JOSEPH MENDOLA OF NAI NORWOOD GROUP SELLS UPTON SELF STORAGE IN UPTON, MA for $4.6M

UPTON MA - NAI Norwood Group is pleased to announce the sale of Upton Self Storage at 226 Milford Street in Upton, MA. Joseph Mendola, Senior Advisor of NAI Norwood Group represented the seller, Upton Self Storage, LLC, and collaborated with the buyer, a Delaware Limited Liability Company, in this transaction. Mr. Mendola is also the Argus Self Storage Sales Network representative of Northern New England. Upton Self Storage, LLC closed this transaction for $4.6 million.

This self-storage facility is a state of the art facility. It has 43,250 SF of rentable square feet and 287 self-storage units. The facility services the Greater Upton-Milford-Hopkinton 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 7000+ professionals, NAI Norwood Group is able to leverage their 48+ 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.

Southern New Hampshire Retail Highlights

Southern New Hampshire Retail Highlights Information is accurate as of Q4 2016:

Supply: 29.8M Sqft; Down from 29.9M in 2015

Absorption: -366,100 Sqft; Down from 283,300 Sqft in 2015

Vacancy Rate: Increased to 10.5%; 2015 vacancy rate was 9.6%

City/Town Ranks:  #1 Amount of Retail Space- Nashua

                                #1 Highest Occupancy-Salem

                                #1 Highest Vacancy Rate-Seabrook

Retailer Expansion by SQUARE FEET: #1-FitLab Fitness Club (86,400 Sqft.)

Retailer Expansion by NUMBER of STORES: #1-Mattress Firm/FitLab (5+ each)

Category Expansion by SQUARE FEET: #1-Grocery Stores (+76,300 Sqft)

Category Expansion by NUMBER OF STORES: #1- Medical/Dental Services (+6)

Summary: 

   

Category                                       2016                          2015                    %Change

Total Market Size (Sq ft)                29,830,500                29,939,900            -0.4%

Total Number Retail Properties      2100                          2100                       0.0%

Total Number Retail Est.                5300                          5400                       1.9%

Retail Store Avg Size                    5600sqft                     5600sqft                 0.0%

Total Market Vacancy Sqft             3,131,800                  2,875,100               8.9%

Vacant Stores                                779                           695                        12.1%

Vacancy Rate                                10.5%                       9.6%                        9.3%

The vacancy rate in the region increased from 9.6% in 2015 to 10.5% at the end of 2016, falling back to 2014 levels. However two-thirds of the increase in vacant square feet resulted from the closing of four (4) Sports Authority stores totaling 170,200 sq ft. Net absorption for the year was a negative 366,100 square feet.

Written by David DeLise, COO, NAI Norwood Group, ddelise@nainorwoodgroup.com

NAI Norwood Group Unveils New, Improved Website and Company Brand

BEDFORD NH –NAI Norwood Group unveils new company branding program and improved website, providing users with service enhancements that will provide clients with greater connectivity and access to information.

“The website’s enhanced functionality allows users greater accessibility and better navigation,” said NAI Norwood Group’s President, Chris Norwood. “This isn’t just the launch of a new website, it’s the birth of a new brand. We’re still the same company you know and trust, we’ve just updated our look.”

The website redesign, and subsequent rebranding, was spearheaded by Sarah Carson, NAI Norwood Group’s Marketing Director. “Repositioning our brand identity is a way to honor the past and embrace the future. Evolving is essential, as the technology platforms change so do our customers.”

Visit the new website at: www.nainorwoodgroup.com.

 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 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, NAI Norwood Group is able to leverage their 49+ 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.

# # #

NTB Builds New Location in Nashua

NASHUA NH - NAI Norwood Group is pleased to announce the sale of 1.32+/- acres on Amherst Street in Nashua. NTB (National Tire and Battery) brought in their preferred developer to purchase the site with plans to build a new 7,000+ SF facility. John Hoben of NAI Norwood Group represented the buyer, and  Mike Tamposi represented the seller in this transaction. According to the Registry of Deeds the sale closed for $1,172,500. 

Through the NAI Global network,NTB was matched with John Hoben and NAI Norwood Group to assist them in growing their business in New Hampshire. John has been working with them directly for a few years and has completed several successful transactions.

