provide outsourced commercial real estate services such
as marketing, leasing, repositioning existing portfolios
and assistance with asset and property management. We
are finding in this economy there are many who own
multiple properties and now that the economy has become
increasingly difficult, they find themselves with
vacancies and no ready buyers. My CCIM skills and
network can help. In the past, I have acted as Interim
Economic Development Director for the City of
Torrington. I’d welcome calls and assignments, big or
small, from owners of properties, those looking to make
acquisitions and for those in small businesses who are
having challenges in their daily operations.
In the early 90's,
bank failures lead to a significant amount of "distressed"
properties offered to the general public at what was
perceived to be "distressed" pricing. The market is
the market. Whatever a buyer is willing to pay and a
seller willing to accept for a property is the market.
There are no "distressed" properties, only properties priced
for a difficult market. The FDIC has learned many
lessons from the early 90's. They are now willing to
allow banks to maintain loans on assets that have fallen
below the loan value of the asset providing the owners and
bad news for buyers waiting on the sidelines. The
experts disagree about the direction of the market, however,
one thing is certain: good real estate is good real
estate. Right now, prices are at their best levels
since 2003. The opportunity to acquire performing
assets, at deeply discounted pricing, already exists.
Do you need
to move or just out looking for a bargain? A recent Waterbury
Rep-Am news article reported about the difference in price and
value! Our expertise can help with your decision. In many cases,
there is still a divide between bid and ask. Also, there are bright
spots – City of Waterbury invests $60M in Industrial Commons,
Quinnipiac University purchases the Anthem Blue Cross campus for a
medical college, former Timex master leases 50,000 SF for more
upgraded medical on Waterbury’s west side, albeit Middlebury, and a
phone technology company I do business with in the area is very busy
again. To sum up, the commercial real estate market is full of
activity, and we’re looking forward to your call!
Be sure to
click on the WATR link for upcoming radio appearances.
Call Tom to share your requirement @
Why list your building or share
your requirement with us?
Our website gets
over 3,000 hits per month. You can benefit by having your
property listed with Tom Hill Realty & Investment, LLC. Tom is a premier networker and
travels to many marketing sessions around the state every
month looking for opportunities, buyers and tenants. He
cooperates with many professional groups including but
limited to the New Haven CID, CBA in Danbury, the Fairfield
County’s Brokers Network, CCIM, SIOR, and recently, Tom was
a co-anchor with the Greater Waterbury Chamber of Commerce
Business Expo with Larry Rifkin, host of “Talk of the Town”
on WATR 1320-AM. For more of Tom’s schedule, please click
on the Tom Hill Show ~ WATR, above. There is a renewed
feeling of optimism in the marketplace. Many of the banks
are inching back into the lending arena and looking for the
good buyers with a reasonable down payment and good credit.
There is SBA money available and Tom had a guest on WATR
recently, who had a “small business desk” providing loans of
$150,000.00 and less, on a 24 hour schedule. Interesting!
Tom would be happy
to hear from you for a no obligation chat @ 203-755-4455.
Economic Development Director, Ron
Pugliese, appeared again on
“Tom Hill’s Special Edition
Saturday”, a live talk show on WATR 1320-AM,
to talk about his economic development year end review
for 2012, and also to educate the public as to how they
can deal with him in bringing business to Waterbury.
Tom Hill III, CCIM/SIOR, moderated an
interactive panel discussion for the SIOR Technology Symposium held
at the Q Club in New Haven, on January 17, 2013.
The panel consisted of, Jerry Spignesi,
Cloud Computing; Colleen Sheridan, Database Management and
Carl Russell, Mobile Apps. The sponsors for the event were Diversified
Project Management and
Connecticut Community Investment Corp.
A cocktail reception followed.
always pleased to have Lt. J. Paul Vance, Department Spokesman /
Media Relations Commander at Connecticut State Police, right, who
recently appeared as a guest on WATR 1320-AM. One of the many topics
discussed was state traffic safety enforcement throughout
Tom appreciates Lt. Vance taking time from his very demanding
schedule to appear on WATR.
