Investors Buying Office Space in Bedford NH

Bedford NH - NAI Norwood Group is pleased to announce two recent office sales in the Bedford NH market. 10 Chestnut Drive is a 13,690+/-sf two story office building off the busy Route 101 corridor comprised of a number of small, local businesses. According to the registry  of deeds it sold for $790,000. 116 South River Road Building B was a 7500+/-sf two story, steel framed, brick façade condo that sold in the prestigious Coldstream Office Park at 116 South River Road. According to the registry of deeds it sold for $870,000.

“It is clear that these sales are a testament that a Bedford business address continues to be highly desirable.” Noted Louise Norwood, Principal at the firm. “With so much new development in town, along with the low interest rates, the demand remains high.”

“Both of these assets were sold to investors.” Added Chris Norwood, President of the firm, “With an additional sale of a small condo unit earlier in the summer, this marks our third investment product sale in Bedford in the last 60 days. While the owner occupant market is strong, the proof is here that investors are still seeking sound real estate as diversification to their other investments.”

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 400+ offices and 7,000+ professionals, NAI Norwood Group is able to leverage their 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

JOSEPH MENDOLA OF NAI NORWOOD GROUP SELLS PROFILE SELF STORAGE IN HOOKSETT, NH.

NAI Norwood group is pleased to announce the sale of Profile Self Storage at 180 Londonderry Road in Hooksett, NH. Joseph Mendola, Senior Advisor of NAI Norwood Group, represented the seller in this transaction and collaborated with the buyer. Mr. Mendola is also the Argus Self Storage Sales Network representative of Northern New England. Profile Self Storage closed this transaction on June 15, 2017.

This self-storage facility is a state of the art facility. It has 53,950 rentable square feet and 507 self-storage units and it also has a separate lot that is for storing 80 vehicles in phase one of this sale. The property also has a modern office building on the property that houses the self-storage office but also other businesses offices. The facility services the Greater Manchester-Hooksett-Auburn marketplace.

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 400+ offices and 7,000+ professionals, NAI Norwood Group is able to leverage their 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

Millennials are Changing the Face of Commercial Real Estate

Everyone is talking about millennials today. Economists, pundits, politicians and business people have all weighed in, as their generation became the largest proportion of the overall workforce in 2015.

What effect, if any, is this having on the commercial real estate market?

Many of the most significant effects are driven by this generation's dramatically different habits of work, play and travel. From alternative commutes to remote work, any business that employs millennials needs to address these factors and structure their organizations and real estate accordingly.

The rise of telecommuting

Simply put, millennials love telecommuting and working from home. Deloitte's 2016 Millennial Survey confirmed a few key insights about them:

●     43 percent of millennials currently have the ability to work from home.

●     75 percent would like to and think it would positively impact their productivity.

●     88 percent want the opportunity to work with flexible hours, starting and stopping on their own schedule.

The practical effect of this is a reduced need for office space on any given day. In some cases, employees will share desks or rotate freely through dynamic, open-plan offices. Senior millennials in executive positions are equally enthusiastic about this dynamic - according to Deloitte, 56 percent of those in this category enjoy the ability to work remotely and on a flexible schedule.

Moving forward, scaling up an enterprise and hiring new staff won't necessarily obligate a business to acquire the same square footage they might have needed before. 

New priorities for location and lifestyle

Just because millennials don't prioritize office space the same way, however, doesn't mean that CRE professionals can't market to them effectively. One of the biggest differences between them and previous generations is their decreased willingness to endure long commutes.

Millennials just aren't as car-centric as their parents in general - in fact, a study from the University of Michigan showed that only 60 percent of 18-year-olds now hold a driver's license, down from 80 percent in the 1980s. An analysis of millennials' driving habits versus those of Gen X and Gen Y by a professor at the University of North Carolina found that the reasons for this were varied, but a changing - and largely negative - view of cars was responsible for as much as half of the decrease in total driving miles.

As a result, many young people must be willing to compromise in other areas, including the neighborhoods they live in and the size of their houses and apartments. A business that seeks to hire a significant number of millennial employees should take these factors into account.

