Asphalt Contractors Paving Seal Coating Crack Sealing Asphalt Repairs Line Striping
Concrete Work Pulverization/Milling Parking Lot Reconstruction Tennis Court Recreation Surfaces
508-898-9293 www.rlgpaving.com | 30 Lyman Street | Westboro, MA 01581
Changes
New Proof
Size: Full From: Run Date: 00/00/19
Proof Approved
Section:
crop 2”
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
USAUSA $4.95$3.95
June 12-18, 2020
October 18-24, 2019
WuXi Biologics to build $60 million biologics production facility
Marcone Capital Projectarranges of the Month $27 million financing of Highwood Office Park CDE PAGES 13-15B
NE COVER A
FD COVER PAGE 9A
Project of the Month NE PAGES 8-9A
Pugliese Contracting completes 25,000 s/f manufacturing facility in Billerica for Markforged
Cornerstone Realty Capital arranges $17 million in financing
Urban Spaces and Diamond Sinacori break ground on $20m downtown Salem condominium complex - BRIX Feature of the Month
CT COVER C
CDE PAGES 10-11B Foncellino Team of Coldwell Banker Commercial brokers $2.2 million sale
RI COVER B
FD PAGE 12A
CDE COVER B
Pipefitters Local 537 honored for fostering diversity and inclusion nerej.com
Sign up for Daily RE Cap! Visit nerej.com/newsletter Volume 58 59 • Issue 42 24
Paving Seal Coating Crack Sealing Asphalt Repairs Line Striping
This Week’s Sections Front Section Construction, Design Financial Digest & Engineering Rhode Island Connecticut Billboard/Auctions Billboard/Auctions
Cuzzocreo of Pearce Real Estate closes $5m sale of three properties Spotlight One-on-One Interviews with Rick Kaplan CDE PAGES 7-18B NEREJOURNAL
Columnist
Carol Todreas
Science of play – meet the new 130,000 s/f Boston Sports Institute Spotlight Coming July 31! Columnist
Noble Allen
Asphalt Contractors • 508-898-9293 • www.rlgpaving.com
Mid-YearExpo Appraisal Review SECTION D Concrete Work Pulverization/Milling Parking Lot Reconstruction Tennis Court Recreation Surfaces
Inside Front Cover
June March12-18, 13-19,2020 2020
New England Real Estate Journal
POWERING
BOSTON
IBEW Local 103 and NECA contractors are proud to provide the safest, best-trained and most efficient electrical professionals to construction projects across Greater Boston. Whether you are renovating an existing commercial space, or building the next residential high-rise, we are ready to get the job done right every time.
Contact us about your next project: ThePowerProfessionals.com 617-436-3710
nerej.com
June 12 - 18, 2020 Volume 59 • Issue 24
Quick Read Horvath & Tremblay complete sale of two retail properties for $3.56 million AT THE REACTORY, A 46-ACRE MASTER-PLANNED BIOMANUFACTURING CAMPUS
WuXi Biologics to build $60m biologics production facility
WuXi Biologics (WuXi Bio), and Worcester Business Development Corp. (WBDC) have signed a land deal for WuXi Biologics’ clinical and commercial manufacturing facility (MFG11) at The Reactory, a 46-acre master-planned biomanufacturing campus. WuXi Biologics, a global company with leading open-access biologics technology platforms, empowers biopharma organizations to discover, develop, and manufacture biologics from concept to commercial manufacturing. The $60 million, 107,000 s/f, two-story facility will be operational in 2022 and create 150 new jobs. The concept for The Reactory began in early 2016, when the Baker-Polito administration announced the formation of a taskforce to pursue the establishment of a biomanufacturing campus on the former Worcester State Hospital property. Governor Baker signed legislation a year later authorizing a land transfer to the WBDC for the creation of a biomanufacturing park providing up to 470,000 s/f of development pads under the administration’s “Open for WORCESTER, MA
SEE PAGE 6A
Marcone Capital arranges $27m financing of Highwood Office Park
SEE COVER FD/PAGE 9A
Foncellino Team of Coldwell Banker Commercial brokers $2.2m sale
Business” Initiative. “As the central Massachusetts biotech community continues its growth, WuXi Biologics’arrival in Worcester will strengthen the sector and lead to ongoing economic development,” said lieutenant governor Karyn Polito. “Years of planning and collaboration to transform an unused property into a biomanufacturing hub has led to this exciting announcement today and I appreciate the commitment of so many to making this a reality.” Massachusetts recently surpassed California as the #1 biotech cluster in the world, due to the best universities, hospitals and research and development companies, as well as the brightest minds in the industry. The corridor between Cambridge and Worcester boasts more than 700 biotech companies, 70,000 biotech employees and 30 million s/f of lab space. Recognizing the urgent need for personal protective equipment (PPE), WuXi Biologics recently sourced and donated masks to local healthcare providers to support frontline medical personnel fighting the coronavirus. For full story visit nerej.com
Spring Air leases 4,550 s/f at Cummings’ TradeCenter 128 WOBURN, MA Spring Air is relocating
SEE COVER RI/SEC. B
2 Section 52 Pages Editorial Page........................... 4A C. Todreas................................. 4A Referral Network.................... 7A Finance................................ 9-24A Appraisal & Consult.......13-20A Billboard............................25-28A SIOR News.............................29A Rhode Island.................... SEC. B nerej.com
its corporate headquarters from Everett St. in Chelsea to a 4,550 s/f space at TradeCenter 128. The international mattress company is expected to occupy its new offices at the Cummings Properties managed campus in July. Founded in 1926, Spring Air develops and provides mattress and sleep set solutions. The firm has 10 domestic factories and 35 international licensees that operate throughout the United States and in 43 countries across the globe. Senior leasing director Rob Yacobian of Cummings Properties worked directly with Spring Air on the lease, which includes executive offices and a showroom. “SpringAir was looking to scale up at a prominent, convenient location along the 128 corridor,” said Yacobian. “TradeCenter 128 offers the firm an easily accessible, visually striking headquarters at the exceptional value found at campuses outside Boston
NECA Boston Chapter announces retirement of Kingsbury; Gowin appointed executive manager The National Electrical Contractors Association (NECA) Boston Chapter said that WEST NEWTON, MA
Glenn Kingsbury proper.” The landmark TradeCenter 128 campus directly fronts I-95 and is one mile from the I-93 interchange. It offers first-class fully built-out space for a wide range of commercial uses, including corporate offices, laboratories, healthcare facilities, retail storefronts, and executive suites. The campus features numerous amenities, including Dunkin’ Donuts, Strega Prime Italian Steakhouse, Big Sky Bread Café, a day care center, dry cleaner, and multiple banks and fitness services.
Kristen Gowin
executive manager, Glenn Kingsbury has retired from his current position effective May 31st, a position he held since 1997. He will continue to serve the NECA as an advisor. Kristen Gowin, the chapter’s current assistant manager, will succeed Kingsbury as executive manager, effective June 1st. Prior to becoming NECA Boston executive manager, Kingsbury had served as the chapter’s assistant manager since 1980. Throughout his four decade career, he has been a leading voice for the union electrical industry in Greater Boston and Eastern New
England. He served as a trustee of the IBEW Local 103 Health and Pension Benefit Fund for 15 years and as chairman of the New England Electrical Workers Health Benefit Fund for more than 10 years. As NECA executive manager, Kingsbury negotiated well over 100 collective bargaining agreements with IBEW Locals in Massachusetts, Maine and New Hampshire without a single work stoppage. His career was highlighted by many industry achievements and honors. In 2016, Kingsbury was inducted into NECA’s Academy of Electrical Contracting. The Academy honors outstanding leaders in electrical construction and utilizes their expertise to help plan and direct the future of the industry. In 2016, he was also the recipient of The Labor Guild’s Cushing-Gavin Award for Management. In 2014, he was elected chairman of the NECA Association Executive Institute and received the NECA Distinguished ServiceAward for Executives in 2008.
Inside Cover A June 12 - 18, 2020
New England Real Estate Journal
nerej.com
172 Williams Street CP Chelsea, Massachusetts
5 Minutes to Boston Logan Int’l. Airport 1
Tobin Bridge
172 Williams St.
Chelsea
21,035 SF, Outstanding Industrial Space Includes 500 SF of Office
Warehouse
Description:
Corporate Neighbors:
This first-class industrial space is ideal for warehouse, assembly, or wholesale use. The premises has four loading docks and a clear height of 20 feet. Space also includes two private offices and free off-street parking.
MGH Chelsea | New England Produce Center | FBI | Steele Canvas Basket | Yell-O-Glow | The Restaurant Depot | JB Sash & Door | Kayem Foods | Cooper Interconnect | CAPIC | U.S. Foodservice | MGH | Corman Bag Co. | Hub Food Co. | Mystic Brewery | State Garden | Hardware Products | Market Basket
Location: This exceptionally located industrial property offers unparalleled, direct ramp access to Route 1/Mystic Tobin Bridge. Its close proximity to downtown Boston, Cambridge, and Logan International Airport, which are only five minutes away, makes the space ideal for any logistics-oriented industrial user. MBTA bus service is available across the street. Space is easily accessible from Route 93 and Route 90 (Mass Turnpike).
Contact: Greg Regazzini, SVP, Director of Leasing
[email protected] ph: 781.321.7800, ext. 318 www.combinedproperties.com
Creating Better Places to Live, Work and Play. Please visit www.ChelseaWorks.com for more information.
Combined Properties, Inc. | 295 Canal St., Suite 500 | Malden, MA 02148 | 781.321.7800 | www.combinedproperties.com
New England Real Estate Journal
nerej.com
June 12 - 18, 2020
HORVATH TREMBLAY
&
SINGLE TENANT NET LEASE | MULTI-TENANT RETAIL | 1031 EXCHANGE
RESULTS MATTER
1,000+
TRANSACTIONS IN 42 STATES
$5 BILLION+
IN RECENT TRANSACTIONS
TOP RANKED INDUSTRY LEADING FIRM
WWW.HORVATHTREMBLAY.COM
1A
New England Real Estate Journal
2A June 12 - 18, 2020
nerej.com
KinlinGroverCommercial.com
Harwich Port
$2,999,000
Eastham
$1,800,000
Falmouth
$1,300,000
Plymouth
$1,199,000
Hyannis
$1,195,000
Brewster
$949,000
135 seat restaurant w/2 bars, 5 B&B rms/3 apts on 6.5 acres. Owners may help finance. 508.240.0334 Nat Santoro
Or Lease $11.80 - $22.08. Partial 2nd flr Vacancy Long Term Leases in place for 1st flr tenants. 508.776.2635 Ben Edgar Barry O’Neil 774.392.0049
Orleans
$799,000
Mixed Use: Industrial Zone/1st flr w/lge & sm classrooms, & two 1 br apts. upstairs. 508.240.0334 Nat Santoro
Falmouth
$25/sf NNN
Retail Space 3769 SF 25/SF NNN, highly visible, across from CVS/Stop & Shop Fox Team 617.529.8616
Restaurant Bus, RE: 270 seats, 1st time offered in 50 yrs, upside potential. Creative financing. Nat Santoro 508.240.0334
Development Opp or Improve existing use/ Economic Opp Zone/Flex financing. Nat Santoro 508.240.0334
Brewster
$279,000
Professional office condo 1847 sq ft w/8 rooms, waiting area, resource, 2 ba. Nat Santoro 508.240.0334
Hyannis
$18 sf
1450 sf office space, 5 offices $18 sf net. Landlord pays CAM +utilities/heat. John Callahan 508.737.1322
Two contiguous lots improved by 672 sq ft and 5,794 sq ft office buildings. John Callahan 508.737.1322
Five homes w/9 br on one acre: great rental opportunities or family compound. Nat Santoro 508.240.0334
South Dennis
$1,299,000
12 rm Inn/50 person event space/pool/gardens/ good income/great upside, 508.240.0334 Nat Santoro
Yarmouth Port
$895,000
Restsaurant 80 seats, beer/wine, 5-6 br for owners. Creative financing offered. 508.240.0334 Nat Santoro
$39,900
Mashpee
$465/mo NNN
$15/sf NNN
Falmouth
$14/sf/yr/ NNN
For Sale: 600 sq ft 2nd flr office/professional space in well-known place. Call for details. Nat Santoro 508.240.0334
Falmouth
Harwich Port
Large office/retail space w/high ceilings. Private offices & conference room. Available 2-1-20. Fox Team 617.529.8616
700 sq ft office condo in Shellback Place on Barnstable/Mashpee town line. 508.737.1322 John Callahan
Unit A -5 offices, conference room & storage. Unit B -1 office, studio & storage. Fox Team 617.529.8616
A Consultative Approach to Commercial Real Estate and Businesses
New England Real Estate Journal
nerej.com
June 12 - 18, 2020
TRUSTED CONSTRUCTION PROFESSIONALS SINCE 1985 INSTITUTIONAL
COMMERCIAL
HOSPITALITY / MULTIFAMILY
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HEALTHCAREINSTITUTIONAL
215 LEXINGTON STREET, WOBURN, MA 01801 P: 781.935.0130 F: 781.935.0048 www.seaverconstruction.com
Tel: 781-878-4540
3A
4A June 12 - 18, 2020
New England Real Estate Journal
nerej.com
Carol Todreas Retail
Now, where are we?
NewEnglandSealcoating
Patching Crack Sealing Sealcoating Line Painting Concrete Repairs Tennis & Basketball Courts
The horrible vandalism and looting of retailers might have placed the last nail in the coffin for independent brick and mortar stores and their contribution to our communities. Already hurting from lock-downs, now they have to repair damaged storefronts, swallow the loss of goods and closures while waiting for insurance claims, new bank loans and dwindling supply chains. Many have had to close until further notice, some may never re-open. After the looting night, even Target closed 175 stores in an effort to control inventory and property damage. From the customers side, the concern over safety from COVID has and will remain uppermost when considering going to a store. Now the additional worry over general well-being will certainly linger especially as they see armored police vehicles, military police and boarded storefronts in the shopping streets and stores they once frequented. Add to this the endless protocols and restrictions from masks to distancing, sanitizing, temperature-taking, standing in line to enter, the act of shopping cannot get much more unappealing. Plus loss of jobs, uncertainty about the future, disruption from working at home has lead many consumers to rethink their material world. Put simply: They do not need as much. But this is today. Interestingly as said many times before, there has always been some sort of physical retail, and like before there will be more again. Although far from being at prepandemic volumes, certain retailers are holding on: Dollar stores, liquor stores, sporting goods, fitness and exercise equipment, furniture stores, grocery stores. Big box retailers are also maintaining market value, such as Home Depot, Costco and Target. Clearly these retailers are well-capitalized, have well-positioned real estate, and substantial resources. Where there are severe problems are with the local independent retailers, restaurants, and bars. They face extinction at least in the short term. The sad truth is that it is these retailers CONTINUED ON PAGE 6A
David Sullivan, x210 Chief Financial Officer
[email protected]
David Denelle, x283 General Manager
[email protected]
John Picard, x250 President
[email protected]
Patty Colman, x251 Karen Dowell, x254 Publishing Director Senior Vice President
[email protected] [email protected]
Karen Rollins, x215 Circulation Manager
[email protected]
Roland Hopkins Founder Phone: 781-878-4540 | Toll Free: (Outside Mass.) 1-800-654-4993
Section Publishers Billboard, Auctions, & Classified................ Karen Dowell, x254,
[email protected] Connecticut ..................................................Rocco Laugelle x241,
[email protected] Construction, Design & Engineering..............John Picard, x250,
[email protected] Financial Digest..........................................................Jeff Keller, x244,
[email protected] Massachusetts ...................... Patty Stone-Colman, x251,
[email protected] Northern New England ........ Patty Stone-Colman, x251,
[email protected] Owners, Developers & Managers..................John Picard, x250,
[email protected] Rhode Island .................................................... Karen Dowell, x254,
[email protected] Retail.................................................................Mike Campisi x284,
[email protected] Spotlights ................................. Patty Stone-Colman, x251,
[email protected]
Section Schedules Week 1
Northern New England Owners, Developers & Managers
1-800-225-4015 www.newenglandsealcoating.com
Week 3
Construction, Design & Engineering Connecticut
Week 4 Retail Spotlight
Production Staff Jill Graham, Editor,
[email protected]; Jeanne Hardman, Art Director,
[email protected]; Cindy Swider, Artist,
[email protected]; Kathi Ferry, Art Specialist,
[email protected]; Tuyen Pham, Billing,
[email protected]; Elaine Comras, Collections,
[email protected]
Tech Department Jill Graham,
[email protected], David Denelle,
[email protected]
NEREJ Events Rick Kaplan,
[email protected], John Picard,
[email protected]
New England Real Estate Journal
Published weekly for $139 per year by East Coast Publications 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Printed by: Graphic Developments, Inc. 80 Mayflower Dr., Hanover, MA 02339 | www.graphicdevelopments.com Periodicals postage paid at Norwell, MA and additional mailing offices. $4.95 Single Copy, $9.95 Special Issue. Subscriptions are non-refundable Publication #ISSN 0028-4890 | USPS #378-860 | Vol. 59, No. 24 Mailing Address: P.O. Box 55, Accord, MA 02018 Express & Overnight Mail: 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: 1-800-654-4993 | Fax: 781-871-1853 | www.nerej.com POSTMASTER: Send address changes to New England Real Estate Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Drive, Unit 207, Norwell, MA 02061 REPORT AN ERROR IMMEDIATELY New England Real Estate Journal will not be responsible for more than one incorrect insertion. Disclaimer: The views expressed by contributing writers are not necessarily representative of the New England Real Estate Journal.
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Owners, Developers & Managers New England Real Estate Journal
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September June 126 - 12, 18, 2019 2020 19B 5A
Asphalt Contractors Paving Seal Coating Crack Sealing Asphalt Repairs Line Striping
Concrete Work Pulverization/Milling Parking Lot Reconstruction Tennis Court Recreation Surfaces
508-898-9293 www.rlgpaving.com | 30 Lyman Street | Westboro, MA 01581
New England Real Estate Journal
6A June 12 - 18, 2020
COMMERCIAL SPACE OFFERED AT $1,525,000 39 PLEASANT STREET, UNITS 3 A-D STONEHAM, MA 39pleasant.com
nerej.com
INCLUDING THE $1.64 MILLION SALE OF SANTANDER BANK
Horvath & Tremblay complete sale of two retail properties for $3.56m Horvath & Tremblay has completed the sale of two retail properties for a total of $3.565 milHAVERHILL, MA
• 8,883 square feet on the third floor of a renovated, historic box factory building • Prime Stoneham location: Close to Routes 93/95, bus lines, commuter rail, and just outside the town center. Contact Information: Exclusively marketed by Anderson Treacy Real Estate Tom Anderson 781-589-7314
9 UNIT NE OFFERING NY Tel: 781-878-4540 REAL JOURNAL BRAND NEWESTATE CONDO New Proof Proof Approved Changes QUALITY RESIDENTIAL BUILDING Size: 2x4 Section: NE ROP LOCATED IN ROSLINDALE VILLAGE From: JP crop 2”
PROOF
Run Date: 05/29/20
$5,975,000
Matt Nadler
Bob Horvath
lion. Matt Nadler, Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of Santander Bank Todd Tremblay in Haverhill. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1.64 million. The Santander Bank building is located along Main St. The stand-alone stone building is located on a visible parcel in the mixed-use residential and commercial center of downtown. The property features two points of access and has a double drive-thru lane and ample parking. Santander Bank signed a new absolute triple net lease that extends through June 2025 with five, five-year renewal options, each of which includes 10% rent escalations. The town is an affluent town in the Merrimack Valley along the I-495 corridor, 35-miles north of Boston. In addition, Jeremy Black and
Now, where are we? by Carol Todreas CONTINUED FROM PAGE 4A
Jeremy Black
Aaron Huntley
Aaron Huntley of Horvath & Tremblay have completed the sale of WellNow Urgent Care in Amherst, N.Y. Horvath &Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1.925 million.
that most all agree are what makes a city, a neighborhood, a shopping center a place we want to go to and be in. Now unless banks, landlords, investors and governments at all levels come to their rescue, shopping and eating will only be provided by large corporations. And that will kill much of the excitement that made communities distinctive, interesting and worth visiting. Market places have endured in one form or another since the Agora in Ancient Greece and probably before then. They serve us as centers of civilization, innovation and entertainment making cities and towns exciting places to live and visit. Investors and developers know this well; they are searching for troubled retail real estate to begin again. That is the good news.
Carol Todreas is a principal at Todreas Hanley Associates, Cambridge, Mass.
24,000 SF. BUILDING
$70.60 / SF.
MOULTONBOROUGH, NH | LAKE WINNIPESAUKEE AREA • 24,000 sf. industrial/distribution/
• 5,400 sf. loading dock
OFFERED AT $1,695,000
• Major state highway location
door
Contact Kim Cedarstrom of Roche Realty Group for more information:
office building
• Low-tax town ($7.15/thousand)
• (3) dock-level doors & (1) drive-in • 3.3 ac. & 600’ of road frontage
• 8,500 sf. retail/office space climate • 85 paved parking spaces control HVAC
• 3-Phase, 800 amp electric
• Drive-thru Porte Cochere entry
• Adjacent to Lake Winnipesaukee,
• 4,000 PSI floor
Keller Williams Realty New England 617-751-4111
[email protected] www.isellmass.com
NE NY Tel: 781-878-4540
• 14,000 sf. warehouse/light industrial
• Municipal sewer & water
town beach, docks and boat launch
• Zoning: retail, light-industrial, boat
Kim Cedarstrom Cell: 603-520-6609
[email protected]
WWW.ROCHEREALTY.COM ROCHE REALTY GROUP, INC. 97 D.W. HWY. MEREDITH, NH 03253 OFFICE: 603-279-7046
• 25’ Hi-Bay racks/ 5-racks in place
storage,“grandfathered uses” & others
New England Real Estate Journal
nerej.com
June 12 - 18, 2020
7A
Referral Network This Week’s Real Estate Specialist - West Hartford, Conn. www.brodercommercial.com 43 North Main Street West Hartford, CT 06107 860-249-1540
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.
COLUMBIA HALL MIXED-USE LOCATED AT 562 COLUMBIA RD.
Cape Cod Mass.
Kirkland and McGeary of NPCG broker $4.8 million building sale
REAL ESTATE MANAGEMENT
Investment sales broker Northeast Private Client Group (NPCG) has completed the sale of Columbia Hall Mixed-Use located at 562 Columbia Rd. Drew Kirkland, senior associate for the firm, along with investment associate Tim McGeary, represented the seller and procured the buyer in the $4.8 million sale. Columbia Hall Mixed-Use is a 20,000 s/f property comprised of an existing building with three retail tenants, vacant commercial space and15 single room occupants with an affordable housing component, together with three additional parcels of land directly behind the existing building. The new owner is presented with a unique redevelopment opportunity in the rapidly appreciating submarket. A private seller sold the property to a Boston-based developer for a price that equates to $241.11 per s/f. Columbia Hall Mixed-Use is a legacy owned property and has been the subject of great interest over the years. Prior to NPCG’s involvement, the seller had received multiple unsolicited offers at pricing which fell short of the current market. NPCG was engaged as the exclusive seller representative to execute a competitive process around an asking price that reflected the value-add nature of the opportunity. “This transaction required a specifically qualified buyer, not only with affordable housing experience, but also willing to work collaboratively with the community to develop a mutually beneficial plan for both the developer and the neighborhood,” said Kirkland. DORCHESTER, MA
West Hartford, Conn. www.brodercommercial.com
Post Office Square, 20F Camp Opechee Rd. Centerville, MA 02632 508-775-0079
[email protected]
The Kane Company 603-430-4000 netkane.com
Western Mass.
Southern New Hampshire
Macmillan Group, LLC 1500 Main Street, Suite 252 Springfield, MA 01115
BOSTON, MA According
to Local Initiatives Support Corp. (LISC) Boston, 79 small businesses across the Commonwealth are receiving grants of up to $10,000 through the LISC Small Business Recovery Grant Program for Massachusetts. The program, launched with $400,000 in funding from Citizens Bank, provides grants to hard-hit small businesses to weather the immediate financial impact of the closures and social distancing measures required to slow the spread of the coronavirus. “LISC prioritized the most at-risk businesses in our response,” said Karen Kelleher, executive director of LISC Boston. “Minority and women-owned businesses and rural businesses struggled to access resources even before the crisis. We are providing critical support to help fill that gap.” Grants were awarded to small
Milford, Conn.
Arnold Peck’s
businesses in almost every county in Massachusetts and will be mostly used to help cover payables and operating costs including rent, inventory, personal protective equipment (PPE), payroll expenses and benefits to support and retain employees. The program, which offered flexible grants of up to $10,000, was open to businesses with annual revenues of up to $1.5 million, but the vast majority of the over 3,700 applications came from businesses with revenues under $300,000 and with three or fewer employees. The applicants drew from a variety of industries, with heavy representation from the food, personal services, retail, professional services, and childcare sectors. Citizens Bank’s $400,000 commitment is part of its $5 million commitment to fund communities and small business recovery across the bank’s service area.
