tag:blogger.com,1999:blog-78186841213329443912024-03-13T15:26:00.766-04:00The Central Mass Real Estate TrendMillReal Information for Professionals...From a Real Estate Professional - Focusing on the Commercial Real Estate Market in Leominster, MA and throughout North Central MassachusettsRob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-7818684121332944391.post-33442361148198583992010-02-23T00:03:00.002-05:002010-12-20T22:43:32.354-05:00Ten Resources for Starting a New Business in Central Massachusetts<div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_Az5lzztjbW4/S4NemwAX6XI/AAAAAAAAAGU/U-yjNbh4n7g/s1600-h/lemonade-755565.jpg" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" ct="true" height="181" src="http://4.bp.blogspot.com/_Az5lzztjbW4/S4NemwAX6XI/AAAAAAAAAGU/U-yjNbh4n7g/s200/lemonade-755565.jpg" width="200" /></a></div>Are you considering starting a new business in Central Massachusetts? Have you already decided to go into business for yourself but are now just realizing that you haven't done the proper research and planning? Below are ten resources for anybody that has either started or is considering starting a new business in Central Massachusetts.<br />
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<div></div><strong>1) Forming a Business, Step-by-step - Mass.Gov <a href="http://ow.ly/1ab4U">http://ow.ly/1ab4U</a></strong><br />
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This is a link to the Mass.gov website with the basic nuts and bolts of starting a business. This site gives you info on forming the business entity, tax info, licensing and permits, dee bee aaayyyssss, and the rest of the boring stuff that nobody wants to know about but unfortunately it covers the basics of what you <strong><em>MUST</em></strong> know if you want your business to actually legally exist. This information is not specific to Central Massachusetts business owners but nevertheless is one of the first places to go if you want to start a business.<br />
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<strong>2) Small Business Administration - Small Business Planner <a href="http://ow.ly/1abhg">http://ow.ly/1abhg</a></strong><br />
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<div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://4.bp.blogspot.com/_Az5lzztjbW4/S4Nd1df9D9I/AAAAAAAAAGM/1Kfe_URvif0/s1600-h/sba.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" ct="true" height="185" src="http://4.bp.blogspot.com/_Az5lzztjbW4/S4Nd1df9D9I/AAAAAAAAAGM/1Kfe_URvif0/s200/sba.jpg" width="200" /></a>This is another link to a nuts and bolts website for small business owners but again, a very important resource. The SBA provides funding options to small businesses that typical banks don't or won't offer. The SBA has a lot of money to give out and is waiting for people like you to call them and let them know that you want to start a business and need money! Don't pass up the opportunity to start your business with somebody else's money...</div><br />
<strong>3) Local Chambers of Commerce</strong><br />
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Depending on the geographic location of your business or more importantly the geographic location of your target customer base, you are going to want to get on board with the local Chamber of Commerce. Two of the best options in Central Massachusetts are the <a href="http://www.northcentralmass.com/">North Central Mass Chamber of Commerce</a> and the <a href="http://www.nvcoc.com/">Nashoba Valley Chamber of Commerce</a> . The local Chamber of Commerce offers networking opportunities, affordable options for health insurance for small businesses, educational seminars, and numerous other resources for new and existing small busniesses.<br />
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<strong>4) ShopLocalLeominster.com </strong><a href="http://ow.ly/1absp"><strong>http://ow.ly/1absp</strong></a><br />
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ShopLocalLeominster (The Leominster Small Business Association) is a great resource for new business owners that are looking to open up shop in Leominster. This is a group of over 100 businesses that gets together regularly to network, share ideas about being in business, and is a free resource for promoting your Leominster business. The Leominster Small Business Association has a great website which lists all members and their websites, offers advertising opportunites, and has a list of resources for your small business.<br />
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<strong>5) Facebook </strong><a href="http://ow.ly/1abzt"><strong>http://ow.ly/1abzt</strong></a><br />
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Though Facebook comes in at number 5 on this list of resources for small business owners in Central Massachusetts, it's value and importance are certainly worthy of the number one spot. Whether or not you're an internet guru, a "newbie" to the "googles", or you have no idea what the world-wide-interweb is all about, you need to have a facebook fan page for your small business. Though a relatively new stream for advertising your small business, Facebook is clearly the future of connecting with your customers. This is free advertising...and free advertising costs less than paid advertising...(right?) Just go online (or have one of your kids go online for you) and do a quick search for some of your target keywords (again, ask your kids what this means)...you'll be amazed to find out how many of your competitors are already on Facebook and taking away your potential business...(see also <a href="http://www.twitter.com/">Twitter</a>)<br />
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<strong>6) SCORE Small business mentoring and training </strong><a href="http://ow.ly/1abJY"><strong>http://ow.ly/1abJY</strong></a><br />
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I won't get into too much about SCORE but I will say that one of the most important things you probably haven't done yet is writing a business plan. If you've written a business plan for your new business, or if you need help writing your business plan, you need to contact SCORE. The easiest way to get in touch with a SCORE representative is through the <a href="http://www.northcentralmass.com/">North Central Mass Chamber of Commerce</a> and probably through any Chamber of Commerce I'd be willing to bet. <br />
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<strong>7) The Central Mass Real Estate TrendMill </strong><a href="http://ow.ly/1abNI"><strong>http://ow.ly/1abNI</strong></a> <br />
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This is probably my favorite online resource for any new or existing business in Central Massachusetts. If you want to be in business in Central Massachusetts you need to find space for your business. Certainly you can run your business out of your home but at some point you're going to require a more professional space for your business than your dining room table. The Central Mass Real Estate Trendmill is my blog which you are reading right at this moment. You can find out about <a href="http://apexproperties.blogspot.com/2007/06/leominsters-commercial-real-estate.html">office space in Leominster</a>, <a href="http://apexproperties.blogspot.com/2010/02/leominsters-answer-to-modern-industrial.html">industrial space</a>, <a href="http://apexproperties.blogspot.com/2007/05/mill-you-please-buy-me.html">renovated mill buildings</a>, and a whole bunch of other real estate related information for your business. <br />
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<strong>8) Apex Properties Website </strong><a href="http://ow.ly/1abSk"><strong>http://ow.ly/1abSk</strong></a> <br />
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<div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://1.bp.blogspot.com/_Az5lzztjbW4/S4Ne7D97QUI/AAAAAAAAAGc/yDdwqGY1Luw/s1600-h/apexLogo.GIF" imageanchor="1" style="clear: right; cssfloat: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" ct="true" height="106" src="http://1.bp.blogspot.com/_Az5lzztjbW4/S4Ne7D97QUI/AAAAAAAAAGc/yDdwqGY1Luw/s200/apexLogo.GIF" width="200" /></a>OK, this is another shameless plug at one of my websites but it's still a valuable resource for any business owner, whether your a startup or you've been in business for 30 years. Apex Properties helps investors and business owners build wealth and expand their business through commercial real estate investment. If you're going into business, you should know about all <a href="http://www.apexbuildswealth.com/properties/index.php">availabe options for commercial real estate</a> in Central Massachusetts. What if your new business involves investing in real estate? Apex Properties knows all about that...and wants to help...</div><br />
<strong>9) Domain Names & Web Hosting - Go Daddy </strong><a href="http://ow.ly/1abWq"><strong>http://ow.ly/1abWq</strong></a> <br />
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As was the case with number 5, Facebook, don't think that because I listed GoDaddy as number 9 it's less important than numbers 1-8. If you're going into business you have to have a website and one of the easiest and most affordable options for your new website is GoDaddy.Com. Here you can register your domain name, ie. www dot yourbusinessname dot com, and also set up your email account ie. your name at yourbusinessname dot com. These days having a website ranks up there above advertising in the yellow pages in my book (I don't actually have a book but if I did it would be in there). <br />
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<strong>10) Let me know what you think should be Number 10 on my list</strong><br />
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<div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://2.bp.blogspot.com/_Az5lzztjbW4/S4NfnNCI79I/AAAAAAAAAGk/FAWkr1FSz8Q/s1600-h/feedback70622.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" ct="true" height="200" src="http://2.bp.blogspot.com/_Az5lzztjbW4/S4NfnNCI79I/AAAAAAAAAGk/FAWkr1FSz8Q/s200/feedback70622.jpg" width="172" /></a><strong></strong></div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;">Have you been online and already started researching resources for starting your new business. Please comment below and let me know what you think is an important resource for starting a new business in Central Massachusetts or anywhere for that matter. Have you already started your business and now have some real-world experience to share with those out there that are following in your tracks? Let us know about your experience and let us know if you've used any of the resources listed above.</div><br />
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If you're looking for help with navigating your way through any of the above options, please don't hesitate to contact me and I will see to it that you get the help you need. If I can't help, I will be sure to find you somebody that can...<lii></lii><br />
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Jim Whitney, a local developer who spent years building houses in the area, is hoping to attract some high tech companies to <span id="SPELLING_ERROR_2" class="blsp-spelling-error">Leominster</span> by offering pad ready sites ready for the construction of modern <span id="SPELLING_ERROR_3" class="blsp-spelling-corrected">manufacturing</span> facilities just a short distance from Route 2 and I-190. Industrial space in <span id="SPELLING_ERROR_4" class="blsp-spelling-error">Leominster</span> is certainly plentiful but it's also virtually obsolete. Guess what Mr. Landlord with 100,000 SF of 16' clear industrial space...be glad you get phone calls at all...if you get a bite, take it! <span id="SPELLING_ERROR_5" class="blsp-spelling-error">Southgate</span> Business Park is going to offer the flexibility and modern amenities that existing buildings in the area can't.<br />
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<span id="SPELLING_ERROR_6" class="blsp-spelling-error">Southgate</span> Business Park has <span id="SPELLING_ERROR_7" class="blsp-spelling-corrected">received</span> two <span id="SPELLING_ERROR_8" class="blsp-spelling-corrected">sizable</span> grants which will help Whitney to bring utilities to the park and also pay for the construction of the road. The first grant he received was a $1M <a href="http://www.mass.gov/?pageID=ehedterminal&L=4&L0=Home&L1=Start%2C+Grow+%26+Relocate+Your+Business&L2=Financing+%26+Funding&L3=Infrastructure+Financing&sid=Ehed&b=terminalcontent&f=mobd_fin_fund_more_info&csid=Ehed">MORE</a> grant which will help pay to bring water and sewer to the site and the second was a $1.1M <a href="http://www.eot.state.ma.us/default.asp?pgid=content/EOTGrantsPWED&sid=about"><span id="SPELLING_ERROR_9" class="blsp-spelling-error">PWED</span></a> grant which will also help fund infrastructure <span id="SPELLING_ERROR_10" class="blsp-spelling-corrected">improvements</span>. The grants are all about bringing jobs to Central Massachusetts and Jim is in a position to really impact the local economy in a huge way...<br />
