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More Redevelopment of Leominster Commercial Real Estate
2008-10-08 22:19:00
There was an article published recently in the Leominster Champion about the redevelopment of a few older properties around Leominster. Investors and business owners are realizing the potential for some of the older buildings around town and bringing new life to the commercial real estate market in Leominster. Here is the link to the article if you missed it...Building New Lives - From September 5, 2008 EditionThe article featured the old Foggia Club on Lancaster St which was purchased earlier this year by Tom Bartlett. Tom will be relocating his plumbing and piping business from it's current location on Pleasant St. TJB Plumbing & Piping will be operating out of about 3,000 SF in the lower level of the building and will also occupy an approximately 2,300 SF metal building attached to the rear of the property.The main level of the building has 3,000 SF of commercial/office space and is available for rent. Tom will be providing handicap accessible restrooms as well as a handicap...
More About: Commercial , Estate , Real Estate , Redevelopment , Real

Lots going on in the Leominster commercial real estate market
2008-09-11 19:41:00
Have you driven around Leominster lately and seen all that is going on with respect to commercial development? There's quite a bit of new office and retail space coming on the market in Leominster.Here's a rundown of some of the exciting projects you've most likely either seen or heard about.Whitney Place - 40 Spruce StThis is Jim Whitney's latest redevelopment project and it looks like it's a great one. Jim bought one of the most dilapidated, run-down properties in a "not-so-good" area and is giving it new life as a hub for small businesses. The landscaping has been redone, the parking area re-paved and actually brought up several feet to take away the industrial/loading dock look of the front of the building. Rents are likely to be in the $10/SF range and I know of at least one company that has already moved in and another that is in the process of moving in so Jim's off to a good start.Red Cross - 114 Merriam AveI wrote previously about this project and since my last post t...
More About: Commercial , Estate , Real Estate , Real Estate Market , Market

Former Leominster Red Cross building coming down, new office space going up
2008-08-18 15:11:00
You've probably noticed as you drive down Merriam Ave in Leominster towards the downtown, the old Red Cross building has been vacant for a number of months. A local developer, Marc Albert, has plans to demolish the existing sturcture and build an approximately 10,000 SF office building in its place.The Red Cross vacated the building that housed their offices since the 40's after deferred maintenance projects began to pile up and it became too costly for them to occupy the building. They have since moved to 29 Main St which is the "Fidelity Bank" building downtown Leominster. You can see from the picture to the right that the wooded area to the right of the house has been cleared in anticipation of the construction. The new building will actually be built next to the existing building where the trees were cleared and the existing building will be torn down and that portion of the lot will become the parking area.Marc has received his approval from the Zoning Board of Appeals for th...
More About: Building , Space , Office