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 Leases 9,000+SF in Bedford

Bedford NH – NAI Norwood Group is pleased to announce the lease 9,377+/- SF of industrial/flex space at 21 Commerce Park North in Bedford NH. Chris Norwood and Jeff Lessard represented the landlord. Doug Martin of Colliers International represented the tenant.

This lease finishes the ground floor releasing of a former blight building that the landlord completely renovated. The asset will be the home for Lyophilization Services of New England as well as the existing tenant Cross Fit Amoskeag. NAI Norwood Group is looking forward to leasing up the remaining flex space on the site.

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.

Assets - by Greg Whalen and Bill Wagner

Market Trends

“The sum of the parts...may be greater than the whole”

Rising real-estate values provide a cyclical opportunity for repositioning assets and generating cash. According to the WSJ, March 25, 2015 edition, Sears Holdings Corp just announced that it would split off as many as 300 of their best locations into a separate company by June to raise money.  Hudson’s Bay Co., the Canadian parent company of Saks Fifth Avenue and Lord & Taylor, announced last month a joint venture with U.S. mall operator Simon Property Group to sell and lease back 42 of their department stores with plans to split off the venture into a real estate investment trust (REIT). And Darden Restaurants, the world’s largest full service restaurant company, with brands such as Olive Garden, Long Horn Restaurant and Capital Grille, is exploring options for monetizing its real estate portfolio.

Do those same metrics hold true for the small, individual operator/investor as well? Absolutely.  It’s all about cleaning up the balance sheet. Whether you are a single or multiple property owner, with one or several locations, owner occupied or landlord, keeping an eye on the bottom line is crucial.  Think in terms of a property “check-up”. How healthy are my real estate assets? How often should the portfolio be examined/monitored? The short answer is constantly. Absenteeism on the property front does not make the pocketbook grow fonder. On the other hand, too much tweaking, tinkering and meddling will get you into trouble every time, a clear sign one is chasing the market. An annual in-depth performance review should be mandatory, coupled with an analysis to determine options for unleashing value and cash.

Rather than disposing of a real asset in its entirety, think in terms of its parts. Consider the example of a property comprised of land and a single building with multiple tenants. Options abound: sell the building only and retain the land in the form of a ground lease, sell the ground lease and retain the building, or convert the property to a condominium (include the site as part of the value for each unit or once again, retain the land in the form of a ground lease to the condo association and sell the bricks and mortar only). Liquidating an asset in parts will not always be the best solution, but it deserves equal consideration before making a final decision.

Check with Bill and Greg to help you navigate through these unchartered waters.     

Services

Off-Market Opportunities

The Portsmouth commercial market is replete with property owned for many years by the same family or entity. Whether as an owner or an active investor, often times you may be approached to see if you would be interested in selling your property or purchasing a new one. 

What to do and how best to respond? As this month’s Market Trends article suggests, you need to analyze your situation to see if you would consider selling or buying property, but only if the transaction meets the goals you and your family have established. These circumstances often require off market representation, which means the Whalen Wagner Team will use its expertise and client base to help develop a strategy which will enable you to achieve your goals, within the parameters you establish, by matching buyers and sellers with similar needs.

As a seller, you will want to address the following:

¨ What is the up-side potential of my property?

¨ How does the market perceive my property?

¨ Are there investors looking for my type of property

¨ How do investors evaluate the worth of my property?

¨ What can I do to increase its value?

As an investor you will want to explore the following:

¨ What types of properties meet my objectives?

¨ Are there properties in Portsmouth which meet that criteria?

¨ What is the best way to contact a prospective seller?

¨ Who can I rely upon to represent me in the marketplace?

¨ Are there opportunities in both the private and public sector?

As local service providers with a long track record of success, the Whalen Wagner Team will guide you through the process of making more informed decisions that will minimize cost and maximize value. With the Whalen Wagner Team you get an ally and aide-de-camp for sound advice and real estate stewardship.

Call us today for a creative perspective on how to advance your business plan and real estate objectives.

Greg Whalen

o: 603.637.2019 | c: 603.674.7800

gwhalen@nainorwoodgroup.com

Bill Wagner

o: 603.637.2014 | c: 603.494.7967

bwagner@nainorwoodgroup.com

28 Deer Street Suite 301 | Portsmouth, NH 03801 | 603.431.3001
nainorwoodgroup.com | info@nainorwoodgroup.com

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

NAI Norwood Group Sells Mac’s Deli in Scarborough, ME

Scarborough, ME – NAI Norwood Group is pleased to announce the sale of Mac’s Deli and catering business. Pam Lynch of NAI Norwood Group represented the seller. The business sold for $55,000 on June 23, 2014 according to the Registry of Deeds. The sale did not include any real estate. Mac’s Deli is leasing space in the Scarborough Plaza.