Tom recently attended Business by the Beach
in West Haven with the New Haven Commercial Investment Division.
Pictured with Tom is Steve Patten, CCIM, who is a specialist in
retail who Tom has done Subway transactions with. Also
pictured on the right is Sam Haydock, LEP from BL Companies in
Meriden. Tom has completed numerous complicated environmental
clean-up projects with Sam and he is always satisfied.
Continue to Close Transactions
Tom sold a 16,000 SF storage / warehouse for Robert Santamaria,
retired president of GarSan Corporation, to Donna Truncale, who will
operate the business and fill up the empty space. The photo
was taken in the law office of Edward Duffy, who is a very competent
real estate attorney. We invite you to call Tom and share your
requirement or if you are thinking of selling your commercial
property or land, he'd be happy to receive your call @ 203-206-8631.
Left: Robert Santamaria, Seller; Donna Truncale, Buyer; and Tom Hill III, CCIM/SIOR.
Tom attended NYSCAR (New York State
Commercial Association of Realtors) Commercial Real
Estate Convention last week, driving our National
President Elect, Wayne D’Amico, CCIM, to the convention,
which was held at Turning Stone Resort and Casino in
Tom benefited from all seminars including valuing
commercial real estate in today’s tricky economy, what
people are investing in and what type of returns can be
expected by today’s investors and end users who purchase
real estate for their business with the hopes of having
retirement income from that asset when the business is
sold or leased in the future. Tom invests a
substantial amount of time attending conferences, going
to seminars and continuing education, to better identify
opportunities and solve problems for his clients.
Pictured from Left: Tom Hill III,
CCIM/SIOR seated. Back row: Jason Kohl, CCIM and NYC
lender; Wayne D'Amico, CCIM National President Elect and
on National ReMax Commercial Committee; Herb Krumsick,
CCIM/SIOR, national real estate investor and speaker for
the evenings program; Paul Fetscher, CCIM/CLS,
restaurant specialist from NYC; and Joe Deegan, CCIM of
Deegan ~Sanglyn Commercial Real Estate,
Tom Hill III, Co-Announcer for the
11th Annual Pat Griskus Olympic Triathlon
On Saturday, June 16, 2012, Tom and Jim O’Rourke, Director, Greater
Waterbury YMCA, were co-announcers at
Quassy Amusement Park, Middlebury CT., for the 11th Annual Pat
Griskus Olympic Triathlon.
From Left: Jim
O’Rourke, Tom Hill III and Joe Palladino, Sports Columnist for Waterbury
III, CCIM/SIOR Master of Ceremonies for Tribury Chamber
Tom was honored to be
invited to act as Master of Ceremonies and program facilitator for the
Tribury Chamber of Commerce recently, held at the Crowne Plaza, Southbury. It was an interesting event as the four
towns border each other and relate directly to the Tribury Chamber. Many of
the questions were on economic development, infrastructure and road
work, which turned out to be a very lively, well attended affair.
These types of events keeps Tom connected with the
communities he covers as he is very active in the Tribury area.
Left: Ed Edelson, Democrat, New First Selectman in Southbury;
Attorney George Temple, Republican, First Term, First Selectman,
Oxford; Jerry Stomski, Second Term, First Selectman, Woodbury; and
Ed St. John, Republican, First Term and previously served 5 terms,
Middlebury. Interesting group of gentlemen who are all devoted to
their town and all have a different take on what drives their towns
CCIM Chapter Meeting held at the Main Street Grill in Watertown
by Tom Hill III, CCIM / SIOR
Stanley Gniazdowski, CCIM; Speakers Attorney Ed Hill, CRE / Robinson
& Cole and Sam Haydock, LEP/ BL Companies; Meeting host Tom Hill
III, CCIM/SIOR and John Bordeau,
Owner of Main
Street Grill, Watertown.