New Name, Same Face
2008-07-29 18:08:00
It's been quite a while since my last post and as you can see I've changed the name a bit. I wanted to more accurately identify the market this blog serves. I'm looking for input and ideas as to what you want to read about and what questions you may have about commercial real estate in Central Massachusetts.Buyer's Agents are being used more and more in commercial real estate transactions although not as much as I think they should be. Give me a call if you want more information on buyer's agent services.Commercial leasing is a topic that any small or large business owner should have some level of understanding.These are just a couple of topics that I've written about and will continue to elaborate on in the future.Whether you're a business owner, a broker/agent, or just curious about commercial real estate in Central Massachusetts, I'd like to hear from you. If you want to contribute to this blog, please contact me. I'd be glad and honored to feature guest writers.
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Union Products yesterday...Union Square tomorrow
2007-08-17 22:16:00
In case you weren't aware, Union Prod ucts has gone out of business and no longer manufactures the pink flamingos that nobody would ever put on their front lawn today. The funny thing is that once the plant closed down everybody got all sentimental and it was like the worst day ever in flamingo land.After the plant closing, The Flamingo Project was born to bring back to life something that I can't recall ever seeing anywhere in Leominster on a front lawn.Now certainly there is more to the Flamingo Project than making flamingos, don't get me wrong. I think those guys are going to do great things for the community around recycling and possibly redevelopment and reuse of some of the areas vacant industrial buildings. Will they make money selling flamingos? We'll see...I just can't see pink flamingos on the front lawns of the houses being built in some of Leominster's upscale developments. I think I read about a covenant in one development that no flamingos were allowed in the fron...
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Massachusetts Site Finder Service reaching out to the Bio-Tech community
2007-08-09 03:06:00
Is Massachusetts in a position to play host to any of a number of Bio-Tech firms looking at this state as a potential place to call home? They sure are trying according to a recent article in the Boston Business Journal.Launched last year, the Massachusetts Site Finder Service recently added 92 Bio-Tech ready properties to its list of available sites. That's a small percentage of the nearly 1,700 sites in their database but it shows that state officials are looking to compete with states like California when it comes to attracting the "Tech companies".The site finder service is a comprehensive database of available properties throughout Massachusetts with contact information of owners and listing brokers, photographs, building specs, and links to finance agencies, community websites, and several other features.I spent about an hour on the site recently and found it to be very well designed and easy to use so hopefully we can start to see some of the big Bio-Tech players coming our ...
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Commercial Leases - 2 Things You Should Know about "Common Area"
2007-08-07 19:03:00
Vicki Watzlawick of Exit Platinum Realty asked me to do more posts about commercial real estate terms so hopefully you find this informative Vicky...Thanks for the suggestion.Negotiating a lease for commercial real estate is something that is done by real estate professionals all over the country every day for their clients. As a business owner, you want to make sure it's done right the first time. One thing you need to understand is the Common Area of a building and expenses associated with it.The Common Area of a building is calculated by adding up the square footage of lobbies, stairwells, shared bathrooms and other sections of the building that are used by all tenants "in common".Below are 2 terms you want to understand that relate to the Common Area of a building.CAM Charges - CAM stands for Common Area Maintenance. These charges include expenses such as snow removal, landscaping, and general building maintenance as it applies to the Common Areas of the building. These expense...
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Leominster Commercial Real Estate - Office Space For Lease - Part 3
2007-08-07 18:03:00
This is the third of a four part series on the Leominster commercial real estate market. This series focuses on Leominster office space for lease. I'll be focusing on Routes 12 & 117 as well as some of the smaller properties in the area that are great options for startups and small businesses looking for more affordable rent.Heading into Leominster from I-190 you would likely take Route 117 also knows as Lancaster St. Just a couple miles in from the highway, the first option you'll come across for office space in Leominster is the Gateway Business Center. This property is a converted mill building owned and managed by Steve Boucher, a local investor/developer.Gateway offers three levels of space with office rents starting at $9/SF triple net. Steve has done a tremendous job preparing the upper levels of the building for occupancy by small businesses.The floors and beams have been sandblasted, windows replaced, and the HVAC system is being completely upgraded to meet the curren...
More About: Space , Office , Commercial , Estate , Real Estate