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I've spoken with Jim about the project and it sounds like something the area hasn't seen and isn't going to be another <span id="SPELLING_ERROR_11" class="blsp-spelling-error">Jytek</span> Park by any means. This park is going to feature wider roadways, landscaped islands, green space, and of course the ability to <span id="SPELLING_ERROR_12" class="blsp-spelling-corrected">accommodate</span> medical device companies, life science companies, bio-manufacturing and bio-medical companies, and the like...<br />
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<span id="SPELLING_ERROR_13" class="blsp-spelling-error">Leominster</span> is also in a position to be at the forefront of the state's <a href="http://www.mass.gov/?pageID=ehedsubtopic&L=4&L0=Home&L1=Start%2C+Grow+%26+Relocate+Your+Business&L2=Licensing+%26+Permitting&L3=Chapter+43D+Expedited+Permitting&sid=Ehed">43d permitting program </a>which essentially expedites the permitting process for companies looking to move into a designated area. This is a big change from the usual time-consuming and extremely burdensome permitting process that cities and towns have been working with.<br />
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So come spring Jim Whitney should be building a road, grading sites, creating some serious curb appeal, and welcoming his first tenants...Who is going to be the first company to set up shop at <span id="SPELLING_ERROR_14" class="blsp-spelling-error">Southgate</span> Business Park in <span id="SPELLING_ERROR_15" class="blsp-spelling-error">Leominster</span>? We'll see...<br />
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If you'd like more information on <span id="SPELLING_ERROR_16" class="blsp-spelling-error">Southgate</span> Business Park and the opportunities it presents for your business let me know...<br />
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Do you have a <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">buyer's agent</a>? Ask me how I can help you find the space you need to <span id="SPELLING_ERROR_17" class="blsp-spelling-corrected">accommodate</span> your growing company.<br />
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<div>Have you driven down Merriam Avenue in Leominster lately? If you have you've surely noticed Marc Albert's latest commercial real estate development at 114 Merriam Avenue. As I mentioned in a previous post, Marc had purchased the former <a href="http://apexproperties.blogspot.com/2008/08/former-red-cross-building-coming-down.html">Red Cross building</a> and has put up a beautiful 10,000 SF professional office building.</div><br />
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<div>According to marketing provided by Marc's development company, <a href="http://www.mfalbertcorp.com/">MF Albert Corporation</a>, office suites are availbable from 144 SF to 5,000 SF although unless he has leased 5,000 SF of the building already I'd be willing to bet he would lease out the entire building to the right company.</div><br />
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<div>Lease rates start at $12/SF and the building features full elevator access to the upper levels, modern high-efficiency HVAC, and parking for over 40 vehicles which exceeds Leominster's parking regulations in addition to on-street parking along Merriam Avenue.</div><br />
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<div>Not only can you lease space at 114 Merriam Ave but as Marc has done in his past developments, he is offering <a href="http://apexproperties.blogspot.com/2007/05/condominiums-without-bedroomsan.html">office condominiums for sale </a>which is a unique idea but a great one if you are tired of putting money in your landlord's pocket and want to own your own office suite.</div><br />
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<div>I'm sure this property won't be available for long so if you have any interest in seeing what Marc has to offer, please let me know and I can set up a private showing. I should state for legal purposes that I don't represent the interests of the the development company, MF Albert Corp. or the developer, Marc Albert.</div><br />
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<div>If you are considering leasing or purchasing commercial real estate in Leominster or anywhere throughout central Massachusetts, you should consider hiring a <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">real estate professional </a>to represent your interests. Check out <a href="http://www.apexbuildswealth.com/">Apex Properties </a>on the web and feel free to give me a call to discuss your commercial real estate needs.</div><br />
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<a href="http://www.leominsterchamp.com/news/2008/0905/front_page/001.html">Building New Lives</a> - From September 5, 2008 Edition<br />
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The 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.<br />
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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 ramp in exchange for a long-term lease with a qualified business. The property is zoned commercial and the location is ideal for many types of businesses such as professional office or medical offices.<br />
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Two doors down from TJB Plumbing is the old fire station with an auto-parts store on the main level and approximately 2,500 SF of commercial/office space available on the upper level. This building features exposed brick, lots of light coming in through newly installed windows, and a lot of history. Nick Pirro and his partner who bought the building from the city are looking for the right company to occupy the second level and have plans in place for a handicap lift and additional parking in the rear of the property where a small wooden structure currently sits that served as garage space for the cities fire department many years ago.<br />
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Some other properties featured in the article are Whitney Place, Jim Whitney's redevelopment project on Spruce St which is looking fantastic compared to what the building looked like before he bought it, and Bill Berg's property on First Street. I have to admit that I know next to nothing about the Landmark Storage building on First Street. According to the article Bill has over 100,000 SF of space that could be used as office space and with a great view of the downtown and the surrounding area...<br />
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I really wish I had known more about this property as I could have been including it in site visits with area businesses. I'm not sure what Bill's marketing plan entails but if anybody knows him you might suggest that he contact me and I could certainly help him with that...<br />
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The article also talked about Steve Boucher's project, Gateway Business Center, which I wrote about in a <a href="http://apexproperties.blogspot.com/2007/08/leominster-commercial-real-estate.html">previous post</a> and 345 Central St which has gone through several redevelopments over the past few years. Most recently a self-storage facility has been constructed on the upper level of the building and store front windows have been installed where dock doors used to be. This property has not had much success attracting tenants but from what I know of the landlord when he does land one it will be a big one and the wait will have been worth it...<br />
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Are you interested in learning more about these properties or any others in the area? Please shoot me an email. Coincidentally, I was contacted recently by somebody looking for office space in Leominster after they read one of my previous posts about office space in Leominster so apparently people do read what I write...<br />
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Here's a rundown of some of the exciting projects you've most likely either seen or heard about.<br />
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<strong>Whitney Place - 40 Spruce St</strong><br />
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This 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.<br />
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<strong>Red Cross - 114 Merriam Ave</strong><br />
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I wrote previously about this project and since my last post the project has received full approval from the planning board and the house that housed the Red Cross for so many years is going to be taken down in the coming weeks and possibly days. Marc Albert will be constructing a 10,000 SF office building with suites available for sale or for lease. This location is perfect for attorneys, doctors, and other professionals. Pricing should come in around the high teens and purchase prices on the units should be somewhere between $200 - $250 / Square foot. Not bad if you consider the alternatives in the area to buy a 2,500 SF office suite...<br />
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<strong>Lancaster St from Gateway to Union Products</strong><br />
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There are two mixed use petitions in front of the city now for the <a href="http://apexproperties.blogspot.com/2007/05/mill-you-please-buy-me.html">Gateway Business Center</a> owned by Steve <span class="blsp-spelling-error" id="SPELLING_ERROR_1">Boucher</span> and an adjacent property owned by Dave <span class="blsp-spelling-error" id="SPELLING_ERROR_2">Mullaney</span> and Barry <span class="blsp-spelling-error" id="SPELLING_ERROR_3">Cosimi</span>. Steve's property, Gateway Business Center, is a renovated mill that is near full occupancy but he is looking to more or less solidify it's existence in my opinion allowing for a broader range of tenants to round out the mix of businesses that already occupy the property.<br />
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Dave and Barry own several buildings adjacent to Gateway and are looking for approval to construct a retail building out by the intersection of Lancaster St and <span class="blsp-spelling-error" id="SPELLING_ERROR_4">Viscoloid</span> Ave. By way of a mixed use ordinance, they are looking for approval to use 30% (I believe) of their property for retail/commercial. The existing tenants are all industrial businesses. This location is great for a pharmacy or restaurant, or any other <span class="blsp-spelling-corrected" id="SPELLING_ERROR_5">retail</span> establishment looking for good traffic counts and high visibility.<br />
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Just next door is Jimmy <span class="blsp-spelling-error" id="SPELLING_ERROR_6">Xarras</span>' project which is the former <a href="http://apexproperties.blogspot.com/2007/08/union-products-yesterdayunion-square.html">Union Products building</a>. Development here has been limited for the most part to the interior of the building and personally, I'd like to see something done to the exterior and to the area along Lancaster St. I think until the curb appeal is addressed, the project won't take off as a commercial development. He does have the benefit of low rents and the ability to finance tenant fit-up which is always important to small businesses. Jim has already received his approval for mixed-use so I'm anxious to see some action over there.<br />
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<strong>Other Opportunities in <span class="blsp-spelling-error" id="SPELLING_ERROR_7">Leominster</span> </strong><br />
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What else is going on in <span class="blsp-spelling-error" id="SPELLING_ERROR_8">Leominster</span> these days with respect to new commercial development? Do you want info on any of these projects or any others in the area? Are you considering relocating to <span class="blsp-spelling-error" id="SPELLING_ERROR_9">Leominster</span> from outside the area or possibly just relocating within <span class="blsp-spelling-error" id="SPELLING_ERROR_10">Leominster</span>? Have you considered consulting with a <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">real estate professional</a>?<br />
