants producing a strong net operating income to the ownership. The property presents an excellent retail 1031 tax deferred exchange investment opportunity. Property is situated at a signalized intersection for which the ownership has a right to use by easement. PROPERTY TOURS: To be conducted only by appointment with the listing broker on April 12th and April 19th. Please do not inquire within at tenant businesses at any time. TERMS: Sale subject to terms and conditions of the Sealed Bid Sale. Bidders are required to sign the confidentiality agreement and fully review the property information package available at www.ShoppesAtSalem.com.
Christopher McInnis, Broker Direct: Email: Office:
603-918-6846
[email protected] 800-450-7784 ext. 7405
Shannon White, Associate Broker Direct: Email: Office:
603-833-5561
[email protected] 800-450-7784 ext. 7406
Bean Group® and the Bean Group Logo are registered service marks owned by The Michael Bean Group LLC, ©Bean Group, All Rights Reserved.
New England Real Estate Journal
nerej.com
March 31-April 6, 2017
Inside Back Cover
LIVE WORK PLAY DEVELOPMENT OPPORTUNITIES COMMERCIAL
COMMERCIAL
BUSINESS PARK
CAS CAD
E RD
RT. 1
RESIDENTIAL
SACO Maine one of the hottest markets in the US for housing, commercial opportunity.
3 PRIME DEVELOPMENT OPPORTUNITIES:
APPROVED: prime retail/commercial/residential approved site on Rte 1 only 14 minutes to Portland and 3 minutes to famous beaches. Sewer and water with roadwork for 300+/- multi family units (15-25 ACRES ) and retail / commercial village. ASKING $7.5 MILLION
SACO ISLAND MAINE STREET WATERFRONT DEVELOPMENT
NEW OFFERING PELHAM, NH
Site Site 220 +/- condos/apts; hotel, marina, docks with potential $5 mil TIF. $5.75 MILLION
Rezoned 28.5 acre parcel, Rte 38 Pelham, NH (major mixed-use opportunity). Residential, retail, commercial, warehouse. Minutes to I-93/I-495. Site plan available. Call today - Only $1,490,000 Arthur R. Bonin
A R Bonin Companies, LLC
www.boninrealestate.com • 603-362-6463 office • 603-401-7994 cell P.O. Box 775 • Hampstead, NH 03841
email:
[email protected]
Back Cover
March 31-April 6, 2017
New England Real Estate Journal
nerej.com
REDEVELOPMENT OPPORTUNITY MONSON DEVELOPMENT CENTER FOR SALE
The sale and redevelopment of a portion of the former Monson Development Center presents an exciting opportunity to create a unique mixed use development to support a mainly rural economy (and expanding light industrial economy) in the village-like historic Town of Monson. The Commonwealth of Massachusetts is seeking responses to the Request for Proposal (RFP) for the purchase and sale of a portion of this state-owned property. Please refer to the RFP for site tour and specific submission requirements. TO OBTAIN THE RFP: www.mass.gov/DCAMM/Monson2017
Monson Development Center: • 256+/- acres for sale-bid on entire site or an Area • Historic property may be eligible for federal and state Historic Tax Credits • Town supports mixed use development • Adjacent to hundreds of acres of protected agricultural and recreation land • Includes undeveloped rail spur