1031 Exchange? Yes Please!
2007-07-21 03:48:00
Do you know the worst part about making money in commercial real estate???Having to share it with the government when you decide to sell your investment propertyDid you know there was a way to put off paying taxes on the money you earn on investment properties? And notice that I said put off and not avoid...unfortunately taxes are as sure as death so maybe you won't be paying the taxes today but you will have to pay eventually. I'll try and explain the process so even the most inexperienced investor understands the basics.Something you really need to know about if you are planning on investing in real estate and what I am referring to is a 1031 exchange. The name comes from the particular section of the Internal Revenue Code (section 1031). Basically it's a way for you to sell a property and defer paying capital gains taxes by purchasing another property and reinvesting all of your profit.As far as the person selling the property and completing the 1031 exchange is concerned, the...
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What's a Vanilla Box Anyways?
2007-07-09 18:00:00
I was reading Tina Devore's blog on Active Rain recently. She posted a requirement she had for some office space in the Lafayette Indiana area back in May. She described the requirement as being about 1,000 SF and the tenant would prefer a vanilla box.One of the comments was somebody that asked simply, "What's a vanilla box anyways?"I know what Tina meant and most real estate professionals that work in commercial real estate would know what she meant but obviously not everyone knew what she meant. So what does she mean when she says the tenant prefers a vanilla box?Simply stated a vanilla box is an office that has not been painted or had any flooring put down or anything else done to it. I'm not sure exactly where the term comes from except that vanilla is a pretty plain flavor of ice cream and a vanilla box office is pretty plain looking since it hasn't been painted and it's like a box since all you see are the four walls with nothing built out within the walls. I searched Wik...
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5 Reasons "Not" to hire a Buyer's Agent
2007-07-07 04:45:00
Commercial real estate bloggers have been speaking on the hot topic of exclusive buyer's agents in commercial real estate lately. Below are a couple of recent postsBenefiting from Tenant Representation at The Future of Commercial Real EstateBuyer's Agent s in Commercial Real Estate (Here at the Real Estate TrendMill)What about the other side of the argument???Maybe there's an argument for not engaging a real estate professional to represent you in your next commercial real estate negotiation. Maybe you should just do it yourself.Below are what I think are the top 5 reasons a business owner/manager would NOT want to engage an exclusive buyer's agent and just represent themselves...in no particular order...I'm an excellent negotiator. A business owner could do just fine negotiating with a property owner or listing agent for a commercial property. The owner of a plastics company that specializes in injection molding negotiates the price of resins all the time. What's the differenc...
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Face It...Leominster residents don't want day spas in their back yards
2007-06-26 20:48:00
After several months, numerous planning board and city council meetings, and quite a bit of ink in the local papers, Beth and Frank Novak have apparently withdrawn their petition to allow a day spa or "wellness center" to operate in a residential zone with a special permit.I think this could have been a landmark decision had the city council been given the opportunity to actually vote on the petition. Please refer back to my earlier post; Day Spas , Doctors, and a Disappearing Councilor for some background on what the Novaks were trying to do. Basically the Novaks, who currently own Face It Day Spa on Hamilton St in Leominster wanted to purchase a beautiful old Victorian house and relocate their day spa there. The problem was that the house they wanted to purchase was just that, a house. It's not a commercial building. The street they were looking to relocate to is zoned residential and according to Leominster's zoning ordinance, businesses are not allowed in residential neighborho...
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Leominster's Commercial Real Estate Market - Office Space For Lease - Part
2007-06-20 20:20:00
In this second part of my four part series on theLeominster office market, I want to focus on the Erdman Way Business Park located across the street from Staples just off Route 12 at theInterchange of Routes 2 and 12.With a total combined leasable area of close to 120,000 SF, the Longview Corporate Center and the Commerce Place Corporate Center represent two of the five Class A office buildings in Leominster and represent the two largest office properties in the area. In the first part of this series, I highlighted the Woodblock Building and 14 Manning Ave, two of the other Class A office buildings in Leominster.The Erdman Way Business Park is also home to the Four Points Sheraton Hotel, Bj's Wholesale Club, and The Center for Digestive Wellness. Access to the park is convenient for visitors who can take Exit 31B off of Route 2. Erdman Way is a right turn off of Route 12 at the first set of lights.Some of the many amenities of the Corporate Centers include on-site professional mana...
More About: Space , Office , Commercial , Estate , Real Estate

Leominster's Commercial Real Estate Market - Office Space For Lease - Part
2007-06-18 00:28:00
Are you looking to lease office space in Leominster?Are you aware of all of the options there are in Leominster to lease office space? I'd like to provide you a breakdown of the different options there are in Leominster for leasing office space. You may want to consider a downtown property, a property with good highway access, or maybe you want to be close to the hospital because you're a doctor. In this first of a four-part series, I'll focus on the downtown area and all that it has to offer. I have separated the downtown into two sub-markets. The first being Main St and the surrounding commercial properties heading up Merriam Ave towards from the Post Office to the court house and extending South from about the Post Office down Main St to the BankNorth building and the second being the Woodblock building and 14 Manning Ave.Main St/Courthouse area to BankNorth buildingRelatively low rents typically between $10-$12/SF GrossOlder buildings, most without elevators so upper story of...
More About: Space , Commercial , Estate , Real Estate

Laconia Bike Week - 2007 "Real Estate" Rally
2007-06-17 05:02:00
Have you ever been to "Bike Week " in Laconia or some other national motorcycle rally such as Daytona or Sturgis?I just returned home from a night in Laconia and spent about 17 minutes amidst the 26 million bikers that basically took over the town for the week. Don't get me wrong I would have loved to spend the entire day just people watching and being a part of such a major event but I was one of the 7 people in Laconia today that does not own a motorcycle and I cleverly parked on a street that was closed to 4 wheeled vehicles. Unfortunately as soon as I made it down towards the strip I noticed there was a tow truck in the area.Sure it's a "motorcycle rally" and yes the locals and the bikers refer to it as "bike week" but I think it's turned into more of a "real estate" rally than anything else. The whole event is basically centered around really expensive real estate needs. It starts with the fact that in general, room rates in Laconia are pretty standard throughout the summer e...
More About: Estate , Real Estate , Rally