Hill III, CCIM/SIOR, hosted a CT.CCIM
Chapter event at the Main Street Grill, a new, trendy eclectic
restaurant in downtown Watertown. Owner, John
Bordeau, spoke on the challenges of locating, permitting and
building out a new restaurant.
During his welcome speech to our CCIM group, he related that a lot
of people told him NOT to do it (i.e.: open a new eatery!),
and he is glad he spent the year getting it built and open. New
restaurants are always a draw.
Sam Haydock, LEP of BL Companies, spoke on New Development Acts,
the CT. Transfer Act,
the new DEEP, etc., and navigating environmental situations in all
property categories. Past President Jack Lynch, CCIM, commented
that Sam's presentations are "always updated and very informative."
Please call him for your environmental situations as he is our
longtime sponsor from the
Attorney Ed Hill, CRE of Robinson & Cole
www.rc.com, one of our sponsors, presented a very thorough long
list of due diligence items that his client's look for today.
Especially interesting were the politics of commercial condo
associations. He also gave an overview of the CREdesignations, of which our own Stan Gniazdowski, CCIM, also
holds Counselor of Real Estate (CRE).
Our cocktail social after the "brain fest" featured Ralph Richard,
senior lender at Savings Bank of Danbury who have made a big push
from their home base in Danbury west to Waterbury and recently
filled in between with another new branch in Southbury. Ralph
discussed a few multi-million dollar financing transactions that are
under construction inthis
marketplace. It was told to me today that a few CCIM's in the room
inquired about Ralph considering loaning on deals they were
A couple of final thoughts and recommendations to Chapter
members…please ask your business friends to join our chapter.
Recommend young agents and brokers to become candidates. How about
your favorite vendor's become sponsors for access to the "CCIM" best
in class cadre! For those CCIM's out there who did not attend this
timely affair, WHY NOT? Perhaps you would like to get involved and
host the chapter in your market?
Look for and register for our upcoming events and please plan to
join us in October in Las Vegas where our own past President of CT.
CCIM Chapter Wayne D'Amico, will be inducted as CCIM's next National
President! Wow, what an accomplishment for our CT. Chapter. For
more info on this and other important news contact our President
Steve Patten, CCIM, at 203-234-6371.
Tom meets many real estate
investors who are professional racers who invest in real estate.
State Police Lt. J. Paul Vance was the key note speaker for the
event. Lt. Vance appears on Tom’s WATR 1320-AM radio show
regularly. Tom attended the fundraiser in support of this fine
organization and their executive director Bob Green also
participates in his radio show as well to spread the word.
Pictured from left:
Tom Hill III, Paul and Meg Vance
Photo Credit: Nancy
DePecol, NW Connecticut Chamber of Commerce
Marconi, Connecticut Association of Realtors Legal Counsel was
the morning speaker on Ethics, which were requirements for SIOR and
applicable to CCIM's. The Chapters really appreciated Gene as the
speaker. The audience was full of top producers in the
industry. Class was worth attending to enhance relationships.
Dan Eshbaugh, Mercantile Capital
Corporation, Sales Trainer and Business Development for Real Estate
professionals and expert in SBA financing, spoke at the afternoon
session on sales training.
Pictured above from left to right:
Carolyn Welch, CTCIC, 2012 CCIM CT
Chapter President Steve Patten, Speaker Connecticut Association of
REALTORS® Legal Counsel Gene Marconi, Mark Duclos, SIOR, GaryToole,
CTCIC and Joel Witkiewicz, CCIM.