Northern Rhode Island
[email protected]
413-240-2358
Burlington, Mass.
Central New Hampshire Brenda Litchfield, CCIM
Concord Commercial, LLC 2½ Beacon Street, Suite 159 Concord, NH 03301
43 North Main Street West Hartford, CT 06107 860-249-1540
680 Boston Post Rd., Milford, CT 06460 203-877-1345 / Fax: 203-877-6090
[email protected]
SALES • APPRAISALS DEVELOPMENT -401-724-7980
[email protected] 869 Smithfield Ave., Lincoln, RI 02865
Space Available
South Windsor, Conn.
Providence, R.I.
603-225-3200
55 Cambridge St., Burlington, MA 01803 781-272-2899 www.rjkellycompany.com
[email protected]
Andover, Mass.
Hanover/Lebanon, N.H. Cam Brown, Managing Broker
Ron Fredette, CCIM, CIPS 138 River Rd., Andover, MA Office: 978-475-2111 Cell: 603-540-4489 Email:
[email protected]
93 So. Main St., West Lebanon, NH 03784
Connecticut River Valley
Bedford, N.H.
Office: (603) 298-8904 Cell (603) 252-8902
Also Serving NH & VT
800-542-5188
www.townandcountryrealty.com
[email protected]
Londonderry, N.H.
Fo
116 South River Road Same photo as New Photo Bedford NH • 603-668-7000January 28 Deer Street Suite 301 Coldstream Office Park 175 Lincoln Street • Manchester, NH Portsmouth, NH • 603-431-3001 Newly redeveloped 2,550+/- SF office/industrial 116 South River Road • Bedford, NH unit New windows, natural timber columns Several Class A office units avail for immed occup. throughout, sandblasted walls, wood ceiling and Units vary from 911+/- SF to 2,181+/- SF, & a www.nainorwoodgroup.com is handicapped accessible One loading dock. 3,899+/- SF stand-alone building . Units can acLease Rate: $7.50 psf, nnn. Norwood for details.
Call Chris
commodate a variety of users. Lease rates vary. Some units broker owned. For more info, call Louise or Chris Norwood.
Vermont
Ridgewood Road & Palomino Lane Bedford, NH
TINKHAM REALTY
Residential, Commercial and Industrial Route 102, Londonderry, NH 603-432-7769 / Fax: 603-434-1545 www.tinkhamrealty.com email:
[email protected]
Warwick, R.I.
New construction of a 20,200+/- SF state-ofthe-art, Class A medical/professional building slated for completion in 2006. Approx. 84 parking spaces. Lease rate: $18.00 psf, NNN. Build-out allowance TBD. For more info, please call Joe Russo or Perry Snow.
225 Lowell Road • Hudson, NH
Several retail & office units from 950-1,700+/SF available on busy Route 3-A across from the
new Stop & Shop. Leader Very visible with high traffic Vermont’s Commercial Real Estate counts. Lease rates $8.50 to $10.75 psf, nnn. Call Joe Russo for more information and to Since 1987 schedule an appointment.
Sales & Leasing Same photo as Buyer/Tenant Representation New Photo January Site Selection
29 Church St.,Burlington, VT 05401 Indian Head Plaza 30 Temple St. • Nashua, NH 802-878-9000, www.jldavisrealty.com Class A Office - 1,600 to 18,724 SF is available
873 Page Street • Manchester, NH
Two wrhse/lt manuf spaces avail in 3-story brick mill bldg. Lower Level: 4,000+/- SF w/7-8 ft ceilings, drive-in access & cement floor. Lease Rate: $1.80 psf, mod. gross. Third Floor: 4,000+/- SF w/7-9 ft ceilings, frt elevator to shared dock, 2-room fin’d office area. Lease rate: $2.10 psf, mod. gross. For more info, call Perry Snow or Judy Niles-Simmons.
15 Con
Several C 1,771+/- S able in on with conv Lease rate $1.50 psf tact Perry
Same photo as January
Same photo as January
BERETTA REALTY CO. Since 1965
veranicommercial.com Res/Comm’l/Ind Consultants One Verani Way, Londonderry, NH 03053 603-845-2500
562 Columbia Road - Dorchester, MA
Local Initiatives Support Corp. Boston present grants to 79 small businesses across the Commonwealth
Portsmouth, N.H.
for lease in downtown Nashua. On-site parking, convenient access to Route 3, state of the art telecommunications. Competitive rates. Call Joe Russo or Perry Snow for more info.
Nashua, N.H.
227
1,300+/-SF include res and more. Easy acces Sagamore month. C
M 30
Well-estab 2,880 to 5 date a vari & high tra information Russo.
LAND FOR SALE Epping, NH: Parcel 1: 2 lots totaling 9.84+/- acres w/400+/- ft frontage on Rte 125. Sale price $1,000,000. Parcel 2: 20.74+/- acres w/50 ft right of way on Old Hedding Road. Sale price $1,000,000. Call Joe Mendola or Chris Norwood for more information.
To list your company Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
call Karen Dowell 781-878-4540 x254
[email protected] nerej.com
Loudon, NH: Multiple site locations. 400+/- ft frontage on Route 106 just north of I-393. Land Lease $2,100/month, per acre, per site. Call Chris Norwood or Joe Mendola for details.
Mark F. Butler, Specialist
Residential & Commercial • Sales & Leasing
800-292-1102
950 Sullivan Ave., #19 South Windsor, CT 06074
[email protected]
146 Westminster Street, 2nd Floor Providence, RI 02903 401-273-1980/Fax 421-4207 www.hayessherry.com
Merrimack: 1/2 acre industrial parcel. Sale price $99,000. Call Perry Snow for more information.
www.ButlerRealty.us or email Jeff Butler at
[email protected] Trusted Real Estate Service Since 1977 401-886-7800
116 So Bedfo Tel. (6 Fax (6 www.theno Email: info@t
PROLMAN REALTY 100 Elm St. Raymond, NH: 5.05+/- acres w/687+/- SF frontage on Route 27. Sale Nashua, Price: $495,000. For details, call Joe Mendola or Joe Russo. NH The information provided herein, while not guaranteed, is secured from sources we believe to 603-880-6655 All data is subject to change of price, error, omissions, other conditions or withdrawal with
New Hampton, NH: 2 parcels just off I-93 at Exit 23. Lot 22: 5.095+/- acres with 520+/- feet of frontage on Route 132. Sale Price: $150,000. Lot 23: 8.9+/- acre parcel. Sale price: $265,000. Contact our office for more details.
[email protected]
New England Real Estate Journal
8A June 12 - 18, 2020
nerej.com
INCLUDING TO CT CHILDREN’S AND THE HOSPITAL OF CENTRAL CT
C.E. Floyd Company gives back to community with donations MIDDLETOWN, CT With two of its niche
Glenn Hardman, President
[email protected]
One Chalet Drive P.O. Box 598 Wilton, NH 03086
603 654 2666 603 654 2664 fax 603 540 9837 mobile
www.hospitalitysolutionsllc.com a Roedel Companies Company
markets hit the hardest by COVID-19, C.E. Floyd Company, a general contractor and construction manager, knew it wanted to help. When one of the company’s senior living clients put out a call for snack donations, C.E. Floyd jumped at the opportunity. The company then reached out to other senior living clients and offered to donate snacks to their staff too. The donations help show appreciation for, and spread joy to the clients’ hardworking staff. C.E. Floyd has also supported Connecticut Children’s and The Hospital of Central Connecticut by donating over 200 boxes of fresh produce to each organization via the Produce Alliance Foundations’ Produce Box Project: Nourish Our Frontlines. Alyssa Horrall, director of corpo-
rate relations at Connecticut Children’s expressed their appreciation, “On behalf of Connecticut Children’s, we are truly grateful to C.E. Floyd
Prime Brookline/newton, massachusetts For sale/lease CALL FOR OFFERS:
Newton - Prime high-visibility office building, ALL TENANTS PAYING RENT. Medical/Dental/Professional offices plus on-site two-level garage. Strong rental history and moments from the Brookline line, Newton Centre and Route 128. Beautiful lobby, elevator, and rooftop cell towers providing additional income. $6 millions. Visit www.view345.com
Newton - Prime retail right on Route 9 with two free-standing buildings. Three retail spaces, two with long-standing strong tenants, and one available for owner-user (built-out restaurant space) or value-add rental. Incredible 14,000+ sf lot with frontage on two streets provides strong long-term development potential. Reduced for immediate sale $2,950,000
SPACES FOR LEASE:
Brookline - Prime retail/office - high visibility Brookline Village location steps to MBTA Green Line, municipal parking, schools and minutes to the Medical Area. Prime first floor locations (one most recently used as a liquor/wine store and other built out as fitness). 1900-2100 sf plus basement storage. Awesome windows and signage. $30s per sf.
Brookline - Prime Dental/Medical/ Professional Office space in ideal location right ON THE MBTA GREEN LINE with great street parking, first floor (with visibility) and third floor (1980-2580 sf), elevator building, currently built out and plumbed for dental but could be other office uses as well. $30s per sf.
Newton - Rarely available HEART OF NEWTON CENTRE building, three rental spaces include desirable restaurant space, luxury renovated spa/ salon, and professional office space. Over 5,000 sf, steps to MBTA Green Line and municipal parking. A once in a generation opportunity to own in this location with strong rental history. Low $3 millions.
Framingham - Incredible 20,000+ sf building in the heart of downtown, steps to the Commuter Rail and in an Opportunity Zone. Includes 10,000 +/- sf drive-in warehouse space with approx 20 foot ceilings, 10,000+/- sf of office space plus potential retail and parking lot in back. Priced to sell at $1,800,000. Incredible for investor, developer or owner-user with easy access to major routes and transportation.
Waltham - Gorgeous ultra-renovated first floor office space just off Route 128. Beautiful one-story building with high end finishes, open layout plus lots of private windowed offices, kitchen, en-suite baths, and more. 800-5,000+ sf available $30s per sf.
Chestnut Hill - near Newton/Brookline line. Luxury office space in prime updated elevator building. Four private offices plus waiting room, great windows throughout and parking. Single offices from $950. Four room suite $4,200/month.
Contact: Todd Glaskin Cell: (617) 843-5685 Office: (617) 969-2447 www.ToddGlaskin.com
Contact: Gregg Leppo (781) 710-0592
[email protected]
“Information about the property described above was provided solely by seller(s) without verification by the broker(s) therefore broker(s) is/are not responsible for the accuracy of the information contained herein. Buyer should take any and all steps necessary to verify said information. Offering is subject to prior sale, price change or withdrawal without notice. ©2016 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Employer. Equal Housing Opportunity. Owned and operated by NRT, LLC.”
Company for donating produce boxes to our team members! Your kindness provided encouragement, boosted morale, and allowed team members to bring home fresh healthy food for themselves and their families.” In addition to giving back to its clients C.E. Floyd also recognized the importance of supporting the local communities in Massachusetts and Connecticut with monetary donations to the Greater Boston Food Bank, Connecticut Food Bank and other healthcare clients. These measures reaffirm the company’s commitment to its corporate vision of “Building Visions and People” by ensuring its clients that C.E. Floyd remains dedicated to partnership, even in times of uncertainty.
Boston real estate experts form group for the post-COVID-19 world A group of real estate professionals have formed a multidisciplinary industry team to conduct a knowledge share of current best practices and due diligence around workplace design and construction requirements adapting to changes in codes and regulatory amendments in the post-COVID-19 world. Named the Boston Real Estate COVID Consortium, the group includes experts from the project management, construction, commercial real estate brokerage, commissioning, code review, design, environmental engineering, technology, and furniture sectors. “We believe innovative project strategies and checklists around these disciplines will assist our active clients and other real estate leaders in assessing new in-office and remote work requirements as they bring their employees back to work and going forward,” the group said. “The ultimate goal is to develop a ‘toolkit’ of best practice resources that could be rolled out as part of ongoing and new project work. Boston’s Real Estate and A/E/C COVID Consortium is committed to providing relevant, reliable and user-friendly insights on a weekly basis.” For full story visit nerej.com BOSTON, MA
Financial Digest
June 12 - 18, 2020
Quick Read Cornerstone Realty Capital arranges $17 million in financing
SEE PAGE 12A
Technology in the time of COVID-19 - by Bill Pastuszek
SEE PAGE 13A
Fantini & Gorga arranges $22.5m for Residences at Joan’s Farm
SEE PAGE 22A
Appraisal & Consult.......13-20A Appraisal Institute..........16-17A Counselors of R.E............18-19A REFA News.............................23A
New England Real Estate Journal nerej.com
THE 278,859 S/F, THREE BUILDING PROPERTY IS MANAGED BY KS PARTNERS, LLC
Marcone Capital arranges $27m financing of Highwood Office Park Mike Marcone of Marcone Capital, Inc. has arranged the financing of Highwood Office Park, a property consisting of a 278,859 s/f, three building, high quality off ice park. Highwood Office Park is located off of I-495 Mike Marcone and near I-93 and Rte. 3, and 18 miles northwest of Boston. The property is situated on 17.7 acres. There are numerous restaurants, service and day-time amenities located near the property, including Cracker Barrel, LongHorn Steakhouse, 99 Restaurant, Dunkin Donuts, McDonald’s and Wendy’s, among many other local establishments. The property has been well maintained with the owner having spent, in just the last two years alone, $1.75 million on upgrades to the lobbies, common areas, parking, exterior landscaping, and the addition of new TEWKSBURY, MA
conference and game rooms. Highwood Office Park presents tenants with efficient floor plates, parking and on-site amenities including a fitness center with lockers and showers, café and a full-service Holiday Inn (227-rooms) hotel. The neighboring Holiday Inn also offers conference facilities accommodating up to 350 guests. The property is managed by KS Partners, LLC, which is owned by Kambiz Shahbazi. KS Partners, LLC is a holding company that owns and operates over 5 million s/f of commercial property located in the northeastern United States. The non-recourse financing was provided by a Connecticut based bank. Marcone said, “In recognition of the quality of the property and the sponsor, the lender provided a flexible, non-recourse loan. The borrower was very happy to close another loan with this lender who has been a valued source for my client for many years now.”
NKF arranges $8.3m in debt financing for Oliver St. Cap. and Bain Cap. Real Estate
East Boston Savings Bank partners with local restaurants to supply over 1,300 meals to residents East Boston Savings Bank has partnered with local restaurants to supply over 1,300 meals in East Boston, South Boston, Dorchester and Revere. The meals were distributed at various locations during the month of May. Recipients include; front line workers and their families, families who are out of work or home due to illness and seniors living in senior residences. “As a business member in these communities I feel it is our responsibility to assist where needed during challenging times,” said Richard Gavegnano, chairman, president and CEO of East Boston Savings Bank. “We had an idea to purchase meals from local restaurants who are our customers and asked organizations imbedded in the communities to help with distribution. All were very enthusiastic to help. It was a win-win all around.” The establishments that are assisting in preparing the meals include Carlo’s Catering in East Boston, DeMaino’s Restaurant in Revere, EAST BOSTON, MA
129 Commercial Street - Malden, MA MALDEN, MA Newmark Knight Frank
Volunteers from East Boston Savings Bank, DeMaino’s Restaurant and the city distribute meals to Revere residents. Tavolo Ristorante in Dorchester and Shenannigan’s Restaurant in South Boston. Distributions were done by the staff and volunteers from East Boston Social Centers, city of Revere, DorchesterYMCA and South Boston Neighborhood House, “This is a team effort and we could not have done this without all the help we received from our customers and friends in the communities” said Gavegnano. “As we have for over 172 years, East Boston Savings Bank will continue to remain a strong neighborhood bank, supporting you, your family, your business and your community.”
(NKF) has arranged $8.3 million in debt financing for 129 Commercial St. on behalf of a partnership comprised of Oliver Street Capital and Bain Capital Real Estate (BCRE). NKF head of mortgage banking, New England David Douvadjian, senior managing directors Timothy O’Donnell and Brian Butler, director David Douvadjian Jr. and senior analyst Conor Reenstierna of the firm’s Boston Debt and Structured Finance group arranged the debt financing through M&T Bank. “The teams from Newmark Knight Frank and M&T Bank did a tremendous job executing during a very difficult time,” said Jon O’Donnell from Oliver Street Capital. “129 Commercial St. is a great fit for our partnership with BCRE.” Totaling 54,000 s/f and presently occupied by National Grid on a short-term basis, 129 Commercial
St. is a top-quality urban infill industrial asset featuring 21-foot clear heights, four tailboard loading docks and one drive-in door. Given its size, functionality and location, the asset is well suited to appeal to a wide variety of users, including cold storage, traditional warehouse/ distribution and flex tenants. “The proximity to Boston and access to amenities and public transportation make this a unique industrial asset with high scarcity value,” said Jon Hyde of Oliver Street Capital. The asset benefits from proximity to the major employment centers of East Cambridge (4.5 miles away) and downtown Boston (5.5 miles away) as well as Logan International Airport (7 miles away). The MBTA’s Malden Center station, which offers bus, subway and commuter rail service, is close to the property.
Financial Digest
10A June 12 - 18, 2020
New England Real Estate Journal
SOME RECENT FINANCINGS
$2,100,000
$33,500,000
Walgreens Retail
One Wall Street Mixed Use
Schenectady, NY
Attleboro, MA
$2,750,000
$4,950,000
TGI Fridays Retail
Liner Buildings #3 Retail
Manchester, CT
Nantucket, MA
Acquisition Loan
Acquisition Loan
Development Loan
Permanent Loan
Fantini & GorGa Skillfully Linking Borrowers and Lenders
John R. Gorga • Tim O’Donnell • Heather C. Baldassari Casimir R. Groblewski • Wayne L. Clough • Derek L. Coulombe Despina Hixon • Peter Tousignant • Lindsay Feig • Ryan Maddaluna • Julie Hogan 155 Federal Street, Suite 1402, Boston, MA 02110 Tel: 617-897-1149 • Fax: 617-951-9944 • www.fantinigorga.com
Financial Digest
nerej.com
June 12 - 18, 2020 11A
“Your Source for Commercial Real Estate Lending.” Find out more at www.CornerstoneRC.com
$25,000,000
$8,137,000
$2,400,000
Refinance of a 231-Unit Apartment Portfolio
Acquisition of a 24,600 SF Commercial Portfolio
Refinance of a 10-Unit Apartment Portfolio
Yarmouth, ME
Boston, MA
Boston, MA
$17,000,000
$69,000,000
$10,010,000
Refinance of a 23-Unit Mixed-Use Property
Refinance of an 896-Unit Apartment Portfolio
Development of a 51-Unit Apartment Property
Cambridge, MA
Peabody & Stoneham, MA
Everett, MA
$1,800,000
$5,087,000
$1,000,000
Refinance of a 15-Unit Apartment Property
Development of 3 Residential Condominiums
Acquisition of a 5-Unit Apartment Property
Andover, MA
Boston, MA
Boston, MA
Contact us to find out how we can help you with your next acquisition or refinance. 1775 Massachusetts Avenue | Suite 3 | Lexington, MA 02420 | (781) 861-7100
[email protected] |
[email protected] |
[email protected] www.CornerstoneRC.com
Financial Digest
2B 12A March June 13 12 -- 19, 18, 2020 2020
NewEngland EnglandReal RealEstate EstateJournal Journal New
FOR THELOAN REFINANCE A MIXED-USE PROPERTY IN CAMBRIDGE, MA PLACED WITH CAMBRIDGE SAVINGS BANK
RealEstate Estate Appraisers Appraisers and and Consultants Consultants Real
Cornerstone Realty Capital JLL Capital Markets arranges arranges million in financing $43.18m $17 in acquisition CAMBRIDGE, MA ReFRAMINGHAM, MA Cornerstone JLL Capital Maralty has Capital arranged million kets arranged $43.18 $17 million in acin financing for the of a quisition financing forrefinance a two-property mixed-use propoffice portfolio totaling 292,014 s/f. erty inofHarvard JLL worked on behalf the borSq.between The property, rower, a partnership Camconpanelli and TriGateoriginally Capital, to place structed in 2012, seven-year, fixed rate, non-recourse is Savings comprised of loan with Cambridge Bank. three units Proceeds will be used to retail acquire the 6,280 s/f portfolio and maketotaling capital improvePaul Natalizio and twenty apartments to the properties. ments a unitMarkets mix of four Thewith Capital debtstudios, placefour team one-bedroom, one-bathroom ment representing the borrower units,ledfive one-bathwas by two-bedroom, managing director Greg room units, four two-bedroom, LaBine and director Martha Nay. two-and-a-half-bathroom units, and The office portfolio is 90% leased three three-bedroom, two-and-ato 32 tenants and comprises 492 Old half-bathroom units. Connecticut Path andThe 161apartments Worcester werewhich designed the highest standard Rd., hastoemerged as the urban and units feature luxury modern center of MetroWest, theand eight-comfinishessub-region such as floor-to-ceiling winmunity along the heavily dows outfitted power9 Western shades, populated Masswith Pike-Rte.