In addition, increasing use of mass transit changes the favored location for an office significantly. Spaces near major commuting and transport hub may continue to rise in value, while those located farther afield in places where commuting by car is the best option may see demand drop.

How to tackle these changes

It's time to break with some of the conventional wisdom of how to manage partnerships seeking office space and commercial real estate. Increasingly, these businesses will be staffed, managed or even owned by millennial entrepreneurs.

It's critical to understand your local geography and get a grip on how people are commuting, where they prefer to work and how far they're willing to go.

The market may be changing in several key areas, but that doesn't mean opportunities are going away - you just need to know where to look.  

Sarah Carson, Marketing Director

scarson@nainorwoodgroup.com 

NAI Norwood Group 

NAI Norwood Group Leases Space to Olympia Chimney Supply

Manchester NH – NAI Norwood Group is pleased to announce the lease of 17,000+ SF to Olympia Chimney Supply. Aron Brown, of NAI Norwood Group, represented the landlord and Colliers International represented the tenant.

Olympia Chimney Supply is now located on Faltin Drive in Manchester in a building that was formerly associated with the OSRAM Sylvania facility. Olympia Chimney Supply Inc. is a leading designer and manufacturer of chimney venting systems, liners and accessories. To read more about their new location in New Hampshire visit their website: http://www.olympiachimney.com/press-releases.

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 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

NAI Norwood Group Sells State Owned Property in Manchester

Manchester NH – NAI Norwood Group is pleased to announce the sale of 1234 River Road in Manchester, NH. The 2+/- acre parcel was formerly a State of New Hampshire owned parcel, subdivided off from the Sununu Youth Services Center. It was most recently used as office space for the State. Judy Niles-Simmons and Chris Norwood, both of NAI Norwood Group, represented the seller in this transaction. The buyer was represented by Will Kanteres of Kanteres Real Estate.  According to Planning Board meeting minutes, the buyer plans on renovating the space into a religious center for a variety of uses including services, classses, and counseling. The nearly 8,000 SF building sold for $625,500 on February 27^th according to the Registry of Deeds.

The sale of the former State owned Manchester building is one of several that Judy and Chris have completed over the last few years. They have worked closely with State departments such as the DOT, Administrative Services, and the New Hampshire Employment Security to sell the State’s surplus real estate.

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 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

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Congratulations Karl Norwood

BEDFORD NH - NAI Norwood Group would like to congratulate Karl Norwood on receiving two awards at the 2nd Annual NHCIBOR Commercial Real Estate Awards. Karl was honored with the award for Suburban/Rural Deal of the Year which was for the disposition of the former Chester College in Chester, NH. The Industrial Sale of the Year award was given for the sale of 655 S Willow Street in Manchester NH. This was the former OSRAM Sylvania building which was comprised of 15 acres and over 300,000 SF.

NHCIBOR’s 2nd Annual New Hampshire Commercial Real Estate Awards were held on June 6, 2016 at The Puritan Backroom Function Facility in Manchester, NH. This event provides incredible recognition and publicity for the commercial real estate market and community in New Hampshire.  It is also a fundraising event for NHCIBOR Cares as a 501c3 organization.  Last year this event netted over $6,000 that was distributed to local non-profits throughout the state.

NAI Norwood Group Welcomes Jeff Lessard

BEDFORD NH - NAI Norwood Group is pleased to announce Jeff Lessard has recently joined the firm as a commercial real estate Advisor in the Bedford office. Jeff is a 2015 graduate of Saint Anslem College, graduating with honors as a member of the Dean’s list. While at Saint Anslem, Jeff was actively involved in numerous school activities, in addition to his active participation with local community & charitable organizations. Jeff initiated and spearheaded the efforts of Relay for Life, multiple St. Jude fundraisers and marketing foundations, as well as holiday food baskets for those in need.