“Mac's Deli is a well-established sandwich shop and catering business specializing in fresh, homemade food. The location was fully equipped making it a turnkey opportunity for the right buyer,” said Pam Lynch. Pam has 27 years of experience selling businesses and commercial real estate in Maine & NH.

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 Welcomes Bill Wagner to the Team

Portsmouth NH – NAI Norwood Group is pleased to welcome Bill Wagner to the Portsmouth team. Bill intends to use his expertise to help NAI Norwood Group clients reach their real estate goals, by leveraging his 35+ years of business ownership and consulting experience in real estate development in New Hampshire. Bill has developed a reputation for integrity, reliability, with a desire to accomplish goals for the client by providing professional guidance and advice through a high level of knowledge in the field.

Bill has experience in the real estate development process-from basic issues to the complex ideas and execution of plans, including the permitting process. He has real estate experience as a tenant, property owner, public servant, and has participated in the permitting and building of two office buildings at Pease International Tradeport and various other projects in the Seacoast area.

Bill’s community involvement includes: Past President of Portsmouth Chamber of Commerce, Past President of Seacoast Mental Health Center, Past Member of the Pease Development Authority, and Seven Term City Councilor of the City of Portsmouth (2 terms as Assistant Mayor). Bill is married with 5 children and 11 grandchildren.

We are looking forward to working with Bill as he continues his career by providing the services needed for his clients to succeed.

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.

Best markets to become a landlord | Project Economy - WMUR Home

There are so many articles floating around the state in regards to the real estate market today. Go to just about any news website and you'll find that it's another all time low for mortgage rates or the best place to pick up foreclosures. I hadn't come across this one in a while. Is it time to become a landlord? According to this article it just might be.

Best markets to become a landlord | Project Economy - WMUR Home

Search here to find our current multi-family listings. Your next investment could be just around the corner.

NAI Norwood Group
www.nainorwoodgroup.com

NAI Norwood Group Announces Sale at Pease

Portsmouth NH - NAI Norwood Group announces the sale of 68 NH Ave. Portsmouth, NH (Pease Tradeport). One of the first buildings built at Pease in 1998, this 18,500 SF Industrial building on 3.5+/- acres was originally built for Landovia Corp. and most recently owned by Wencor, a Utah Corporation. The sale closed on December 20, 2013 for $1,100,000 according to the Registry of Deeds.

“In conjunction with Pease Development Authority, we were able to rezone the lot to suit the end use. It was a great opportunity to work together and have a favorable outcome for all.” O’Brien said.

The property was purchased by an Investment Group 68, NH Ave., LLC where they intend further develop the property for possibly new tenants. Brian O'Brien, RPA Managing Broker of NAI Norwood Group's Portsmouth office represented the Seller (Wencor Corp.) in the transaction.

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.

How to Determine the Cost of Office Space

Let us assume for a moment that you own and operate a “typical” New Hampshire business. You have 10 employees and are searching for new office space but over the next five years you think there will be another 10 employees. You have projected the salaries of those new employees into your model moving forward. You have accounted for salaries, benefits and even for training and potential changeover. But what is the true cost of those employees as it relates to the facilities and what is that going to be over time?

We normally do not link our physical office space to cost per employee however it is just a short step to do so. Let us assume for a moment that it costs you $20 per square foot to occupy office space in New Hampshire. That includes your utilities, taxes, base rent etc. I choose this number because it is fairly representative of an average rent that most people pay, and more importantly… it makes the math easy. So if you are paying $20 per square foot to occupy your space, how much space do you need for your 10 employees and the 10 additional people to grow? You may say that a cubicle is 8 feet by 8 feet or 64sf total, or you may say that that private office is 10 feet by 12 feet or 120sf total.  Therefore one employee sitting in the private office costs you 120sf times $20psf or $2400 per year.