Anindustry industryleader leader for for over over 80 80 years years An Weperform performappraisal appraisaland and consulting consulting services services for for We allfacets facetsand andtypes typesof of real real estate, estate, including: including: all Acquisitions,Dispositions, Dispositions, Litigation Litigation Support, Support, Acquisitions, Financingand and Consultations Consultations Financing CertifiedGeneral GeneralReal Real Estate Estate Appraisers Appraisers Certified MarkS. S.Reenstierna Reenstierna Gregory M. M. Dignan Dignan Mark Gregory MA#3803 #3803 MA #75293 #75293 MA MA NH#801 #801 NH PA#004337 #004337 PA 22Mill MillStreet Street •• Suite Suite 102 102 22 Arlington,Massachusetts Massachusetts 02476 02476 Arlington, Phone:781-643-5737 781-643-5737 •• Fax: Fax: 781-648-6423 781-648-6423 Phone: http://www.threenstierna.com http://www.threenstierna.com
[email protected] [email protected]
Tel: 781-878-4540 781-878-4540 NE NY NY Tel: PROOF NE REAL ESTATE ESTATE JOURNAL JOURNAL PROOF REAL
492 Old Connecticut Path - Framingham, MA Suburban corridor. 492 Old Connecticut Path is a Viking 166,101stainless-steel s/f, six-story Sub-Zero and property adjacent to I-90,lighting which appliances, programmable is the main east-west thoroughfare fixtures, dark-wood cabinets, quartz with accessand to other downtown Boston. countertops, contemporary The 125,913 s/f 161 of Worcester finishes. The package amenitiesRd. at
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is a six-story office property with a restaurant on Worcester the subjectpad property includeRd. an (Rte. on9), which connects downtown Boston site concierge, high-speed internet, the western aand fitness center, asuburbs. package delivery room, a passenger elevator, and an underground parking garage. Citizens provides $24.2m Paul Natalizio, president of Corin construction loans nerstone, said, “Harvard Sq. has ASHLAND, MA Citizens Bank’s Comremained one of the best places to munity Development Group has prolive within the Boston Metropolitan vided million in construction area and$24.2 this property is undoubtedthree separate affordable lyloans one for of the most desirable assets housing projects the state.quality, within it. Given thein property’s Citizens is providing $11.7 hands-on management, andanconsismillion loan to RHW Development tent performance, Cornerstone was LLC, EA rate Fish able to whose arrangesponsors a 10-yeararefixed Development below 3%.” and Planning Office for Urban Affairs,isfor the new The property situated onconstructhe cention of 64 units of senior affordable tral thoroughfare of Massachusetts housing 1 Robert Rd. Ave. at theatintersection of Trowbridge is providing a $10central million St. Citizens and Putman Ave. This equity bridge loan as a portion the location in the midst of HarvardofSq. construction financing for Roosevelt is in the near vicinity of several desirTowers Family LLC, whose sponsor able neighborhood features access to is the Cambridge Housing Authority. public transit, several parks and green The loan finance the rehabilitaspaces, andwill a range of entertainment, tion of 112 units of affordable housing employment, and shopping options. in Cambridge. The Harvard MBTA station on the Citizens is also providing a $2.5 subway’s redline is .35 miles away. million construction loan to 35Village Hill Road LLC, whose sponsor is The Community FinancialBuilders, Digest for a new, mixed-used project, which will conA section of the tainNew 12 affordable housing apartments England Real Estate Journal and 2,120 s/f of commercial space in P.O. Box 55, Accord, MA 02018 Northampton. 781-878-4540, www.nerej.com
Financial Digest A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com
Highwood Park Reservoir OfficeOffice Park, Brookline Financing
$27,000,000 $18,400,000 Mike P. Marcone 461 Commonwealth Ave., Suite 4, Boston, MA 02215 Phone: 617-773-5355 Fax: 617-773-5774
www.marconecapitalinc.com
Publisher Jeff Keller x244
[email protected]
Publisher Jeff Keller x244
[email protected]
Editor Editor Graham JillJillGraham
[email protected] [email protected]
Appraisal & Consulting New England Real Estate Journal June 12 - 18, 2020
Technology in the time of COVID-19 Bill Pastuszek Shepherd Associates
In this jumbled, unreal, and hard time world, after a long, uncomfortable lock-down, we yearn for some semblance of normalcy. As we start to come out of the lock-down, we think about doing things that we haven’t done or haven’t been allowed to do. It’s been an interesting few months for appraisers. The profession in all of its disparate practice areas have had to come to terms with how the COVID environment has affected not only markets but also how appraisal is conducted under these conditions. Inspections have been a highly affected part of the appraisal process. Viewing and inspecting the real estate is a critical piece of the appraisal process both residentially and commercially. Prior to this uncertain period, a continuing debate about inspections has been ongoing. More specifically, obtaining relevant subject physical characteristics continues to be debated, which is really the point of conducting personal inspections. During the lock-down, appraisers in many parts of the country have been active, when allowed. And, there has been a surprising amount of real estate activity. In order to accomplish inspections where required, and relying on third party information where not required or not possible, some creative solutions have emerged. Where some client groups have set up a binary approach to appraisers’ reliance on sources for relevant physical characteristics, the market in general has responded in a constuctive manner to solve this issue. Reliance on Third Party Information. Many appraisers and clients have become comfortable with “non-interior” inspections. (Remember USPAP does not require an inspection: inspection is a requirement by the client or a choice by the appraiser). With an exterior viewing and information provided by owner, tenant(s), broker(s), prior appraisals, and other sources, the market has found some creative solutions. Appraisers often choose to employ an extraordinary assumption. The inspection issue is less of a problem in commercial practice. It is, however, in all cases, the appraiser’s
responsibility to make the determination if the source and quality of the information about relevant characteristics allows for an acceptable scope of work. Inspection technology has evolved to meet the needs of remote inspections. Vendors have fashioned solutions to allow appraisers to “see” the interior with various means to establish veracity and reliability of the transmitted results. The solution is thus to use web-based platforms, and real-time imagery. While legitimate concerns have been raised, the brokerage and construction communities have been using virtual tour technology for some time. This trend may be a good result out of the COVID crisis.The industry will have to work through the ramifications of this technology. High Level Data. There is a flood of economic data that washes over us, real estate data not an exception. Much data generated is often read and written about out of context. The amount of data we are exposed to regularly has grown exponentially; our ability to sift the data often has not kept pace. Real estate operates on a long term view. Appraisal relies heavily on retrospective data; appraisers try hard to make sense out of historical data in the context of today, which is challenging but not impossible. High level data viewed in the short term can lead one to, perhaps, correct in the short run, conclusions. Acting on that type of data is reactive and not in line with buyer and seller thinking. Understanding impacts of data and behaviors, short- and long-term, is what an astute market analyst is about. Drones. “New opportunities in using unmanned technologies in real estate have arisen from the COVID-19 pandemic,” a drone expert notes. Aerial drone inspections can produce “additional and unique data for appraisers.” Why isn’t drone technology in appraisal more widely used? USPAP addresses the issue, suggesting that the technology is another useful appraisal tool, like GPS. In many cases, drones can provide perspective and information not otherwise obtainable. By itself, a drone inspection does not constitute a personal appraisal inspection. But it can be part of the appraiser’s overall data gathering process. Expect to see some further evolu-
tion of this technology. While many appraisers utilize the technology in various ways, expect also to see more widespread use as an adjunct to other forms of data gathering. Will appraisers be expected to become drone pilots? I know one person that won’t be doing that. There is a robust cadre of operators that will fulfill this need, which raises the reliance on third parties’ issue again; this will get worked out. There are also regulatory issues that need to
be solved. The expert further notes that “real estate appraisal firms have barely scratched the surface” of drone technology capabilities.” Remember the slow adoption of GIS technology? It was very forbidding at the beginning, a steep learning curve. It is now ubiquitous, used not only by experts but by the general public. The big online retail giant is just waiting to introduce drone technology, with voice recognition as well. The appraisal profession has at-
tempted – mostly with success - to respond to the challenges presented by a truly exceptional time of crisis. The challenge will be to ensure that the integrity of the process is preserved coming out of difficult times. Avoiding expedient solutions and preserving public trust is more important today than ever.
Bill Pastuszek, MAI, ASA, MRA, heads Shepherd Associates, Newton, Mass.
Appraising in COVID-19 market Steven Spangle Spangle Associates
If there is one constant in the real estate industry it is change. Occupancy levels go up or come down, expenses increase or decrease as do rents. Ultimately values move in reactions to the changes. This year, 2020 has experienced massive changes. Stocks, rents and values had been on a steady march upward for years. Unemployment was very low. Then COVID-19 reared its ugly head and the world changed. People were told to quarantine themselves, wear masks and keep social distances. Businesses closed and people and businesses lost their income.This has impacted the country but this article is about the impact it will have on the appraisal profession going into the recovery. Like a significant number of professions, the real estate segment has been significantly impacted.The residential market as seen a drop in the number of listings and the marketing time has significantly increased. As a result some owners have taken the properties of the market choosing to wait until after markets recover. Many potential buyers are waiting to see what happens to values in a few months. A number of states have moratoriums on foreclosures and evictions. These moratoriums are set to expire in the near future. They have the potential to add lower priced inventory into the market. Something some potential buyers are waiting to see what happens when the market starts to recover. Will there be an influx
of foreclosures and sellers eager to get what they can for their property before they face a foreclosure? The multifamily market has been impacted as numbers of tenants have found themselves unable to pay rent causing problems for landlords who are still responsible to lenders for any loans they have. The retail, commercial, and industrial markets have not been immune to rent collection problems. Owners of large malls have seen that not just the smaller tenants have stopped paying rent or asked to renegotiate lower rents, also major anchors stop paying or renegotiate. This trend has been seen in all the commercial markets. Several retail businesses that, prior to the pandemic, had a strong online presence with a well-developed distribution system have done better year to date than they did last year. Unfortunately this has not been the norm and even large retailers are filing for bankruptcy protection and along with many smaller retailers may not reopen or they will have fewer stores. Some businesses have discovered that having employees working at home can work without any loss in performance and as a result some are rethinking the amount of office space they really need. The various issues, which I am sure most have seen on the Internet or from other media sources go to the heart of appraising. Appraisers have to know the market conditions for the type of property, in the specific market, so that we can properly identify the characteristics that influence the subject’s value. Appraisers have to look closely at the market to determine what a reasonable exposure time is and what a reasonable value is. Appraisers need market data to
support sales comparison, cost and income approaches. Old data, which in many instances may be data that was gathered in January 2020 and before may have still been valid as a comparable. Today with a somewhat stagnant market an appraiser has to strongly support such a comparable. The same holds true for rents and expenses. The point of these comments which I am sure most have seen on the Internet or from other media sources go to the heart of appraising. We have to know the market conditions so that we can properly identify the characteristics that influence the subject’s value. The time and market conditions have changed. If tenants are missing rent payments how much will someone pay to purchase a property with tenants not paying and uncertainty about when rents will stabilize and at what level? The same conditions occur when estimating rent levels. Will landlords be unable to negotiate rents at the preCOVID-19 level?Appraisers will have to support their conclusions. Not only do appraiser’s face a risk with some clients still requiring them to make a physical inspection of the interior and exterior of the subject, they can also expect to spend more time supporting the sales comparison, cost and income approaches. These times will probably result in appraisers asking a lot more questions from brokers and lenders about the expectations of buyers and borrowers. Hopefully there will be a slow steady stabilization of value and rents as a recovery moves forward. At this time there are a lot of questions and fewer good answers.
Steven Spangle, SRA, MRA, is president of Spangle Associates, Auburn, Mass.
Appraisal & Consulting
14A June 12 - 18, 2020
Past & Present...
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New England Real Estate Journal
New construction may be subject to pro rata taxation Richard Conti
City of Taunton One day a local contractor walked into the Taunton, Mass. assessor’s office, pointed his finger at me and said, “You are trying to put me out of business!” He had just received a July 1st real estate tax bill for a new single family home he was building and had not yet sold. The single family home was complete with just a few touchups remaining and had an occupancy permit issued after January 1st and before June 30th. He was thinking (correctly) that all property in Massachusetts are assessed as of January 1st and was surprised when he received his mid-year tax bill.
This article is appearing mid-calendar year just before tax bills will be mailed for the new fiscal year. If you are about to sell a new building, call the assessor. Or better, have your accountant call the assessor. Sure beats finger pointing. The occupancy permit triggered a pro rata amount to tax under M.G.L. Ch. 59 sec. 2D. It is triggered whether the permit is temporary or permanent providing the improvements are over 50% complete. Building inspectors I have known discourage temporary permits and typically the fee is three times higher while most of the con-
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ditions to grant the permit remain the same. Temporary permits are granted with commercial real estate more frequently than residential properties. Occupancy permits are granted when a building is 100% done and all safety systems are in place. Temporary permits are granted when the safety systems are in place but conditions to the occupancy such as landscaping or site plan issues are delayed due to weather or other qualified reasons. Any new construction occupancy permit granted between January 1st and June 30th in Massachusetts results in a pro rata tax bill based on the assessed value of the improvements (excluding the value of the land) to the days remaining on the fiscal year from the date of the issuance of the occupancy permit. Additionally, the law applies to the succeeding fiscal year as well. Since new subdivisions could easily have several properties affected, the tax bill could be sizable. The tax bill issued is due in 30 days and comes with the right to file for an abatement and appeal of taxes. Details are printed on the tax bill. The calendar year and fiscal year can be confusing. All property in Massachusetts are assessed on January 1st based on the sales of similar properties two years prior. Thus the January 1st, 2020 assessment is based on sales which occurred in 2018. The figure used for the January 1st assessment is calculated long before the effective date so the tax bills can be mailed on time. In fact, the tax rate is set by the community in the quarter leading up to January, typically November. The cost basis and the comparable sales for new construction occupied after January 1st and before June 30th are based on costs and sales in 2018. Fortunately for some, the reverse applies to properties decreased in value (not including the land) more than 50% as a result of fire or natural disaster. The city or town will abate or refund taxes received calculated in the same manner as above, based on the assessed value. Victims of such diminution have an entire year from the date of disaster to apply to the assessors for the abatement if it is not processed automatically. This too could have major consequences in the event of a micro burst, flood or tornado. There is a local option on all of the above for a community to reject the tax law with written notification to the department of revenue. This would be as a result of a majority vote by the Board of Selectmen or Municipal Council. However, I am unaware of any community which has opted out of the pro rata tax. This article is appearing mid-calendar year just before tax bills will be mailed for the new fiscal year. If you are about to sell a new building, call the assessor. Or better, have your accountant call the assessor. Sure beats finger pointing.
Richard Conti, ASA, ARM/PP, MAA, is an assessor for the City of Taunton, Mass. NE NY Tel: 781-878-4540
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Escape from New York Laurie Mentz Nichols
Enterprise Appraisals, LLC Escape from New York. I’m referring to the effect of the coronavirus pandemic on the New York and Connecticut housing markets, lest you think I’m speaking of John Carpenter’s 1981 classic sci-fi action movie, “Escape from New York,” starring Kurt Russell as the protagonist S.D. Bob “Snake” Plissken. The coronavirus pandemic in the United States was nascent at the end of the first quarter of 2020; it was too early to see how the pandemic affected residential sales. As we near the end of the second quarter, figures are starting to come in which show that overall housing sales across the country have seen a decrease since the coronavirus outbreak, with New York City having the largest decline. The Federal Reserve Board report “Summary of Commentary on Current Economic Conditions by Federal Reserve District,” commonly referred to as the “Beige Book,” is based on information provided by each Federal Reserve Bank on its particular district and includes opinion and analysis from economists, bank directors, and other market experts in each district. The report is prepared for the Federal Open Market Committee (FOMC) meetings and is used by economic forecasters to predict whether and how the Fed will act after the FOMC meeting. There are 12 Federal Reserve Districts, with Connecticut and New York falling under the jurisdiction of the First and Second Districts. The Federal Reserve Bank of Boston (First District) covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and all of Connecticut except Fairfield County; and the Federal Reserve Bank of New York (Second District) covers New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. The Beige Book for May 27th, 2020 reported that overall economic activity declined in all twelve Federal Districts, reflecting market disruptions related to the coronavirus pandemic. With home viewing limited to virtual showings, the residential real estate market slowed down in the First and Second Districts. What is interesting is that realtors are reporting an increase in demand for single-family residential sales and rentals located outside of New York City, in Connecticut. The city’s high number of reported coronavirus cases is cited as the cause for the drop in sales volume. Stay-at-home orders and coronavirus mitigation efforts limited the availability of showings, hampering sales. New York’s governor Cuomo announced that the second phase of reopening would include real estate services, but no timeline was given. Conversely, Connecticut’s governor Lamont’s issued an Executive Order
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[email protected] | www.nerej.com Located one mile from Kendall Sq./ Sq./Boynton Yards Enterprise T 617.451.9110 • F 617.451.0039 plancity. is envisioned to be of of nine of life science eventually trickle down to the starter praisal Institute, and owner of ngkf.com area of the The MIT, the consist epicenter thestories biotech/life home market. Connecticut realtors are Appraisals, LLC, West Haven, Conn. science industry, 101 South St. will overall neighborhood consist of nine stories of life science plan is envisioned to be
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Appraisal & Consulting
16A June 12 - 18, 2020
New England Chapter www.appraisalinstitute.org
Jonathan Avery, MAI, SRA Christopher H. Bowler, MAI, SRA Avery Associates 282 Central Ave., Acton, MA 01720 Tel: 978-263-5002 www.averyandassociates.com
Avery Associates
David L. Cary, MAI Senior Managing Director/ Valuation & Advisory Newmark Knight Frank 4 South Market Blg. Fl. 4, Boston, MA 02109 Tel: 617-532-7905, www.ngkf.com
William E. Coyle, III MAI, SRA Mary L. Coyle
H. Randolph (RAN) Glennon, Allan D. Foster, MAI, CRE, CCIM MAI, AI-GRS, CRE President Foster Appraisal & Consulting Co., Inc. Eastern Appraisal & Consulting, Inc. 100 Erdman Way, Leominster, MA 01453 Two Monument Sq., Portland, ME 04101 Tel: 978-534-1350 X23, Fax: 978-534-1913 Tel: 207-772-1112, Fax: 207-772-0829
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Michael J. Hart,MAI, MAICRE, Senior Appraiser Allan D. Foster, CCIM Landvest, Inc. & Consulting Co., Inc. Foster Appraisal Ten Post Office Sq., Boston, MA 100 Erdman Way, Leominster, MA02109 01453 Tel: 617-357-0430, Mobile: 978-534-1350 X23, Fax:617-821-7742 978-534-1913
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Michael J. Hart, MAI Senior Appraiser Landvest, Thomas J.Inc. Jensen, MAI Ten PostAppraisal Office Sq.,&Boston, MA LLC 02109 Boston Consulting, Tel: Mobile: 617-821-7742 100 617-357-0430, Franklin St., 7th Fl, Boston, MA 02110
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Thomas J. Jensen, MAI Boston Appraisal & Consulting, LLC 100 Franklin St., 7th Fl, Boston, MA 02110 Tel: 617-778-3591 Cell 617-430-7502 Direct
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Massachusetts & RI Chapter: Lianne Andreucci, Ex. Director - 781-397-8922 George Demopulos, SRA, RA President - 872-696-5462 Connecticut Chapter: Jacqueline Bauchaine, Ex. Director - 860-482-9992 Laurie Mentz Nichols, SRA, President - 203-931-4322
President’s message: Chapter officers for 2021
Thomas S. Andolfo, MAI, SRA, AI-GRS Andolfo Appraisal Associates, Inc. 216 Weybosset St., Providence, RI 02903 Tel: 401-273-8989 www.andolfoappraisal.com
William E. Coyle, III, MAI, SRA Mary L. Coyle P.O. Box 3341, S. Attleboro, MA 02703 Tel: 508-761-7865 P.O. Box 1323, Pawtucket, RI 02862 Tel: 401-725-2200
New England Real Estate Journal
George Demopulos LASS
The Massachusetts and Rhode Island Chapter of the Appraisal Institute is hoping all of our friends and customers are continuing to stay safe during the COVID-19 pandemic. Appraisers, just like all of our customers, clients and friends in the real-estate and mortgage professions have been affected by the COVID-19 pandemic and we are doing all we can to continue to provide appraisal services during this unprecedented time. In the past month, the chapter has been very busy on the education front. On-line education is now in full swing and we have already offered several classes and seminars on-line using Zoom Meetings. We will be holding our Spring Chapter meeting via Zoom on June 18th. All members are encouraged to attend. We will be offering the Business and Ethic course on June 23rd via Zoom and the USPAP Update on June 25th. This USPAP class will be held in-person at the Wyndham Hotel in Warwick, RI. Please visit our website to register for these classes at www. http://massri-appraisalinstitute.org/. The RI Branch Chapter meeting will take place on June 24th via Zoom. All RI members are encourage to attend. On May 11th, the chapter held its second free webinar; Residential Real Estate — An Update on the Impact of COVID-19. Moderator Deborah Carlson, vice president / appraisal at Needham Bank was joined by Mark Hickey, director of market analytics, CoStar, Joanne Shelton, principal/director at Bonz and Company, Inc., Bill Dermody, chairman of the board for the Greater Boston Real Estate Board, Theresa Hatton, CEO, Massachusetts Association of Realtors and Tom Acitelli, author, reporter, and blogger discussed the Boston Market in the time COVID-19. A special Thank you to Deb Carlson for putting this webinar together. We are proud to announce our proposed slate of officers for 2021. The following slate has been proposed: • President: John Drew, MAI • Vice President: Bradford Hevenor, MAI • Treasurer: Robert Maloney, MAI •Secretary: Zach Bowyer, MAI Directors for a three-year term: (1/1/21 – 12/31/23)
Susan Kelly, SRA and Nicole McDonnell, MAI. Director (to complete the term of Zach Bowyer, MAI until 12/31/2022) Deborah Carlson Regional Representatives - two years (1/1/21 – 12.31/22) Karen Ryan, SRA and Robert Maloney, MAI Regional Representative Alternates (1/1/21 – 12/31/21) Bud Clarke, MAI, Joseph Comperchio, MAI, SRA, Joseph Crescio, MAI, Corey Gustafson, MAI, Sandra Heath, MAI, Susan Kelly, SRA
ers. Please visit our website for the complete list of scholarships offered.
The Chapter is also proud to announce we have granted a Hewitt Fund Scholarship to a recent college graduate! The chapter is making a dedicated effort to promote the appraisal profession by offering one scholarship per year to a recent college graduate for introductory appraisal classes offered by the local Chapter. Congratulations to Keven Tyburski of Hingham, Mass. for receiving this year’s scholarship. Kevin will be a 2020 graduate of Baylor University with a degree in Finance and has already spent the past several years as an appraisal intern for several companies. Congratulations, Kevin!
Our chapter is made of the very best commercial and residential appraisers providing real estate solutions for clients throughout New England and beyond. Our chapter designated professionals specialize in all aspects of real estate appraisal and consulting and are ready to provide these services to all of our clients, current and future. A complete list of our members and their appraisal concentrations can also be found on our website, http:// massri-appraisalinstitute.org/.
The chapter continues to offer many scholarships to current and new appraisers for their continuing education in the appraisal practice. These scholarships are available to all members and potential apprais-
We would like to thank our 2020 sponsors! A very special THANK YOU to our Platinum Sponsors Boston Appraisal Company, CB Richard Ellis/New England and Newmark Knight Frank; our Gold Sponsor JLL Valuation Advisory and Compstak; and our Silver Sponsor Cushman & Wakefield. For sponsorship opportunities please reach out to our office.
George Demopulos, MRICS, RA, SRA, AI-RRS is the 2020 president of the Massachusetts and Rhode Island Chapter of the Appraisal Institute and president and chief valuations officer at Lincoln Appraisal & Settlement Services (LASS) and Lincoln Abstract & Settlement Services, Providence, RI.
For more information on the Appraisal Institute visit: www.appraisalinstitute.org
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Maine Chapter: Jacqueline Beauchaine, Ex. Director - 860-482-9992 Tina O’Connell, MAI, President - 207-829-3270 New Hampshire & Vermont Chapter: Cynthia Rogers, Ex. Director - 603-921-0247 Robert Concannon, MAI, President - 603-767-4987
June 12 - 18, 2020 17A
New England Chapter www.appraisalinstitute.org
Manchester and surrounding area: Appraiser’s perspective Ron Lavallee Stone Brook Appraisals
The residential real estate market in the greater Manchester and surrounding area markets has been strong for the past 18 – 24 months. The first quarter of 2020 showed continued appreciation in values with rates of increase in the range of 4% to 6% annually in the residential markets, which include single family, condominium, and 2-4 family properties. With continued low home mortgage interest rates and unemployment at historic lows, the numbers of active buyers continued to increase. However, the volume of sales has not increase proportionately, illustrating the reduced available inventory that has been cited repeatedly in past months. I work predominantly in eastern Hillsborough, Merrimack and Rockingham counties. While I cannot speak for all appraisers, the data I analyze and use in my report preparation has often shown reduced volumes of closed sales compared to the same month in the prior year. Further, in many cases that volume was lower when compared to the prior month. Even in months when one would typically expect to see an increase in month-to-month sales volumes (i.e. the spring market months compared to the winter market months), there have been decreased sales volumes. Sales values, however, have continued to increase month to month. With available inventory well below normal volumes over the past year, new listings that are “move-in” ready or “recently updated” generally are under contract within days and sometimes hours of hitting the market, reflecting the steep competition for the limited available inventory. In many cases when appraising a property for a purchase transaction I am finding that there were multiple offers, resulting in bidding wars, which drive up the contract price. These bidding wars can create problems in that an appraiser’s opinion of value is based on similar closed sales.Assuming the listing was priced competitively based on an accurate and sound market analysis, sales contracts in excess of list price many times have no market data to support that contract offer. As a case in point, recently I completed an appraisal for a sales transaction where there was a bidding war which escalated the contract price $15,000 over the list price of $394,900. Unfortunately, there were no comparable sales to
support the contract. When the comparable sales analysis was completed it was apparent that the list price was in fact a solid and competitive price based on similar sales and listings in the market area. The final opinion of value in the appraisal report could not be reconciled to the Purchase and SalesAgreement, however it was spot on with the list price. In addition, many lending institutions require comparable active listings be included in an appraisal report as additional support for the opinion of market value. Considering the reduced inventory, finding current comparable active listings becomes especially challenging, and sometimes is just not possible. The bigger issue moving forward is the impact the COVID-19 pandemic may have on the residential housing market. Although sales data for April 2020 showed continued increase in sale values when compared to April 2019, the volume of sales was lower thanApril 2019, and lower than March of 2020. Many of those sales contracts related to the April closings were likely effective prior to declaration of the pandemic, and prior to any effect of the “stay at home” order issued by the governor. If I were to measure the impact based solely on my workload throughout the month of May 2020, I would have to say it has been apparent but not significant. The final analysis for the sales of residential properties during the month of May and June 2020, will certainly provide better insight into what might be expected over the summer months. In my day-to-day operations and dealings with Realtors throughout these market areas, I am hearing that
they remain busy, albeit with a more restrictive pace. The buyer pool has decreased due to current economic factors, and the social restrictions have impacted buyers’desire and ability to view properties. The available inventory continues to be lower than normal and so the competition for housing remains higher than normal. Similarly, in my day-to-day dealings with other appraisers in the market areas I cover, I am hearing the same concerns regarding a lack of recent comparable sales and lack of comparable active listings. The bidding wars incited by the lack of inventory are pushing up the contract prices, however, there is often a lack of closed sales to support the contract, despite general recognition of the increased demand for the limited supply. The initial impact of the COVID-19 pandemic will not be determined for at least another one to two months, and the full impact will likely not be known until we enter the fall and winter markets. However, with unemployment currently at record high levels, it is reasonable to conclude that a slowing of the market can be expected. The extent and duration of that slowing will only be known after a return to some level of normalcy. When normal or near-normal conditions return, the markets will react accordingly, however the extent and duration of that reaction is yet to be determined.
RonLavallee is the founder of Stone Brook Appraisals, LLC and is the vice president of the New Hampshire/Vermont Chapter of the Appraisal Institute.