Aaron Smiles, Director of Operations and Development
of Matrix Realty Group, and Mark Melchione, CFO,
also from Matrix, recently appeared with Tom on "Talk of the Town" on
WATR 1320 AM. Tom was guest host for Larry Rifkin.
also recently hosted a bi-monthly CCIM meeting at the
Matrix Corporate Center in Danbury, with a tour of the
property. The Matrix building was acquired for $74M a
number of years ago, with a $1M non-refundable deposit
down after their principal walked through the building
for only a few hours. Aaron also talked about the
leasing strategies and how the building is attracting
tenants from the tri-state area. http://www.matrixcorpcenter.com/
Issues and Impacts - New England Commercial Real
moderator for PWC “Professional Women In Construction” Connecticut
in Rocky Hill on February 7th.
Tom facilitated a
panel where the construction pipeline will be over the next two
years and what types of projects may be built as well as what
obstacles to watch out for.
"Last night was a huge
success. Not only was there a great turnout, but the panel
was very dynamic. Several people commented to me afterwards
what a great event it was and that the speakers were
outstanding – particularly the moderator. We definitely
have to get him to speak again."
Wendy Kennedy Venoit / McElroy, Deutsch, Mulvaney
& Carpenter/PH, LLP.
Steven J. Chrusciel, Street Works; Anthony Giorgio, Ph.D., The
Michael Algiere, Cannon Design, NYC; Colleen E. Sheridan, OR&L;
Attorney David R. Glissman, Hartford real estate attorney; Joel
Griecco, Cushman and Wakefield; and Tom Hill III, CCIM/SIOR,
Tom is available
for these types of functions as he has diverse experience from the
CCIM and SIOR designations.
Tom recently closed on Bob’s Dodge in Naugatuck and leased Courtney
Dodge on Straits Turnpike in Watertown. Tom has a lot of experience
dealing with vacated automotive dealerships and the automotive
industry. While some auto dealers are moving in to these
spaces, he also sees alternate uses for the buildings. If you have
a dealership you’d like to lease or looking to buy one, Tom would
recommend you appoint him.
Family Ford Lincoln has moved to
724 Straits Turnpike, Watertown, to get ready for
their upcoming expansion.....
Tom Sells Bob's Dodge, Naugatuck, CT.
Tom recently closed the
former Bob’s Dodge on Rt. 63 in Naugatuck. J & M Automotive will be
expanding from just down the street with their vast used car
inventory and great reputation. J & M Automotive intends to add a
huge service department and administrative offices. Tom was really
pleased to deal with all involved including Bob's Buick GMC of
Left: Tom Hill III, CCIM/SIOR, Broker; Kevin King, Lender
Naugatuck Savings Bank; James McCowan, Buyer from J & M
Automotive, Naugatuck; Attorney Hilly Einbinder, Milford;
Attorney Anthony DeChello, New Haven; and
Attorney Andy Lubin, New Haven.
Brain Burke of Universal
Copy and Tom Hill III, attended the ICSC show (International Council of Shopping Centers)
in New York City last week. ICSC is a trade
organization for the international shopping center industry.
Tom Hill III, CCIM, is out building relationships with
the CCIM chapter sponsors, Sam Haydock, LEP and Geoff
Fitzgerald, PE of the BL Companies, where they hosted
Don Klepper-Smith, Chief Economist & Director of
Research from DataCore Partners LLC, to talk to various
customers about the economy. Don appears regularly on
WTNH TV, to advise the public of economic issues.
The Economic Summit was held at BL Companies in Meriden,
CT., on Thursday, October 6th.
Photo from left: Don
Klepper-Smith, Chief Economist & Director of Research
from DataCore Partners LLC,
Geoff Fitzgerald, Tom Hill III, CCIM/SIOR and Sam
Through my SIOR activities, I enjoy strong relationships with some
of the best brokers in Connecticut, in the country and around the
world. Whether it is in or out of state, I can help you with the
right decision identifying opportunities, where to borrow money and
what tenants are moving, to make your next transaction seamless.