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Give me a call or send me an email. If you have any info on other projects around town feel free to share them with me by commenting below.<br />
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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. <a href="http://1.bp.blogspot.com/_Az5lzztjbW4/SKl2zoND_kI/AAAAAAAAADs/XcgRcGX122A/s1600-h/New+leominster+office+building+001.jpg"><img id="BLOGGER_PHOTO_ID_5235846671132524098" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://1.bp.blogspot.com/_Az5lzztjbW4/SKl2zoND_kI/AAAAAAAAADs/XcgRcGX122A/s200/New+leominster+office+building+001.jpg" border="0" /></a><br />
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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.<br />
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Marc has received his approval from the Zoning Board of Appeals for the new building and is now before the Planning Board for site plan approval. I'm sure Marc will do a great job with this project as he has done with any other project he puts his name on.<br />
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<p></p><p>The new building will most likely be home to attorneys, accountants, and other professional businesses looking to set up shop in Leominster. Small suites will be available from 2,000 to 2,500 SF but I'm sure if a business wanted to occupy an entire floor or even the entire building, they could be accomodated. Lease rates will be in the upper teens per square foot which is at the upper end of the leasing market for <a href="http://apexproperties.blogspot.com/2007/06/leominsters-commercial-real-estate.html">Leominster office space </a>but it will be brand new space and for an attorney, the location can't be much better considering the proximity to the Leominster court house. Alternatively, Marc may be offering a couple of the units for sale as <a href="http://apexproperties.blogspot.com/2007/05/condominiums-without-bedroomsan.html">office condominiums</a>, as he did with his last development at 30 Williams St, Leominster.</p><br />
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I'll keep you updated as the project progresses and I'll try and get some more photos from my handy camera phone. If you have any questions about this project or if you are intereted in office space in Leominster or the surrounding areas, please shoot me an email. I'd be glad to speak with you about my <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">Buyer/Tenant Representation </a>services.<br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-71283245774151665022008-07-29T12:08:00.002-04:002008-07-29T12:16:52.917-04:00New Name, Same FaceIt'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.<br /><br /><a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">Buyer's Agents </a>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.<br /><br /><a href="http://apexproperties.blogspot.com/2007/05/what-is-so-gross-about-my-lease.html">Commercial leasing </a>is a topic that any small or large business owner should have some level of understanding.<br /><br />These are just a couple of topics that I've written about and will continue to elaborate on in the future.<br /><br /><br />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.Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-43659723347812635312007-08-17T16:16:00.002-04:002010-12-20T22:48:12.237-05:00Union Products yesterday...Union Square tomorrow<a href="http://2.bp.blogspot.com/_Az5lzztjbW4/RsYGNOU1rmI/AAAAAAAAAC8/vxG8vFDYfCs/s1600-h/pink-flamingo.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5099770452297231970" src="http://2.bp.blogspot.com/_Az5lzztjbW4/RsYGNOU1rmI/AAAAAAAAAC8/vxG8vFDYfCs/s200/pink-flamingo.jpg" style="cursor: hand; float: right; margin: 0px 0px 10px 10px;" /></a> <br />
<div><a href="http://4.bp.blogspot.com/_Az5lzztjbW4/RsYGCuU1rlI/AAAAAAAAAC0/qhUqGxXozSA/s1600-h/pink-flamingo.jpg"></a><br />
<div>In case you weren't aware, Union Products has gone out of business and no longer manufactures the pink flamingos that nobody would ever put on their front lawn <em><strong>today</strong></em>. 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.</div><br />
<div></div><div>After the plant closing, <a href="http://www.theflamingoproject.com/">The Flamingo Project</a> was born to bring back to life something that I can't recall ever seeing anywhere in <span class="blsp-spelling-error" id="SPELLING_ERROR_0">Leominster</span> on a front lawn.</div><div></div><br />
<div>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...</div><div></div><br />
<div>I just can't see pink flamingos on the front lawns of the houses being built in some of <span class="blsp-spelling-error" id="SPELLING_ERROR_1">Leominster's</span> upscale developments. I think I read about a covenant in one development that no flamingos were allowed in the front lawns of any houses.</div><div></div><br />
<div>Anyways...fast forward to August 6, 2007. Jimmy <span class="blsp-spelling-error" id="SPELLING_ERROR_2">Xarras</span> closed on the Union Products building after being the high bidder at a foreclosure auction held back in June. He took title in the name of Union Square Realty Trust. That's pretty catchy. There's a Union Square in downtown San Francisco and it's a happening place. </div><div></div><br />
<div>What are Jimmy's plans for the nearly 200,000 SF complex? Who knows...only Jimmy knows that. I think a great idea would be a small village of commercial/retail and office buildings with a mix of small industrial buildings that could either be leased or purchased.</div><div></div><br />
<div>I envision a small mixed use development. He could call it Union Square. Do you think he already had that thought?</div><div></div><br />
<div>We'll see what happens over there but I'm sure he didn't buy it so it could sit in the state it's in now so expect to see some action over there. </div><div></div><br />
<div>Related Articles:</div><div></div><br />
<div><a href="htthttp://apexproperties.blogspot.com/2007/06/pink-flamingoson-verge-of-extinction.htmlp://">Pink Flamingos...on the verge of extinction</a></div><div></div><br />
<div><a href="http://apexproperties.blogspot.com/2007/05/mill-you-please-buy-me.html">"Mill" you please buy me?</a></div></div><br />
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Launched last year, the <a href="http://www.massachusettssitefinder.com/">Massachusetts Site Finder Service</a> 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".<br />
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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.<br />
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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 way. In case you haven't heard, <a href="http://newsroom.bms.com/index.php?s=press_releases&item=257">Bristol-Myers Squibb </a>recently broke ground on a new facility in Devens, MA and they'll be dropping about $750M on their new "Biologics Manufacturing Facility"<br />
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There is another big user out there with their feelers out and hopefully they'll follow in BMS footsteps and set up shop here in the Commonwealth. "Project Ajax" represents a manufacturer looking for 75 acres to build a 920,000 SF facility.<br />
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If you represent a company looking to locate in Massachusetts or you have a company and you're looking to locate in Massachusetts, this is a great place to start. If you haven't already, your first step is to hire a <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">Buyer's Agent</a>. The Site Finder website will give you and your agent a wealth of information on available real estate in Mass. A phone call to the Mass Alliance of Economic Development, or <a href="http://www.massecon.com/">MAED</a>, will put you in touch with one of a number of representatives whose job it is to make your move here to Massachusetts smooth and seamless...<br />
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Now if we can just get Deval Patrick to adopt a statewide uniform permitting process so these companies don't have to spend 6 months to a year jumping through hoops and navigating their way through a web of red tape...but that's a post for another day.<br />
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<strong><em>Thanks for the suggestion.</em></strong><br />
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Negotiating a lease for commercial real estate is something that is done by <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">real estate professionals </a>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.<br />
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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".<br />
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Below are 2 terms you want to understand that relate to the Common Area of a building.<br />
<p><strong><em>CAM Charges</em></strong> - CAM stands for <em>Common Area Maintenance</em>. These charges include expenses such as snow removal, landscaping, and general building maintenance as it applies to the Common Areas of the building. These expenses are usually divided among all tenants in the building based on each tenant's square footage. If each tenant has 1,000 SF of a 10,000 SF building, each tenant would be responsible for paying 10% of the Common Area charges. You want to make sure that the <a href="http://apexproperties.blogspot.com/2007/05/what-is-so-gross-about-my-lease.html">lease rate </a>that a landlord quotes either specifically includes or excludes these charges. </p><p>You may see a rate quoted as $15/SF but further down in the body of the lease there could be a reference to CAM charges that equal another $3/SF. This additional charge just bumped your rent up 20%. These types of charges are common in industrial properties and some newer retail properties but not as common in office properties. You would typically have these charges built into an office lease.</p><p><strong>Common Area Factor - </strong>Often times a lease will reference <span class="blsp-spelling-error" id="SPELLING_ERROR_0">leaseable</span> area of a space not the usable area. Let's take a 100,000 SF office building as an example. Of the 100,000 SF, there is a huge lobby on the first floor and small lobbies on each of the 4 upper levels. This lobby area totals 10,000 SF or 10% of the total building's square footage. Technically the building only has 90,000 SF of "usable area" available to the tenant but the landlord wants to make sure he is making money on all 100,000 SF. After all, somebody has to pay for the cleaning and upkeep of the common areas and the landlord doesn't want to do it. </p><p>How this is addressed is that the landlord applies a "Common Area Factor" of 10% to each office suite in the building. If a tenant is looking at leasing 1,000 SF, the tenant will actually have to pay for 1,100 SF. The idea is that if the landlord gets an extra 10% from each tenant in the building, he covers the entire 10,000 SF lobby area. You want to make sure that the landlord explains how he calculates <span class="blsp-spelling-error" id="SPELLING_ERROR_1">leasable</span> area. </p><p>The "common area factor" I used above in the example can vary greatly from one property to another and this is an important point to consider when comparing properties. One building may use a common area factor of 10% which means that if you are looking to lease 1,000 SF you are going to pay for 1,100 SF and another building may have a lot of lobby space and other common area and for the same 1,000 SF requirement, you may end up paying for 1,200 SF because the building has a 20% common area factor. Ideally, and <span class="blsp-spelling-corrected" id="SPELLING_ERROR_2">often</span> times in new construction, buildings are being designed with little or now common area which means that if you are looking to rent 1,000 SF you are going to pay for 1,000 SF.</p><p>Do you have more questions about commercial real estate terminology? Check out these posts for more important terms to know...</p><p><a href="http://apexproperties.blogspot.com/2007/07/whats-vanilla-box-anyways.html">What's A Vanilla Box Anyways?</a></p><p><a href="http://apexproperties.blogspot.com/2007/06/commercial-real-estate-terminology-what.html">Commercial Real Estate Terminology - What does this stuff mean???</a></p><p><br />
