Panera Bread Company Leases Space at Pinkerton Place in Derry

DERRY, NH - NAI Norwood Group is pleased to announce that Panera Bread Company has entered into a lease agreement for a 4,100 +/- SF free standing building with drive thru at the retail development project "Pinkerton Place" in Derry, New Hampshire. Pinkerton Place, located at 19 Manchester Road, has received full approvals for 49,000 +/- SF of retail space on approximately 8.5 acres and is currently under construction. According to construction manager, Randall LaClaire, Panera Bread should be open for business this summer. Pinkerton Place is a well located retail project at the corner of Route 28 (Manchester Road) and Ashleigh Drive in front of a new Wal-Mart Supercenter, scheduled for completion in 2012.

Brian O'Brien and Chris McMahon of NAI Norwood Group's Portsmouth, New Hampshire office represented the Landlord, Boomer Wolf, LLC in this transaction. Harmon Lewis of National Commercial Brokers represented PR Restaurants, LLC a Franchisee of Panera Bread Company. NAI Norwood Group is the exclusive broker for the remaining available retail space available at Pinkerton Place.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their strong local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 100 Market Street Suite 200, Portsmouth, NH 03801 (603) 431-3001.

Nothing is Certain Except CAM and Taxes

written by Chris Norwood, NAI Norwood Group

The New Year’s parties are over. The champagne flutes and funky glasses are packed away for another 12 months. It is that time of year for resolutions and CAM review.

It is time to break out the lease and find out who is responsible for increases in expenses. Common Area Maintenance (CAM) and Taxes are expenses that are paid for by a tenant in a triple net lease. When the Real Estate Taxes or the CAM go up (or down in some cases) the tenant is responsible. Even in some gross or modified gross leases the tenant still has to pay for the overage charges if the expenses go up.

Typically as a tenant pays their rent on a triple net basis, the monies that get paid in rarely equal the actual expenses. Snow falls differently than budgeted, there is more landscaping that takes place, or the taxes went up. At the beginning of the new year the tenant should received a statement of what they paid in and what the new budget for the following year is. For triple net and some gross leases the tenant will be responsible for this increase marching forward. On most triple net leases the tenants will also have to look back over the previous year and come out of pocket for any difference in the expenses in one stroke.

If you are a landlord or a tenant, take the new year to review these clauses of your lease. In addition be on the lookout for expense “stops”. A stop is when one of the parties has a cap on their exposure to increases. For example there may be a tenant “stop” of a 3% increase annually on real estate taxes. Therefore a tenant shall pay for the first 3% increase but then the landlord picks up the balance. You should look into these details on your lease to see what your exposure is.

There are no guarantees and leasing is no exception. As such there are no “standards” when it comes to lease language, you must consult your own lease and your own counsel if necessary.  However, our team is always available should you have any questions on this clause or any other’s in your lease, we will be happy to point in the right direction.

NAI Norwood Group Brokers Lease at Exeter Commons

Exeter, NH - Chris McMahon of NAI Norwood Group's Portsmouth, NH office has leased 6,000 +/- SF of retail space to Exeter Paint and G&N Flooring by Design at Exeter Commons Shopping Center on Portsmouth Avenue in Exeter, NH. Exeter Paint and G&N Flooring By Design, the newest additions to Exeter Commons, are both locally owned businesses which have shared retail space on Portsmouth Avenue in Stratham for the past 10+ years. When Abba Medical Supply decided to close their large store at Exeter Commons and downsize, Chris saw the perfect opportunity for these two complementary businesses to occupy the vacant space and add to the shopping centers unique tenant mix. Through a creative approach, the Tenants and the Landlord, REL Commons, LLC were able to put together a great space at Exeter Commons for both Tenants to share and operate independently. Both businesses are expected to open at Exeter Commons by April 1st, 2012. For more information about Exeter Paint please visit www.exeterpaintstores.com and for more information about G&N Flooring by Design please visit http://www.gnfloorbydesign.com. Chris McMahon from NAI Norwood Group is the leasing agent for the Landlord, WJP Development at all of their New Hampshire shopping centers.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their strong local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603)668-7000 or 100 Market Street Suite 200, Portsmouth, NH 03801 (603) 431-3001.

NH CIBOR Inducts New President

Bedford, NH – In 1976 the Commercial Investment Division (CID) of the New Hampshire Association of Realtors (NHAR) was formed. In 1993, NHAR voted to change the CID into the New Hampshire Commercial Investment Board of Realtors (NH CIBOR). Now over twenty years later, Chris Norwood of NAI Norwood Group is taking the reigns as the organizations president. In a ceremony held on December 14^th, 2011, Norwood took the oath of office for 2012.

In his “stump” speech he discussed some of the benefits of the organization most notably the work done through NHAR on public policy. Last year over 80 New Hampshire real estate specific bills were reviewed. With the help of NHAR, NHCIBOR and many other volunteers these bills were reviewed and discussed so that property ownership rights could be heard. In addition Norwood discussed other membership benefits upcoming in 2012.

NAI Norwood Group is pleased to have him serving the greater community of commercial real estate brokers and their clients. Of note, he is part of the first Mother/Son duo to serve as NH CIBOR Presidents. Louise Norwood served as NH CIBOR president in 1998.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their strong local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603)668-7000 or 100 Market Street Suite 200, Portsmouth, NH 03801 (603) 431-3001.

NH CIBOR Cares

Bedford, NH – CIBOR (the NH Commercial Investment Board of REALTORS®) is a board of commercial real estate professionals focusing on specific commercial needs. CIBOR member Judy Niles-Simmons of NAI Norwood Group, founded the charitable organization CIBOR Cares. She was recently honored for her hard work and dedication on December 14^th in front for the entire CIBOR organization.

It was in March of 2009 that CIBOR Cares became an official 501c3 organization recognized by the IRS. However it took years to get to that point. Starting a few years after Katrina some members of the New Hampshire Commercial Investment Board of Realtors (NH CIBOR), including Judy Niles-Simmons flew down to New Orleans to assist in the recovery. From this the idea was born that NH CIBOR needs an outlet for community service and engagement. As a founding member and the first chair, Judy worked tirelessly to create that outlet.

While the IRS status was important there were many smaller goals before and after that have been important to the development of the organization. Blood drives. Fundraising. Donations. These were the main focuses of the organization and helped meet the vision that Judy had created.

We are pleased at NAI Norwood Group to have Judy as part of our team.