Please call me if you have questions or
would like a showing @
Realtors from across Connecticut
attended a commercial broker’s open house recently at
Country Loft Antiques, Woodbury, Ct., which is being
marked by Tom Hill III, CCIM/SIOR of Tom Hill Realty &
Investment, LLC. Brokers were given a guided tour
of the exquisite 19-acre property and its buildings,
currently owned by Carole Winer-Sorensen.
From Left: Tom & Sandi Hill;
Carole Winer-Sorensen and Kevin Bennett.
Latest Thoughts on Commercial Real Estate
Tom's travels, he has discussions with his many prospects he
meets with every week. Frequently asked questions
are... Is money available? How much of a down payment is
required? When will unemployment become less of a problem?
How will healthcare reform impact the economy? It's a
confusing time. With that said, I am discussing
restaurant opportunities with buyers, analyzing new listings
for industrial condos, and showing “approved” multi family
parcels for development. Our phone is ringing and we are
closing sales and leases – albeit more time consuming and
problem solving to get to the finish line.
need professional representation or counseling, please call
Tom @ 203-755-4455.
Tom has international relationships through SIOR. He and regional
Vice President, Kevin Geenty, were honored guests and presenters at
the New Jersey SIOR meeting at the Kona Grill, in
Iselin, NJ. The
Society of Industrial
and Office REALTORS® is the leading professional
commercial and industrial real estate association. With 1,800
members in 350 cities worldwide, the Society represents today's most
knowledgeable, experienced, and successful commercial real estate
Ian Grusd, CCIM/SIOR; Kevin Geenty, Regional VP, SIOR; Andrew Zezas,
Tom Hill III, CCIM/SIOR; & Mitchell Katz.
The New York Metro
CCIM Chapter met at Bowlmor Lanes in Times Square for a Chapter
luncheon and a networking session recently. 3 featured speakers
gave presentations on technology
& social media.
Front Row: Tom Hill III,
CCIM,SIOR and Linda Cinelli, CCIM. Back Row: Wayne D’Amico, CCIM,
Robert Kafarski, President, CCIM NY, Syed Quadri, CCIM, Henry Kirk,
Secretary and Alfonso Holloman, CCIM. Absent from photo: Sarah E.
Needleman, writer for the Wall Street Journal.
Tap into Tom's
professional network and region wide relationships.
On January 31,
2011, IOREBA (The Industrial and Office Real Estate
Brokers Association) met at the New York Athletic Club
in a meeting co-sponsored by the New York City Chapter
of CCIM (Certified Commercial Investment Members) and by
The Downstate New York and New Jersey Chapters of SIOR
(The Society of Industrial and Office Realtors). There
were approximately 80 IOREBA members in attendance to
hear Tom Hill III, CCIM, SIOR representing and speaking
on behalf of the New York City CCIM Chapter. Tom Hill is
one of only 500 real estate professionals worldwide who
holds both CCIM and SIOR designations. Mr. Hill
expounded upon the virtues of the CCIM educational
courses and the networking opportunities available to
Left to Right:
Kevin C. Geenty, North East Regional Director of SIOR,
CT Chapter, Howard Greenberg, SIOR Designee, NJ Chapter
David J, Zimmer, International President of SIOR, FRICS,
Kansas City, MO, Tom Hill III, CCIM, SIOR, CT Chapter,
Waterbury, CT, Sean Brady, 2011 President of IOREBA,
From Left:Joel Witkiewicz,
CCIM, Bristol, CT; Steve Patten, CCIM, North Haven, CT;
Tom Hill III, CCIM/SIOR, Waterbury, CT; and Jay Amoruso,
CCIM, Newington, CT.
