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.

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.

NAI Norwood Group Successfully Leasing Space at Woodbury Corner in Newington, NH

Portsmouth, NH – NAI Norwood Group is pleased to announce two recent lease signings at 2001 Woodbury Avenue in Newington, NH. Horizon Group, an authorized Batteries Plus Franchisee, has leased 3,600 +/- square feet and Wireless Link, LLC, an authorized Sprint Dealer, has leased 1,300 +/- square feet of retail space.

Brian O'Brien, RPA and Chris McMahon of NAI Norwood Group represented the Landlord in both transactions. Strategic Retail Advisors represented Wireless Link, LLC and Charles Zoulias of Perfecta Real Estate represented Horizon Group.

The newly re-developed retail strip center on the corner of heavily traveled Woodbury Avenue and Gosling Road is prime real estate. Prior to re-development, 2001 Woodbury Ave, was home to one of Tweeter, Etc.'s New Hampshire locations. The re-development of this high profile retail property has brought with it the opportunity for national, regional, and local retail tenants to position themselves well in the Newington / Portsmouth NH retail market. The property is owned by Riverside Properties, Inc. based in Wellesley, MA. Additional retail spaces from 1,900 +/- SF to 4,475 +/- SF are available at Woodbury Corner.

TMS Architects, located in Portsmouth, was chosen to revamp the old building inside and out. Jason Bailey at TMS Architects commented, “The main purpose was to break the space into four suites and maximize street frontage. The colors and architecture chosen utilize a traditional approach to contemporary architecture, creating a more timeless look. It’s no longer the Tweeter building, it’s a new entity.”

Malt House Construction, also located in Portsmouth, was chosen as the building contractor to carry out the design set forth by TMS Architects. Sandy Dewing, President of Malt House Construction had this to say about working on the project: “It was challenging, but it was a good project for our company. It definitely improves the intersection. With the support of the owners and a great design from TMS the project has gone smoothly”.

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 325 offices in 55 countries, NAI Norwood Group is able to leverage their strong local experience around the world. Whether your commercial real estate needs require local expertise, or you need brokerage consulting around the world, the firm is here to help. 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 please contact us at one of our offices: 116 South River Road, Bedfrod NH, 606-668-7000 or 100 Market Street Suite200, Portsmouth NH, 603-431-3001.

Written by Chris McMahon and Sarah Carson of NAI Norwood Group
Quotes submitted by Sandy Dewing of Malt House Construction and Jason Baieley of TMS Architects

To contact Chris McMahon: cmcmahon@nainorwoodgroup.com
To contact NAI Norwood Group Marketing Dept: scarson@nainorwoodgroup.com

Movin’ and Shakin’ – Retail Real Estate in Greater Portsmouth NH

NAI Norwood Group
November, 2010

NAI Norwood Advisor Article

It is no secret that Portsmouth, New Hampshire and its surrounding area is a highly desirable place for residents, businesses, restaurants, retailers, and tourists. This small city with a population of only 20,443 (nh.gov) is said to draw up to 100,000 people per day on the busiest of days. The downtown area of Portsmouth, laden with its historic buildings, brick walkways, historic sites, casual and fine dining restaurants, hotels, bed & breakfasts, busy nightlife, and local retail shops is a haven for high-end businesses, wealthy individuals, and tourists alike. Looking beyond downtown Portsmouth, there are several other areas offering shopping and entertainment for residents, tourists, and the 50,000+ employees working within seven miles of downtown. These areas include the high traffic Lafayette Road, Islington Street, and Woodbury Avenue retail corridors. In effect, this makes the Portsmouth market an extremely sought after area to open a restaurant or retail-related business.

New Hampshire has faired the recent global recession quite well with a current unemployment rate of 5.1% compared to 9% nationally (Public Data - Google). Within NH, Portsmouth has weathered the storm even better with a current unemployment rate around 4.7%, positive job growth, several new construction projects under way, new business openings, and a minimal amount of business closures. This strong local economy has a major impact on the success of the local, regional, and national businesses who choose to locate in this vibrant seacoast community. By combining a strong local economy with heavy tourism and wealthy residents you get a perfect recipe for retail-related businesses. Officially, the recession is over (Huffington Post) and it is important to look back at what 2010 has meant for Portsmouth retail business openings, movements within the market, retail business closings, retail related real estate sales and new / re-development retail projects currently underway.

New Store Openings in 2010: Starting with the best news, there have been a fair amount of retail-related store openings in greater Portsmouth thus far in 2010. Below are some examples:

1. Lowes Home Improvement: Greenland Road in Greenland next to Target
2. Home Goods: Woodbury Ave in Portsmouth next to Shaw’s Supermarket
3. Savers Thrift Store: Woodbury Ave in Newington next to The Fox Run Mall
4. Subway: Lafayette Road in Portsmouth next to Big Lots and Goodwill
5. LaBella Italian Restaurant: Lafayette Road in Portsmouth next to Big Lots and Goodwill
6. Maximum Mattress: Woodbury Ave in Portsmouth next to Dollar Tree
7. Vitamin Shoppe: Woodbury Ave in Portsmouth in front of Shaw’s Supermarket
8. Roundabout Diner: Portsmouth Traffic Circle attached to Best Western in Portsmouth
9. Foobar Restaurant: Congress Street in downtown Portsmouth
10. Chef’s Table Restaurant: State Street in downtown Portsmouth
11. Accents in Glass: State Street in downtown Portsmouth
12. 106 Kitchen and Bar: Penhallow Street in downtown Portsmouth
13. Port City Convenience: Hanover Street in downtown Portsmouth
14. Mombo Restaurant: Strawberry Bank Museum next to Prescott Park in Portsmouth
15. Greenovations Home Improvement Store: Lafayette Road next to Bowl-O-Rama