Commercial Real Estate Terminology - What does this stuff mean???
2007-06-15 15:26:00
For those of you looking to get into commercial real estate investment there is a whole set of "commercial real estate words" you are going to need to know before you get started. There are actually whole books published on commercial real estate terminology but here are a few of the more commonly used terms as simply as I can put them.NOI - Net Operating Income - How much money you earn usually expressed on an annual basis after you pay your expenses but before you pay your mortgage or your income taxesCash on Cash Return - Expressed as a percentage, it's the rate of return you earn on the actual cash you put as a down payment. Divide the NOI (see above) by the amount of cash you put as a down payment. $10K NOI divided by a $50K cash down payment = a cash on cash return of 20% (not too shabby)Cap (Capitalization) Rate - A term used to express the value of a property assuming it was an all cash purchase. As an example, from the buyer's standpoint if you want to earn a 10% return o...
More About: Commercial , Estate , Real Estate , Stuff , Real

Renovating "Flipper Uppers" for profit
2007-06-14 20:45:00
A few things to consider if you are looking to get into flipping houses for profit...Popcorn belongs in a bowl with butter - It's great to snack on during a movie or while watching a marathon of Soprano's reruns but it looks terrible hanging from the ceilingWood Paneling - It's fine as long as the walls it covers happen to be in the smoking room.Shag Carpet - Leave it in the van...Crack Kills - Whether it's the plumber's version, or the kind you find in a foundation, either way it's bad news.Lastly...Don't ever ask Casey Serin for advice!!!Follow these simple rules and you will be a millionaire in less than 18 months...(No guarantees on the millionaire thing though)
More About: Profit , Flip , Reno

I'm King of the (Google) World!!! almost...
2007-06-14 17:04:00
I'm finding that it's actually not terribly difficult to climb close to the top of Googl e 's search results for certain keywords pertaining to my geographic area. SEO Companies charge lot's of money to get high keyword rankings and you can see that with a company like Active Rain in your corner, you can get the high rankings without the SEO companies help.The key is getting my personal blog to the top of the search results page as well...One example is Leominster commercial real estate agentsI'm also 2nd for Leominster commercial real estateMy goal is to make it up to the top for Massachusetts commercial real estate but this is a pretty broad and popular keyword that's crowded with national real estate listing services, and regional/national brokerage companies.There are three things I believe new bloggers need to focus on get to the top of the google world and to ensure they aren't grouped in with the majority of blogs out there that don't last through the first year:Continu...
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Office Available For Lease - 267 days and counting
2007-06-13 21:06:00
Not all office space is created equally...For those of you working in commercial real estate that may have a client/property owner with office space that they want you to lease for them, one of the first things you do is go out to the property and take some photos. For future reference...don't bother taking a photo at all if the office looks like this. This office needs a quick face lift with some paint and flooring and hopefully the old desk and debris will be gone before somebody even considers leasing the space. Convince the property owner to spend minimal dollars to give the office a neutral coat of paint and and hire a company to haul away the trash. If you were listing a house and this was a bedroom in the house do you think a young couple with a small child would fall in love with the house based on this photo???There are actually two problems with the photo...The listing agent actually took the photo, reviewed it, and added it to his listing thinking it would attract a busi...
More About: Office , Days , Lease , Ease , Counting

Day Spas, Doctors, and a Disappearing Councilor
2007-06-13 16:34:00
Before the Leominster City Council is a petition to allow a Day Spa to operate in a residential neighborhood. At face value, it seems like a reasonable request; a quiet business, not much traffic...what harm could there be? Quite a bit unfortunately...The basis of whether or not to pass the petition has nothing to do with whether or not the business owners are nice people as Councilor Dave Rowlands expressed in his well-spoken comments. I don't usually agree with Mr. Rowlands views but in this case I think he hit the nail on the head. Councilor Marchand made the argument that because he knows the business owners personally, and they are great people the petition should pass. He had other arguments as well, but none as flawed as that one.Another argument is that since there is a doctor on the street already and a couple other businesses in the area, the day spa will fit in nicely. Wrong! Sure this particular street (Orchard St) has a few businesses on or around it and a day spa may ...
More About: Doctors , Spas , Doctor , Disappear , Sapp