International Council of Shopping
Centers (ICSC) held a tenant expansion program and
networking on November 9th at Aqua Turf
in Southington, CT. Steve Patten, CCIM, was on the
fall luncheon program planning committee as a new
CCIM. Steve was awarded his pin in Orlando
recently. Also in the photo is another new CCIM who
was pinned in New Orleans this year, Jay Amoruso,
CCIM. Also pictured are two long-time CCIM’s, Joel
Witkiewicz and Tom Hill III, CCIM/SIOR. They
attended the meeting to meet retailers, hear the
latest trends on new tenants who are opening stores,
such as Sonic Restaurants, Personal Training
Institute and Aldi Supermarkets. The keynote
speaker was Gary H. Richard, of the PC Richard
Electronics Company which recently opened seven
stores in Connecticut. Many CCIM’s
participate actively in the ICSC world as
it encompasses all facets of investment real estate
and leasing which works profitably when
combined with CCIM skills. www.ccim.com
Tom is a member
of Savings Bank of Danbury's Waterbury Advisory Board
SBD close on two bank branch locations in
Waterbury. SBD is available for residential and
commercial mortgages and is a full service community
bank with 12 locations in Connecticut. Call Tom for
more information on how SBD can assist you. www.sbdanbury.com
CALL: Tom Hill III ~
PHOTO:From left: Tom Hill III, (placed 2nd in last
years race) Vin Siefert, Dave Wilson, Chester
Cornaccia (winner of last years race) & Kevin
Tom Hill III and the crew had a practice run
down the Naugatuck River for the upcoming
Naugatuck River Race / Festival / 5K on May
Institute Of Real Estate
Management: 2009 Commercial Real Estate
Update. Moderator: Tom Hill
Tom Hill testified in front
of the City of Waterbury Board of Alderman.
Waterbury needs an Economic Development
"Superstar Broker Panel"
Moderated by Tom Hill
Bryan Atherton, CCIM
The Superstar Broker Panel presented by the CT Chapter
of CCIM certainly wowed the crowd. The event, held at
the Water Club in New Haven, was attended by almost 40
CCIM Chapter members including more than 8 past
Presidents demonstrating the strength and value of the
organization. The panel discussion was moderated by Tom
Hill, III and featured top producers, Nick Morizio, SIOR/CRE;
Frosty Smith, CCIM/SIOR; Alan Fisher, CCIM/SIOR and
Richard Guralnick, CCIM and past CoreNet President
sharing their timely and pertinent market data and skill
sets. Attendees also toured the dramatic office space
offered by event sponsor, Fusco Corporation and marketed
by H. Pierce Commercial Real Estate. The event was
capped off with a networking session at Leon's
The CT CCIM Chapter's upcoming events include the third
part in a Webinar Series - "Distressed Note & Asset
Dispositions - Legal Implications & More" held at the
Offices of Robinson & Cole in Stamford, CT., and Hartford,
Contact Jeff Ryer, CT CCIM Chapter President, for more
From Left to Right:
Nick Morizio, SIOR, Frosty Smith, CCIM/SIOR, Tom Hill, CCIM/SIOR,
Richard Guralnick, CCIM/CRE and Alan Fisher, CCIM/SIOR
REGION MARKET UPDATE
By: Tom Hill III, CCIM/SIOR
Commercial / Retail – The market has been very active in the retail sector, with a new
Kohl’s which opened in November '08. Lowe’s Home Improvement obtained final approvals
for a highway site which they have been pursuing for 3 years, only to put the
project on hold. There is also a
Lowe’s Home Improvement Center under construction in the retail area of Derby.
Ocean State Job Lot (OSJL) bought an old commercial building and are converting
to their newest store on Lakewood Road, which has opened. Their
existing store is going to be downsized on Chase Avenue as OSJL didn’t want to
lose existing customers. Aldi discount grocery store has opened on Reidville Drive. They have 400
+/- stores in the US and over seas. Believe it or
not, Greater Waterbury is still considered to be “under stored”! However,
most retailers are in "hold" mode, unless they can get a bargain in an "A"
Based on airings of the weekly "Tom Hill Show", here is
an update on the retail market:
transactions in the region:
Big Lots moving into
the former Shop Rite on Wolcott Street, Waterbury.