As Jeff was interviewing with several other prominent commercial real estate firms, it became evident to Jeff that in order to succeed in this highly competitive business, as with high level athletics, the importance of surrounding himself with great teachers, mentors and coaches. “Going around to the other firms in the area, I recognized the importance of aligning myself with those that possess the same level of desire, passion and tenacity that I will bring to the firm. I met with a lot of great individuals, but to be honest, the level of dedication to training and one-on-one coaching is exactly what anyone new to this business needs to be successful over the long term. The Norwood family name is synonymous with New Hampshire commercial real estate. I am truly looking forward to great things with the Advisors and leadership at NAI Norwood Group. Something else that really impressed me is the level of comfort and family culture that is carried out by everyone at the firm,” said Lessard.

Jeff recognizes that since he is just starting what will be a long successful career in the commercial real estate industry, he needs to learn as much detail as he can about the differences between each sector of the industry in order for him to best serve his clients and fully understand and appreciate the nuances of each property type. Jeff looks forward to experiencing the depth and breadth of the Advisors experience he can always access at NAI Norwood Group, and the feeling is mutual. Said Karl Norwood, Founder and Principal of the firm bearing his name, “We are extremely proud to have Jeff join our Team. Along with two other recent additions to our Advisory Team, Jeff brings a level of enthusiasm and desire to learn that is refreshing and contagious by all! I’m confident our relationship together will be mutually gratifying and I am excited to follow the trajectory of Jeff’s personal and professional growth with our company.”

Jeff is actively involved in local and statewide business groups, chambers of commerce and other networking initiatives. He is extremely well versed at placing customer and client needs ahead of all else, having deep experience with customer service and exceeding expectations at his previous work related experiences.    

Jeff grew up locally and will initially focus his real estate activities in southern and central New Hampshire, bringing local business and community insight and tenacity to each assignment.

DOWNTOWN MANCHESTER OFFICE BUILDING FOR SALE WITH PARKING

Manchester NH - NAI Norwood Group is pleased to be presenting to market two parcels for sale jointly or separately.

300 Hanover Street is a single story 20,360+/- SF brick building located downtown area of the City of Manchester, NH.  It is centrally located just over one mile from Exit 6 (Granite Street) on 293 and just two miles away from Exit 7 (Hanover Street) on 93.  A rare find in the City to have an office building with this density of parking. The property is located in the R-3 (PO) Urban Multifamily District (Professional Office Overlay) zone. Current use is for office space for the New Hampshire Department of Employment Security (NHES).  

436 Maple Street is approximately 7,000 SF, (0.16+/-) acres, located on the corner of Maple and Hanover Streets. It is currently being used as parking lot for the properties at both 298 and 300 Hanover Street and has been marked for 20 spaces. Potentials include maintaining its existing use as parking or redevelopment.  

The properties are being sold through a structured sale with tour dates and offer dates outlined in the due diligence documents found on this site. Should buyers wish to conduct additional tours outside the scheduled times listed then they should reach out to the listing brokers. Properties are being sold "As-Is" and subject to NH RSA 4:40. 

“This is a rare opportunity to own a building in downtown Manchester with suburban parking amenities. There is also a potential leaseback on a portion of the space from the NHES that could work well for an investor or user.” Said Chris Norwood, President of NAI Norwood Group.

Please visit www.hanoverandmaple.com for the due diligence package and further details.

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 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

OSRAM Sylvania Building Sells in Manchester NH

Manchester NH – NAI Norwood Group is pleased to announce the sale of 655 South Willow Street in Manchester NH. Karl Norwood and John Hoben of NAI Norwood Group represented German based OSRAM Sylvania and their real estate advisor, DTZ, Inc. to successfully bring the property to the market, procure the buyer, and complete the transaction at a purchase price in excess of the marketing price.  The property was purchased by a joint venture of Brady Sullivan Properties, LLC and The Anagnost Companies, Inc. Realty and Development of Manchester.  According to the NH Registry of Deeds, the transaction was completed on October 26, 2015 in the amount of $4,200,000.