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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 <a href="http://apexproperties.blogspot.com/2007/05/mill-you-please-buy-me.html">converted mill building </a>owned and managed by Steve Boucher, a local investor/developer.<br />
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Gateway offers three levels of space with office rents starting at $9/SF <a href="http://apexproperties.blogspot.com/2007/05/what-is-so-gross-about-my-lease.html">triple net</a>. Steve has done a tremendous job preparing the upper levels of the building for occupancy by small businesses.<br />
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The floors and beams have been sandblasted, windows replaced, and the HVAC system is being completely upgraded to meet the current standards for energy efficiency.<br />
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Some of the other amenities include an on-site state of the art fitness center, and an electronic 24-hour security system that only allows for after hours entry with an electronic key card. All entrances are locked at the end of the day automatically and the property is opened each morning. The building is also fully ADA compliant with the recent addition of a full-service elevator.<br />
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As you head closer to the downtown, you'll pass by the #3 Fire Station, yes a former fire station that was recently purchased by a couple of local investors and renovated. The property is located at 145 Lancaster St, directly across from the Hannaford Plaza. The first floor was recently leased to Leominster Auto Parts with the second floor slated for renovations to accomodate an office tenant. The space is available for lease for $9/SF and the current owners will accomodate the right tenant with elevator access. Naturally the lease rate increases should you desire elevator access but it's an option.<br />
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The Route 12 Corridor running from Sterling to downtown Leominster is where you would find the Leominster Plaza. This property is a mixed use property with the first floor being a strip mall type setting with tenants ranging from a sandwich shop, a laundromat, a night club, a staffing company, and several others.<br />
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The second floor, with ground level access, reached by driving around to the rear of the property and up the driveway, is home to more traditional office users such as financial planners, a chiropractor, real estate company, I/T companies, and several others. Office lease rates here are in the $15/SF range but the owner is always willing to negotiate. An on-site manager is there to make sure your service requests are handled promptly. The offices are clean and neat with upscale finishes at an affordable price.<br />
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Closer to the downtown are several small buildings formerly used as multi-family homes that have been converted over the years to accomodate small businesses. These properties offer some of the most affordable rents in the city but lack a lot of the amenities such as elevator access for ADA compliance, executive finishes, and off-street parking. If you're just starting out in business and a single office is all you need and you don't mind climbing stairs, you can get a great deal just outside of downtown Leominster in a number of small office properties.<br />
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<p>In the last installment of this series, I'll spotlight Crossroads Office Park and also sum up the previous three installments. </p><p>As always, if you're considering leasing office space in Leominster, I reccomend you always make sure you have <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">proper representation</a> by a <a href="http://www.apexbuildswealth.com/">licensed real estate professional</a>. </p><p>See Also: <a href="http://apexproperties.blogspot.com/2007/06/leominsters-commercial-real-estate.html">Leominster Commercial Real Estate - Office Space For Lease</a> - Part 1</p><p><a href="http://apexproperties.blogspot.com/2007/06/leominsters-real-estate-market-office.html">Leominster Commercial Real Estate - Office Space For Lease </a>- Part 2</p><p></p><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-18417164616067481172007-07-20T21:48:00.000-04:002007-07-20T23:01:43.885-04:001031 Exchange? Yes Please!<a href="http://2.bp.blogspot.com/_Az5lzztjbW4/RqF09JN2PeI/AAAAAAAAACk/D8U6gpRkFJ8/s1600-h/GI_bzp056.jpg"><img id="BLOGGER_PHOTO_ID_5089477647700213218" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" height="199" alt="" src="http://2.bp.blogspot.com/_Az5lzztjbW4/RqF09JN2PeI/AAAAAAAAACk/D8U6gpRkFJ8/s320/GI_bzp056.jpg" width="155" border="0" /></a><br /><div>Do you know the worst part about making money in commercial real estate???</div><div></div><br /><div>Having to share it with the government when you decide to sell your investment property</div><div></div><br /><div>Did 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.</div><div></div><br /><div>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.</div><div></div><br /><div>As far as the person selling the property and completing the 1031 exchange is concerned, the whole process is <a href="http://www.transparentre.com/">transparent</a>. You will have to add a few extra lines to the P&S but that's about it...</div><div></div><br /><div>Here is how it works. I will use as an example, Steve, an investor, who currently owns a 3 family investment property and wants to buy a larger 6 family property.</div><div></div><br /><ol><br /><li>Steve first consults his accountant and his financial planner to figure out his tax situation and what kind of profit he is looking at with the sale of his 3 family. He bought the 3 family for $100,000 3 years ago and its now worth $300,000. He has a potential gain of $200,000. The 6 family he wants to buy is listed for $500,000.</li><br /><li>He contacts a <span class="blsp-spelling-error" id="SPELLING_ERROR_0">QI</span> (Qualified Intermediary) to discuss the 1031 exchange procedure. The <span class="blsp-spelling-error" id="SPELLING_ERROR_1">QI</span> is the middle man in the 1031 exchange process and you must use a <span class="blsp-spelling-error" id="SPELLING_ERROR_2">QI</span>, you can't do this on your own so don't try it.</li><br /><li>Steve finds a buyer for his 3 family and puts in an offer for the 6 family which is accepted. Naturally he used a <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">Buyer's Agent </a>to find the new property. Here is where the fun begins...hold on tight!!!</li><br /><li>Steve sells his 3 family and the $200K profit he just made is immediately transferred to the <span class="blsp-spelling-error" id="SPELLING_ERROR_3">QI</span> to hold for safe keeping until Steve closes on the 6 family.</li><br /><li>At the same time as Steve is selling his 3 family, he is also working on closing on the 6 family. The <span class="blsp-spelling-error" id="SPELLING_ERROR_4">QI</span> takes the $200K he is holding for Steve and gives it to the guy selling Steve the 6 family. Steve then closes on the 6 family and never even sees the $200K and therefore doesn't have to pay any taxes on it. It's a beautiful thing...</li></ol><br /><p>Now for those of you that have had experience with a 1031 exchange, you will notice that I left out some of the details but my point here is to explain the process in a way that a novice investor can understand it. There are a couple of good references at the bottom of the post if you would like to learn more about 1031 exchanges. Here are some important points to consider when deciding to do a 1031 exchange...</p><ol><br /><li>The property you are buying must be of equal or greater value as the property you are selling. </li><br /><li>In order to defer all capital gains taxes, you must reinvest all of your profits from the property you are selling into the property you are buying.</li><br /><li>The IRS has a very strict timetable to complete a 1031 exchange. From the date that you sell your property you have 45 days to identify the property you wish to purchase and you must close on the new property within 180 days of the date that you sell the first property. The IRS doesn't care about weekends or holidays either...its calender days so if the 180<span class="blsp-spelling-error" id="SPELLING_ERROR_5">th</span> day is a Sunday and you waited until the last minute, you're out of luck since you can't record at the Registry of Deeds on a Sunday.</li><br /><li>You are not avoiding the tax on the gain. In the example above, the gain was $200K but the money was reinvested in the new property. At some point, if Steve sells the 6 family, he has to pay taxes on the $200K profit he made on the sale of the 3 family unless he does another 1031 exchange and buys a property of even greater value.</li><br /><li>You must hold the investment property for at least 2 years before the IRS will allow you to sell it and defer the payment of capital gains taxes.</li></ol><br /><p>Typically a <span class="blsp-spelling-error" id="SPELLING_ERROR_6">QI</span> will charge $1,500 to complete a 1031 exchange. I say typically because I only know about companies in my area and they all charge the same. Unfortunately there is no current regulations or licensing involved with being a <span class="blsp-spelling-error" id="SPELLING_ERROR_7">QI</span> so technically I guess they could charge whatever they want. If you are going down this road, make sure the company you are working with is reputable because as in my example above, the <span class="blsp-spelling-error" id="SPELLING_ERROR_8">QI</span> takes <span class="blsp-spelling-corrected" id="SPELLING_ERROR_9">possession</span> of $200K of Steve's money for a period of time while the exchange is completed. You have to be sure you can trust somebody holding $200K of your money.</p><p>Here are a couple of good resources to learn more about 1031 exchanges...</p><br /><p><a href="http://www.exchangeauthority.com/">The Exchange Authority</a> - This company is in Massachusetts but handles transactions all over the country and even overseas. I am working with a client completing a 1031 exchange now with this company. Tim <span class="blsp-spelling-error" id="SPELLING_ERROR_10">Halligan</span> is the man over there...</p><p><a href="http://en.wikipedia.org/wiki/1031_exchange">1031 Exchange, <span class="blsp-spelling-error" id="SPELLING_ERROR_11">Wikipedia</span></a></p><p> </p>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-62431122623037514842007-07-09T12:00:00.001-04:002010-12-20T22:49:58.403-05:00What's a Vanilla Box Anyways?I was reading <a href="http://activerain.com/blogsview/90349/Property-Needed">Tina Devore's </a>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.<a href="http://2.bp.blogspot.com/_Az5lzztjbW4/RpJiM5A6LXI/AAAAAAAAACc/kpcD0KA2TQA/s1600-h/vanilla.jpg"><img id="BLOGGER_PHOTO_ID_5085234902857297266" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://2.bp.blogspot.com/_Az5lzztjbW4/RpJiM5A6LXI/AAAAAAAAACc/kpcD0KA2TQA/s320/vanilla.jpg" border="0" /></a><br />
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One of the comments was somebody that asked simply, "What's a vanilla box anyways?"<br />
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I know what Tina meant and most commercial real estate professionals 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?<br />
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Simply stated, when you are considering leasing office space in Leominster, or anywhere else for that matter, 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 <a href="http://en.wikipedia.org/wiki/Special:Search?search=vanilla+box&go=Go">Wikipedia</a> for the term Vanilla Box and nothing comes up.<br />
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When a business owner is negotiating a lease for space in an office building or any commercial building, it's important to know the state in which the space he is leasing is going to be delivered. If the landlord uses the term "vanilla box", it will be up to the tenant to pay for paint, flooring, any built-in cabinetry or counter tops, and anything else that is custom to the particular tenant's business.<br />