David S. Kirk, MAI Kirk & Company 31 Milk St., Suite 820, Boston, MA 02109 Tel: 617-261-7100, Fax: 617-261-7910
[email protected],www.irkco.com
Gary M. MacLeod, MAI Horne & Hastings Associates P.O. Box 1068, Princeton, MA 01541 Tel: 978-464-5060, Fax: 978-464-5061
[email protected]
William J. Pastuszek, Jr. MAI, SRA Shepherd Associates 399 Chestnut St. Needham, MA 02492 Tel: 617-928-1778, Fax: 617-558-0057 www.shepherdnet.com
Eric T. Reenstierna, MAI Eric Reenstierna Associates 43 Thorndike St., Cambridge, MA 02141 Tel: 617-577-0096, Fax: 617-577-0196 www.erassoc.com
Mark F. Tyburski, MAI, SRA Phyllis Contestabile, MAI Tyburski Appraisal Corporation 89 Summer Street, Hingham, MA 02043 Tel: 781-749-0700, Fax: 781-749-4470 www.tyburskiappraisal.com
Jeremiah J. Manfra, MAI Integra - Boston 303 Congress St., 5th Fl., Boston, MA 02210 Tel: 617-457-3298 www.irr.com
Emmet T. Logue, MAI, SRA Integra - Boston 303 Congress St., 5th Fl., Boston, MA 02210 Tel: 617-457-3270 www.irr.com
To list your company call Jeff Keller
For more information on the Appraisal Institute visit: www.appraisalinstitute.org
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[email protected] nerej.com
Horne & Hastings Associates
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2020 at the halfway point Contact Emmet T. Logue CRE®, MAI Executive Director 617-457-3270
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We’re nearly halfway through 2020 and it is already promising to be a year for the history books. The country, the region, and the city of Boston have experienced unprecedented conditions imposed by the COVID-19 response and necessary safety measures. The conversation around racial injustice and the level of police power has taken to all forms of social media and has spilled onto the streets. And we are heading towards a presidential election in less than six months with uncertainty abound in the world, in the markets, and in our own lives. Most of us are taking one day at a time and even then, things are changing so quickly and dramatically, it is hard to keep up. Real estate markets seem to be charging ahead. Office, retail, and hospitality are still reeling from the lockdown, but the stock market has had one of the strongest rallies in history and the ‘wait and see’ approach has been replaced with a search for opportunities in the market. On the residential side, rates are low, but the supply is very limited. Some markets are as hard to break into as ever before. The bid-ask spread is likely widening for most residential property types as owners see no need to sell during a pandemic and would likely have nowhere to go anyway, and buyers are looking for, and sometimes expecting a deal. It is unclear where the real opportunities are in the market. On the multifamily side, we are starting to see things pick back up and get unstuck from the uncertainty around COVID-19. Projects are moving along and the new normal is starting to become just plain normal. PPE and social distancing on job sites is becoming increasingly easier to administer and embrace. Education,
planning, and persistence are driving success there.The real estate business, which has always been fairly nimble, is evolving and growing through this new reality.
some is significantly more profound than others. While markets continue to stabilize and stocks rebound and post gains, some of us have the luxury of working from home while others must
2020 will live with each of us for years to come, but in very different ways. It is important to consider the inequality around us as we resume a more normal schedule and begin making decisions that impact people’s lives today and in years to come. As always, there is a lot to think about now and going forward. This is a time for self-reflection, self-motivation, and action. Take care of yourself, be helpful and kind always. Think about what you can do for others and what that means to them. They may be thinking the same thing about you. While the world seems to be upside down and we’re all, mostly, working from home and taking a little pause here and there to observe, listen and engage, we should consider how we can be more responsive to issues of equality, justice, and fairness. Public policy is not just made at the Federal level. States and localities have huge responsibilities to get it right in order to serve the people. Real estate is not just a well-arranged pile of bricks, sticks, and glass but the built environment represents so much more. Homes, communities, places of worship and contemplation, buildings can represent a powerful opportunity for some while a source of struggle and pain for others. Real estate touches all of us, but in very different ways. The COVID-19 pandemic has impacted the entire country, that much is unmistakable, but what that impact looks like for
face each working day with fear and caution, even still others have been left jobless and hopeless, with little in the way of a safety net to catch them and no clear path to prosperity. 2020 will live with each of us for years to come, but in very different ways. It is important to consider the inequality around us as we resume a more normal schedule and begin making decisions that impact people’s lives today and in years to come. As always, there is a lot to think about now and going forward. This is a time for self-reflection, self-motivation, and action. Take care of yourself, be helpful and kind always. Think about what you can do for others and what that means to them. They may be thinking the same thing about you.
Brett Pelletier is chief operating officer with Kirk&Company, Real Estate Counselors, Boston, Mass.
For more information on the New England Chapter of CRE visit: www.cre.org
Jonathan h. avery, MaI, Cre®
Avery Associates
Real Estate Appraisers - Counselors Staff of certified professionals to serve the New England Real Estate Market. Specializes in counseling and appraisal for a variety of clients. Counseling emphasizes feasibility, marketability and market demand studies for commercial, industrial and multifamily properties. Available for assignments throughout New England with particular emphasis on the Route 128 / Route 495 market west of Boston.
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Fed rate is zero, but mortgages aren’t: Why not? Prospectus, LLC
Back in late March, the Federal Reserve Board cut their lending rate (Fed Funds Rate) by two points, basically to zero. It was an unprecedented move, caused primarily by the economic crisis, resulting from COVID. I thought, a great time to refinance. Everybody said mortgage rates will go lower because of it. I kept watching, but nothing changed, until they actually went a quarter point higher. So what happened? Why are my friends at CNBC talking about a housing boom based upon zero rates? What were they thinking, that banks would lend at an incredibly low percent? Still hoping to save some money, I delved in to the question. As a reminder, the Fed interest rate is the overnight lending rate between the Fed itself and banks. Banks will borrow money and loan money, mostly on a short-term basis, following the Fed rate at which they can borrow. While that rate is now near zero, clearly mortgages are not. The first reason is that the Fed rate is short term, and thus mostly affects short term lending rates, as in variable rates. Long term rates are more accurately tied to longer term finance, such as the 10 year Treasury note. Second, banks add a spread to the rate at which they borrow, based on cost of operation and their desired profit in making a loan. Banks work independently to determine this, based upon bank size, bank appetite, bank risk tolerance, bank client base, surety of repayment and so on. So, the average 30 year fixed mortgage rate increased to 3.88% around a month ago, despite a lower Fed rate.You see, there had previously
been a flood of refinancing, causing an inability for banks to keep up, and banks felt justified in increasing their rates, despite the fact that the Fed had decreased its rate. Simple
up, followed by less demand, often pushing rates down.All that said, while not tracking perfectly, mortgage rates are still loosely tied to the Fed funds rate. If that increases significantly, so
So will a zero rate by the Fed create a housing boom? It seems pretty clear that that is not a given. In fact, oddly enough some of the greatest housing booms occurred with mortgage rates 8% and greater. So much goes into the equation that is truly unpredictable. What seems to be predictable, however, is that the Fed will stay near zero in till COVID is conquered, and the economy comes back. At that point, there may be some inflation, which will cause the Fed to raise rates. That said, a strong economy and a modest inflation should stimulate house purchases, regardless of rate. Don’t count on a boom. demand and supply are key factors, often trumping all other factors. As an example, in 2015-2016, the Fed increased their rate, but banks decreased theirs, because they wanted to stimulate demand. Most recently, mortgage rates have decreased again slightly, as demand weakened for new purchases. Banks had recently tightened lending requirements, in some cases halting “cash out refinancing”, because of increasing perceived risk during the COVID crisis. Thus, loan demand had decreased, and rates consequently came back down. Confused enough? I asked my friendly banker whether she thought mortgage rates would come down further. She basically said, no one really knows. As discussed above, rates could go down with spreads going up. Refinancing could increase, but new purchases could decrease. Bank mortgage rates could fluctuate with high demand, often pushing rates
PROSPECTUS, INC.
would mortgage rates. But within a certain range, bank mortgage rates go up or down, even when the Fed rate stays put. So will a zero rate by the Fed create a housing boom? It seems pretty clear that that is not a given. In fact, oddly enough some of the greatest housing booms occurred with mortgage rates 8% and greater. So much goes into the equation that is truly unpredictable. What seems to be predictable, however, is that the Fed will stay near zero until COVID is conquered, and the economy comes back. At that point, there may be some inflation, which will cause the Fed to raise rates. That said, a strong economy and a modest inflation should stimulate house purchases, regardless of rate. Don’t count on a boom.
Daniel Calano, CRE, is the managing partner and principal of Prospectus, LLC, Cambridge, Mass.
~ SINCE 1988 ~
• Real Estate Counseling on Commercial, Industrial And Residential. • Management of development projects for investor partnerships. SPECIALIZATION IN: Rehabilitation & Reuse of Property’s Highest & Best Use Analysis, Land Planning/Development, Conservation Planning/Easements Daniel Calano, CRE® Managing Partner & Principal
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Financial Digest
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June 12 - 18, 2020 21A
2nd Quarter 2020 CURRENT TERMS
OPTION
EXPLANATION
REQUIREMENTS
CONSTRUCTION LOAN AGAINST TAKE-OUT
Finance project until a permanent loan or pre-sale is funded.
Borrower track record and completion guarantee.
CONSTRUCTION WITH PERMANENT
Single source construction and permanent loan.
Finance project OPEN-ENDED without take-out or CONSTRUCTION other repayment LOAN source in place.
INSURANCE COMPANY PERMANENT LOAN
SOURCES
Mostly banks
Borrower track Mostly banks, record, financial but also some strength, and insurance viable project. companies
Experienced sponsor, and project with strong market support.
Fixed rate medium Typically A & B to long term quality assets in financing on primary markets. stabilized properties.
Mostly banks
Insurance companies
BANK PERMANENT LOAN
Creditworthy Fixed rate up to 10 sponsor and year financing on property of A, B leased properties. or C quality.
Banks
CONDUIT/CMBS LOAN
Creditworthy borrower and Fixed rate on well maintained leased properties. property of "B" or better quality.
Investment banks, a few banks and insurance companies.
FANNIE & FREDDIE (GSEs)
FHA
TAX- EXEMPT FINANCING
DUS Lenders Creditworthy for Fannie and Medium to long borrower. term financing for Program Plus Apartment apartment for Freddie, property of B properties & also "small quality or better. senior housing. balance" lenders.
Construction and HUDFeasible property permanent approved economics. financing for Borrower with MAP and/ or apartments, skilled LEAN clean credit and nursing, and Lenders. cash to close. assisted living.
Tax exempt financing on a long term basis.
Project must be deemed to have public purpose.
State HFA's, bond funds and some banks.
ACTIVITY LEVEL
RATES
SIZING
Very Limited
Mostly LIBOR + Loan level tied 175-250bps. to takeout.
Fair
Mostly LIBOR + 200-300 bps 1.20 - 1.25 during DCR on construction. Perm is fixed projected NOI. rate at benchmark
Limited
Limited / Fair
LIBOR + 225-350bps.
Loan level depends on recourse / pre-leasing.
Typically 1601.25 DCR or 250bps over 8%-10% debt yield. comparable term 65%-75% or average life LTV. Treasuries.
Typically 1.20-1.25 DCR, 75%-80% LTV.
Fair / Good
FHLB or swap + 200-250bps.
Limited
Swaps + 250-325bps.
1.20-1.25 DCR. 75%-80% LTV.
180-275 bps over like term Treasury.
1.25-1.30 DCR. 75%-80% LTV.
Good
Good
Limited
10 yr Treasury + 125 +/- for 35 year perms Perms: 1.17 + 60bps MIP. DCR, 85% 10 yr Treasury + LTV (80% 185 +/- for 40 yr with cash out.) construction perms + 65bps MIP.
Varies widely depending on term and credit enhancement.
1.15-1.25 DCR. 85% LTV.
POINTS
1/4 to 1/2
TERM (YRS)
Tied to completion
AMORT
COMMENTS
- Forward commitments are extremely hard to obtain for build-to-suit and some Interest only. apartment - Some forwards available for affordable apartment projects
- Typically 20%-30% equity depending on recourse level and pre-leasing. Most loans for apartment projects. - Banks have concerns about market absorption.
1/4 to 1
Construction period + 5-10 years
Interest only during construction, 20-30yrs for permanent.
1/2 to 1
Tied to stabilized lease up + 612 months
- Some pre-leasing required, unless apartments.20%-30% Interest only. equity depending on recourse level and pre-leasing. - Mainly build for sale projects.
3 to 30
- Selective in evaluating asset quality, location and sponsorship, but some insurance co's target smaller 10 to 30 yrs. loans in secondary markets at a higher rate. - Non recourse, no operating covenants.
Typically 0
0 to 1/2
7 to 10
0 to 1
1 to 2
1 to 2
5 to 10
25-30
5 to 30
35yr for permanent, 40yr for construction
10 to 40
20-30 yrs.
25-30
- Recourse likely required, especially over 65% LTV,unless apartments or credit leased. - Ongoing loan covenants usually required.
-Attractive pricing focuses on lower LTV/larger assets - Interest-only readily available.
Typically 30 yrs.
- More competitive underwriting / pricing for workforce / affordable housing and for "green" projects. -Some debt service reserves have been instituted. Currently 6 months.
35-40 yrs.
- Non-recourse, no operating covenants. - Lower MIP for affordable projects and for "green" properties. - Attractive prepay provisions. - No affordability requirement. - Davis Bacon wages on construction.
- Most activity is housing or health care related. 25 to 40 yrs. - Can be structured with or w/o credit enhancement.
The terms shown herein approximate market conditions at the time of publication and are subject to frequent changes based on Fantini Gorga 155 Federal Street, Boston, MA 02110 Ph: 617.951.2600 Fax: 617.951.9944 Visit us at www.fantinigorga.com
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Financial Digest
22A June 12 - 18, 2020
New England Real Estate Journal
COULOMBE STRUCTURED AND PLACED THE FINANCING
Fantini & Gorga arranges $22.5m for Residences at Joan’s Farm
DELIVERING EXCEPTIONAL RESULTS
TEWKSBURY, MA Fantini & Gorga has
Newmark Knight Frank specializes in counseling and valuation assignments involving investment properties for a wide range of public, private and institutional clients. Our clients benefit from our robust service offerings including valuation reports, litigation support, arbitration, tenant counseling and valuation review. David L. Cary Gregory T. Curtis Christopher J. Kolodziey Elisha F. Lee Christopher L. Moore Matthew K. Pattison Scott A. Rand
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Massachusetts: Faneuil Hall Marketplace, 4 South Market Building, Floor 4, Boston, MA 02109 T 617.451.9110 • F 617.451.0039
ngkf.com
DON GRIFFIN APPRAISALS Inc. Professional Appraising Throughout New England Donald J. Griffin, MAI, SRA Commercial Real Property Valuation / Consulting Expert Witness, Market Analysis, Eminent Domain Financing, Sub Division, National Credit Tenant Retail, Office, Industrial, Apartment, Mixed Gas-Convenience, Hotel, Restaurant 6 Liberty Square #2236, Boston, MA 02109
completed the placement of $22.5 million financing of a stabilized multifamily community. Derek Coulombe, senior managing director at Fantini & Gorga structured and placed the Derek Coulombe financing with a regional bank on behalf of the sponsor. “We are very happy that the borrower was able to lock in a very low rate for long term stability. The property is so well constructed and maintained and deserved the great financing it received,” said Coulombe. The property, known as the Res-
idences at Joan’s Farm, is located off Livingston St. and was built in 2018 by the sponsor. The class A apartment community is made up of
96 residential units with manicured grounds, garage parking and amenity space that includes fire pits, barbeque stations and a fitness center.
Boccabella promoted to senior vice president at The Village Bank NEWTON, MA According to Joseph De
Vito, president and CEO of The Village Bank, Lisa Boccabella has been promoted to senior vice president of enterprise risk management. Boccabella, who joinedTheVillage Bank in 2014, has extensive experience in regulatory compliance relating to fraud prevention and consumer, residential, and business lending. She also has multiple years of investigative experience with municipal, state, and federal law enforcement agencies and helping mitigate credit card and check fraud, and money-laundering schemes.
In her new role, she will be responsible for the oversight and execution of the bank’s enterprise risk management Lisa Boccabella program, which includes internal audits, regulatory and Bank Secrecy Act (BSA) compliance, physical security, fraud management, and information security. In addition, she will oversee reviews of the bank’s policies related to security, including vendor and contract management,
records retention, and corporate insurance. She will also manage the BSA, compliance, and information security departments. Boccabella holds a degree in criminal justice from Northeastern University and is a Certified Fraud Examiner (CFE), Certified Financial Crimes Investigator (CFCI), and Certified Anti-Money Laundering Specialist (CAMS). She serves as an advisory council member for the Money Management Program at Springwell and is a member of many organizations related to fraud, BSA, and physical security.
781-820-7361
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Calling all contractors and investors!
NO ONE WILL WORK HARDER TO HELP YOU SUCCEED
Need more space? Unique property available now! NY Tel: 781-878-4540 Many possibilities for this NE multi-family compound on 4 acres REAL ESTATE JOURNAL
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Today, the right financial partnership means everything. With a high level of expertise and competitive rates underwritten and serviced by us, the Commercial Banking Team at East Boston Savings Bank is working hard. We will take the time to know the inner workings of your business and tailor a financing package to help make them a reality.
Client:
124 Union Bridge Road, Duxbury
So much potential on this retreat lot! Update and keep as rentals, or renovate to your family’s needs. Main house 800’ off street. Land for equipment, materials, gardens, boats and other toys! Must be seen!
When you’re ready to move forward with an opportunity call 800.657.3272.
current configuration:
3BR/1B main house 2BR/1B inlaw apt 1BR/1B cottage 2019 rental income $57,600
Offered at $699,900
Call listing agent Patti Nemes 781-831-0776
MLS #72641495
Tel: 781-878-4540
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The Real Estate Finance Association services individuals in the business of real estate finance and those who furnish services to the industry
President Claudia Piper
Executive Director Adrienne Maley
www.gbreb.com
Webster Bank Boston, Mass.
Real Estate Finance Association
HOSTING VIRTUAL COFFEE HOURS ON A VARIETY OF TIMELY TOPICS
The Real Estate Finance Association update: continuing to create virtual engagement opportunities BOSTON, MA REFA continues to create
virtual engagement opportunities for its members to continue networking and education throughout this time. REFA held its fifth Coffee Hour on May 7th. These Coffee Hours serve as a networking opportunity to virtually bring members together for an open dialogue. The topic of this conversation was “Workplace Re-Entry: How Tenants are Moving Forward.” This session was led by Sam Crossan, JLL, and Constantinos Efstratoudakis, Vertex Pharmaceuticals. On May 7th, REFA held its second Webinar – “What’s Next for Hospitality & Retail.” The Webinar featured the following speakers from a range of industries: Nilesh Bubna, Longpoint Realty Partners; Deepa Krishnamurthy, formerly at Linear Retail Properties; Vin Norton, UrbanMeritage; Alan Suzuki, JLL; and LarryTrabulsi, CHMWarnick. The panel discussed the current state of projects and transactions, performance, what the new normal may look like, and how this pandemic will help accelerate change. REFA hosted its first College Connection on May 21st. The virtual program was geared toward an audience of college students interested in breaking into the industry in Greater Boston and beyond. It included a
Two months into the work from home mandate, the Real Estate Finance Association (REFA) continues to work hard to create valuable virtual content for its membership during this time to keep its membership engaged. In order to keep members connecting with one another, REFA is hosting virtual Coffee Hours on a variety of timely topics. Participants have the opportunity to network with other REFA members, share best practices, and have lively conversation in a small group setting. BOSTON, MA
panel discussion with young industry professionals who provided an introductory overview of the commercial real estate industry and its many career paths. They shared their tips on how to connect, network, and launch a career in CRE. The panel consisted of the following REFA Emerging Leader members: Greg Bohenko, Samuels & Associates; Samantha Hallowell, Newmark Knight Frank; Naomi Mayeux, National Development; and Kevin Stone, KeyBank Real Estate Capital. On May 28th, REFA presented its third Webinar – “Reimagining the Future of the City, Mixed-Use Plan-
Kevin C. Phelan
ning, and the Workplace.” Claudia Piper, REFA 2020 president, Webster Bank, moderated the conversation with Elizabeth Lowrey, Elkus Manfredi Architects; David Manfredi, Elkus ManfrediArchitects; and Steve Samuels, Samuels & Associates. The panelists held a conversation about the importance of the communal nature of cities, as well as the value of proximity and the workplace when it comes to creativity and collaboration. To learn more, visit our website at www.REFA.org. Follow us on Twitter, Instagram, and LinkedIn @ REFABoston.