The Obligatory Century 21 Gold Badge
2007-06-06 20:58:00
How do you distinguish yourself from the hundreds of other brokers (agents) in your area?There have been many changes in the real estate industry throughout the years when it comes to marketing techniques and how we get our name out there and how we distinguish ourselves from our competition. Century 21 has those little gold name tags their brokers used to wear (actually they still wear them today but I'll never figure out why) and I've never seen one but I hear they even have a gold jacket they give you if you sell enough real estate; something I'll bet Tiger Woods doesn't have...Re/Max has their signature hot air balloon;and Bloodhound Realty has their Bloodhound.Have you considered how things have changed over the years?Then: Professional resume on company letterheadNow: Active Rain profileThen: Fancy marketing flyer with picture, bullet-points, logo, phone numberNow: Custom Website Then: 1 Gallon Mums to show your appreciation to your listing clientsNow: Free Segway Personal...
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Pink Flamingos...On the Verge of Extinction
2007-06-05 02:35:00
What does the future hold for the plastic pink flamingo? If you didn't have one in your front lawn growing up, you surely had a neighbor that had six of them on their front lawn. They first appeared on the scene in 1957, dissapeared in the 70's, made a reappearance in the 80's, and now are on the verge of dissapearing from the world's front lawn forever.Did you know that as of November 1, 2006 the original manufacturer of the plastic pink flamingo has stopped manufacturing these iconic lawn ornaments?Did you know they had been manufactured in Leominster, MA for nearly half a century until the plant shut off the molding machines for the last time and shut their doors just about 7 months ago? I know this because I live in Leominster. It's been a sad few months since their closing but we'll all pull together and move on, I promise you that.Don Featherstone, a young artist, was hired by Union Plastics in Leominster to redesign their two dimensional lawn ornaments into a three dime...
More About: Pink , Extinct , Extinction , The V , Ming

"Mill" you please buy me?
2007-05-25 17:36:00
I?m only 87 years old, I have 90,000 SF of floor area on two levels in my main building, and I have another 40,000 SF on two levels out back. All of this is situated on 4.5 acres of prime land right downtown Leominster and I can be yours for $2M.If you act now, you also get to pick up the tab on a complete restoration that could top $5M or more!!!You?re probably asking yourself...?Is this guy crazy???? Why would somebody want to spend $5M to fix up a property they just purchased for $2M (hopefully you can negotiate that price down closer to $1.5M)?This is a question that is being answered in the Lowell/Lawrence area, in Fitchburg, and even here in Leominster. Developers are slowly but surely realizing there is some value to these vacant, run-down eye sores scattered throughout the area. The property I was referring to is an available mill building at 98 Adams St in Leominster.A couple of perfect examples of ongoing mill renovations in the local area are Bob Ansin?s project on Oak H...
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What is so gross about my lease?
2007-05-23 17:30:00
What is a "Gross Lease "?A question I get asked fairly frequently from business owners is what does it mean for a lease to be "gross"? This is a common term in commercial real estate.It doesn't meant that your lease smells funny, has stuff oozing out of it, or anything like that...A pretty good textbook definition is that a gross lease is one in which the landlord pays all expenses associated with the ownership of the property including maintenance, taxes, and insurance.Basically, with a gross lease a tenant pays their monthly rent and the landlord pays all associated expenses with the property. This arrangement is usually found in office buildings and buildings with many small tenants. It's a simple way of calculating a rental rate.The "opposite" (for lack of a better word) of a gross lease is a triple net lease. What is that all about? Three nets???Basically a textbook definition of a triple net lease is one in which the tenant pays rent to the landlord, as well as a share of the...
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Condominiums without Bedrooms...An alternative to Commercial RE Ownership
2007-05-17 01:55:00
Have you noticed the direction that the price of vacant commercial land in Leominster and basically all over Massachusetts has been going lately? Better yet...have you seen any vacant commercial land for sale in Leominster?There's not much out there and what vacant land there is out there is owned by a very small group of people with pockets much deeper than you or I and there is not incentive big enough to get them to sell...What does that mean for the small business owner that is tired of writing checks every month to their landlord and wants to get into the real estate market for themselves without having to find land and put up a building? It's time to consider an alternative to traditional commercial real estate ownership...business condominiums. Sure you could buy an existing building but like the availability of vacant commercial land, the availability of existing free-standing commercial buildings is not much better.There aren't too many business condos in the area althou...
More About: Commercial , Alternative , Comm , Ship , Condominiums