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Typically a vanilla box office will have sheet rock walls ready for paint, a drop ceiling or a finished sheet rock ceiling depending on the building, a concrete floor ready for the installation of carpet or some other type of flooring, a bathroom (again, no paint here either), and usually the lights and plugs are installed. Anything else will be done at the expense of the tenant. Sometimes the landlord will give the tenant an allowance for construction improvements with the cost of the improvements being added to the base rent.<br />
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Now it should go without saying but I'll say it anyways, if a business owner is considering leasing office space or purchasing commercial property, the first thing that he should do is contact a <a href="http://www.apexbuildswealth.com/">commercial real estate </a>professional to represent his interests. There are many other issues that come up in a real estate negotiation and there are many other <a href="http://apexproperties.blogspot.com/2007/06/leominsters-real-estate-market-office.html">real estate terms </a>you need to know before you start lease negotiations and having professional representation by a <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">buyer's agent </a>will ensure the business owners questions are answered and he gets the best deal possible.<br />
<p>Are you interested in finding out more about leasing office space in Leominster? Check out these other posts...</p><p><a href="http://apexproperties.blogspot.com/2007/06/leominsters-commercial-real-estate.html">Leominster Commercial Real Estate - Office Space For Lease </a>Part 1</p><p><a href="http://apexproperties.blogspot.com/2007/06/leominsters-real-estate-market-office.html">Leominster Commercial Real Estate - Office Space For Lease </a>Part 2</p><p><a href="http://apexproperties.blogspot.com/2007/08/leominster-commercial-real-estate.html">Leominster Commercial Real Estate - Office Space For Lease</a> Part 3</p><p><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-53728296054172049312007-07-06T22:45:00.001-04:002010-12-20T22:50:37.758-05:005 Reasons "Not" to hire a Buyer's AgentCommercial real estate <span class="blsp-spelling-error" id="SPELLING_ERROR_0">bloggers</span> have been speaking on the hot topic of exclusive buyer's agents in commercial real estate lately. Below are a couple of recent posts<br />
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<a href="http://www.futureofcommercial.com/2007/06/19/benefiting-from-tenant-representation"><span class="blsp-spelling-corrected" id="SPELLING_ERROR_1">Benefiting</span> from Tenant Representation</a> at <a href="http://www.futureofcommercial.com/">The Future of Commercial Real Estate</a><br />
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<a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">Buyer's Agents in Commercial Real Estate</a> (Here at <a href="http://apexproperties.blogspot.com/">The Real Estate TrendMill</a>)<br />
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What about the other side of the argument???<br />
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Maybe there's an argument for not engaging a real estate professional to represent you in your next commercial real estate negotiation. Maybe you <em>should</em> just do it yourself.<br />
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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 <span class="blsp-spelling-corrected" id="SPELLING_ERROR_3">themselves</span>...in no particular order...<br />
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<ol><li><strong>I'm an excellent negotiator.</strong> 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 difference if you're buying resins or real estate???</li>
<li><strong>I'm going to get a better deal if the listing agent doesn't have to pay a co-broke. </strong>If a business owner just contacts the listing agent directly rather than working with a buyer's agent then chances are the listing agent is going to go to bat for the business owner even though he has a <span class="blsp-spelling-corrected" id="SPELLING_ERROR_4">fiduciary</span> relationship with the property owner since he will be able to keep the full commission.</li>
<li><strong>I have time to spare. </strong>A business owner can just spend 2 hours per day calling on classified ads and searching <span class="blsp-spelling-corrected" id="SPELLING_ERROR_5">Internet</span> listings for a new building and maybe an hour or two at the end of the week driving around the city looking at different properties. The company is growing like crazy thus the need for more space and the business pretty much runs itself so how busy could the business owner/manager be???</li>
<li><strong>I have an attorney for things like this. </strong>A business owner can just pay his attorney to go over the paperwork provided by the listing agent and review any purchase documents. For $200/hour it's a great deal rather than risking having to overpay for a property since the owner has to pay the buyer's agent his commission along with the listing agent's commission. The business owner can just pay his attorney a little extra and have him research some comps to make sure the price is right.</li>
<li><strong>I'm limiting myself by working with just one agent exclusively</strong>. A business owner would actually make out better by calling several real estate agents in the area to let them know that he is looking for a property. Now they are all out there working for him. If he works with just one exclusive agent, how will the other agents in the area know he is in the market for real estate??? </li>
</ol><p></p><p>Clearly you can see that in fact there are several reasons a business owner/manager would <strong>not </strong>want to work exclusively with one buyer's agent. </p><p>**That's <em><a href="http://en.wikipedia.org/wiki/Satire">satire</a> with an "S"**</em></p><p></p><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com4tag:blogger.com,1999:blog-7818684121332944391.post-39674812510328082932007-06-26T14:48:00.002-04:002010-12-20T22:50:59.670-05:00Face It...Leominster residents don't want day spas in their back yardsAfter several months, numerous planning board and city council meetings, and quite a bit of ink in the local papers, Beth and Frank <span class="blsp-spelling-error" id="SPELLING_ERROR_0">Novak</span> have apparently withdrawn their petition to allow a day spa or "wellness center" to operate in a residential zone with a special permit.<br />
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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; <a href="http://apexproperties.blogspot.com/2007/06/face-itleominster-residents-dont-want.html">Day Spas, Doctors, and a Disappearing Councilor</a> for some background on what the <span class="blsp-spelling-error" id="SPELLING_ERROR_1">Novaks</span> were trying to do. Basically the <span class="blsp-spelling-error" id="SPELLING_ERROR_2">Novaks</span>, who currently own <a href="http://www.faceitdayspa.com/">Face It Day Spa </a>on Hamilton St in <span class="blsp-spelling-error" id="SPELLING_ERROR_3">Leominster</span> wanted to purchase a beautiful old <span class="blsp-spelling-corrected" id="SPELLING_ERROR_4">Victorian</span> 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 <span class="blsp-spelling-error" id="SPELLING_ERROR_5">Leominster's</span> zoning ordinance, businesses are not allowed in residential neighborhoods. Their are exceptions such as home offices but a home office is typically a one-man shop with maybe one employee and very low impact and their are several specific ordinances that define a home office and how it can be run. Their Day Spa is a business with several employees, a large and growing <span class="blsp-spelling-corrected" id="SPELLING_ERROR_6">clientele</span>, and not well suited for a residential neighborhood<br />
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Sure their day spa may have fit in nicely into this particular neighborhood considering their is a doctor's office on the street, a real estate company one street over, and another real estate company one street over but as I stated in my previous post, a zoning change is not meant to <span class="blsp-spelling-corrected" id="SPELLING_ERROR_7">accommodate</span> a single person or company. What about the other residential neighborhoods on the other side of town that don't currently have any businesses there? It's a change that affects the entire city. I know both Beth and Frank <span class="blsp-spelling-error" id="SPELLING_ERROR_8">Novak</span> and I wish them the best with their business but I have to say that I don't think any commercial business should be located in a residential area. Yes, there are examples of commercial businesses in residential areas all over town and there isn't much we can do about it, these are <span class="blsp-spelling-error" id="SPELLING_ERROR_9">pre</span>-existing, non-conforming uses.<br />
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What that means is that these businesses were up and running prior to the creation of the current zoning ordinance so they were grandfathered. People that move into a neighborhood with a commercial business already there make that move with full knowledge of the business being there. To now allow a business to move into a residential neighborhood, you are asking the residents of that neighborhood to accept this change after they bought their properties. Maybe Joe and Jill Homeowner don't want the traffic and noise a commercial business brings with it. When they bought their house their were other houses around, not businesses.<br />
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Back to my earlier statement about it being a landmark decision, I'd be curious to know how other communities would handle this type of petition. Can someone in <span class="blsp-spelling-error" id="SPELLING_ERROR_10">Anytown</span>, Illinois that wants to open a business in a residential neighborhood just go ahead and do it? Don't cities and towns in other states have similar zoning plans and zoning ordinances. Had <span class="blsp-spelling-error" id="SPELLING_ERROR_11">Leominster's</span> City Council voted to approve the zoning change and allow a Day Spa to operate in a residential neighborhood, would other cities and towns in Massachusetts and other states follow suit?<br />
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I think it's a slippery slope and there could be a case made for several other quiet businesses that want to operate in residential neighborhoods such as doctors, attorneys, accountants, massage therapists, etc...where do we stop? Residential neighborhoods are just what their name implies; neighborhoods made up of peoples residences. Businesses have their choice of commercial zones and industrial zones and probably a bunch of other fancy names in other areas of the state and that's where businesses belong.<br />
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I think the citizens of <span class="blsp-spelling-error" id="SPELLING_ERROR_12">Leominster</span> made their thoughts and opinions clear with respect to this petition and the <span class="blsp-spelling-error" id="SPELLING_ERROR_13">Novaks</span> did the right thing by withdrawing. They may very well come back to the City Council at a later date with a new petition but hopefully they can find a building that is zoned commercial that fits their need...and Beth, I'm available if you would like help finding a property...<br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com1tag:blogger.com,1999:blog-7818684121332944391.post-52009199038891931122007-06-20T14:20:00.001-04:002010-12-20T22:51:18.805-05:00Leominster Commercial Real Estate - Office Space For Lease - Part 2In this second part of my four part series on the<a href="http://1.bp.blogspot.com/_Az5lzztjbW4/RnmNC0AivhI/AAAAAAAAAB8/K2UoSuLynwE/s1600-h/leom.gif"><img id="BLOGGER_PHOTO_ID_5078245134297120274" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://1.bp.blogspot.com/_Az5lzztjbW4/RnmNC0AivhI/AAAAAAAAAB8/K2UoSuLynwE/s200/leom.gif" border="0" /></a><br />
<div><div><div>Leominster office market, I want to focus on the </div><div>Erdman Way Business Park located across the </div><div>street from Staples just off Route 12 at the</div><div>Interchange of Routes 2 and 12.<br />
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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.<br />
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The Erdman Way Business Park is also home to the <a href="http://www.starwoodhotels.com/fourpoints/property/overview/index.html?propertyID=818">Four Points Sheraton Hotel</a>, <a href="http://www.bjs.com/locations/clubs/058.shtml">Bj's Wholesale Club</a>, and <a href="http://worcester.citysearch.com/profile/4610895/leominster_ma/center_for_digestive_wellness.html">The Center for Digestive Wellness</a>. 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.<br />