Amalfi Restaurant opened a
second restaurant on Wolcott Street, Waterbury.
Taco Bell replacing TGI
Friday's in the new Shop Rite plaza on Wolcott Street.
70,000 SF indoor water
resort CoCo Key, is open at the Holiday Inn, Waterbury, and just celebrated
their first year anniversary.
A new Walgreen’s Pharmacy
has opened in Downtown Waterbury at Exchange Place i.e.: Main and Main.
Kohl’s Department Store
Former LesCare Kitchens manufacturing plant, almost
full as huge mixed-use multi-tenant flex park.
Both Lombard Plaza strips sell for about $12M and add
new tenants including Aldi Grocery Store.
Lowe’s Home Improvement still seeking final permits on
I-84 in Waterbury, but now on hold.
25 acre high rock mountain next to Costco sells to a
known regional rock crusher, who has plans for another “big box”.
Across the street, Holiday Enterprises continues to
chop the mountain for a mixed-use retail plaza, which already has a
financial tenant and some other regional retailers ready to go.
The Cambridge House Brew Pub is open at the Warner
Theater in Torrington.
BizJournal.com does a survey and finds Torrington one
of the nicest cities in America to live in.
Oxford Airport expanding with more huge hanger space
and also announces 9 or 10 more industrial type flex transactions. Also
more retail on Main Street.
There’s a burst of activity in Middlebury in all
property categories on Rt. 188 along I-84.
East End luxury apartments sell for $10.8M.
For more information call Tom Hill III @ 755-HILL.
Residential - Toll Brothers is very active
in home sales with a luxurious active adult community
called Regency at Prospect in Prospect, Connecticut. The
Village at Oxford Greens by Del Webb, in Oxford
Connecticut, another active adult community, is situated
on a spectacular 18-hole public golf course. Homes
are still selling fast from the high $300's to the low
The Connecticut Grand Hotel was sold to a mid-west hotel group who have added a 70,000 SF indoor water park called CoCo Key Water Resort.
The Waterbury region has 1,500 hotel rooms and hosts many visitors.
A new conference center “Howland
Hughes Center” (yes, former department store) has opened in Downtown Waterbury
and is operated by WRCVB. To book, contact Jim Whitney at:
$8M improvement of Chase Avenue finally may happen, in order to enhance the
retail, anchored by a new Target store on Chase Avenue, and all of the activity
leading to that and on to Lakewood Road and Wolcott Street retail hubs. The
City recognizes the traffic needs to flow to these tax paying businesses.
Representative Selim Noujaim reports that the reconstruction of I-84 from
Southington to the East end of Waterbury will be finished by November, adding 3
lanes plus breakdown lanes. The next phase of I-84 from the East end to
Downtown Waterbury is going to start in about one year, connecting the new
section from Austin Road to the mix master. There has also been talk about a
re-build of the mix master at Rt. 8 and 84. That project is probably 10 years
out, but the planning is starting now, and is controversial as to the routes
that it will take, including whether Rt. 8 stays where it is or if it will be
repositioned. We also understand, from I-84 to Danbury, the highway is going to
be widened to 3 lanes. That project is about 7 to 10 years out. These projects
were supposed to be done sooner, but with the budget challenges the State is
facing, most of these major projects are being postponed and pushed out further
into the future.
Quality of Life
- Palace Theater / Seven Angels Theater
Waterbury has received a $4M
grant to work on the greenways along the Naugatuck River.
For those of you who don’t know, the Naugatuck River is now clean. There was a
major kayak race held there recently with 300 participants. There are plans for
the greenway to eventually go from the Massachusetts border all the way to the
Long Island Sound. There are 3 miles finished presently in Derby.
Waterbury’s mill rate was reduced from 55 mills to 40 +/- mills. Waterbury is
applying to expand the Enterprise Zone for the entire City. More coming on the
next market report. Waterbury City Hall is undergoing a $39M renovation.