Economic Development For Your Business
2007-05-15 04:20:00
Do you own a business in Leominster or Fitchburg or in any city in Massachusetts for that matter or are you considering going into business for yourself? Were you aware that there was an economic development office at City Hall and that office is there to help you as a business owner.You may need some financing to purchase new equipment or maybe you've been renting your store front for several years and you're ready to purchase your own building so you need information on an SBA loan. Every day somebody somewhere decides to go into business and more times than not, they aren't armed with the proper tools and resources to be successful. Hopefully if you are considering going into business for yourself or if you already own your own business, you'll seek the help of the following people at City Hall...If you operate a business in Leominster or are considering starting a new business here, you can contact either Scott Amos or Sandie Chacon. Scott deals mostly with large businesses ...
More About: Business , Development , Economic , Econ , Economic Development

Massachusetts Real Estate Agents with Pocket Listings
2007-05-11 14:41:00
Do you know of any real estate agents or offices that keep pocket listings? In case you aren't following, a pocket listing is a listing that an agent has that he doesn't want to list on MLS or some other listing service and doesn't share with other real estate agents because he wants to find a buyer himself without having to pay a co-broke. I'd like to hear about your experiences with agents that keep pocket listings. How successful were they with their pocket listing? Do you think it's an acceptable practice?I won't get into the legal issues because I'm not a lawyer but it's not very ethical and if you've been hired by somebody to list their building for sale or lease some vacant space, that's your first priority and frankly your client deserves access to every resource you have. So what if you are going to give up half of your fee, half of a fee is better than no fee which is what you'll have if you think you can sit on a listing and wait for the prospective buyer to co...
More About: Estate , Real Estate , Agents , Listings , Massachusetts

Buyer's Agents in Commercial Real Estate
2007-05-09 14:49:00
When you're in the market for a new home one of the first things to do is contact a real estate agent in the area to see what houses are out there in your price range. This is pretty common and in fact Buyer's Agents are getting more and more popular every day. They have a simple agreement that is signed and you agree not to negotiate the purchase of any house without your "buyer's agent" being involved. It's pretty simple and makes a lot of sense. Why would you make one of the largest investments of your life without the help of an expert???Why hasn't this idea caught on with respect to commercial real estate transactions? Not for nothing but if you're considering purchasing real estate for your business or even just considering leasing space, this investment may very well be even bigger than the purchase of your home. Why wouldn't your first call be to a commercial real estate agent when considering such a transaction???There are several reasons to engage a professional to ...
More About: Commercial , Estate , Real Estate , Real

Are you a "Zero Waste" business?
2007-05-04 17:11:00
Does your office have a recycle bin for used fax cover sheets and other paper products that you might otherwise throw away in the trash? Do you have a compost bin set up for employees to discard their food scraps? Even better...would you consider giving your customers the option of returning the packaging to you so it can be recycled???The Grassroots Recycling Network www.grrn.org came up with 10 principles for businesses to follow that want to commit to becoming a "Zero Waste " business.I've got a few simple principles to pass along that I follow but I'd encourage you to click the link above and see how your company measures up to the Zero Waste Business Principles.Get rid of the trash barrel under your desk. If all you are throwing away is paper then why don't you replace the trash barrel with a recyling bin and keep a small trash barrel somewhere that everyone has access to it so if you have the occasional candy bar wrapper to throw away bring it to the common trash barrel or e...
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Effectively Planning for the Future Growth of your Business
2007-05-04 03:52:00
Do you know one of the greatest challenges facing even the most successful business owners when it comes to commercial lease negotiations? Surprisingly, it?s effective planning for the future growth and expansion of their business. In the fourth year of a five year lease business owners are facing the realization that they may have to pick up and move in a year or less; disrupting not only their business but the entire culture and climate of their organization.What can you do?Click below to read the entire articlehttp://www.box.net/shared/g8dx0sut 7v
More About: Business , Future , Planning , The Future , Growth