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Some of the many amenities of the Corporate Centers include on-site professional managment and maintenance services, executive office suites built out to tenant's specific needs, ample parking for employees and guests, and convenient access to the area's services including restaurants, public transportation, shopping, and a first class hotel directly across the street.<br />
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Below is a breakdown of the two Corporate Centers:<br />
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<strong>Longview Corporate Center, 80 Erdman Way</strong> <a href="http://3.bp.blogspot.com/_Az5lzztjbW4/RnmNhUAivjI/AAAAAAAAACM/kjoiaHk4zVE/s1600-h/Longview+photo.jpg"><img id="BLOGGER_PHOTO_ID_5078245658283130418" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://3.bp.blogspot.com/_Az5lzztjbW4/RnmNhUAivjI/AAAAAAAAACM/kjoiaHk4zVE/s200/Longview+photo.jpg" border="0" /></a></div><br />
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<ul>
<li>53,000 SF Class A Office Building</li>
<li>Current tenant mix includes several medical users, the Registry of Motor Vehicles, insurance companies, and a mix of other professional businesses.</li>
<li>Lease Rates typically range from $16/ - $18/SF <a href="http://apexproperties.blogspot.com/2007/05/what-is-so-gross-about-my-lease.html">Gross</a> - A little more for Medical Users</li>
<li>Fully ADA compliant with dual passenger elevator access to all three floors</li>
<li>Executive level finishes</li>
<li>High Speed Internet Service</li>
</ul><p><strong>Commerce Place Corporate Center, 100 Erdman Way<a href="http://1.bp.blogspot.com/_Az5lzztjbW4/RnmN40AivkI/AAAAAAAAACU/C9j1FAne7II/s1600-h/commerce+photo.JPG"><img id="BLOGGER_PHOTO_ID_5078246062010056258" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://1.bp.blogspot.com/_Az5lzztjbW4/RnmN40AivkI/AAAAAAAAACU/C9j1FAne7II/s200/commerce+photo.JPG" border="0" /></a></strong></p><br />
<ul><li>60,000 SF Class A Office Building</li>
<li>Current tenants include MWCC, North Central Mass Career Center, United States Armed Forces Recruiting Center, and several other professional businesses such as attorneys, accountants, and mortgage companies.</li>
<li>Lease Rates ranging from $16 - $18/SF <a href="http://apexproperties.blogspot.com/2007/05/what-is-so-gross-about-my-lease.html">Gross</a></li>
<li>Fully ADA compliant</li>
<li>Executive level finishes</li>
<li>High Speed Internet</li>
</ul><br />
<p>Unlike downtown properties, the Erdman Way Business Park offers its business clients a different setting with more convenient access to the highway system. Parking at the Corporate Centers can be found in two adjoining on-site parking lots or in a third auxillary parking lot just across Erdman Way. Even though Erdman Way isn't downtown, to get there is a merely a straight shot down Route 12. Access to Erdman Way for clients coming from Fitchburg is just as easy considering Route 12 is one of the major routes residents of Fitchburg must travel to access Route 2.</p><p>The park's proximity to UMass Medical Center's <a href="http://www.umassmemorial.org/ummhc/hospitals/alliance/">Leominster campus </a>(Leominster Hospital as the locals still say) make it a great location for medical users that aren't able to locate their office within the hospital. Nearly half of all tenants at the Longview Corporate Center are currently medical users.</p><p>As far as office space goes, the Corporate Centers are considered the flagships of the Leominster market. Originally built in the late 1980's, these two properties have undergone extensive renovations including upgrading to the latest, modern, energy-efficient HVAC systems, ongoing site improvements to improve on and add to the existing parking infrastructure, and ongoing interior upgrades including painting, flooring, and numerous capital improvements.</p><p>If you're not fan of the congestion of the downtown, and want to locate to a first class professional building, Erdman Way is the place to be...</p><p>In the third installment of this series, I'll focus on the smaller sub-office markets including the Rte 12 corridor from Sterling to downtown Leominster and the Rte 117 corridor from Lancaster to downtown Leominster as well as some of Leominster's Class B & C properties.</p><p></p><p>See also: <a href="http://apexproperties.blogspot.com/2007/06/leominsters-commercial-real-estate.html">Leominster Commercial Real Estate - Office Space For Lease </a>- Part 1</p></div></div><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-30476951859041663392007-06-17T18:28:00.001-04:002010-12-20T22:51:45.579-05:00Leominster Commercial Real Estate - Office Space For Lease - Part 1<a href="http://1.bp.blogspot.com/_Az5lzztjbW4/RnXOY0AivgI/AAAAAAAAAB0/PMaYIOY7fNM/s1600-h/leom.gif"><img id="BLOGGER_PHOTO_ID_5077191080603205122" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://1.bp.blogspot.com/_Az5lzztjbW4/RnXOY0AivgI/AAAAAAAAAB0/PMaYIOY7fNM/s200/leom.gif" border="0" /></a><br />
<div><em>Are you looking to lease office space in Leominster?</em></div><br />
<div></div><br />
<div><em>Are you aware of all of the options there are </em></div><div><em>in Leominster to lease office space? </em></div><div><br />
</div><div>I'd like to provide you a breakdown of the different options there are in Leominster for leasing office space. The Leominster commercial real estate market is competitive when it comes to office space so you are going to need to act fast. 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. </div><br />
<div></div><br />
<div>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.</div><br />
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<div><strong>Main St/Courthouse area to BankNorth building</strong></div><br />
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<ul><li>Relatively low rents typically between $10-$12/SF <a href="http://apexproperties.blogspot.com/2007/05/what-is-so-gross-about-my-lease.html">Gross</a></li>
<li>Older buildings, most without elevators so upper story offices are not ADA compliant</li>
<li>parking can be found in the municipal lot behind the post office, in the garage next to the police station, or on street in a metered space. There are limited off street spaces available in a couple of privately owned lots</li>
<li>Current mix of downtown businesses include several attorneys, staffing agencies, bank branches, and a few food and drinking establishments</li>
<li>Biggest benefit of being downtown: Short Walk to all necessary services such as post office, drug store (new Walgreen's coming to town), coffee shop, etc...</li>
<li>Biggest Drawback: Not easily accessible for clients especially for businesses in the middle of Main St on a second or third floor, and highway access is better elsewhere in town.</li>
</ul><br />
<p>In general, the Main St office market is a love it or leave it type of location. If you're down there you love it and if you aren't you never want to be down there. Attorneys love the downtown because of the proximity to the courthouse. Staffing agencies, as I recently learned when I was out with a staffing agency looking for office space, love to be on Main St because there is basically a stream of job seekers that start at one end of downtown and walk to the other end hitting all of the staffing companies looking for work. Their clientele generally take the bus so the downtown is a convenient location for the temporary staffing industry.</p><br />
<p>You find very few medical professionals in the heart of downtown since the majority of the leasable space is in buildings without elevators so there is a problem with ADA compliance. </p><br />
<p>The outskirts of the downtown market offer older triple deckers that have been nicely converted into office buildings catering to small businesses looking for an inexpensive, small private office. You'll find real estate companies, massage therapists, attorneys, and several other local professionals within these buildings.</p><br />
<p>If you're looking for a place to grab a sandwich at lunch or a drink after work, you can walk to any one of several downtown eateries and drinking establishments such as La Tazza or Roma Bakery.</p><br />
<p><strong>14 Manning Ave & Woodblock Building</strong></p><br />
<ul><li>Higher than average rents in the $18/SF range but quality of space is reflected in price</li>
<li>Class A space, fully ADA compliant, many modern amenities</li>
<li>Plenty of off-street parking in two adjacent municipal lots as well as privately owned off-street lots</li>
<li>On-Site professional management and maintenance services</li>
<li>The #1 reason to locate to the Woodblock or Manning Ave locations: Owner's commitment to excellence apparent throughout both properties -worth every dollar...</li>
<li>The biggest drawback to leasing here: Owner has a relocation provision in all leases which can be inconvenient if you are having to move every few years even if he is paying for the move.</li>
</ul><br />
<p>The Manning Ave and Woodblock buildings are two of the five Class-A office buildings in Leominster. The tenant mix in these properties include attorneys, mortgage companies, engineering firms, real estate companies, and several other professional businesses. Being owned and professionally managed by a <a href="http://www.leadingbuilder.com/">local investor</a>, the properties are maintained and kept up to the highest standards so if you are looking for that executive feel in a downtown property, these buildings offer you both. The best reason to locate to the Woodblock Building, in my opinion, is the well known watering hole on the first floor, <a href="http://www.themonumentgrill.com/">The Monument Grill</a>. (They serve some exeptional food as well...)</p><br />
<p></p><br />
<p>If the downtown is where you want to be, there are several options to consider. Should you need further information on any particular property downtown or should you require any additional information, as I always say, please contact a qualified <a href="http://apexproperties.blogspot.com/2007/05/buyers-agents-in-commercial-real-estate.html">buyer's agent </a>to represent your interests. The leasing market in Leominster is very competitive and virtually every property you might consider has professional representation on their side so why shouldn't you???</p><br />
<p>The second part of this series will focus on the Erdman Way office park located just off Route 12 at the Route 2, Exit 31B interchange. This area offers a different set of benefits and drawbacks and caters to a lot of different types of businesses. </p>See also: <a href="http://apexproperties.blogspot.com/2007/06/leominsters-real-estate-market-office.html">Leominster Commercial Real Estate - Office Space For Lease </a>- Part 2<br />
<p></p><br />
<p></p><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-10983642450662186512007-06-15T09:26:00.001-04:002010-12-20T22:52:04.291-05:00Commercial Real Estate Terminology - What does this stuff mean???<a href="http://3.bp.blogspot.com/_Az5lzztjbW4/RnKh-EAiveI/AAAAAAAAABk/JjJ76wJboBo/s1600-h/tuna.jpg"><img id="BLOGGER_PHOTO_ID_5076297817599950306" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 207px; CURSOR: hand; HEIGHT: 146px" height="157" alt="" src="http://3.bp.blogspot.com/_Az5lzztjbW4/RnKh-EAiveI/AAAAAAAAABk/JjJ76wJboBo/s200/tuna.jpg" width="216" border="0" /></a><br />
<div>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.</div><br />
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<div><strong>NOI - Net Operating Income - </strong>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 taxes</div><br />
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<div><strong>Cash on Cash Return - </strong>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 <strong><em>(see above) </em></strong>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)</div><br />
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<div><strong>Cap (Capitalization) Rate - </strong>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 on your investment and you have $1M cash to spend, you would buy a property with an NOI <strong><em>(see above) </em></strong>of $100K/year. $100K NOI divided by a 10% Cap Rate = $1M in value. Now the same person with $1M to spend but wants to earn a 15% return would need to find a property that makes $150K/year. </div><br />
<div></div><br />