The Copley Group
Co-Chairman
617 330 8050
160 Federal Street Boston, MA 02110-1707 www.colliers.com
Boston’s Premiere Apartment and Condominium Management Company
[email protected] 617-262-3930 896 Beacon Street, Boston MA 02215 www.thecopleygroup.com O’connell and Company Ad_Layout 1 10/17/19 12:02 PM Page 1
Fantini & GorGa Casimir R. Groblewski
Senior Managing Director
[email protected] 155 Federal Street Boston, MA 02110 www.fantinigorga.com
For more information about REFA, including upcoming events visit: www.REFA.org
Direct Dial: 617.897.1146 Cell: 781.883.4865 Fax: 617.951.9944
Skillfully Linking Borrowers and Lenders
O’CONNELL AND COMPANY, INC. COMMERCIAL AND INDUSTRIAL REAL ESTATE SERVICES
Commercial, Industrial, Investment Real Estate Investors
FREDERICK J. O’CONNELL, PRESIDENT DORINA L. O’CONNELL CELL 508-361-3730 1297 OLD WORCESTER ROAD TEL 508-875-6623 FRAMINGHAM, MA 01701
[email protected]
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Financial Digest
24A June 12 - 18, 2020
New England Real Estate Journal
SBA releases PPP Loan Forgiveness Application Key takeaways from Hinckley Allen On May 15th, the Small Business Administration (SBA) released the much-awaited Paycheck Protection Program (PPP) loan forgiveness application and instructions (SBA Form 3508). While the 11-page SBA Form 3508 provides answers to several key questions that were previously troubling borrowers, it also confirms that the calculation of loan forgiveness amounts and, in particular, if and how much of a reduction in forgiveness there will be as a result of reductions in headcount or compensation, will not be an easy task for borrowers. Key components of SBA Form 3508 and takeaways for borrowers are summarized below. Components of SBA Form 3508 SBA Form 3508 consists of four components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP ScheduleA (for calculating the overall amounts to be entered in the PPP Loan Forgiveness Calculation Form); (3) the PPP Schedule A Worksheet (for the detailed calculations and information to be populated in PPP Schedule A); and (4) the (optional) PPP Borrower Demographic Information Form. A borrower is only required to submit (1) and (2) to its lender, together with supporting documentation referenced below under “Supporting Documentation and Recordkeeping Requirements.” Use of 75% of PPP Loan Proceeds on Payroll Costs In addition to providing that not more than 25% of a PPP loan forgiveness amount can be attributable to non-payroll costs, prior SBA rules stated that borrowers must use at least 75% of PPP proceeds on payroll costs. For borrowers that could not satisfy this affirmative covenant (for example, because their current payroll costs were less than the amount determined based upon the SBA formula for determining their PPP loan amount), there has been an open question as to whether they will be eligible for forgiveness at all. SBA Form 3508 seems to indicate that the answer is “yes.” The SBA Form 3508 instructions do not include a test as to whether at least 75% of total PPP loan proceeds were actually expended on payroll costs; rather, they include a test to determine whether at least 75% of the forgiveness amount was used for payroll costs. Mis-match Between Payroll and Billing Cycles vs. the 8-Week Covered Period The CARES Act states that costs incurred and payments made during the 8-week period following PPP loan disbursement (the “Covered Period”) may be eligible for forgiveness. SBA Form 3508 provides borrowers greater clarity as to what this means, and more flexibility in computing these amounts, given that payment and billing cycles will rarely align with the 8-week forgiveness period prescribed by the CARES Act. Payroll Costs • SBA Form 3508 provides for a new “Alternative Covered Period”
for administrative convenience. Borrowers with a bi-weekly or more frequent payroll schedule can elect to start their 8-week covered period on the first day of the first payroll period after disbursement of their PPP loan rather than the loan’s disbursement date. Borrowers who elect to use this Alternative Covered Period must apply the Alternative Covered Period wherever there is a reference to “the Covered Period or the Alternative Covered Period” in SBA Form 3508. • Payroll costs that are incurred but not paid[1] during the borrower’s last pay period of the Covered Period (or, if elected by the borrower, the Alternative Covered Period) are eligible for forgiveness if paid on or before the next regular payroll date. • Consistent with the $100,000 cap on annualized compensation for purposes of determining “payroll costs” under the CARES Act, SBA Form 3508 states that a single individual’s compensation during the applicable covered period cannot exceed $15,385. The $15,385 is a cap on the amount of an individual’s compensation eligible for forgiveness. The instructions do not require that this maximum amount be paid pro rata over the applicable covered period. • The SBA Form 3508 instructions state that borrowers can include gross salary, gross wages, gross tips, gross commissions, paid leave (vacation, family, medical or sick leave, not including leave covered by the Families First Coronavirus Response Act), and allowances for dismissal or separation paid or incurred during the applicable covered period in calculating employee cash compensation. “Bonuses” are not listed, so it is still unclear whether bonuses constitute “payroll costs.” To assure that additional amounts paid to compensate employees for working under challenging conditions remain eligible for forgiveness, employers should consider designating such compensation as temporary “hazard pay,” rather than a “bonus.” Non-Payroll Costs • The Alternative Covered Period provided for payroll costs does not apply to other forgivable expenses (business mortgage interest payments, business rent or lease payments for real or personal property, or business utility payments). • However, SBA Form 3508 provides that all eligible non-payroll costs must be paid during the Covered Period or incurred during the Covered Period and paid on or before the next regular billing date. Reductions in Loan Forgiveness Amount Pursuant to the SBA Form 3508 instructions, the amount of a PPP loan eligible for forgiveness will be reduced first, by reductions to employee compensation (a dollar for dollar reduction), and then, by reduction related to full time employee equivalent (FTE) headcount (a percentage reduction). Previously, it was unclear in what order these reductions would
be applied. Salary/Wage Reductions • The CARES Act provided that when determining whether an employee’s salary/wages have been reduced by more than 25%, the borrower must compare the employee’s average annual salary/wages during the Covered Period to the employee’s average annual salary during the most recent full quarter. SBA Form 3508 confirms that this time period is January 1, 2020 and March 31, 2020, but allows the borrower to use compensation levels during theAlternative Covered Period. • Pursuant to the calculation methodology set forth in SBA Form 3508, only the reduction in compensation in excess of 25% is subtracted from a borrower’s forgiveness amount (meaning the entire reduction does not count against the borrower). • For example, if a salaried employee made $52,000 (annualized) between January 1, 2020 and March 31, 2020, but was reduced to $26,000 (annualized) during the applicable covered period ($500 a week, for a total of $4,000 over the 8-week period), the borrower’s forgiveness amount will only be reduced by $2,000. That reduction amount is calculated by multiplying $52,000 by 0.75 (equaling $39,000); subtracting $26,000, which was the employee’s average annual compensation over the 8-week period (equaling $13,000); dividing by 52 (to reduce annual compensation to weekly compensation) (equaling $250); then multiplying by 8 (to determine the total reduction over the applicable covered period). SBA Form 3508 also instructs borrowers how to calculate the loan reduction amount for hourly employees (given that their weekly hours and therefore their pay may have been inconsistent over Q1 2020). Salary/Wage Reduction Safe Harbor • The CARES Act provided a “safe harbor” provision related to reductions in loan forgiveness amounts for reductions in salary or wages that were made between February 15, 2020 and April 26, 2020, such that any reductions in pay in excess of 25% during the applicable covered period will not affect a borrower’s forgiveness amount, if the reductions are eliminated by June 30, 2020. • Pursuant to the calculation methodology set forth in SBA Form 3508, in order to qualify for this safe harbor, any employee’s average annual salary or hourly wages that were reduced between February 15, 2020 and April 26, 2020, must be fully restored to their February 15, 2020 level (not 75% of such level) as of June 30, 2020. • Note that this June 30, 2020 measurement date may fall after the borrower’s applicable covered period. • Note also that SBA Form 3508 does not require a borrower to provide a “make-whole” payment to an employee. • If any such employee is not returned to February 15, 2020 salary or
wage levels, SBA Form 3508 provides instructions as to how to calculate the reduction to loan forgiveness, as set forth above. FTE Headcount Reductions • The CARES Act provides that a borrower’s forgiveness amount may be reduced if the borrower’s average FTE numbers during the applicable covered period are less than the average FTE numbers during the borrower’s selected baseline period (February 15, 2019 to June 30, 2019 or January 1, 2020 to February 29, 2020, per previous SBA rules). • SBA Form 3508 instructs a borrower how to calculate its average FTE number for the applicable covered period: it must be done on an employee by employee basis. • For each employee, during the applicable covered period and during the selected baseline period, a borrower must (1) enter the average number of hours paid per week, (2) divide by 40, and (3) round to the nearest tenth. Alternatively, a borrower may use 1.0 for employees working more than 40 hours a week (an employee’s FTE number cannot exceed 1.0) and 0.5 for employees working less than 40 hours. It is advantageous to the borrower to use whatever method results in a higher average FTE number for the applicable covered period; however, a borrower must use a consistent methodology in calculating average FTEs for both the baseline period and the applicable covered period. FTE Reduction Exceptions and Safe Harbor • The CARES Act provided a “safe harbor” provision related to reductions in loan forgiveness amounts for reductions in average FTEs that were made between February 15, 2020 and April 26, 2020, such that any such reductions will not affect a borrower’s forgiveness amount, if the reductions are eliminated by June 30, 2020. • SBA Form 3508 confirms that in order to qualify for this safe harbor, the borrower must have (1) reduced its FTE employee levels in the period between February 15, 2020 and April 26, 2020 and (2) then restored its FTE employee levels, by not later than June 30, 2020, to its FTE employee levels in the borrower’s pay period that included February 15, 2020. • Note that this June 30, 2020 measurement date may fall after the borrower’s applicable covered period. • SBA Form 3508 provides that a borrower may include in its FTE calculation the FTE number for the following employees or former employees (meaning FTE reductions in these circumstances will not affect the borrower’s forgiveness amount), if the position was not filled by a new employee: • Any positions for which the borrower made a good-faith, written offer to rehire an employee during the applicable covered period which was rejected by the employee (this exception was set forth in a prior SBA rule);
• Employees fired for cause; • Employees who voluntarily resigned; and • Employees who voluntarily requested and received a reduction in hours. For example, if a borrower had two employees working 40 hours per week (making each employee’s FTE number 1.0) during the covered period, but one voluntarily resigned (and was not replaced), the borrower’s FTEs during the covered period would still equal 2.0. Supporting Documentation and Recordkeeping Requirements In addition to requiring a borrower to submit payroll tax filings, bank account statements, tax forms, payment receipts, canceled checks, and other documentation to verify the borrower’s payroll and non-payroll costs, SBA Form 3508 requires that a borrower maintain (but not necessarily submit) the following documentation: • Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hourly Wage Reduction” calculation, if necessary. • Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 2; specifically, that each listed employee received during any single pay period in 2019 compensation at an annualized rate of more than $100,000. • Documentation regarding any employee job offers and refusals, firings for cause, voluntary resignations, and written requests by any employee for reductions in work schedule. • Documentation supporting the PPP Schedule A Worksheet “FTE Reduction Safe Harbor.” Other documentation related to the borrower’s PPP loan, including documentation: • Submitted with its PPP loan application; • Supporting the borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP loan; • Necessary to support the borrower’s loan forgiveness application; and Demonstrating the borrower’s material compliance with PPP requirements. All such documentation must be maintained in a borrower’s files for six years after the loan is forgiven or repaid. Further, the borrower must permit authorized representatives of the SBA, including those in its Office of Inspector General, to access such files and documentation upon request. [1] SBA Form 3508 provides that payroll costs are considered paid on the day that paychecks are distributed or the borrower originates an ACH credit transaction. Payroll costs are considered incurred on the day the employee’s pay is earned.
Article submitted by Alexander Montgomery, Stephanie Baton, Nicholas Denice, Margaret Farrell, William Fish, Jr., Joseph Kuzneski, and Jessie Reniere of Hinckley Allen.
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BOXBOROUGH – OFFICE PARK 2 Commercial Office Bldgs 60 & 70 Codman Hill Rd., BoxBoRougH, ma Tuesday, June 30, 2020 aT 12Pm onsiTe & ViRTual Bidding Auction to take place at 60 Codman Hill Road. Two separate buildings with common access drive. Both zoned industrial/comm’l. Mortgagee reserves the right to sell properties combined or individually. 60 Codman Rd: 9 +/-acre lot (as well as fee interest in “Commercial Row”) improved by a 2-story 100,226+/-sf office bldg with 316 parking spaces. Bldg currently vacant, in shell condition ready for new ownership/tenant. 70 Codman Rd: (currently fully leased & occupied by single tenant) 13.8+/- acre lot improved by a 2-story 43,700+/-sf office bldg. with 118 parking spaces. Terms of sale: A deposit of $200,000 by certified or bank check will be required at the time & place of the sale or by wire transfer received by Auctioneer by 2 PM on June 29, 2020. Deposit must be increased to 5% of bid price(s) by 4 PM on Thursday July 2, 2020 & balance due in 30 days. Wire or certified/ bank check deposit must be received by Auctioneer’s office by 2 PM on Monday, June 29, 2020 for virtual bidding to be approved. All other terms announced at sale. Neither Auctioneer nor Attorney nor Mortgagee make any representations as to the accuracy of the information contained herein. Goulston & Storrs PC, Boston, MA, Attorney for the Mortgagee. Information available to bidders upon request, subject to the execution and delivery of NDA.
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Returning to work: Disease-prevention trends Elizabeth Holmes
R.W. Holmes With the expectation of employees returning to work, companies need to be prepared to not only provide a safe environment now, but fundamentally alter their office spaces to accommodate employees’ newest priority: staying healthy and minimizing the spread of germs. Future Alterations and Disease-Prevention Trends in Office Space 1. The Internet of Things and Hands-Free: Looking to China’s implemented technology and procedures to minimize spread of viruses, we see the value in the Internet of Things and tracking technology. Their measures of tracking each individual’s location and having them scan a QR code to gain access to public places may be too extreme for the U.S., but something to take inspiration from. The U.S. proptech industry was already experiencing exponential growth prior to the coronavirus. We can now expect further implementation of these technologies that can scan an employee in at security, order the elevator to the correct floor, and monitor the activity/hot spots in your office space – all through an app and hands-free. Infrared Fever Screening Systems (IFSS), currently implemented in airports to screen travelers and was used in the SARS 2003 outbreak, may be implemented in building lobbies to scan employees and visitors. Expect use of this IoT technology to expand to further monitor employee/visitor interaction within the office and provide more hands-free opportunities around your office. Additionally, expect owners to increase IoT and hands-free technology in common areas, such as lobbies. 2. Air Flow and Quality: One of the reasons China was able to allow their office workers back to work so quickly was their HVAC systems provide a much higher level of fresh air circulation compared to the more common U.S. systems that recirculate air. Look for higher expectations from tenants to have HVAC systems that circulate fresh air, which is currently only about 25% of the air we breathe. For those buildings where that is not a possibility, expect an increase in biophilia – living green walls. Plants have been shown to increase air quality in office space and provide a cost-effective way of increasing air quality. WELL Certification, similar to LEED Certification but focused on employee health and wellness, already
has guidelines in place for higher air quality and systems to implement. They are currently looking into strengthening these requirements to focus further on disease prevention. 3. Furniture & Fixtures: Furniture vendors are already working to redesign workstations to accommodate the six foot radius for social distancing, higher dividers between cubicles, and even changing the materials for furniture and equipment. Anti-microbial materials are being utilized in
the office or increase square footage. For many companies, neither of those options are the ultimate solution. Instead, companies have realized the ability for employees to work from several locations can be efficient, but as most humans are social, they still want the in-person office experience. Therefore, adding satellite offices is one potential solution. Particularly, the suburbs provide several opportunities: cheaper rent, lower densities, and abundance of free parking. Em-
We can now expect further implementation of these technologies that can scan an employee in at security, order the elevator to the correct floor, and monitor the activity/hot spots in your office space – all through an app and hands-free. Infrared Fever Screening Systems (IFSS), currently implemented in airports to screen travelers and was used in the SARS 2003 outbreak, may be implemented in building lobbies to scan employees and visitors. Expect use of this IoT technology to expand to further monitor employee/visitor interaction within the office and provide more hands-free opportunities around your office. Additionally, expect owners to increase IoT and hands-free technology in common areas, such as lobbies. high-touch furniture/equipment such as light switches, doorknobs, desks, and faucets. Some of these materials are already in use at healthcare/medical buildings while others are still being tested – such as a material that mimics shark skin, shown to minimize the time and amount of bacteria on its surface. Expect companies and owners to alter the furniture used in high-volume areas and future expectations on building/furniture materials to focus on anti-bacteria and easy to clean surfaces. 4. Office Layouts: It’s no surprise that the trend of benching and maximizing office density is out. Tenants will need to focus on creatively redesigning their offices to provide each employee with the six foot radius for social distancing at their workstation, conference rooms, and amenity spaces. We expect more companies to move towards small, private offices rather than reverting to large, high bay cubicles in order to keep employee morale up and germ spreading down. Small phone booths or “just in time” rooms for private calls will be minimized as they encourage high use, thus proving private offices a better option. 5. Suburban Push: As companies decrease the density of employees, two options are available: Decrease the number of employees working in
ployees will be extremely hesitant to commute on public transportation and downtown parking is not economical. Therefore, suburban satellite offices allow certain departments to relocate and collaborate together in a cost efficient way. 6. Coworking: Coworking companies like Workbar and WeWork are already drastically redesigning the way space will be offered to their members.The focus will shift on more private spaces rather than “hot desks” to minimize the spreading of germs. However, these models will not be remotely as lucrative as their previous layouts. Though more companies with upcoming lease expirations or growth needs will be eager for short term office options in the near term, they will most likely look to their landlords instead of coworking for a solution. We expect many landlords to be amenable to short term renewals or expansions as overall leasing demand decreases in the near term. Additionally, as coworking models become less lucrative for operators, expect landlords who have their own coworking/short term options to be more successful.
Elizabeth Holmes is the director of corporate services at R.W. Holmes Realty, Wayland, Mass.
Robert J. Nahigian FRICS, SIOR, CRE, FRICS, MCR 335 Auburn St., P.O. Box 66125 Newton, MA 02466 Tel: 617-332-6900, Fax: 617-965-2570
[email protected] www.siorcre.com
Auburndale Realty Company Since 1949
Worldwide Commercial Real Estate Services
Ernest C. Wronka, SIOR, CCIM, GRI The District, 1500 District Ave. Burlington, MA 01803 Tel: 781-229-2233
[email protected] www.wronkaltd.com Garry R. Holmes R.W. Holmes Realty Co., Inc. 321 Commonwealth Rd. Wayland, MA 01778 Tel: 508-655-5626 Fax: 508-651-3415 www.rwholmes.com
R.W. HOLMES REALTY CO., INC.
Thomas O. Sweeney, SIOR Sweeney Real Estate & Appraisal 170 Westminster St., Ste. 750 Providence, RI 02903 Tel: 401-331-9300 Fax: 401-331-9306
[email protected]
Chuck Reilly 16 Huron Drive, Natick, MA 01760 Tel: 508-651-3600 Fax: 508-655-2229 www.DACON1.com
Michael J. Giuttari, SIOR George Paskalis, SIOR Leeds Mitchell IV, SIOR MTel: 401-751-3200 Toll Free: 877-751-3201 www.mgcommercial.com
Karl F. Sherry, Jr. Peter C. Hayes Jeff Finan 146 Westminster St., 2nd Fl. Providence, RI 02903 Tel: 401-273-1980 Fax: 401-421-4207
Independently Owned and Operated A Member of the Cushman & Wakefield Alliance
Michael Giancola SIOR, CCIM 3131 Cranberry Highway E. Wareham, MA Tel: 508-759-3030 www.southeastcommercialre.com
2020 New England SIOR Chapter Officers President
Michael Giuttari
Chapter Administrator Loreen Liberty
Secretary
George Paskalis
Treasurer
Katherine Williams Kane
Listings are a smart way to advertise your business.
Contact Patty Colman,
[email protected] Karen Dowell,
[email protected] 781-878-4540
New England Real Estate Journal
Back Page A June 12 - 18, 2020
nerej.com
New build-to-suit options
40 Shattuck Road, Andover
e l b a ail v A rs
Vir
u o T l tua
2,050 - 28,000 SF Available - A rare opportunity
to lease a premium office suite in highly sought-after location • Build-to-suit, second- and third-floor suites • Lease one or combine multiple suites • Abundant natural light • Moments from I-93 and I-495 • Upscale contemporary finishes • Thriving River Road business district
Located just off River Road at I-93 and I-495, the property offers convenient access to major highways, and proximity to many desirable amenities, including restaurants, hotels, and daycare.
New on-site amenities at 40 Shattuck Road include a micromart and fitness room.
Rhode Island 95 Cripe St. North Kingstown, RI (401) 295-0044 www.quonset.com
(401) 621-4336
June 12 - 18, 2020 Section B
Quick Read Sweeney R.E. sells 20,000 s/f flex bldg. in Highland Corp. Pk. for $1.35 million
SEE PAGE 4B
East Greenwich Planning Board approves new 25-lot subdivision
SEE PAGE 14B
VOLPE OF MG COMMERCIAL REAL ESTATE LISTING BROKER OF 20,000 S/F PLAZA
Foncellino Team of Coldwell Banker Commercial brokers $2.2m sale EAST PROVIDENCE, RI Foncellino Team of Coldwell Banker Commercial brokered the $2.2 million sale of 1235 Wampanoag Trail for the seller South West Properties. The building, constructed in 1991, consists of 20,000 s/f of 8 retail units ranging from 1,045 Ann Foncellino s/f to 4,400 s/f. It is located on two acres and offers parking for 80 cars. The retail plaza is located on Rte. 114, two miles south of I-195 exit Mike Volpe 7, with traffic count of 30,000. The listing broker was Mike Volpe of MG Commercial Real Estate. The Foncellino Team along with MG Commercial helped with the processing of a 1031 exchange by the buyer, White Horse Properties.
Quigley-Smith of Mott Moretti of Lila Delman R.E. sells & Chace brokers sale of 5,000 s/f 2,160 s/f for $2.75m $1.15m NORTH KINGSTOWN, RI Mott & Chace
SEE PAGE 16B
20 Pages City of East Providence............ 2 City of Pawtucket....................... 6 City of Warwick.......................... 8 R.I. Infrastructure Bank..........10 Quonset Business Park.........12
New England Real Estate Journal nerej.com
Sotheby’s International Realty sold 69 Hillcrest Dr. for $1.15 million. Julie Quigley-Smith, broker associate of Mott & Chace Sotheby’s International Realty represented the seller. Melissa Rampone of Keller Williams Julie Quigley-Smith Realty represented the buyer. According to data available from Rhode Island Statewide Multiple Listing Service, the sale of 69 Hillcrest Dr. is the top single-family sale in the town this year. “This 5,000 s/f home has unbelievable resort-like grounds,” said Quigley-Smith. “Featuring spectacular landscaping, a 53-foot-long patio, outdoor living room with a wood burning fireplace, a stainless kitchen, a gas fire pit, a saltwater swimming pool, and hot tub. The new owners will surely enjoy it.”
1235 Wampanoag Trail - East Providence, RI
$915,000 ARRANGED BY NOELDECHEN FOR CITIZENS BANK SITE
Marcus & Millichap facilitates financing of 275 Newport Ave.
RUMFORD, RI Marcus & Millichap Cap-
ital Corp. has closed the financing of 275 Newport Ave., according to John Krueger, vice president and regional manager of the firm’s New Haven office. The loan amount was $915,000. The loan was arranged by Robert
Noeldechen, of the firm’s New Haven office. The asset, a NNN-leased Citizens Bank location, was sold in a 1031 transaction. Regarding the acquisition, Noeldechen said, “1031 trades for triple-net properties remain pop-
ular and in demand. The yield and return on the investment was very favorable for the borrower. “We were able to find a lender and close in a challenging time, with fantastic terms for our client,” said Krueger.
Rhode Island
Inside Cover B June 12 - 18, 2020
New England Real Estate Journal
Peter M. Scotti & Associates, Inc. Brokerage/appraisal/ManageMent
FOR SALE DOWNTOWN PROVIDENCE, RI 395 WESTMINSTER ST. RETAIL/LOFT The site consists of a 5,180 sf parcel located at the corner of Empire and Westminster Streets, Downtown, Providence, RI. The site is improved by a classic 2 story stone mercantile building of 10,000 sf on 2 levels, zoned D1-120. Ground floor retail tenants generate considerable cash flow, with 2nd floor available for redevelopment. Price: $1,795,000.
FEDERAL HILL MIXED USE 284 ATWELLS AVE. PROVIDENCE, RI Just Reduced! Heart of Federal Hill. High visibility-location. 9,200 sf gross building area. 27 car parking. 2 level restaurant plus full usable basement. Upper floors residential. Great building. Great location! $1,250,000 Details Peter Scotti, x13
BRICK MILLS FOR SALE, RHODE ISLAND THREE LARGE BRICK MILLS AVAILABLE FOR SALE OR JOINT VENTURE DEVELOPMENT. Pawtucket, RI: 121,000 SF Mill on 4 Acres, 2 blocks from the proposed New Train Station. Cumberland, RI: 120,000 SF Mill on 3.6 Acres of Blackstone River Waterfront. Cranston, RI: 240,000 SF of Mill Buildings on 20 Acres close to shopping and highways. Excess Land for Development Contact James Moore for more information, 401-421-8888 ex 14,
[email protected]
INDUSTRIAL BUILDING FOR SALE OR LEASE 14 THURBERS BLVD. SMITHFIELD, RI 56,864 SF industrial building with 5,000 SF of office on 5.3 acre site. Ceiling heights of 12-20 feet for manufacturing and warehouse. Heavy power, sprinklers, 3 loading docks, OH door, central A/C, municipal water and sewer, gas. On site parking for 75 cars. Great location directly off of Rt. 295 and Rt. 7. Tenant rental occupies 19,000 SF. Balance available for immediate occupancy. For Lease or For Sale New Price $1,900,000
RESTAURANT/RETAIL FOR SALE OR LEASE DOWNTOWN PROVIDENCE, RI Providence CBD Two level stand-alone restaurant, 2,200 sf. Proven location/ Night time parking available Lease: $19.00 psf NNN Sale Price: $450,000.00 Details, Peter Scotti x13
FOR SALE COMMERCIAL/OFFICE CONDO 250 B CENTERVILLE RD WARWICK, RI Free standing single story 5,000 square foot brick office condo building in the Warwick Executive Park directly off of Rt. 117 and Interstate 95. High Quality Professional office suite(s) on a single level with basement storage area. Ample on site parking, terrific access and location, $599,000.