This however would not be realistic to the market. Each office needs hallways for access; conference rooms for meetings; kitchens for eating; receptions for clients; bathrooms for…. you get the idea.  If you are planning for additional growth you cannot simply use 64 or 120 square feet to budget.  So what number do we use? Let’s ask the federal government.  Seriously. According to a 2012 article the General Services Administration in conjunction with OGP Office of Real Property Management concluded that the average federal employee needs 218sf.

Say what you will about the feds, but this figure proves to be fairly close. A 2010 article by Roger Vincent of the Los Angeles Times discussed a number slightly north of 200sf per person, which has been declining over the years. In the 1970s, Vincent reports, employers had budgeted 500sf per person. Technology and work place styles have caused that number to be cut in half. The trend continues; think about your doctor’s or lawyer’s office, or where you work currently. Think about how trends have changed over the years and space as compressed.  If you are this hypothetical CEO looking for 20 employees, think about how many employees will have permit desks versus hoteling on a short term basis? What other efficiencies can you gain over time?

So according to the Times forty years ago office space cost 500sf times $20psf or $10,000 per employee and today that same space is 200sf times $20 or $4,000 per employee per year.  Should you consider that $4,000 or lower number when projecting out? Will the trend continue? Some experts have predicted the number to go as low as 50sf per employee by the end of this decade.  If you are signing a ten year lease can we project out that you are going to need the same foot print but double or triple the employee density?

In the end however the truth is somewhere in the middle. Yes technology and work style has compressed our need for office space, but let’s take into consideration a local investment bank in Boston reportedly shrinking its 1,000,000+ sf of office space into just over half that amount and not losing an employee.  In the end the macro trends and the size of this employer allow them to increase the density. In a company that large you can make assumptions about travel or time off.  They can host servers off site. They can cut back on the number of conference spaces or other gathering areas. However in the end if you are a small 10-20 person shop there are still things you must have. Perhaps you must have a conference or kitchen area or sever. Certainly you would not want to cut back on the hypothetical CEOs office. All of these things are not as scalable.

In the end, unless your business model calls for something else, plan on the following the government’s lead and hedge on the side of caution, 250+ per person is a good range. While 50sf may sound great from a budgeting perspective it may not be the best for recruiting as some jail cells are larger than that.

Commercial Foreclosures 2012 Update

Written by Chris Norwood, NAI Norwood Group

In November of 2011, there was a four year dip in the total number of foreclosures in the US. In January of this year, real estate research firm Realty Trac forecasted that 2012 would be a big year for foreclosures across the nation. They cited fourth quarter 2011 process delays as well as the “robo signing” scandal of possible reasons why properties that should have been foreclosed on in 2011, would be closed in this year. Here we are wrapping up 2012 and we must ask: what is taking place with foreclosures and what is going on in commercial foreclosures?

Let us begin with the New Hampshire macro foreclosure market. Do you remember those days, when no one worried about that word. In 2004, the foreclosure rate (Total number of foreclosure deed transfers divided by total transfers), was at a 17 year low. Less than one percent of all deed transfers in the state were through a foreclosure. Foreclosures continued to rise breaking the 10% barrier in 2008 and peaking in 2010 at over 16%. That is one out of every six real estate transfers. A large number.

Since that time foreclosure rates have been flat. 2011 clocked in just under 16% and 2012 looks to be about the same forecasted from the first 10 months of the year. In New Hampshire we have seen home sales begin to climb. In September of this year the New Hampshire Association of Realtors announced that they had seen eight double digit straight months of home sale increase month over month. In addition median home prices were leveling. So while foreclosures continue to remain in the forefront of real estate discussions, they are not increasing here in the Granite State.

On the commercial front, experts from across the nation are viewing things differently. While there are currently billions of dollars of outstanding debt across the nation that may be considered “troubled” we need to place that in context. In a residential foreclosure process, when a homeowner falls behind on payments, the long process has begun a foreclosure. Along the way there are many options to avoid that pitfall such as short sales. In the end when a short sale or foreclosure happens the result is the current occupant probably vacates. In the commercial process much of the troubled debt in the market is underwritten on projects that are leased as investment properties to other tenants. This is important because the underlying asset still may have cash flow and may have value. As a result commercial property tends to be less likely to foreclose as it is to have the note sold or to have another investor come and pick it up.