<div><strong>GRM (Gross Rent Multiplier) - </strong>A useless term as far as any investment in New England goes from what I can tell but in case you are outside New England and you see it, here goes...basically it's a way to value a property by taking the gross annual rent (assume for now the rent will never increase or decrease) and figuring out how many years the property will take to pay for itself. A property purchased for $1M with $200K of annual gross rent will take 5 years to pay for itself so it has ha GRM of 5. Another property that is also on the market for $1M but only has annual gross rents of $100K will take 10 years to pay for itself so the GRM is 10. The lower the GRM the better so the first investment is the better option.</div><br />
<div><strong></strong></div><br />
<div><strong>Debt Service - </strong>The total dollar value of all your mortgage payments for a whole year including Principal and Interest. It's the amount of money needed to "service" the annual debt of the property</div><br />
<p><strong>LTV (Loan to Value Ratio) - </strong>The ratio of the overall value of the mortgage to the overall value of the property. $1M property with a $750K mortgage has an LTV of 75%</p><br />
<p>Again...there are literally thousands of terms that you will come across in your analysis of commercial real estate investments so my advice is to start reading...read everything you can and then read it again... </p><p><br />
</p><p>Please don't buy commercial real estate or any real estate for that matter without first seeking out the help of a qualified real estate professional. </p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com2tag:blogger.com,1999:blog-7818684121332944391.post-65729504907055848112007-06-14T14:45:00.001-04:002010-12-20T22:52:27.410-05:00Renovating "Flipper Uppers" for profitA few things to consider if you are looking to get into flipping houses for profit...<br />
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<strong>Popcorn belongs in a bowl with butter </strong>- 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 ceiling<br />
<a href="http://1.bp.blogspot.com/_Az5lzztjbW4/RnGSE0AivcI/AAAAAAAAABU/e5x4je6YQ0g/s1600-h/tony.jpg"><img id="BLOGGER_PHOTO_ID_5075998866401312194" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="http://1.bp.blogspot.com/_Az5lzztjbW4/RnGSE0AivcI/AAAAAAAAABU/e5x4je6YQ0g/s200/tony.jpg" border="0" /></a><br />
<br />
<p><strong></strong></p><br />
<p><strong></strong></p><br />
<p><strong></strong></p><p><strong></strong></p><p><strong></strong></p><p><strong>Wood Paneling</strong> - It's fine as long as the walls it covers happen to be in the smoking room.</p><br />
<ol>
</ol><br />
<p><strong>Shag Carpet </strong>- Leave it in the van...</p><br />
<ol>
</ol><br />
<p><strong>Crack Kills </strong>- Whether it's the plumber's version, or the kind you find in a foundation, either way it's bad news.<img id="BLOGGER_PHOTO_ID_5075999540711177682" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://2.bp.blogspot.com/_Az5lzztjbW4/RnGSsEAivdI/AAAAAAAAABc/J8CWpWIsIOI/s200/crack.jpg" border="0" /></p><p></p><p><strong>Lastly...</strong>Don't ever ask <a href="http://iamfacingforeclosure.com/">Casey Serin </a>for advice!!!</p><br />
Follow these simple rules and you will be a millionaire in less than 18 months...<br />
(No guarantees on the millionaire thing though)<br />
<p></p><p></p><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com2tag:blogger.com,1999:blog-7818684121332944391.post-37591687340098375782007-06-14T11:04:00.000-04:002007-06-14T13:28:43.596-04:00I'm King of the (Google) World!!! almost...<a href="http://4.bp.blogspot.com/_Az5lzztjbW4/RnF5KkAivZI/AAAAAAAAAA8/OEVE5sycVfQ/s1600-h/king.gif"><img id="BLOGGER_PHOTO_ID_5075971477394865554" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://4.bp.blogspot.com/_Az5lzztjbW4/RnF5KkAivZI/AAAAAAAAAA8/OEVE5sycVfQ/s200/king.gif" border="0" /></a><br /><div>I'm finding that it's actually not terribly difficult to climb close to the top of Google'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.<br /><br />The key is getting my personal blog to the top of the search results page as well...<br /><br />One example is <a href="http://www.google.com/search?hl=en&q=leominster+commercial+real+estate+agents">Leominster commercial real estate agents</a><br /><br />I'm also 2nd for <a href="http://www.google.com/search?hl=en&q=leominster+commercial+real+estate&btnG=Search">Leominster commercial real estate</a><br /><br />My goal is to make it up to the top for <a href="http://www.google.com/search?sourceid=navclient&ie=UTF-8&rlz=1T4GGIH_enUS221US222&q=massachusetts+commercial+real+estate">Massachusetts commercial real estate </a>but this is a pretty broad and popular keyword that's crowded with national real estate listing services, and regional/national brokerage companies.<br /><br />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:<br /><br /><ol><br /><li>Continue to post every day and if you can't post every day post as often as you can on a regular basis.</li><br /><li>Stay away from posts that involve the hottest news or the latest trends unless they are specific to your geographic area. There are too many successful blogs out there writing about the big national news headlines so the likelihood of your blog getting noticed diminishes when you try and follow in the big guys footsteps.</li><br /><li>Make sure you know a lot about what you are writing about...you can't fake it. The more you come across as an expert, the more people are going to read your blog and start linking to you and you'll build up some clout with Google.</li></ol><br /><p>If only I could master rules 1, 2, and 3 I'd be a successful blogger. </p><br /><p></p><br /><p>Feel free to add to my short list of tips for new bloggers. I'm sure I can use the advice as well...</p><br /><p></p></div>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com2tag:blogger.com,1999:blog-7818684121332944391.post-7341606065808686912007-06-13T15:06:00.001-04:002010-12-20T22:52:47.410-05:00Office Available For Lease - 267 days and counting<div>Not all office space is created equally...</div><div></div><div><a href="http://2.bp.blogspot.com/_Az5lzztjbW4/RnBCKUAivXI/AAAAAAAAAAs/T_0qgjDXmCs/s1600-h/office+photo.jpg"></a></div><div></div><br />
<div>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. </div><a href="http://2.bp.blogspot.com/_Az5lzztjbW4/RnBGJUAivYI/AAAAAAAAAA0/GgIJ3EEdiZ0/s1600-h/office+photo.jpg"><img id="BLOGGER_PHOTO_ID_5075633905850301826" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://2.bp.blogspot.com/_Az5lzztjbW4/RnBGJUAivYI/AAAAAAAAAA0/GgIJ3EEdiZ0/s200/office+photo.jpg" border="0" /></a><br />
<div></div><br />
<div>For future reference...don't bother taking a photo at all if the office looks like this. This office needs a quick <span class="blsp-spelling-corrected" id="SPELLING_ERROR_0">face lift</span> with some paint and flooring and hopefully the old desk and debris will be gone before somebody even considers leasing the space. </div><br />
<div></div><br />
<div>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???</div><br />
<div></div><br />
<div>There are actually two problems with the photo...</div><br />
<div></div><br />
<ol><li>The listing agent actually took the photo, reviewed it, and added it to his listing thinking it would attract a business owner to the property.</li>
<li>The listing agent was either not upfront with the property owner about the need to clean up the office before listing it or despite the owner's unwillingness to do just that, the listing agent still took the listing and actually thinks he is going to attract a business owner to the property.</li>
</ol>Think about this the next time you go out on a listing appointment.<br />
<div></div><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com3tag:blogger.com,1999:blog-7818684121332944391.post-83107899880465850792007-06-13T10:34:00.001-04:002010-12-20T22:53:04.217-05:00Day Spas, Doctors, and a Disappearing CouncilorBefore the <span class="blsp-spelling-error" id="SPELLING_ERROR_0">Leominster</span> 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...<br />
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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 <span class="blsp-spelling-error" id="SPELLING_ERROR_1">Rowlands</span> expressed in his well-spoken comments. I don't usually agree with Mr. <span class="blsp-spelling-error" id="SPELLING_ERROR_2">Rowlands</span> views but in this case I think he hit the nail on the head. Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_3">Marchand</span> 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.<br />
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Another argument is that since there is a doctor on the street already and a <span class="blsp-spelling-corrected" id="SPELLING_ERROR_4">couple</span> 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 fit in nicely but what about some of the residential neighborhoods on the other side of town with no businesses at all? What happens when day spas start to pop up there? Then somebody else will come before the council to explain that because there is already a day spa in the neighborhood they want to open a tanning salon. The two businesses could work well together. Next <span class="blsp-spelling-corrected" id="SPELLING_ERROR_5">somebody</span> wants to open a hair salon, a nail salon, a Curves...you get the point. Where does it end???<br />
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Should the City Council set this type of precedent? Are they opening the door for many other types of businesses to come before them wanting to open up in a residential area? If one type of business is allowed and not another is that grounds for a lawsuit? It probably isn't but as the saying goes...anybody can be sued at anytime for an reason. <a href="http://2.bp.blogspot.com/_Az5lzztjbW4/RnANsUAivWI/AAAAAAAAAAk/DsRsYTj2J0w/s1600-h/ethics.jpg"><img id="BLOGGER_PHOTO_ID_5075571834982940002" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="http://2.bp.blogspot.com/_Az5lzztjbW4/RnANsUAivWI/AAAAAAAAAAk/DsRsYTj2J0w/s200/ethics.jpg" border="0" /></a><br />
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Beyond the merits of the petition and the somewhat intelligent debate, another issue came up during the meeting. The councilors, in front of a live audience and in front of a televised audience, started to count their votes and actually tried to manipulate the process when it was discovered that there may not be enough votes to swing the decision one way or another. Now I don't know about legality, but at a minimum you have to question the ethics and the integrity of the councilors involved...<br />
<br />
In short it went down like this...<br />
<br />
(FYI...I have read between the lines of what was actually said so you can see what they meant to say)<br />
<br />
Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_6">Rowlands</span> makes a motion to give leave to withdraw without prejudice. Motion is denied.<br />
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Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_7">Dombrowski</span> makes a motion to grant the petition...discussion follows<br />
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Councilor Rosa brings up the fact that Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_8">Lanciani</span> is not there so since we need a 2/3 vote of the council to pass the petition, we may need his vote (this is where I read between the lines)<br />
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Discussion....<br />
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Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_9">Dombrowski</span> decides to change his motion to further time<br />
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Councilor Freda thinks the whole process is flawed and treading on illegal and unethical. Thank you Claire for speaking out against what you saw happening...<br />
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Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_10">Tocci</span> opens her mouth for the first time since joining the council and publicly accuses Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_11">Dombrowski</span> of doing what everyone else there knew he was doing but were afraid to admit.<br />
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more discussion...the council argues, banters, looks like fools...Councilor President <span class="blsp-spelling-error" id="SPELLING_ERROR_12">Marchand</span> loses control of the council for a minute but quickly brings the group back under control.<br />