FOR SALE BREWERY & BREW PUB CRANSTON, RI Former Brutopia Brewery and Brew Pub business available for sale at 505 Atwood Ave. Cranston, RI. Turn Key 20 BBL Brewery with multiple fermenters & brite tanks with top of the line equipment. 5,000 SF Pub/ Restaurant fully equipped with 22 foot kitchen exhaust hood. Large Pub with 360 degree Bar and substantial seating areas. On-site parking and loading in high traffic retail strip. Long term lease options. Turn Key Business only or Business and Real estate. Call James Moore for more information, 401-421-8888 ext 14
Peter M. Scotti & Associates, Inc. • 401-421-8888 403 South Main Street, Providence, Rhode Island 02903 Visit our web page at www.scottirealtyri.com
Rhode Island
nerej.com
June 12 - 18, 2020 1B
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
146 WESTMINSTER STREET, 2ND FLOOR, PROVIDENCE, RI 02903 401-273-1980 WWW.HAYESSHERRY.COM
Northwoods
1301 Atwood Avenue, Johnston, Rhode Island
ONEMetro
1 Metro Center Boulevard, Warwick, Rhode Island
341,010 SF of highly efficient office
constructed Class A office
space on landscaped campus setting
building
Expected Gold LEED Certification
Ideal visibility immediately off the
Large unobstructed floor plates
Airport Connector and I-95
Full service cafeteria, ATM, showers/
locker room & exercise facility in the
for
Lease
CONTACT: Pete Hayes or Matt Fair 401-273-1980
[email protected]/
[email protected]
40 Westminster Street Providence, Rhode Island
Ample parking on-site
Up to 40,000 SF
Available
for
Lease
271 Thayer Street
Providence, Rhode Island
Located in heart of Providence’s Financial District at intersection of
Outstanding visibility and access
Corner location in the heart of the Thayer Street/Brown University retail
Westminster & Weybosset Streets
Parking available on-site
24-hour on-site security
trade area
CONTACT: Karl Sherry or Matt Fair 401-273-1980
[email protected]/
[email protected]
for
Lease
500 Exchange Street Providence, Rhode Island
12-story, 317,000 SF Class A office building
Up to 20,000 SF available for lease
Large windows for spectacular view of
CONTACT: Bill Greene 401-273-1980
[email protected]
for
Lease Charles Orms Building
10 Orms Street, Providence, Rhode Island
4-story, 56,000 SF office building
3,100 - 8,300 SF available for lease
Located directly off Route 95 with easy access to Route 146
On-site parking garage
On-site parking - 3.3/1,000 SF leased
Short walk to Downtown Providence and
Walking distance to Providence Train Station featuring both MBTA and AMTRAK
Available immediately
adjacent to train station and Providence Place Mall
for
Lease
Available immediately
Up to 11,000 SF
the State House and downtown skyline
Up to 20,000 SF
Outstanding pedestrian traffic and daytime population
Up to 24,000 SF
11,000 SF of multi-level subdividable retail space, plus lower level
1,800 - 24,000 SF available
Available immediately
Up to 8 parking spaces per 1,000 SF leased
CONTACT: Pete Hayes/Matt Fair/Steve Flachbart 401-273-1980
[email protected]/
[email protected]/
[email protected]
266,000 SF Class A office building
Custom office suites ideal for corporate hadquarters
building
3-story, 75,000 SF newly
Available immediately CONTACT: Karl Sherry or Matt Fair 401-273-1980
[email protected]/
[email protected]
Available
for
Lease
CONTACT: Karl Sherry or Steve Flachbart 401-273-1980
[email protected]/
[email protected]
Rhode Island
2B June 12 - 18, 2020
FOR LEASE
Mayor Roberto DaSilva
Retail / Storefront / Office
Director of Planning and Economic Development William Fazioli
Bristol, RI
The Bristol Shopping Center Hope St. (Rt. 114) & Gooding Ave. Bristol, RI Established 1959
2 Acre PAD Site 3,000 SF End Cap Spacious Parking High Traffic Intersection Office / Retail
Gooding Realty Corp. Tel. 401-253-3190
Fax. 401-253-3494
[email protected]
NY Tel: 781-878-4540 Proof NE REal EstatE JouRNal Changes
New Proof
Section: SC from: Karen Dowell x254 run Date: 10-11
Proof Approved
New England Real Estate Journal
City of East Providence 145 Taunton Ave. East Providence, RI 02914 401-435-7500
www.eastprovidence.com
Mayoral form of government drives bond rating upgrade Roberto DaSilva City of East Providence
The City of East Providence received a credit rating upgrade from Moody’s Investors Service to A1 in May 2020. This rating action is remarkable for two reasons. First it was achieved in the middle of widespread financial uncertainty as a result of the COVID-19 global pandemic. Secondly, this feat is notable since it represents an extraordinary turnaround in the City’s financial position. Earlier in 2011, East Providence’s bond rating was below investment grade level, (junk bond status) which drastically increased the city’s borrowing costs. The improved rating is the culmination of a decade-long effort to enhance fiscal discipline which has increased the city’s financial reserves. A prime factor in Moody’s rationale for this positive action is the significant pace of development activity in recent years. This growth in the industrial, commercial and residential sectors provides the city with increased revenues to support municipal services. Also the new development projects provide important employ-
The City of East Providence received a credit rating upgrade from Moody’s Investors Service to A1 in May 2020. This rating action is remarkable for two reasons. First it was achieved in the middle of widespread financial uncertainty as a result of the COVID-19 global pandemic. Secondly, this feat is notable since it represents an extraordinary turnaround in the City’s financial position. Earlier in 2011, East Providence’s bond rating was below investment grade level, (junk bond status) which drastically increased the city’s borrowing costs. ment opportunities for city residents while also supporting local businesses. Specific projects that were cited by Moody’s included the very successful Kettle Point mixed-used development. This site includes 228 new housing units as well the state-of-theart 80,000 s/f University Orthopedics facility. The analysts also highlighted the Brown University Medicine complex, which contributes to an emerging healthcare presence in East Providence. The leading employment sectors of East Providence include healthcare, advanced manufacturing and financial services. Overall, the rating analysis characterizes the city’s economy as growing and diverse. An additional component to
the city’s turnaround is the new, strong-mayor form of government. In 2018, local residents elected its first mayor and Moody’s noted that this has resulted in a stronger management structure. Specifically, with an elected CEO, East Providence is better able to formulate a strategic vision and align resources to achieve goals. As mayor, I look forward to ushering a new era of top-rate development to East Providence. During the upcoming months, we will be announcing the details of several significant projects which will continue to improve East Providence’s economy and quality of life.
Roberto DaSilva is the mayor of East Providence, R.I.
nerej.com
Rhode Island
June 12 - 18, 2020 3B
365 Eddy Street, Penthouse Providence, RI 02903 877-751-3201 (toll free) 401-751-2871 (fax)
OFFICE/INDUSTRIAL – LEASE: LINCOLN, 20,000’ – 200,000’ Industrial, 4,944’ Office, mixed-use property on 30 ac. Close to I-95, Route 146. Lots of loading.
COMMERCIAL - SALE: Warren, 2,500’ building on 38,300’ lot, office space at front with 2 drive-in bays in rear, ample parking, close to downtown Warren & Route 195.
MEDICAL OFFICE - SALE: Pawtucket, 20,200’, ½ mile from Miriam Hospital, easily accessible, 2 floors with elevator, 56 parking spaces on 38,950’ site
FORMER SCHOOL - SALE: North Providence, 26,116’ institutional building, corner lot, new windows, new gym floors, new fire/ sprinkler/VRF heating/cooling.
RETAIL - SALE/LEASE: Providence, 9,685’ entertainment space located in the Jewelry District, 14’ clear, sprinklered, ADA/fire code compliant, walk in cooler, 4 bathrooms, sub-dividable.
INDUSTRIAL - LEASE: East Providence, 108,000’ warehouse/manufacturing including 18,900’ office space, 6 docks, fully AC, near I-195.
OFFICE/WAREHOUSE - SALE: Warwick, 6,000’ office space, 2,800’ warehouse space, 1.73 ac site 1 loading dock, 2 overhead doors, lease expires 3/31/20 no extension options.
OFFICE - SALE: Warwick, 24,000’ two level office building on 1.7 acre lot. Open space with perimeter offices, 90 car parking on well landscaped grounds. 1/2 mile from I-95.
RETAIL - LEASE: Providence, 2,951’ available in the Providence Innovation & Design District, highly visible. 59 apartments above to support tenant, close to I-95/195.
OFFICE - SALE: Providence, 15,744’, located in the heart of Downtown Providence, surrounded by countless amenities, easy walk to AMTRAK/MBTA station, ideal residential conversion.
OFFICE - LEASE: Providence, 6,400’, 9th floor suite in the Textron bldg, open work areas & private office space in the Financial District. Ample parking options.
RETAIL/RESTAURANT - LEASE: Providence, 1,948’-3,872’ new construction in mixed-use development, high profile spaces. Residential units above, minutes to I-95.
OFFICE/BIO-SCIENCE – SALE/LEASE: Cumberland, 20,280’ state of the art facility located adjacent to CVS World Headquarters, immediate highway access.
MANUFACTURING/OFFICE-LEASE: Providence, 15,163’-31,763’, located in Huntington Business Park, immediate highway access, 100% AC, modern, energy efficient, sub-dividable turn-key space.
OFFICE - LEASE: Providence, First Class contiguous space 18,500 RSF, in Financial District, ample parking, immediate availability.
FLEX SPACE-SALE/LEASE: Westerly. 39,306’, Westerly Airport Industrial Park, flexible interior design office and high quality production space, 2 docks, 350kw. Diesel generator, ample parking.
OFFICE – SALE: Providence, 3,800’ single story office building w/ample parking close to Routes 6 & 44, high traffic location, lease back opportunity, Roger Williams Hospital vicinity.
LAND - SALE: Portsmouth, 11 acre flat, cleared development ready site zoned for mixed use. West Main Road is located just 5 miles to the Mount Hope Bridge and 8 miles from Newport.
OFFICE/WAREHOUSE, SALE/LEASE: West Warwick, 115,000’ high bay warehouse (fully leased) w/ approximately 33,000’ office space. West Warwick Business Park.
MEDICAL OFFICE - LEASE: Johnston, 1,000’-2,600’ available in Atwood Medical Center, located just off Rt. 6, Hartford Ave., easily accessed via Rt. 6 & 10 or Route 295, ample parking.
401-751-3200 mgcommercial.com
Rhode Island
4B June 12 - 18, 2020
New England Real Estate Journal
PETRARCA OF RODMAN R.E. REPS. BUYER OF 811 PARK EAST DR.
Sweeney R.E. sells 20,000 s/f flex building in Highland Corp. Park
Prime Restoration and Remediation LLC purchased an industrial flex building located at 811 Park East Dr. for $1.35 million. The 20,000 s/f property sits on 2.5 acres in Woonsocket’s Highland Corporate Park. The buyers plan to use the Thomas Sweeney space for their new headquarters. Thomas Sweeney of Sweeney Real Estate & Appraisal represented the sellers and Fred Petrarca of Rodman Real Fred Petrarca Estate represented the buyers. As one of the top commercial real estate companies in the market, the Sweeney team has represented in excess of 1,000 customers since its inception in 2010. In the last five years they have conducted over 1.5 million s/f in transactions. WOONSOCKET, RI
COMMERCIAL
COMMERCIAL
NEWPORT, RI
MIDDLETOWN, RI ‘Villalon’, 120 MIANTONOMI AVENUE
$2,495,000
Stylishly Restored 9-Bed Estate Ideal for Boutique Hotel Conversion
401.954.5703
429-431 THAMES STREET
$2,485,000
ARE JAMESTOWN Mixed-Use Zoned Waterfront - 2 Retail StorefrontsWE & 4 Apt Units 401.855.1127
FROM THE COAST TO THE CAPITAL...
Rhode Island A section of the New England Real Estate Journal P.O. Box 55, Accord, MA 02018 781-878-4540, www.nerej.com WESTERLY, RI
BLOCK ISLAND, RI
190 SHORE ROAD
$1,948,000
9-Bed Coastal Compound
401.742.1225
356 HIGH STREET 13-Bed Inn w. Cottage
WESTERLY, RI $1,775,000 203.654.5637
31 POST ROAD Successful Salon/Spa
WICKFORD, RI $1,350,000 401.742.1225
65 BOSTON NECK ROAD
$895,000
Victorian Home/Office Space 401.954.5703
CONTACT OUR ASSOCIATES LEASE
Publisher Karen Dowell x254
JAMESTOWN, RI
JAMESTOWN, RI
29 NARRAGANSETT AVENUE Downtown Commercial
NEWPORT JAMESTOWN
$775,000
401.413.6928
2 WATSON AVENUE Business Opp: Bakery/Cafe
WATCH HILL NARRAGANSETT
PROVIDENCE BLOCK ISLAND
[email protected]
NEWPORT, RI $399,000
19 WEAVER AVENUE
$750/month
401.595.3235
Office/Storage Space
401.418.0913
Annie Becker
David Lawrence
401.855.1127
401.339.1010
Editor Jillian Graham
[email protected]
Rhode Island
nerej.com
June 12 - 18, 2020 5B
EXPERIENCE THE CONWAY COMMERCIAL GROUP DIFFERENCE NATIONAL REACH * LOCAL EXPERTISE FOR SALE 47 SUMMER STREET MANVILLE, RI
FOR SALE 845 NORTH MAIN ST. PROVIDENCE, RI PRICE
ON!
CTI REDU
$350,000
$375,000 This all new fully-renovated office condo is comprised of 2 combined suites, Suite 1 is 3,014 sf and Suite 2 is 1,086 sf for a total of 4,100 sf. Consisting of 10 exam rooms, 6 private offices, kitchen, reception, and multiple bathrooms. This professional/medical office condominium boasts a highly recognizable address, great highway access, and just minutes from Miriam Hospital. Also available for lease.
FOR SALE 305 POCASSET AVE. PROVIDENCE, RI
$499,000 Full service bar and grille in Manville section of Lincoln. Sale includes all real estate, furniture, fixtures and equipment as well as a nearly 1,300 sf apartment with new deck. The facility has recently undergone major improvements and is now completely turn key. Fully equipped kitchen with walk-in. Basement provides for huge amount of storage space. Famous for booking some of the best live bands in Northern RI. Ready for an experienced entrepreneur to bring this popular neighborhood nightspot to its full potential. Building size is 5,994 sf, new vinyl siding throughout, new gas boilers (1 for apartments, 1 for bar), ample parking.
6,207 sf, 3 level, mixed use brick and wood frame building consisting of 2,000 sf of first floor retail/office space, two spacious 3-bedroom apartments and a 1,300 sf 6-car heated garage. All units are heated with separate oil boilers. Roof was installed in 2008. This property is in need of improvement to maximize its potential. Located at the corner of Pocasset and Union Avenues, with great highway access. Ideal opportunity for someone looking to live/work with additional rental income. Sold “as is”.
FOR SALE 15 KENT AVE. WARWICK, RI
FOR SALE 117 NORTH MAIN ST. PROVIDENCE, RI
FOR SALE 364 WELLINGTON AVE. CRANSTON , RI
PRICE
N! CTIO
REDU
PRICE
ON!
CTI REDU
$310,000 Automotive garage/office/retail/show room with superb highway (Rt. 95) visibility. This is a brick/masonry, standalone building, with 3 ground level 12’ drive-in bay doors, office, electrical service, 2 bathrooms renovated in 2015. Very clean building with environmental reports available. Zone M2 with vast permitted uses. Currently an auto repair facility. Some business equipment is negotiable. Corner lot with 30 to 40 car capacity. Showroom finished with tile floor. Sales counter plastered walls and hard ceiling. Well maintained, tastefully renovated. Seller will consider negotiating his book of business as well.
$395,000 $899,000 Great investment opportunity on vibrant North Main Street. This mixed use building consists of the immensely popular Muse Paint Bar on the first floor featuring comfortable bar with beer and wine license, 2 bathrooms, small kitchenette/food prep area and multiple paint stations ideally suited for individual novice artists or large group events. 2nd and 3rd floors feature a spectacular 5 bedroom 2 bathroom townhouse apartment with private patio area perfect for small intimate gatherings. Possibly one of the best features is the buildings proximity to all modes of travel from the Amtrak Train Station, RIPTA Bus Service, Scooters, and Zipcar. Recent improvements include new roof, newer HVAC, new fire alarm system, plumbing and electrical upgrades throughout and more.
PRICE REDUCTION! Currently being used as an automotive service facility, this building is configured as 2 separate units of 2,000 sf each with separate utilities but could easily be combined as a single 4,000 sf building. Masonry construction makes this a secure, ideal building for multiple uses. This building may also offer the opportunity for medical marijuana growing.
SEE ALL OF OUR PROPERTY LISTINGS AT WWW.CONWAYCOMMERCIAL.COM
Jim Conway
Conway Commercial Group 400 Reservoir Ave., Suite C, Providence, RI 02907
401-447-6062 •
[email protected] www.conwaycommercial.com NE NY Tel: 781-878-4540
Rhode Island
6B June 12 - 18, 2020
New England Real Estate Journal
MEDICAL OFFICE SPACE 2345 Mendon Rd., Woonsocket Mayor Donald Grebien
$400 million Tidewater Landing project still on track
For Lease - 1,425 sf professional/medical office suite features office/reception area, exam rooms, offices, 2 lavatories, ground floor access with ample parking. High-traffic high-exposure location at the intersection of Rt. 99 and Rt. 122. Located across from Highland Corporate Park. Call for details!
Marc A. Cote
Commercial Division ext. 204
600 Cass Ave., Woonsocket, RI 02895-4729 Email:
[email protected].
401-766-2200 x204
View this listing at www.loopnet.com - Property ID: 16899895
New Proof
Proof Approved
Size: 2x4 Section: RI From: Karen Dowell x254
[email protected] Run Date: 4-10
crop 2”
NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL Changes
www.pawtucketri.com
Pawtucket City Hall 137 Roosevelt Avenue, Pawtucket, RI 02860 401-728-0500 Ext. 281
The city of Pawtucket has been on the frontlines of the Coronavirus pandemic working to keep its first responders, residents and businesses safe. Although we are laser focused on beating this virus, we have not taken our foot off of the gas on major projects that will benefit our city. For instance, our efforts are ongoing to keep the $400 million Tidewater Landing project on schedule. The city of Pawtucket, working closely with Fortuitous Partners and CommerceRI, continue to make progress towards the generational transformation of Pawtucket’s downtown and riverfront. This $400 million investment is the largest in the city’s 134-year history. A 7,500-seat soccer stadium, will become the home to a Rhode Island franchise in the United Soccer League Championship. USL is the largest, fastest growing professional soccer organization in NorthAmerica and the Championship league, the highest tier of USL, hosted over three million fans at matches across the United States in 2019. The soccer stadium anchors planned development on abutting properties, as well as across the river, that would include an indoor sports
Last month, the Pawtucket City Council granted site control of the Pawtucket parcels to Fortuitous through a lease option agreement that allows the company to develop the city’s waterfront. center, hotel, market rate and workforce housing, commercial offices and retail stores. This development project also includes a pedestrian bridge connecting the two sides of the river for public use and a public riverwalk extending along both sides of the Seekonk River. Last month, the Pawtucket City Council granted site control of the Pawtucket parcels to Fortuitous through a lease option agreement that allows the company to develop the city’s waterfront. I thank the city council as well as the Pawtucket RedevelopmentAgency for their continued support of this game-changing initiative. With Pawtucket City Council approval, Fortuitous Partners has been
given a green light to begin finalizing a master development agreement and site plans going through the city and state’s permitting process. Fortuitous has also been working closely with National Grid on a lease agreement for their additional parcel of land along the river. Our work will continue to utilize the Tax Increment Financing (TIF) program created by the Rhode Island General Assembly to finance investment in the city’s downtown, Riverfront and Transit Oriented Development District. The TIF tax program reinvests tax revenue generated from new economic activity spawned by the project, such as sales, hotel, business and property taxes back into the project – meaning we will not be looking to taxpayers to fund this development project. Although Pawtucket has endured many challenges during the extraordinary times and unusual challenges of the COVID-19 outbreak, we remain deeply committed to completing the transformative projects throughout the city, includingTidewater Landing.
Donald Grebien is the mayor of city of Pawtucket, R.I.
PAWTUCKET/CENTRAL FALLS
Future Development Potential Around Pawtucket/Central Falls Commuter Rail Station
Over 160 acres, includes 2 million square feet of unique, historic mill buildings, PAWTUCKET OFFERS ... • Easy access to I-95, 195, 295, and 495 • Competitive Property Prices • Standardized Property Tax Stabilization Agreements • 1 mile to Providence • Competitive Business Loan Terms & Rates • 45 minutes to Boston • Live-Work Spaces and Affordable Rents • Available Skilled Workforce • Thriving Arts and Creative Sector • Close to Major RI Colleges & Universities • Streamlined Permitting
Contact: Jeanne Boyle, Commerce Director |
[email protected] | www.pawtucketri.com | (401) 728-0500 x432
Rhode Island
nerej.com
June 12 - 18, 2020 7B
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has been servicing the business needs of our customers and clients since 1906. To view our inventory visit
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PROVIDENCE - FOR SALE: The Wiggins-Burdick House built in 1894 is a beautiful 3-family Queen Anne style home within the Summit Historic Dist. Walking distance to shopping & dining in Hope Village and easy access to highways, local universities and downtown. Updates include replacement windows, insulation newer roof and driveway. All three units offer spacious layouts, 2 bedrooms and 1 bath, hardwood floors & lots of natural light. Call Mike Foncellino at 401-258-2332
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INDUSTRIAL FOR LEASE: WRENTHAM MASS - Coming soon, being built, warehouse space on highly traveled Rt. 1 in Wrentham MA, close to 95 & 495. This bldg. #3 is new construction with 7500’ of open space, 18’ ceiling height 1:12 gable, 12’ wide, 14’ high, ground level overhead doors in rear of bldg. with 6 office fronts. Can subdivide approx. 1250’ ea. Call Mike Foncellino at 401-258-2332
RETAIL-COMMERCIAL FOR SALE: NORTH SMITHFIELD - Turnkey Retail Garden Center and ancillary uses previous use was garden center, landscaping, retail florist. Located just off Rt. 146, zoned RA. 2,400 sf building with overhead door. 1.67 acre lot. Call Mike Foncellino 401-258-2332
COMMERCIAL RETAIL FOR SALE: EAST PROVIDENCE: This well-established 19,232 SF retail plaza was built in 1991 and currently consists of 8 retail units, ranging from 1,045 - 4,400 SF. It sits on almost 2 acres and offers parking for 80+/- cars. The 3,460 SF space for lease, consists of a reception area, multiple treatment rooms and handicap accessible bathrooms. Call Mike Foncellino at 401-258-2332
CRANSTON: COMMERCIAL INDUSTRIAL OFFICE FOR SALE - Great opportunity for investor, 2 bldgs. or owner operator Large Victorian with income producing 2 family bldg. present use funeral home, many rooms, offices, finished basement, bathrooms with apts. 2 unit MFM bldg. On same large lot. Other uses, assisted living, adult daycare, dental medical, professional, legal, financial services. Ample parking, high traffic rd with excellent visibility. Call Mike Foncellino 401-258-2332
COMMERCIAL FOR SALE-CUMBERLAND: Steel constructed 2,400 SF building with potential storage space and a detached garage/storage shed - two overhead doors with 12 ft clear ceiling height! Previously used as a welding school. 3 phase electrical, 240 volts and 600 amps. Potential uses include auto repair, auto body, manufacturing, industrial, warehousing. Surrounded by similar businesses on a dead end street near highly exposed business and shopping district. Call Pauline Lemieux at 401-369-1811
RETAIL / COMMERCIAL FOR SALE - PROVIDENCE: Present use 2 tenants (Month to Month) restaurant & office. Ideal owner operator for restaurant including equipment, occupying 750’ or take center wall down for 1700’. Total rents, $2600 Mo. Gross. Full basement, 75% finished. New retaining wall in rear, high traffic road. Other uses convenience store, food service or office. Call Mike Foncellino 401-258-2332
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PAWTUCKET : - Well maintained medical condo office next to on and off ramp. I-95 and near hospital. Ideal for accountant, lawyer or professional. Call Mike Foncellino 401-258-2332
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SMITHFIELD: FOR LEASE - retail - office space with plenty of parking. Located on high traffic Putnam Pike in Greenville, RI. Easy access to Route 295. Call Mike Foncellino 401-258-2332
SWANSEA MASS – RETAIL-COMMERCIAL FOR SALE - Bldg & Business and SFM house. Well established Business. Turn key Restaurant / Tavern. Operating with Liquor License, Entertainment & Pool Table License. Updated grease traps, Electric, Central air, Septic & Fire alarm. Walk in Freezer Box and income from SFM. Other uses, food service, Convenient Store, Coffee Shop. Call Mike Foncellino 401-258-2332
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CRANSTON: OFFICE BUILDING FOR SALE Present use, medical office bldg., high traffic road. Ample parking, elevator, handicap access. Other uses, legal, accountant, financial. Also ideal for owner occupied. Space available on 1st & 2nd floor. Rental income to pay for mtg. Priced below assessed & appraised value. Call Mike Foncellino 401-258-2332
LINCOLN: Rare listing, Two-family home with over 1 acre of old family farm! Unique property formerly part of larger farm but still has a large barn and separate 3 car garage. Great for owner occupied or as an investment purchase. Each unit has its own range and refrigerator. First level unit has additional space in a sunroom & has access to basement with laundry hook-ups. 2 beds each, large eat-in kitchen & living room. Plenty of parking plus. Large old barn with additional garage bays & lots of storage. Call Mike Foncellino 401-258-2332
NORTH SMITHFIELD: 2 properties, bundled together for sale with 600’ frontage on Eddie Dowling Hwy. Ideal owner operator or developer. 2 bldgs, 1 retail/office, the other residential, located on 2.76 acres. Prime location. Owner user retail/office, 2000’ bldg with access to barn/garage. Residential bldg needs rehab, all zoned business hwy. Residential ideal for apartment conversion. Call Mike Foncellino at 401258-2332
COMMERCIAL/INDUSTRIAL FOR LEASE-SMITHFIELD- 2500’ of Office Space on High Traffic rd. Lease Rate includes Heat & Electric. Large Open Area, surrounded by 6 Offices. Ample parking. Ideal Uses, Legal, financial services, Consultants, small Church Groups, Call Centers, Computer Companies. Call Mike Foncellino 401258-2332
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INDUSTRIAL FOR SALE: CUMBERLAND Warehouse, open space, ceiling height 22’, one truck level shipping dock and one ground level shipping dock. Bldg fire coded with sprinklers. Easy off I-295. Contact Mike Foncellino 401258-2332
RETAIL COMMERCIAL FOR LEASE - CRANSTON: - Ideal retail/office location on high traffic Cranston St. Located next to “Laundromax”. Open space, previously used as Metro PC store. Ideal use, food service, convenience store, hair dresser, bakery. Ample parking. Call Mike Foncellino 401-258-2332
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OFFICE/WAREHOUSE FOR LEASE/SALE: CUMBERLAND - Office/Warehouse space located in well maintained commercial complex. 5200’ Class A office space and 3250’ warehouse space with 22’ ceiling height and OH door. Previous use corporate headquarters for daycare center. Call Mike Foncellino 401-258-2332
BARRINGTON
280 County Rd Barrington, RI 02806
BRISTOL
495 Hope Street Bristol, RI 02809
RETAIL-COMMERCIAL FOR SALE: PAWTUCKET - Newly renovated bldg (2007) new exterior, heat, roof, electric, 3 phase. Current use catering, restaurant facility, includes walk-in box, oven hood, dining area, fire coded. Ideal use, restaurant, food service, office, medical, professional. GBA 2400’ includes full basement. Partial owner financing available to qualified buyer Call Mike Foncellino 401-258-2332
CUMBERLAND
1985 Mendon Rd Cumberland, RI 02864
WRENTHAM MASS; INDUSTRIAL FOR LEASE: Warehouse/Office Bldg with 2 OH 14’ doors. Approx 1000’ office space (5) offices with new lighting, flooring & painted. High ceilings & ample parking. Warehouse space will have flooring redone 7 interior painted. Exterior to be refurbished within Bldg 2 & 3 are built. Easy access to 495 & 95. Ample parking. Call Mike Foncellino at 401-258-2332
E. GREENWICH
527 Main Street E. Greenwich, RI 02818
NEWPORT
38 Washington Square Newport, RI 02840
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CUMBERLAND 2 MIXED USE BLDGS FOR SALE: 2 mixed use bldgs totaling 7 units. 5 residential & 2 commercial retail spaces. Many upgrades, rents below market value. Call Mike Foncellino 401-258-2332
PROVIDENCE
196 Waterman Street Providence, RI 02906
WARWICK
831 Bald Hill Road Warwick, RI 02886
Rhode Island
8B June 12 - 18, 2020
Mayor Joseph Solomon
(401) 435-6101
New England Real Estate Journal
Warwick Tourism Culture and Development Dept. Karen Jedson, director 401-738-2000 x6402
www.movetowarwickri.com
Critical infrastructure
28 Boston St. East Providence, RI
www.jjcardosi.com
improvements will move forward Trades we perform:
Services we provide:
• Site Work • Concrete foundations & form work • Carpentry — rough & finish • Framing • Doors & Windows • Demolition • Preparation for subtrades
• Design/Build Projects • Construction Management • Coordination of Subtrades • Facilities Renovations • Pre-Engineered Steel Buildings
Changes
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NY Tel: 781-878-4540 PROOF NE REAL ESTATE JOURNAL
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Announcing Our New Providence Office! The entire team at Sullivan & Sullivan Auctioneers looks forward to continuing to provide outstanding professional auction services to commercial clients and government agencies in Rhode Island, with the added convenience of an office in the heart of downtown!