The 300,000+ SF multi-building manufacturing complex sits on 15+/- acres along Manchester’s South Willow Street retail corridor. The new proposed project includes adding another 10-12 retailers to the Queen City retail corridor and will bring jobs not only in the retail sector but in construction as well.

“We are pleased to have assisted OSRAM Sylvania in meeting their objectives,” said Norwood, “and are also heartened that the strong, local buyer team has embarked on an exciting reuse and redevelopment program for this important community asset.”   

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 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

Energy Series Part 1: Electricity

In the coming months we will inter splice our normal market observations with our ongoing Energy Series. These articles will illustrate what we have done in our own space to reduce our energy. We will analyze the supply side, consumption side, cash flow side and of course the capitalized value of the asset. We hope you will enjoy and learn as we did.

Remember back in the day when there were ads on TV that were not political? Like a couple of months ago?  You may recall having seen ads for your home energy to get away from the public utility and go to the open market. We employed that same model of thinking but for our commercial space. Spoiler alert: we ended up converting all of our owned and occupied space over. However in this article we will analysis one property an 11,903sf office building in Bedford.

The property is leased out to various tenants whom all pay a protonate share of their electricity. While the bills are not separately metered there is still an incentive for the landlord to reduce the energy supply costs; the lower the cost for the tenants, the more likely they are to remain within the space long term. It should also be noted that this building is heated with electric heat pumps so the numbers are probably larger than if you had a separate heating plant.  In 2011 and 2012 the average annual electricity bill was $2.24 per square foot and $1.84 per square foot.  

We decided to explore the open market for electricity. For those of you not familiar, each part of your electric bill has a supply side and a usage side. The public utility controls the supply side of your bill but for the usage you are free to use anyone you want. It also provides the ability to lock in longer term rates and select where your service comes from.

Back to the subject property, in 2013 we were paying $0.0923 /   kilo watt hour with our host utility and through the suggestions of our consultant, Freedom Energy Logistics, we selected NextERA at $0.0851 / KWH. Additionally we stipulated that we wanted a portion of the electricity to come from renewable energy wind credits. By purchasing our electricity supply on the open market, we not only reduced our costs, but we also greatly reduced our carbon footprint. One thing to consider is that the electric usage is not just a factor of the supply but also the demand. Over this three year period the building has had varying tenancies so it is hard to determine exactly the direct effect of the switching to the open market.

In the end for us and this case study we found that switching to the open market allowed us to lock in our rates for a full year for budgeting; hedge against an inflationary rate environment; and select renewables for ourselves and our tenants. By purchasing our natural gas and power supply at times that the market is below the upward trendline, we are able to manage costs, and directly impact the bottom line for our tenants.

For more information on how we converted please contact Sean Devine at Freedom Energy Logistics. 816 Elm St. suite 364, Manchester, NH 03101. Sean.Devine@FELpower.com (603) 625 2244. 

Written by: Chris Norwood, NAI Norwood Group, cnorwood@nainorwoodgroup.com. 

Former Nashua Courthouse Back on the Market

This 28,621+/- SF asset is back on the market with a price reduction.

Click the link below to read Union Leaser's Avenues about the state building for sale.

Price dropped on downtown site of former Nashua courthouse

NAI Norwood Group Sells 146,000 SF Flex Building in Manchester

Manchester NH - NAI Norwood Group is pleased to announce the sale of 1050 Perimeter Road in Manchester, NH to Brady Sullivan Properties. John Hoben and Chris Norwood represented the seller in this transaction. The 146,000 square foot flex building, located close to the Manchester Boston Regional Airport, sold on August 4, 2014. "We are excited to offer this unique flex building to our tenants," noted Charles Panasis, Director of Commercial Real Estate at Brady Sullivan Properties, "with its abundant parking and great highway access, it can be a great home for users of medical, office, flex or warehouse." The sale price was $4,050,000 according to the registry of deeds.

  

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 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

Eight Market Basket execs fired; employee rally set for this morning | New Hampshire Business

Anyone visit market basket over the weekend? The produce section was next to nothing.Wander the rest of the store and you'll see the shelves are emptying of the most popular items. When will this end? Another 8 employees were fired yesterday. The employees are still in an uproar.  What's next?