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more discussion...<br />
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The initial motion to pass is withdrawn and a motion is made to give further time<br />
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Motion passes...<br />
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For the first time in history, as far as Councilor Freda knows...the councilors successfully manipulated the outcome of the petition and now the deciding vote on whether or not this petition ultimately passes is in the hands of Councilor <span class="blsp-spelling-error" id="SPELLING_ERROR_13">Lanciani</span> who was not present at the meeting due to unknown circumstances.<br />
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Am I the only one who thinks this is funny? These are the people elected to represent us as citizens...<br />
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So for now the fate of the Day Spa is hanging in the balance. How many phone calls and emails are there going to pass between the councilors over the next two weeks about this petition creating a violation of the open meeting laws?<br />
<br />
For the record, I am against this petition passing because of the simple reason that it sets bad precedent. I don't care about a day spa opening up next door to my house but I do care about the next business that wants to open up on the other side of me since there is already a day spa on my street...<br />
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Does this type of thing happen anywhere else or just in <span class="blsp-spelling-error" id="SPELLING_ERROR_14">Leominster</span>?<br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-41399557031496471942007-06-04T20:35:00.001-04:002010-12-20T22:53:33.748-05:00Pink Flamingos...On the Verge of Extinction<a href="http://3.bp.blogspot.com/_Az5lzztjbW4/RmS2fkAivTI/AAAAAAAAAAM/yke_lgr8-dg/s1600-h/flamingos.jpg"><img id="BLOGGER_PHOTO_ID_5072379733684174130" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" height="152" alt="" src="http://3.bp.blogspot.com/_Az5lzztjbW4/RmS2fkAivTI/AAAAAAAAAAM/yke_lgr8-dg/s320/flamingos.jpg" width="180" border="0" /></a><br />
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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.<br />
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Did you know that as of November 1, 2006 the original manufacturer of the plastic pink flamingo has stopped manufacturing these iconic lawn ornaments?<br />
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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.<br />
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Don Featherstone, a young artist, was hired by Union Plastics in Leominster to redesign their two dimensional lawn ornaments into a three dimensional version. His first project was a plastic duck but his fame came when he redesigned the pink flamingo into a three dimensional masterpiece. Little did he know his simple design with the yellow beak and black tip would turn into such a symbol of suburbia and americana with movie features like 1972's <a href="http://www.imdb.com/title/tt0069089/">Pink Flamingos</a>, <a href="http://www.thepinkflamingo.com/">websites</a>, fan clubs (maybe not fan clubs but you get the point)...by the way you know it's an original Flamingo by the Don Featherstone signature under the tail. If you don't see that, just turn and run!!!<br />
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Back in the seventies cities and towns across America started banning the tacky treasures and as a result of these bans, <a href="http://www.unionproducts.com">Union Plastics </a>(later became Union Products) started manufacturing a blue version of the flamingo. Cities and towns caught on and actually expanded their ban to include flamingos of all colors...to think about the amount of time and taxpayer dollars that were actually spent back then on this legislatioin is amazing!!!<br />
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What does this have to do with real estate you ask???<br />
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And what does this have to do with commercial real estate???<br />
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Well it just so happens that the plant where these plastic pieces of American history will be sold at <a href="http://www.sentinelandenterprise.com/local/ci_6037789">public auction </a>on June 22nd. The former Union Products facility at 511 Lancaster St, Leominster MA sits on over 8 acres of prime commercial land. Sure the price tag will be close to $2M but the development possibilities for this site are endless.<br />
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Unfortunately, the molds were sold to a company from New York that intends to resume manufacturing so if your thoughts were to bring this flourescent phenomenon back you're outof luck. I do have to say it just won't be the same when these blow mold beauties start coming off of a different assembly line than that of their original place of origin.<br />
<p></p><p>Fear not...you can still find these legends of lawn decoration on Ebay and several other online shopping sites but remember to always ask if the flamingo you are purchasing features the Don Featherstone signature under the tail.</p><p></p><br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-89466058247122544172007-05-25T11:36:00.001-04:002010-12-20T22:53:56.985-05:00"Mill" you please buy me?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.<br />
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If you act now, you also get to pick up the tab on a complete restoration that could top $5M or more!!!<br />
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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)?<br />
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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.<br />
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A couple of perfect examples of ongoing mill renovations in the local area are Bob Ansin’s project on Oak Hill Road, The Massachusetts Innovation Center <a href="http://www.massinnovation.com/fitchburg.shtml">Mass Innovation Center</a> and Steve Boucher’s project on Lancaster St; The Gateway Business Center. These two developers went to bed one night never having thought about renovating a mill before but woke up the next morning and unknowingly began a journey that would take them to the forefront of a growing trend in real estate development in Massachusetts. They’re spending hundreds of thousands and even millions of dollars to turn these properties around.<br />
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Leominster’s Mayor Dean Mazzarella and Fitchburg’s Mayor Dan Mylott would surely like to see these buildings renovated and occupied by start-up businesses, law firms, technology companies, and a host of other professional businesses. The recently formed Economic Development Council recognizes the potential for these properties and wants to help developers get funding to subsidize the cost to redevelop the buildings.<br />
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Ultimately it’s going to benefit the local economy with the increased tax revenue; it’s going to benefit the small business owner because renovated mill space has historically seen lower lease rates than a standard high rise office building like the Longview Corporate Center on Erdman Way or 14 Manning Ave, downtown Leominster; and it’s going to further benefit the local community and the economy by creating jobs and putting the guys to work that will be in there completing the renovations.<br />
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Where is the support of the Legislature???<br />
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How about a grant program geared towards the redevelopment and reuse of existing buildings for alternative uses?<br />
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How about some financial support for the Steve Bouchers and the Bob Ansins???<br />
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They made a commitment to the local economy the morning they woke up and decided to renovate a mill building. They decided to do something about an eye sore in their community. If the Legislature doesn’t get involved, there aren’t going to be any more Steve Bouchers or Bob Ansins and the 87 year old mill will sit vacant for another 87 years...<br />
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</script>Rob Belandhttp://www.blogger.com/profile/14605956090309371479noreply@blogger.com0tag:blogger.com,1999:blog-7818684121332944391.post-56051120611029407792007-05-23T11:30:00.001-04:002010-12-20T22:54:11.913-05:00What is so gross about my lease?What is a "Gross Lease"?<br />
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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.<br />
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It doesn't meant that your lease smells funny, has stuff oozing out of it, or anything like that...<br />
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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.<br />
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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.<br />
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The "opposite" (for lack of a better word) of a gross lease is a triple net lease. What is that all about? Three nets???<br />
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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 taxes, maintenance, and insurance expenses based on the tenant's use of the property.<br />
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In this example, a tenant would have a fixed rent and on top of that he would pay a share of all expenses of the property (the nets). If the taxes go up, the tenant kicks in a little more, if the taxes go down, the tenants obligation to pay goes down. The amount of the expenses a tenant must pay is based on the amount of space they occupy in a building. If a tenant occupies 1,000 SF of a 5,000 SF building, he would be responsible for 20% of all of the taxes, insurance, and maintenance costs such as snow removal and landscaping.<br />
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This type of lease is commonly seen in retail properties and industrial properties or in properties where there is only one company occupying the entire property. It is also becoming more and more popular and is commonly seen in newer buildings.<br />
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Is one better than the other??? There are arguments on both sides I guess.<br />
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If you have a gross lease, you don't have to worry about drastic increases in property taxes or insurance because your rent is fixed and the landlord pays the taxes and insurance. With a gross lease there is usually some sort of pre-determined annual increase built into the lease to cover possible expense increases but because that is all negotiated up front, you can budget for the annual increases. Now if the taxes go down (yeah right!) then the landlord benefits because he is still collecting the same amount of money and his expenses just went down.<br />
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With a triple net lease, the expenses are usually reviewed every 6 months and if there has been an increase in taxes or insurance, that increase is passed along to the tenant and they may not have even known that taxes were going to go up. With a triple net lease, if any expenses go down, the amount the tenant pays goes down accordingly so the tenant is able to take advantage of the decrease.<br />
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There are several variations of both types of lease including modified gross leases, double net leases, graduated leases, single net leases...the list goes on but the "Gross Lease" and the "Triple Net Lease" are the two you are most likely to come across.<br />
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Just remember that with any commercial real estate lease or any lease for that matter, you should consult a real estate professional and also an attorney. These people are experts at what they do.<br />
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So the next time you hear somebody talking about how gross their lease is, you won't be caught with your jaw down wondering what they are talking about...<br />
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