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The COVID-19 pandemic has had a tremendous impact on Warwick’s residents and businesses alike. I am very mindful of that, so in an effort to mitigate financial pressure on our community members impacted by the crisis, when I submitted my FY 2021 budget to the city council, I made it my priority to ensure that there were no tax increases. I am pleased that the council unanimously adopted my budget as presented. In light of these difficult economic times, preparing a budget without a tax increase was no easy task – but raising taxes was not an option when
so many residents and businesses are struggling. Warwick’s FY21 budget allows our city to continue providing the services and programs our residents expect and deserve, invests more in education, and ensures that critical infrastructure improvements – which will be funded with historically low interest rate bonds – will move forward. Our hardworking department directors have been doing more with less without skipping a beat, and will continue to do so for the good of our community, residents, and businesses. Thankfully, we are now in the second phase of reopening our economy.
And, while the pandemic has caused a temporary suspension of my Business One-on-One Outreach program, we remain in constant communication with our restaurants and retailers to determine their needs and help to promote those that are open in various capacities. Throughout the pandemic, city departments have remained operational to ensure that new development project proposals and other construction can continue to move forward. In fact, while this crisis has temporarily shuttered many businesses, residential and commercial building permit applications have remained steady. From April 2019 through April 2020, the city issued 2,349 residential permits with a permit valuation of $32,595,306, and 382 commercial properties with a permit value of $49,544,402. And, fortunately, large-scale projects in our city remain ongoing. The transformation of historic Pontiac Mills continues with the next phase of the mixed-use development within the mill complex. Construction is underway for the OrthoRI development project at the Crowne Plaza Hotel campus, and the Carpionato Group has completed hotel renovations that will enhance the site as a premier biomedical destination. Greenwood Credit Union, which has called Warwick home for more than 70 years, is completing construction of a new operations center. In Apponaug Village, AAA Northeast continues its restoration of the historic “sawtooth” mill building, which will house operations and member services. Just these projects – not including many more underway throughout the city – represent well over $90 million of investment in our community. In addition, development of a new Dave’s Market, bank, and fast food establishment is underway, giving new life to the former Benny’s property on West Shore Rd., and a mixed retail development at the Showcase Cinema property is slated for completion this summer.A new Centerville Bank, Starbucks, Chase Bank, Dunkin’ Donuts, and solar park are among many other projects throughout the city that are in the review process. The COVID-19 pandemic has certainly disrupted our economy, but I am heartened by our business community’s continued perseverance, innovation, and belief in our city as we continue to weather this crisis together. I know I speak for many of us when I say we are looking forward to the beginning of the next phase of reopening the economy, even as we all remain steadfast in our efforts to be safe and contain further spread of the COVID-19 virus.
Joseph Solomon is the mayor of the city of Warwick, R.I.
Rhode Island
nerej.com
June 12 - 18, 2020 9B
WE DON'T M AK E THINGS ,
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You can see things are happening in Rhode Island’s Real Estate business, but you may not see us. We don’t make things or draw the plans for new projects, but we are in the picture helping companies succeed with Commercial Banking expertise and financing decisions made locally. Learn more about how you can make things happen with BankRI, by visiting: www.bankri.com/big-cre Member FDIC Member FDIC Lender NMLS 410623 Equal Housing Equal Housing Lender
Rhode Island
10B June 12 - 18, 2020
New England Real Estate Journal
Investing in healthy buildings results in safety and value Jeffrey Diehl
Afternoon Recap Everyday at 2:00! Sign up now for our FREE Daily Recap e-newsletter at nerej.com/newsletter and have the news delivered to you.
Rhode Island Infrastructure Bank The pressure on building owners and operators to implement strategies and measures to keep people safe will only increase in the coming months as people return to traditional work environments. Building ventilation strategies demand particular attention relative to managing the spread of COVID-19 due to the risk of airborne exposure. The American Society of Heating, Refrigerating andAir-Conditioning Engineers (AHRAE) has established an Epidemic Task Force1 to provide guidance on best practices in building operations and a robust conversation among experts regard-
ing safety for building occupants continues. As guidance evolves, building owners should consider investments to protect their employees and tenants. Since its inception in 2015, the Commercial Property Assessed Clean Energy (C-PACE) program has funded numerous heating, ventilation, and air conditioning projects in Rhode Island; the exact types of projects that impact the indoor environment.Though typically associated with energy efficiency, the C-PACE program also allows for investment in environmental health and safety improvements. Investments that create a safer building for employees and tenants as they return to work would fall under the C-PACE eligibility umbrella. As pressure on cash flow increases and traditional commercial credit becomes more restrictive, C-PACE
AVAILABLE FOR LEASE PROVIDENCE, RI
FOR LEASE
717 ALLENS AVE. 8,000AVAILABLE - 11,000 square will subdivide FORfeet, LEASE
717 Allens Ave. u On bus line u Parking Easy on/off to highways walking distance 8,000Restaurants – 11,000 within square feet, will subdivide Walkingwelcome-full routes around business park Brokers commission u Build to suit Downtown - 5 mins. by|car Easy on/off to highways Parking | On busline Restaurants within walking distance BROKERS WELCOME - FULL COMMISSION Walking routes around business park Contact: David Winoker Downtown-5 mins. by car | Build to suit 401-521-2100
[email protected]
Contact David Winoker 521-2100 |
[email protected] BELVOIR PROPERTIES
provides a path to support the implementation of necessary safeguards. R.I. C-PACE provides long-term, fixed rate, 100% project financing that is secured through a property tax assessment. No personal guarantee is required, and in certain cases, the interest can be capitalized for up to two years, mitigating the near-term impact on cash flow. C-PACE works in new construction as well as refurbishments and can help finance the addition of healthy building elements to projects in development. Any investments by building owners must provide multiple benefits and net results. While an obvious benefit is mitigating further transmission of airborne viruses, a recent report2 from DBRS Morningstar suggests investing in healthy buildings can create additional value for occupants and owners. As the report indicates, real estate “investors are looking for organizations to disclose detailed information on corporate sustainability programs, labor practices, philanthropic programs, and the effect social trends have on their operations.”A study of building owners cited in the report suggests buildings that implement healthy building practices are worth 7% more than comparable conventional buildings, are easier to lease, and command rent premiums. Another study referenced in the report cites the positive impact of healthy building practices on increased employee productivity, collaboration and satisfaction. For example, the “American Society of Interior Designers (ASID) headquarters office, which incorporated healthy building standards, reported that collaborative work increased by 9% and productivity increased by 16%.” Healthier buildings result in greater health and confidence in employees, better investor receptivity, increased productivity and collaboration, and higher property values. As we gradually return to the office, we are all more aware of our surroundings and the immediate implications for our health. Building owners, through investments in health and safety to protect their employees and tenants, will also increase the value of their assets. In Rhode Island, C-PACE serves as one tool to support this transformation of the building stock for our new reality. https://www.ashrae.org/ about/news/2020/ashrae-epidemic-task-force-established 1
https://www.dbrsmorningstar. com/research/361286/demandfor-healthy-buildings-could-driveesg-investment-in-commercialreal-estate 2
Jeffrey Diehl is the CEO and executive director of Rhode Island Infrastructure Bank, Providence, R.I.
Rhode Island
nerej.com
Keller Williams Commercial on the Move in New Location 2 Charles St. 3 C Providence, RI 02904 Stop by and say Hi!!! L
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Leasehold Marine Facility, port of Galilee Narragansett, RI - Serving the Lobster Industry. Located in an Opportunity Zone, Call Mike for more info. @ 401-523-9555 for a showing. TI/ UL E M T RAT NI -U CAP 2 1 + 6%
Cranston, RI – Property is a 4773 SF office building with 3rd floor apartment on high traffic at light signal intersection. Call Mike for more info. @ 401-523-9555 for a showing.
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North Providence, RI - Located at 243 Smithfield Ave, 12-unit Brick – 11 two bedrooms and 1 one bed. 6% Cap rate. Call Mike @ 401-523-9555 for a showing.
Providence, RI - 314 Branch Ave Solid 1,700 SF concrete building on high traffic road. Lot has plenty of parking. Call Mike @ 401-523-9555 for a showing. TO
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Attleboro, MA - Class A Office on 670 Washington St. 2400 SF will build to suite. Call Mike @ 401-523-9555 for a private showing. $16 SF. LL CA 03 CE 9-63 A SP 1-43 IL 0 TA M 4 E R KU ME OR I PR DY C N CI
Providence, Veazie St - Income producing 3 part building good for flex use. Solid building features 2 overhead doors. Great for manufacturing. Call Oteeven D. @ 401-548-2351. E
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Cumberland, RI - 1588 SqFt space for lease. Highly visible retail spaces available on the 1st floor. Located on highly traveled Mendon Road in next to Stop & Shop and McDonalds. IR PA RE SE TO EA AU R L FO
Cranston, RI - 2nd floor Office Suite Class A. Located on high traffic road. Great space for your team of employees. Call Mike @ 401-523-9555. CE PA E S AS EX FL R LE FO
Pawtucket, RI - 8000+ sf Turnkey Auto Repair facility with a 20k sf secure lot. Business is also for sale on Pawtucket Avenue with high visibility & traffic Call Chris for more info 401-252-0000.
Pawtucket, RI - Former Auto Rental, Retail or Flex space for lease. Great access from MA or RI border and I-95. Located on West Ave. Call Chris 401-252-0000.
June 12 - 18, 2020 11B
We are actively looking to recruit and grow our division, if you are interested in making the move to Commercial or if you are currently a Commercial broker and not happy where you are ... 100% Commissions Possible Contact me today! Mike (401) 523-9555 IL TA E E/R SE FIC LEA F O OR F
Downtown Attleboro, MA - 3200 SF of Office/Retail space for lease. Call Mike Alves 401-523-9555.
T NI I U TE T A L MU P R 25 + CA 6%
North Providence, RI - 463 Woonasquatucket Ave. 25 Unit Property with a 6%+ CAP RATE. Call Mike @ 401-523-9555. IL/ SE TA LEA E R / E OR FIC T F OF RAN AU ST E R
Rehoboth, MA - High traffic count location. Plenty of parking and signage on Route 44. Call Chris @ 401-252-0000.
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Attleboro, (Downtown) - 1600 SF Retail Space with Drive-Thru. Offered at $20SF Call Mike @ (401)523-9555.
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Providence, RI - Touro St. Flex space available. Office, storage, manufacturing or R&D. Most recently used as roofing contractor and mechanic repairs. Easy on and off of I95 and Rt. 146, close to downtown. Call Mike @ 401523-9555 for a showing.
More Properties at www.Elitecommercialrealty.org
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Pawtucket, RI - Great Exposure on Busy Intersection. Former Heating & Cooling Contractor Workshop, suit multiple business uses. Located on India St. Call Chris @ 401-252-0000 for a showing. N OW ET T WN CK DO NSO O WO
Woonsocket, RI - 2 Monument Square. 2 Office spaces, 1 Office Suite and 2 Retail space available. Call Mike @ 401-523-9555.
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Warwick, RI - Lambert Lin Hwy. Ross-Simons Plaza 4400 Sq Ft of Executive Office Space Available. $15 Sq Ft. Call Mike @ 401-523-9555. H
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Attleboro (Downtown) - 1600 - 4500 SF of Executive office space available on 1st & 3rd. Floor offered at $16.50-$20 SF. Call Mike @ (401)523-9555. E IC FF E O S E EA IM PR OR L F
Johnstoon RI - Prime space for office, medical, retail. High traffic location with good parking. Call Mike @ 401-523-9555
Michael A. Alves | NE REGIONAL COMMERCIAL DIRECTOR | KW Realty
12B June 12 - 18, 2020
Rhode Island
New England Real Estate Journal
Managing Director Steven King
www.quonset.com
Quonset Development Corp. 95 Cripe St., North Kingstown, RI 02852 401-295-0044
Support from every angle
One Hot Property Alert containing 1 to 5 new properties is emailed weekly to over 15,000 potential buyers! Interested in listing your hot property? Contact Karen Dowell, 781-878-4540, ext. 254
[email protected]
As the state continues to navigate the economic and social challenges of the COVID-19 pandemic, supporting the community has become more important than ever.Across the Business Park, Quonset companies are stepping up in creative ways to provide critical services and supplies to the people and organizations most impacted by the crisis. Quonset company Falvey Insurance Group is using its philanthropic fund to empower employees and support a wide variety of causes across the state. Their “We Give A FIG” campaign supports local charities related to the environment, children, animals and those generally in need. So far the campaign has
Photo credit: Bill Murphy of Lifespan
donated $30,000 to several causes including $4,000 to start a Rhode Island chapter of Frontline Foods. Frontline Foods, a national organization, supports both healthcare professionals and local restaurants by using donations to purchase meals from local restaurants for nurses and doctors. The effort
70 CENTERVILLE ROAD WARWICK, RI - FOR LEASE
34 COMMERCIAL STREET CRANSTON, RI - FOR SALE
• 3,070 SF retail property • Drive thru & outdoor patio dining • Across from AAA Northeast headquarters • Former fast food location
• Recently renovated office building • Former Pawtuxet Fire Station • Quick access to downtown Providence • Multiple local amenities
193 WATERMAN AVENUE PROVIDENCE, RI - FOR SALE
365 EDDY STREET, UNIT 3 PROVIDENCE, RI - FOR SALE
• Mixed use investment property • 6 offices and 3 residential units • Desired East Side location • Rare private parking lot
• 4,310 SF office condo • Providence Jewelry District location • 9 parking spaces • Loft style finishes
For more information contact:
[email protected] | 401.331.9300 https://www.sreari.com/properties/
provides comfort and support to those on the frontlines while also stimulating local economies. Frontline Foods Rhode Island’s first meal donation was sponsored by Central Falls native Viola Davis and the cast of the hit show “How to Get Away With Murder.” Members of the Falvey team are leading the effort to look for individual donors, corporate sponsorships and local restaurants that are interested in participating. Across the park, companies are also stepping up to help meet the need for PPE. Ocean State Job Lot is working with the governor’s Personal Protective Equipment (PPE) taskforce, industry associations, and local chambers of commerce to distribute over 500,000 free masks and disinfectant to small businesses. Pyramid Case Co. is also distributing cloth and surgical masks made at their new location at 51 Circuit Dr. Quonset’s manufacturing sector is also supporting the efforts. Subsalve USA is putting its manufacturing expertise to good use by partnering with Lombardi Undersea, a Middletown diving contractor, to produce oxygen treatment hoods.The hoods, commonly used to treat decompression sickness, may soon provide a proactive treatment for acute respiratory distress syndrome - a condition causing many COVID-19 patients to require ventilators. Leveraging over 40 years of experience, Subsalve USA and Lombardi Undersea produced a functional prototype in one week, sending several dozen sample units to key U.S. physicians for evaluation. The company has since shipped over 2,000 hoods and continues to work to produce additional units. Edesia, a manufacturer of peanut-based emergency nutritional food at the Business Park, is well versed in the complexity of delivery logistics in emergency situations. They have turned their attention to manufacturing N95 masks and are currently serving as a critical supplier of PPE in Rhode Island. After leading governor Raimondo’s PPE task force full-time for the past two and a half months, it is gratifying for me to see Quonset companies contributing in our country’s time of need to provide critical supplies and services. Their actions speak to the strength and commitment of the Quonset community. The state’s recovery from this pandemic will require the collaboration of organizations in every sector of the economy. Quonset and its businesses are proud to support these efforts.
Steven King, PE, is the managing director of the Quonset Development Corp., North Kingstown, R.I.
Rhode Island
nerej.com
June 12 - 18, 2020 13B
Providing real estate services for today’s world 180 Westminster Street
Providence, RI 02903 Phone: (401) 454-4660 www.capstone-properties.com
For Lease, Thayer Street trade area 165 ANGELL STREET, PROVIDENCE, RI - Former Shiru Café - 2,585 SF coffee/restaurant shop - Adjacent to Brown University
Office Space for Lease 42 LADD STREET, EAST GREENWICH, RI - Up to 25,000 square feet of plug and play space - 6 units available form 556’- 4,605’ - Walk to main street East Greenwich. - Water views
For Sale or Lease-Retail/Office 1408 ATWOOD AVE, JOHNSTON, RI - 1 Acre 18.428’ - 5,000 square feet office available - Near Route 6 Ramp - Income from apartments and commercial tenants
FOR SALE Rare Industrial Land in Portsmouth, RI. 2.59 and 1.7 Acres with exposure to Route 24 Call Chris
QUONSET POINT/WAREHOUSE 101 Circuit Drive, North Kingstown, RI Up to 15,000’ 2 Ground Level and Loading Docks. Call Neil
EAST PROVIDENCE Ample free parking in Close Proximity to Shopping and Highways Owner Wants To Do Deals! Call Chris
FOR SALE/LEASE N. Smithfield, RI Multi-Purpose Industrial Building Class 100 & 10,000 Clean Rooms Call Neil
FOR LEASE 180 Westminster Street, Providence Full floor of approximately 10,000 SF Suites as small as 1,900 SF. Competitive rates One block from City Hall Call Chris
EAST PROVIDENCE 331 North Broadway, East Providence 15,700’ Full A/C Heavy Power 2 Loading Docks Call Neil
FOR LEASE 1 Carding Lane, Johnston, RI 33,456’ - 18’ Ceilings 3 Loading Docks Call Neil
FOR LEASE Former 7-11, Providence 3,594 SF at the Corner of Branch and Charles. Huge Traffic Counts and High Population Density Call Chris
FOR SALE East Providence 6,217 sf with Tremendous Visibility, Pylon in Close Proximity to I-195 on Ramp. Minutes to PVD with Parking on Site Call Chris
WARWICK Two Flex Units 24 Minnesota Avenue, Warwick 4,850’ and 5,650’ Ground Level/Loading Dock. Call Neil
2,600 SF AVAILABLE in Myles Standish Park Taunton: Office/Flex w/Loading Directly Across from Holiday Inn Call Chris
FOR SALE OR LEASE Coventry - Turn Key Restaurant Opportunity Former Papa Gino’s 3,600 SF. All FF&E Included Call Chris
CHRIS GREENMAN, PRINCIPAL BROKER |
[email protected] | 401-454-4660 X324 NEIL AMPER, BROKER |
[email protected] | 401-454-4660 X322
Rhode Island
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PROJECT TEAM INCLUDES DIPRETE ENG. AND BLISH & CAVANAGH
New issue every Friday. New England Real Estate Journal
4A February 8 - 14, 2019
February 8 - 14, 2019 Volume 58 • Issue 06
February 1 - 7, 2019 Section B
SEE PAGE 2B
Medfield State Hospital receives 2018 APA-MA Planning Award
Thomas Greeley
Casey Griffin
Devin Man
S. Huntington Ave., to Oxford Properties Group. On behalf of Longwood Group, executive managing director Michael Byrne, managing director Thomas Greeley, associate Casey Griffin, director Devlin Man and se-
KING & NEWTON COMMERCIAL REAL ESTATE www.KingNewton.com
Dolben Company, Inc. assumes4 Sections 72 Pages management of Regency Collection SEE LOWER COVER OF FD/SEC. C
Dolben Company, Inc. has assumed management of Regency Place, Regency West and Regency Heights, collectively known as The Regency Collection. Located in a heavily residential and apartment dominated sector of the city, the properties are all 55+ communities. The client, Palmer Asset Management, is an affiliate of Construction Planning and Management (CPM); The Regency Collection represents Dolben’s fifth, sixth, and seventh management assignments for this client. Regency Place consists of 82 units with a mix of one and two-bedroom apartment homes. Amenities include a fitness center, hot tub, lap pool, library, game room, underground heated parking and community center. There is also a sun-deck overlooking the Merrimack River for the warmer months of the year.All kitchens, bath-
Editorial Page.......................... 4A C. Sink ....................................... 4A Referral Network .................11A Thru the Lens ........................15A
Regency West - Manchester, NH rooms, windows, sliders and common area carpet have been updated within the last five years.
Barkan portfolio managers achieve Professional Community Association Manager designation
Photo Credit: John Horner Regency West consists of 60 units with a mix of one and two-bedroom apartment homes. Amenities include a fitness center, hot tub, game room,
library, community room, Rhode outside Island ................... SEC. B Digest...............SEC. C patio and grill area, andFinancial underground Appraisal heated parking. Two years ago,.............................5-12C all Billboard ........................... SEC. D units received new kitchens with stainless steel appliances and ceramic nerej.com tile baths, kitchens and entranceways. Regency Heights consists of 48 units with a mix of one and two-bedroom apartment homes. Amenities include a fitness center, hot tub, game room, library, community room, outside patio with grills and furniture, and underground heated parking. At turnover, units are being upgraded with ceramic tile floors in the kitchens, baths, and entranceways, as well as stainless steel appliances. Thomas Beaton, senior vice president, management at Dolben, said, “We are delighted to be growing our relationship with Palmer Asset Management, and look forward to working with ownership to optimize these properties’ performance.”
of Trevor Davis Commercial Real Estate has completed three sales totaling $925,000. The sales include: • The sale of a 7,500 s/f building on 2.85 acres at 61 Industrial Park Rd. It was owned by BaiTrevor Davis ley’s Express and sold to Accurate Logistics, LLC for $395,000. There are 18 docks in this trucking transfer building. Davis represented the seller and NAI James E.
Hanson represented the buyer. • The sale of 0.3 acres at 733 Washington St. at the corner of Boston Rd. The land was owned by Sandro Labbadia and sold for $100,000 to 733 Washington Street Middletown, LLC. Davis was the only broker in the sale. • The sale of a 7,140 s/f retail building with 1.1 acres at 392 Washington St. The property was owned by Sebastian F. Marino and sold for $430,000 to 392 Washington Middletown, LLC. Davis was the only broker in the sale. It was originally the Honda Motorcycle dealer.