Eight Market Basket execs fired; employee rally set for this morning | New Hampshire Business

NAI Norwood Group
www.nainorwoodgroup.com

How Economic Revitalization Zones Work For You

Recently the town of Bedford looked at the Economic Revitalization Zones (ERZ) that are administered by the State of New Hampshire. This year the State’s largest city, Manchester, is looking at their ERZ foot print and seeing if expansion should be in the cards. 

The ERZ is a tax credit program that is administered by the State to help foster growth in areas that are in need of economic assistance. While the program is nothing new, it has been around for years, the word is just getting out. A simple example of how it can work would be that a company moves into a vacant building that is in an ERZ. They spend money to improve the building for their use as well as bring in new hires. 

Based on the improvement amount and the number of jobs created this potential company could get dollar for dollar credits at the state level. Because of the subtle details of the program it is not a linear function. Anyone who has a potential project should contact the Department of Resources and Economic Development to really understand if the project qualifies as well as the savings potential. This raises the important issue that the ERZs are lot specific. Just because you and your neighbor share the same zone as it relates to the town (Commercial, Industrial, Performance) does not mean you both share the same as it relates to ERZ. Only the state can verify if your lot is within a zone. 

As the City of Manchester looks to expand its use of the ERZ other towns and cities throughout the state may as well. It is a great tool as business owners look to expand and grow their businesses.

NAI Norwood Group Donates to Bob Baines’ Blarney Breakfast

Manchester NH – In an effort to support Special Olympics of New Hampshire, The American Red Cross, and The Shirley Brulotte Fund, NAI Norwood Group has donated funds to the 14^th Annual Bob Baines Blarney Breakfast.  “It’s an honor to be a part of the event. It’s important to us to support our local charities and all efforts to better our communities, as we did last year. ” said Chris Norwood, President of NAI Norwood Group.

NAI Norwood Group donates to a multitude of charities throughout the year. Some of these include: Easter Seals, Veterans Count, Vision International Missions, the United Way, The Birchtree Center, NH CIBOR Cares, as well as local firefighter and police unions.

Special Olympics New Hampshire provides year-round sports training and athletic competition to more than 3,500 participants in the state. In addition to sports and competition, Special Olympics New Hampshire offers a variety of services to develop leadership skills, promote inclusion and encourage health screenings.

The American Red Cross Blood Services – Northern New England Region encompasses Maine, New Hampshire and Vermont and is part of one of the most recognized not-for-profit humanitarian organizations in the world. Their goal is to provide a safe, available blood supply for patients in need.

The Shirley Brulotte Fund for International Institute of New Hampshire (a branch of the International Institute of Boston), provides services to refugees and immigrants in New Hampshire. These services are critical to newcomer’s survival and integration into our communities as the US fulfills its international humanitarian obligations.

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 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

Links:
http://www.blarneybreakfast.com/
http://www.sonh.org/
http://www.redcross.org/
http://iine.us/
http://www.nainorwoodgroup.com/

NAI Norwood Group Assists Lutheran Social Services Find a New Space

Manchester NH – NAI Norwood Group is pleased to announce the lease of 7,000+/- SF of office space for Lutheran Social Services (LSS). Jeanne Butler of NAI Norwood Group represented LSS in the search for their relocation site. Mike Reed of Stebbins represented the landlord. 

LSS will be moving to their new office space on November 1, 2013. LSS is consolidating multiple New Hampshire offices for better coordination between the different divisions. They are relocating from Manchester and Concord and will be occupying the 3rd floor at 340 Granite Street in Manchester. The landlord will deliver a newly renovated space to accommodate the different LSS divisions. 

“This was a difficult assignment as LSS needed to be on a bus line, in Manchester, with parking for 25+, handicap accessible and a tight budget. I was happy that we were able to find a space to fit all of their specific needs,” said Jeanne Butler. 

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 45+ years of dedicated 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 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.