This is not to say that commercial foreclosures cannot happen.  Historically, commercial real estate trends 12-24 months behind residential. In 2008 all foreclosures in the state were around 14% but commercial properties were being foreclosed less than 9%. The following year, commercial was back on par with the rest of properties at 14%, a 12 month lag.  However, in New Hampshire we have then bucked that tend. Since 2010 the commercial foreclosure rate has been falling and this year it is projected to end somewhere back around that 9%, despite the statewide rate being around 16%.

Forecasting from here is not easy; however the decrease in foreclosures in commercial property is probably more attributed to the improved job numbers and the fact that the health of New Hampshire is strong. Large properties with syndicated debt still may be in trouble, but local lenders are doing what they can to work with property owners who are in trouble.  While there are outside factors such as the “Fiscal Cliff” that loops for our federal delegation, the local prospect seems positive.  We see a marginal lowering of the foreclosure rate for all property in New Hampshire for next year. 

Andy Fleisher Leases 12,000SF

PRESS RELEASE Contact: Kelly Henson 431.3001

Portsmouth, NH – Andy Fleisher of NAI Norwood Group Portsmouth announces that EmersonMade, LLC has leased a portion of the property at 933 US Route One Bypass, Portsmouth, NH. Andy Fleisher of NAI Norwood Group represented Sarnia Properties and assisted EmersonMade, LLC. The 12,000 SF mixed use building will be used as warehouse and distribution for the high end women’s clothing manufacturer.

EmersonMade, LLC, also known as Emerson Fry, is described as “a company that believes in celebrating the uniqueness of the individual, the joy of being alive and all the smallness that makes up the Big Beautiful.” The company moved into the space on May 25, 2012.

The nearly 60,000 SF building on 3.51 acres used to be Portsmouth Paper Company and still has 32,000 SF available for lease. The building has been upgraded to accommodate a variety of tenants. To inquire about purchasing this investment property contact Andy Fleisher at (603)637-2001.

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 http://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.

# # #

How to Tenant Your Building in Today’s Dynamic

by Chris Norwood, cnorwood@nainorwoodgroup.com

Spring is here. The clocks have been set forward and the flowers are blooming. The Red Sox are dusting off from last season and the B’s and C’s are planning for the post season. As we look forward to some late season action, we got to thinking: How is tenanting your building much like a late season or post season sporting game?

At the end of the 2004 season, Terrell Owens at the prime of his career with the then NFC Champion Philadelphia Eagles was set to play the New England Patriots in the Superbowl. We all know that the Pats went on to win that game, but on the losing side of the ball, Owens played one of the more dramatic roles in a Superbowl loss. Owns snagged nine receptions for one hundred and twenty two yards in a loss, on a broken fibula. Win or lose it was the last game of the seasons so he went out there with a broken leg and played.

Game six of the American League Championship Series against the New York Yankees in 2004. In a must win scenario, Curt Shilling takes the mound for the Red Sox with his injured ankle. It was “do or die” and in those situations anyone is available. Any player, injury or not, rest or not is available to pitch or be in the field, because “there is no tomorrow”.

As bleak as “there is no tomorrow” may sound, it has its applications in real estate as well. When positioning your property to the market and to prospective tenants what are your realistic terms to get the property leased. Would you take a short term lease? What about the credit of the tenant you are seeking? Would you consider a gross lease? What about pricing? What role does your lender play? Often times properties are marketed like it is an early season baseball game. We will field our team and see what happens, if our pitcher gives up a few hits, we will leave him in and see if he can work out of it.

We feel that today’s market is much closer to a post season game. You want to leave some players warm in the dugout or in the bullpen, but make sure you put your best team on the field. Consider lowering the price, or furnishing the space. Not all lease negotiations are about the rental rate.If you would consider improving the space, why wait, do it now to attract the tenant or have a conceptual or a rendering done. It makes sense to have these discussions before the property is put to market and before the marketing has been created.

Most real estate plays out that a landlord will put property out there for lease and a tenant comes along and puts in an offer. The landlord, feeling he has some negotiating room puts in a counter offer, figuring that there is one more bite at the apple. But the apple never comes back, the tenant relocated to another building. Negotiations in today’s economy are one or two innings, not nine like they used to be.

Most importantly in today’s market, once a tenant is found and has some interest in the space, give Shilling the ball. Put your best foot forward, bloody sock and all, and give your best offer to the tenant. The Sox had a game seven that year and went on to win the World Series for the first time in generations. A landlord may not have the luxury of a game seven.