Store Re-locations in 2010: In addition to the store openings mentioned above, there have also been several lateral moves in the market place as leases expire and businesses expand, contract, or take advantage of an available location that better suits their needs. A few of these moves include:

1. Wireless Zone: Moved from Woodbury Ave to Lafayette Rd. next to the Meat House
2. Bournival KIA: Moved from 2458 Lafayette Rd. to the former Lincoln-Mercury Dealership on Lafayette Rd.
3. Second Time Around: Moved from 29 Congress Street to 19 Congress Street (former GAP Inc.)
4. The Denim Rack: Moved from Bow Street to Congress Street (former GAP Inc.)
5. Adaptations: Moved from the Spaulding Turnpike to Fox Run Road next to Wal-Mart
6. Yarn Basket: Moved from Hanover Street to Deer Street
7. Fast Eddies Dirty Laundry: Moved from Congress Street to Market Street
8. Mojo’s Grill and Tavern: Moved from Islington Street to Brewery Lane (former Brewery Lane Tavern)

Store Closures in 2010: It’s not all good; there have been a few retail stores and restaurants that have shuttered their doors over the past year. Here is a list of business closures:

1. Jumpgate Science Fiction: Closed store located on Lafayette Road in Portsmouth
2. Commonwealth Lacrosse: Closed store located on Lafayette Road in Portsmouth
3. The Frame Shop: Closed store located on Deer Street in Portsmouth
4. The Muddy River: Closed restaurant on Congress Street in Portsmouth
5. A.C. Moore Arts and Crafts: Closed store on Woodbury Ave next to Shaw’s Supermarket in Portsmouth
6. Blockbuster: Closed store on Islington Street next to Hannaford in Portsmouth
7. Outback Steakhouse: Closed restaurant on Woodbury Ave next to the Mall in Newington
8. Gap Clothing: Closed store on Congress Street in Portsmouth
9. Jennifer Convertibles: Closed store on Woodbury Ave next to Dollar Tree in Portsmouth

Retail Related Real Estate Sales in 2010: Overall, there has been a decent amount of movement in the retail-related real estate sales. In 2010, there has been over $15,000,000 in recorded sale transactions in the retail sector. Many of the larger transactions are listed below:

1. 2700 Lafayette Road, Portsmouth: Former Portsmouth Fire Station purchased by an investor at auction
2. 2458 Lafayette Road, Portsmouth: Former KIA Dealership purchased by Salvation Army for a thrift store
3. 750 Lafayette Road, Portsmouth: 4.0 acre retail development parcel sold. Current home of Jeep Dealer
4. 135 Islington Street, Portsmouth: Former Exxon gas station sold
5. 175 High Street, Portsmouth: Downtown, mixed use property sold, four retail units totaling 6,200 SF
6. 121 Congress Street, Portsmouth: Retail condo purchased by new restaurant, Breadward Baking Co.
7. 30 Maplewood Ave, Portsmouth: Office building purchased by developer, 15,000 SF planned retail
8. 233 Vaughan Street, Portsmouth: Industrial building purchased by developer, 10,000 SF planned retail
9. 1725 Woodbury, Portsmouth: Mr. Bubbles Car Wash purchased by an investor
10. 106 Penhallow Street, Portsmouth: Restaurant building purchased for new 106 Kitchen and Bar restaurant
11. 1980 Woodbury Ave, Portsmouth: Sale of Mobil Gas Station to an investor
12. 1400 Lafayette Road, Portsmouth: Sale of 0.33 acre retail property improved with a gas station at auction

New / Re-development Retail Projects underway in 2010: A good sign of recovery and a strong local market is the vast amount of construction activity taking place in the greater Portsmouth market. There are currently several new and re-development projects taking place that will provide around 70,000 SF of space ready for occupancy in 2011. Some of these projects include:

1. 2001 Woodbury Ave, Newington: Re-development of former Tweeter, Etc. property to accommodate 1,000 to 9,300 SF retailers – 2011 delivery
2. 99 Bow Street, Portsmouth: New construction of a 53,000 SF waterfront office building includes plans for 25,000 SF of retail and restaurant space – 2011 delivery
3. 100 Portwalk Place, Portsmouth: New construction of 31 unit luxury apartment building will include 9,500 SF of first floor retail space – 2011 delivery
4. 51 Islington Street, Portsmouth: New construction of a residential condominium project will create around 12,000 SF of retail space – 2011 delivery
5. 2454 Lafayette Road, Portsmouth: Re-development of the 165,000 SF Southgate Shopping Plaza continues with the blasting and leveling of a portion of the property.
6. 800 Lafayette Road, Portsmouth: New construction of a convenience store and gas station.
7. 111 Maplewood Ave, Portsmouth: Re-development of the former Portsmouth Herald building has created 13,500 SF of retail space.
8. 2800 Lafayette Road, Portsmouth: Re-development of the former Wendy’s restaurant to accommodate a new, local seafood restaurant in 2011 is underway.

After taking a close look at the recent retail-related activity in Portsmouth it appears there has hardly been a recession at all. Properties are continuing to sell, vacant spaces continue to lease, new retail / restaurants continue to open, and construction projects are underway. The Portsmouth Chamber of Commerce reports that downtown retailers saw a major improvement in the 2010 summer season over the previous year. An increase in consumer confidence and great weather can definitely be considered to be contributing factors to the mentioned retailer’s successes this past summer season. What will 2011 bring? Time will tell, but a signals tell us that Portsmouth, New Hampshire will continue to thrive maintain its appeal to local, regional, and national retailers and restaurants.