Thomas R. King, CCIM
Brokers Consultants Appraisers
392 Washington Street - Middletown, CT MIDDLETOWN, CT Trevor Davis, CCIM
Certified Commercial Investment Member
Serenity, 101 S. Huntington Avenue - Boston, MA
FOR PALMER ASSET MANAGEMENT - AN AFFILIATE OF CONST. PLANNING AND MGMT.
MANCHESTER, NH The
Get Audience-Centered! With an audience-centered approach, your subject line will resonate with relevance and more likely get an email opened. With a company-centered approach, your subject line will have little or nothing of value to the recipient. You need to give your audience a reason to engage! Instead of talking about your accomplishments, talk about their opportunities and what they value.
of Massachusetts
Dickson of Stebbins Commercial Props. brokers $245,000 sale of 3,760 s/f building
37 Depot Street - Merrimack, NH MERRIMACK, NH Tom Dickson, com-
mercial real estate agent of Stebbins Commercial Properties LLC, has completed the sale of the 3,760 s/f building at 37 Depot St. The property was sold by Argus 1 LLC to Yong
Feng Lui of Quincy, Mass. Dickson represented the seller, and TJ Potter of KW Metropolitan represented the buyer. According to the Registry of Deeds the sale price was $245,000.
A couple of recent emails from familiar firms hit my inbox last week. The subject lines were “Big News from…” and “News from…” Upon opening the “Big News…” one, I found that the news was small and mundane from my vantage point. The news could only be “Big” from an internal standpoint – to the owners and managers of the company. They reported that they completed a project on schedule – one that you would expect them to handle without difficulty. The content was a letdown. How much engagement or response do newsletters like this generate?
Relevance and Reward Your subject lines and content must not only be relevant, they must align so that your audience gets rewarded for opening your email. The reward can be as simple as breaking industry news, product and service innovations or a simple solution to a nagging problem. Whatever it is, be relevant and relatable. Your audience should be able to identify with keywords in your subject lines and the themes of your articles or promotions. CONTINUED ON PAGE 6
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MAHER, PULLEN, TRIBBLE AND HALLOWELL OVERSEE TRANSACTION
NKF arranges $71 million sale on behalf of RJ Kelly Company Newmark Knight Frank (NKF) has completed the $71 million sale of 10 Memorial Blvd.
PROVIDENCE, RI
Week 4 Retail Spotlight
SEE PAGE 2B
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CBRE sells 64,000 s/f multi-unit
Published weekly for $139 per year by East Coast Publications flex building in Pawtucket 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Printed by: Graphic Developments, Inc. 80 Mayflower Dr., Hanover, MA 02339 | www.graphicdevelopments.com Periodicals postage paid at Norwell, MA and additional mailing offices. $4.00 Single Copy, $5.00 Special Issue. Subscriptions are non-refundable Publication #ISSN 0028-4890 | USPS #378-860 | Vol. 58, No. 06 SEE PAGE 16B Mailing Address: P.O. Box 55, Accord, MA 02018 Express & Overnight Mail: 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: 1-800-654-4993 | Fax: 781-871-1853 | www.nerej.com of Pawtucket..................6 POSTMASTER: Send address changes to New England Real EstateCity Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Drive, Unit 207, Norwell, 02061 .....................8 CityMA of Warwick REPORT AN ERROR IMMEDIATELY Quonset .................................10
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Hallowell of NKF’s Boston Capital Markets team – which is led by cohead of U.S. Capital Markets Robert Griffin – oversaw the transaction of the 10-story trophy office/retail asset and associated 249-space parking garage in conjunction with Hayes & Sherry Partner Pete Hayes. “We are proud to have owned this trophy asset for the past six years and we congratulate Tritower on such a fine acquisition,” said RJ Kelly Company president and chief executive officer Brandon Kelly. “Both NKF and Tritower performed flawlessly in this transaction.” Totaling 202,096 s/f, 10 Memorial Blvd. is presently 97% leased to a diverse tenant roster anchored by leading end-to-end gaming company IGT, global asset manager Columbia Threadneedle Investments, fine dining restaurant The Capital Grille, investment management company Fidelity and community bank Rockland Trust.
Lila Delman Real Estate sells Mainstay Hotel - $14.34m NEWPORT, RI Lila Delman Real Estate completed the sale of the Mainstay Hotel at 151 Admiral Kalbfus Rd. for
David Lawrence
Gregory Arakelian
$14.34 million. David Lawrence, Lila Delman sales associate, represented the seller while Gregory Arakelian, Lila Delman’s senior commercial consultant, represented the buyer. “I believe in a collaborative ap-
proach to commercial real estate development,” said Arakelian. “In this most recent transaction, I was able to introduce a visionary hotel developer to a potentially rewarding investment which can be improved through thoughtful and creative design and in turn provide a fresh and distinctive destination for Newport’s vibrant visitors and residents.” Located in Newport’s North End, The Mainstay Hotel is a 200-room, full-service hotel equipped with a pool and onsite restaurant.Arakelian’s buyer looks forward to redeveloping the hotel with an aesthetic mind for its next wave of discerning guests and community members.
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CTA awarded contract for $24.1m Weymouth’s Tufts Library project
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BOSTON, MA According to Barkan Management Co., three portfolio managers have achieved Professional Community Association Manager (PCAM) designation.This distinction is the highest professional recognition in the industry. The fact that many of Barkan’s portfolio managers have met the rigorous standards of the PCAM training and certification requirements is testament to the company’s commitment to excellence and exceptional service. Diana Montalbano and Joshua Levy (based in Boston) and Sarah Flannigan (based in Providence, RI), have achieved PCAM certification.
“We are proud of these employees for their commitment to bringing the highest level of professionalism to the condominium communities they support,” said Bill DiSchino, president and CEO of Barkan. “Our clients benefit from, not only Barkan’s decades of experience in property management and good reputation, but from the additional expertise and depth of knowledge that our PCAM-designated portfolio managers bring to the job every day. This is a definite win for the developers, homeowner associations, and the residents of the communities who count on Barkan to provide them with the best service in every sector.”
C&W Services, Inc. and Alutiiq Logistics & Maintenance Services, LLC form joint venture
AUBURNDALE, MA A new joint venture has been formed between C&W Services, Inc. – one of North America’s leading facility services companies – and Alutiiq Logistics & Maintenance Services, LLC (ALMS) – a certified small, Alaska native-owned business and wholly owned subsidiary of Alutiiq, LLC (Alutiiq). This JV was formed to help clients meet the highest standards of facility perfor-
mance while achieving their diversity spending goals. To be known as Alutiiq C&W Services, LLC – the new JV will provide services including janitorial, maintenance, controlled environments cleaning, production environment maintenance, landscaping and office services to clients, including those with secured/sensitive facilities, across North America.
Ipswich Bay Glass, 420 Newburyport Turnpike - Rowley, MA
ROWLEY, MA Ipswich Bay Glass (IBG), one of the largest commercial façade companies in the Northeast, is celebrating its 50th anniversary. IBG was founded in 1969 by Sandy Patrican to provide the highest quality glazing and panel systems fabrication and installation on the North Shore. Today they have several hundred employees and skilled craftsmen who are dedicated to continuing the tradition of providing the highest quality design, fabrication and installation of complex and innovative building envelope solutions. IBG’s facility at 420 Newburyport Tpke. covers several hundred thousand s/f and is home to their design, engineering, project management, estimating, fabrication, material
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handling and installation teams. “Having all resources in one location allows IBG to produce the highest caliber products and offer cost and scheduling efficiencies,” said IBG vice president, Mike Patrican. “And with our design assist service, our clients have the advantage of five decades of experience and extensive knowledge of available façade solutions, new materials and technology that keep projects on schedule and budget while maintaining architectural design integrity.” “I’m incredibly proud that IBG has had an important role in the design and construction of so many of New England’s finest structures for fifty years,” said IBG founder and president, Sandy Patrican.
Alves and Corkum of KW Elite Comm’l. broker $360,000 CRANSTON, RI Michael Alves and Cin-
dy Corkum of KW Elite Commercial Realty sold two 3-unit buildings at
Michael Alves
Cindy Corkum
199-205 Grand Ave. for $360,000 to a local investor on January 16th. The investor will be rehabbing the two buildings to their original glory. KW Commercial is the commercial real estate arm of Keller Williams Realty with over 1,970 real estate agents, operating in more than 700 offices across the United States and Canada. They currently have 75 brokers in the New England Region and are looking to expand.
wich Planning Board voted to approve a new subdivision at the end of Princess Pine Dr. off Taggart Court. The 79-acre parcel which borders both West Greenwich and Exeter will be known as Highland Woods. The owner, GSA Properties, LLC, has teamed up with DiPrete Engineering and Blish & Cavanagh LLP to design and permit the subdivision. The plan calls for 25 new lots with five off-site deed-restricted affordable units to be provided per the Town’s Inclusionary Zoning code. The property is zoned with a two-acre lot size minimum. In addition, Princess Pine Dr. and Tipping Rock Dr. will be extended and connected, and two new roads will be constructed. “By combining GSA’s vision with the town’s regulatory requirements,
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Johnston, RI
Johnston, RI
244 Greenville Avenue, Johnston, RI IDEAL BANK SITE. 40,000 square foot parcel, 3 buildings Fronting on three streets.
Ideal bank site. Maximum exposure. Abutting Route I-295. 1835 Plainfield Pike, Johnston, Traffic-lighted corner. 1.34 acres. Ground lease.
Warwick, RI
Warwick, RI
NEW APPONAUG LOOP Veterans Memorial Drive
we were able to produce an approved subdivision that both the client and Town are happy with,” said Audie Osgood, senior project manager at DiPrete Engineering. DiPrete Engineering is providing site/civil engineering, survey, and wetlands assistance. The team also received permits from the Rhode Island Department of Environmental Management and the East Greenwich Department of Public Works.
RPL’s Pereira completes highest sale this year in Little Compton - $2.799m
*** FOR SALE***
1979 Warwick Avenue, Warwick RI MLS# 1068926
PROVIDENCE, RI Residential Properties,
OCEAN STATE PLANNERS INC.
Quick Read Spire Invest. acquires 33 units in Salem and Peabody for $4.265 million
Michael Byrne
nior financial analyst Andrew Herald of NKF’s Boston Capital Markets team oversaw the transaction of the 195unit apartment building. NKF’s Boston-based debt team, led by executive managing director David Douvadjian, arranged financing Andrew Herald on behalf of the buyer. “The sale of Serenity concludes the Longwood Group’s development of one of Boston’s highest quality residential buildings,” said Greeley. “We are thrilled for our client and pleased to have worked with an excellent counterparty, Oxford Properties Group, on their first multifamily acquisition in this market.” Completed in 2017, Serenity boasts condo-quality finishes including contemporary kitchens, bathrooms, walk-in closets and oversized windows providing natural light and views.
Colliers arranges Trevor Davis Commercial Real Estate $115m financing for completes three sales totaling $925,000 Atlantic Mgmt. and VMD Cos.
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Oxford Props. purchases Serenity from Longwood Grp. for $123.25m BOSTON, MA Newmark Knight Frank (NKF) has completed the $123.25 million sale of Serenity, located at 101
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1979 Warwick Avenue, Warwick, RI IDEAL CONDO/MOTEL/STRIP STORES Next to Rite-Aid 1.39 Acres Check out website AlbertRealtorsCommercial.com to view over 30 Exclusive Listings
ALBERT REALTORS COMMERCIAL DIVISION Trusted Since 1963
1050 Reservoir Ave., Cranston, RI 02910 • Albert Scaralia, Broker/Owner 401.944.8008 ext.712 • albertrealtorscommercial.com
Ltd. (RPL) has negotiated the sale of 101 Round Pond Rd. for $2.799 million. At nearly $2.8 million, this is the highest sale in the town this year according to MLS. The buyers were represented by sales associate Victor Pereira, a member of the Real Estate Collaborative who work out of RPL’s Providence office. Timothy Dargan of Teri Degnan Real Estate & Consulting, Ltd. listed the property. Looking out over the waters of the Atlantic Ocean, 101 Round Pond Rd. is a seaside cottage. Located by Tappens Beach, this home delivers waterfront views throughout every room, including all seven bedrooms. Pereira is part of the Real Estate Collaborative along with broker associate Rebecca Mayer, and sales associates Beth Mazor, and Kelly Zexter. The Real Estate Collaborative had over $26 million in sales last year.
Rhode Island
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June 12 - 18, 2020 15B
FolaodgDTehales sPoeurDinegaInls!!! G
227 Post Road, Westerly / Westerly Shore Dinner Hall - Fantastic Business Op227 Post Road, Westerly / Westerly Shore DinnerApril Hall -- Fantastic Business portunity! This Place Rocks!! Seasonal business Oct, new owner Opcan portunity! This Place Rocks!! Seasonal business April Oct, new owner can adjust. PRIME LOCATION, 1/4 mi south of Dunnes Corner on Rt. 1. Offering adjust. of PRIME LOCATION, 1/4cream. mi south of 50 Dunnes on outside Rt. 1. Offering variety seafood, raw bar, ice Seats inside,Corner over 200 in a fun variety of seafood, raw bar, ice cream. Seats 50 inside, over 200 outside in aother fun Rocky Point Amusement Park theme. Featuring live music, cruise nites and Rocky Point Amusement Park theme. Featuring live music, cruise nites and other fun events. Next to Ocean State Liquors - easy BYOB. Long term lease at comfun events. to Ocean Liquors - easy Turn-key BYOB. Long lease at competitive rate,Next possible optionState to buy real estate. - allterm furniture, fixtures, petitive rate, possible option to buy real estate. Turn-key all furniture, fixtures, & equipment in place along with recipes and vendors. This is a goldmine with & equipment in $1.6 placemil, along recipes and vendors. This ismedia a goldmine with sales as high as andwith room for more! Strong social program in sales as high as $1.6 mil, and room for more! Strong social media program in place. $295,000 for Business, Turnkey with all F.F. & E. - w/Long-term lease on place. $295,000 for Business, Turnkey with opens! all F.F. REDUCED & E. - w/Long-term lease on property. DO IT NOW! Time before season $250,000. property. DO IT NOW! Time before season opens!
87 Center of New England Blvd., Coventry -Ten 87 Center of New England Blvd., Coventry -Ten attractive 1200 sq ft units, each with nice brick attractive 1200 sq ft units, each with nice brick “storefront” and 14’ OH door in rear, units can be “storefront” and 14’ OH door in rear, units can be combined. Won’t last! Great location just off of Rt combined. Won’t last! Possible option to purchase. 95 exit 6A. From $12 psf, NOU, depending on finGreat location just off of Rt 95 exit 6A. From $12 ish to suit. psf, NOU, depending on finish to suit.
1485 South County Trail, East Greenwich - Com1485 South County Trail, East Greenwich - Complete renovation and new look! Located on Rt. 2, plete renovation and new look! Located on Rt. 2, just 2 minutes off Rt. 95 and Rt 4. Signature 16,000 just 2 minutes off Rt. 95 and Rt 4. Signature 16,000 sq ft office, elevator to 2nd with views out to East sq ft office, elevator to 2nd with views out to East Bay. Will finish to suit, from 2,000-10,000 sq ft. Bay. Will finish to suit, from 2,000 sq ft up. Micro Micro Brewery and Gym among the leased units!! Brewery and Gym among the leased units!! Loads Loads of parking. of parking.
2980 West Shore Rd., Warwick - Great multi tenant 2980 West Shore Rd., Warwick - Great multi tenant or full owner occupant building on Rt. 117 near or full owner occupant building on Rt. 117 near Buttonwoods Ave. Walk to many conveniences, Buttonwoods Ave. Walk to many conveniences, close to City Park rails, fields, and beach. Designed close to City Park rails, fields, and beach. Designed and built by Harvey Allen Wagner, this unique and built by Harvey Allen Wagner, this unique signature building has surprising amount of space signature building has surprising amount of space with design. Fully Fully rented, rented, up up to to with unique unique attractive attractive design. 77 offices or suites, grosses over $50,000 per year. offices or suites, grosses over $50,000 per year. REDUCED $325,000. $325,000.
1190 1190 North North Main Main St., St., Providence Providence –– Restaurant Restaurant with parking on busy street with parking on busy street near near Pawtucket Pawtucket line. line. NN NNleased leasedtotogood goodtenant tenantwith withrent rentbumps, bumps, inin yryr 44ofof10 10yryrlease. lease.Current CurrentRent Rent$107,000, $107,000, escalatescalating to $150,703, taxes paid by LL ing to $150,703, taxes paid by LL- -$33,000 $33,0002019. 2019. Maintenance Maintenanceisistenant’s tenant’sresponsibility, responsibility, completely completely remodeled remodeledinin2012. 2012.Over Over$1.8 $1.8invested, invested,sacrifice sacrificetoto pursue pursueother otherendeavors endeavorsatat$1,190,000. $1,190,000.
440 440 Dry Dry Bridge Bridge Rd., Rd., North North Kingston Kingston -- Only Only triple triple unit in industrial condo complex, 3 units, unit in industrial condo complex, 3 units, 3600 3600 sf, sf, no no walls walls or or columns columns between, between, 12x14 12x14 OH OH door door facing for easy easy access. access. Many Manyuses usesincluding includfacing road road for ing indoor cultivation, 200 -amp 3 ph service, indoor cultivation, 200 amp 3 ph- service, 18-20’ 18-20’ ceiling ht easily mezzanined for$450,000 add’l sf. ceiling ht - easily mezzanined for add’l sf. REDUCED $400’s
1177 Warwick, RI RI –– 8,000’ 8,000’ flex flex use use 1177 Jefferson Jefferson Blvd., Blvd., Warwick, -- 3200’ storefront/offices w/3,200’ garages below 3200’ storefront/offices w/3,200’ garages below -both 1600’ 2nd 2nd floor. floor. Could Could be be owner owner both at at grade, grade, plus plus 1600’ occupied income producing. producing. 30,942 30,942 sq sq ftft lot lot occupied and/or and/or income with expansion potential. Very busy and convenient with expansion potential. Very busy and convenient location, highway, airport, airport, train. train. $700’s $700’s. location, close close to to highway,
LAND apply for for zone zone change. change. Reduced Reduced $199,000 $199,000 LAND- -282 282Pulaski PulaskiSt., St.,Coventry, Coventry,RI RI ––55acre acrelot, lot,approx. approx.33usable; usable; sewer, sewer, water, water, gas gas in in street. street. Zoned Zoned Industrial, Industrial, could could apply LAND 111 Hopkins Hill Rd., West Greenwich – Approx. one acre lot. Approved for 12,000’, 4 unit Lt Industrial bldg., town water, gas, septic, right behind Dunkin LAND - 111 Hopkins Hill Rd., West Greenwich – Approx. one acre lot. Approved for 12,000’, 4 unit Lt Industrial bldg., town water, gas, septic, right behind Dunkin Donuts. $275,000 $275,000 Donuts. $265,000
Celebrate Flag Day June 14
th 3 New Office Location: 1/4 mi. north of Rt. 95, Exit 6, Rt. 65 NOOSENECK HILL RD., WEST GREENWICH, RI 02817 More More Properties Properties
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Moretti of Lila Delman Real Estate sells 2,160 s/f for $2.75 million JAMESTOWN, RI Lila Delman Real Estate remains encouraged by continued market activity with the sale of 376 East Shore Rd.for $2.75 million. Cynthia Moretti, Lila Delman associate broker, represented the buyer. According to data maintained by the Rhode Island Statewide MLS, this transaction marks the top sale in Jamestown year-to-date. In the last twelve months, Jamestown has seen five properties sell above $2.5 million. Moretti herself has participated in three of these five transactions, which is more than any other sales associate. “After an extensive search for my clients over a period of a few years, I am beyond thrilled to have identified this wonderful waterfront property which this lovely family will call home in Jamestown,” said Moretti. “They are so excited to begin the process of personalizing the home and enjoying
376 East Shore Road - Jamestown, R.I. time by the shore with their beautiful children and extended family.” “Cynthia continues to be a driving force in Jamestown’s luxury market,” added John Hodnett, president/broker-owner of Lila Delman Real Estate. “Her expertise in this sector proves advantageous to her clients’real estate interests time and time again.” Set on 2.23 acres on the East Passage of the Narragansett Bay, this post and beam colonial was designed and built by architect Arthur Marshall, who is credited with the restoration of Marble House’s Tea House on Newport’s Cliff Walk. Measuring 2,160 s/f, the home features three bedrooms, one and one half bathrooms, four fireplaces and wide plank floors. The property has a 180-foot dock and has a detached garage with studio above.
Union carpenters make my company the best. Dave Rampone President, Hart Engineering Cumberland, RI
Titus promoted to senior project manager of DiPrete’s Newport office NEWPORT, RI DiPrete Engineering has promoted Molly Titus to senior project manager.As a licensed Professional Engineer in Rhode Island, Titus joined DiPrete in 2011 and has been working out of the firm’s office in Newport. Titus has over 22 years of Molly Titus land development experience and has worked with both public and private clients on institutional, industrial, and commercial projects on Aquidneck Island. “Molly’s leadership of our Newport office is imperative as our business continues to grow in that area,” said Greg Guglielmo, executive vice president at DiPrete Engineering. “Her extensive engineering and management experience as well as her knowledge of the region’s market has been invaluable to our firm. We are very proud of her hard work over the years and look forward to what the future holds.”
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
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June 12 - 18, 2020 17B
One-on-One Interviews with Rick Kaplan
Contact Rick Kaplan 800-654-4993, ext. 247,
[email protected] Sponsorship and Interview Opportunities Available.
Weekly interviews with top professional from all categories of commercial real estate. Watch a new interview every week! NEREJOURNAL
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movetowarwickri.com Joseph J. Solomon Mayor
New England Real Estate Journal
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NewNorthern England Real Journal NewEstate England
June 12-18, 2020 MarchInside 6 - 12,Back 2020 Cover 1C
In our world, architectural creativity and integrity are partners. Creativity and integrity are inseparably linked, and reinforced by a commitment to making you a partner in the design process. Thomas A. House, AIA is the founding Principal of THA Architects, LLC and has more than 25 years of professional experience in the areas of design, planning and construction. Tom contributed to the design of numerous developments including a mixed-use building, an adaptive re-use of existing mill building and skilled nursing residences with an Alzheimer unit component. Tom also has extensive experience in the design of luxury flat and townhouse condominiums, 55+ communities, live/work artist lofts, multi-family apartments, Assisted Living Facilities with a skilled nursing component and Continuing Care Retirement Communities consisting of independent living units, assisted living units, and healthcare rooms. THA Architects, LLC is currently working on a Continuing Care Retirement Community (200 Independent Living Units, 40 Assisted living Units and 54 healthcare beds), 19,000 sf Medical Office Building, 50,000 sf Commercial strip mall, 5,000 sf restaurant and renovation of a historic building to house luxury condominiums to name a few. Tom has worked on projects up and down the Eastern seaboard, from Florida, New Jersey, Pennsylvania, and New York and into the New England states of Connecticut, Massachusetts, New Hampshire and Maine. We encourage you to explore the benefits of working with THA Architects, LLC.
Back Cover
New England Real Estate Journal
June 12-18, 2020
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1031 Replacement Property 100% Leased Multi-Tenant Industrial Building Opportunity to re-purpose to a last-mile, customer fulfillment Center, in well-populated Rockingham County, NH Drive Band (Min.) Population Households Median HH $ Average HH $
30 497,000 84,600 $75,500 $100,300
20 248,300 96,000 $76,300 $100,000
• Location is 20 minutes from Manchester Boston Regional Airport and 45 minutes to Logan International Airport • 50,000 sf of the main building offers dock high and drive-in Loading
• Clear height is about 21’ • Bay spacing is 100’ x 50’ • Location is 5 Minutes to I-93, Exit 4 • Town Water , Sewer nearby • There are 3 buildings on 5 acres :74,000 sf, 2,400 sf and 8,500 sf. The 2,400 sf free standing building was gutted and renovated in early 2019 • Recent improvements include new sewer line, drainage/paving improvements, new LED lighting, new retaining wall in 2020
$4,900,000, ask for Ralph
FOR LEASE: Small, economical RETAIL SPACE suites available in busy Cozy Corner Plaza in Raymond NH, across from Tuckaway Tavern. 2 units are available at about 1,000 sf each. And a large end-cap unit is available at Clearbrook Center in Derry, a shadow Wal-Mart location. Town water and sewer and natural gas are available. Located at a set of flights shared with Applebee’s. COMMERCIAL BUILDING FOR SALE: HOOKSETT NH 2 acres with great visibility on Route 3A. Large, level yard with 2-story bldg. PLUS, attached greenhouse frame ready to be closed in. There is a SF home also on the property. Town water on the site, town sewer nearby. Only $499,000. LAND FOR SALE: HOOKSETT NH 5 acres with visibility from Interstate 93. Previously approved for 97,200 + sf of self-storage. Small SF house generates $18,000/yr. income. Only $499,900
603-434-9700