Waterbury had another surplus of $35M over the last 8 years since Mayor Michael
Jarjura took office. He is in a primary - a 3 way race, and the election is in
The City of Waterbury was not
able to complete their proposed rock harvesting and real estate development deal
at the South End Industrial Park with Cornerstone Properties and O&G Industries,
which shows the difficulty of structuring and completing these large
land/development type transactions. There was no broker involved and I wonder
if that’s the reason it never got to the end. Proficient brokers such as CCIM’s
and SIOR’s, do 90% of the big deals, and because many of the brokers are
strictly commission based, they work really hard in order to get these
transactions through the various hoops it takes to get them to the end.
Former Governor John Rowland
continues to market Waterbury with the publication, “Road Map Waterbury”. If you’d like a copy, please
contact me @ 203-755-4455 or
Stamford’s Mayor Dan Malloy was
on the ”Tom Hill Show” recently and it looks as though he is going to run for
Governor again. I think it would be very good to have someone who knows how to
run one of the most successful urban cites in America, as the Governor of
Renaissance Place in Naugatuck,
a major mixed-use development in a pretty town, is still proceeding and Mayor
Bronko has announced that due to State of Ct. Brownfield grants, the
construction may break ground in Spring of 2010.
Crime Stats –
Waterbury was noted as having the lowest crime rate of any major city in
Connecticut. Congratulations the Waterbury Police Department and their new
Police Activity League success.
Tom Hill III, CCIM/SIOR
Tom Hill Realty & Investment, LLC
Commercial Real Estate Services / Advisory / Consulting
Tom is available for speaking
engagements on all forms of commercial real estate and the economy, group
training/education, Master of Ceremonies, motivational speaking, and radio or
River Race, May 9, 2009
The second annual Canoe and Kayak Race
was held on May 9th, down the
Naugatuck River. The race is a fundraiser
for the Naugatuck River Revival Group.
Chester Cornacchia, Naugatuck’s Economic
Development Commission Chair, finished the
race in first place, Tom Hill III, broker
for the Naugatuck Industrial Park, which has
an Enterprise Corridor, finished second.
The committee is trying to bring notoriety
to the clean Naugatuck River. A fitness
trail will be connected all the way
from Derby to Torrington. Waterbury
received a $4M grant to work on their 7 mile
section. Some sections, including Derby,
have already built their fitness trail. It
is an economic development tool with a
quality of life issue.
From Left: Bill Mis;
Michael Krenesky, Selectman-Town of Beacon
Falls; Kevin Zak, NRRG; Tom Hill III &
The CCIM Chapter Annual Dinner was held on October 22, 2008 at
Signatures Restaurant in Waterbury, Connecticut. The annual
dinner featured installation of officers which will be lead by
the new President, Jeff Ryer, CCIM/SIOR, of Ryer Associates
Commercial Real Estate, Inc. Please join us in 2009 by
Tom is a board member and chairman of the social committee.
CT. CCIM CHAPTER PHOTOS
REPRINTED FROM THE NEREJ Friday, Ober
Some Advice Based on Years of Experience
in Real Estate
By: John G. F. Ruggieri
the current economic climate and likelihood of a
tumultuous fourth quarter of 2008, here's some timely
advice based on a number of years of experience in real
estate. During these extraordinary times, owners and
potential buyers need to stay focused, and be proactive
in obtaining and achieving their long-term objectives.
Although daily we are informed by the media and economic
gurus of ups and downs in interest rates and various
economic indicators, the fact remains that interest
rates are at historically low
with your commercial banking representative, as if your
interest rate is higher than those presently available,
now is the time to seek to seek a modification or
outright refinance your business loans.
who maintains ownership of commercial properties (no
matter what the form of ownership is: personal, through
an LLC interest, Corporate interest, Partnership
interest, or otherwise), one should check the terms of
their note, repayment options, current interest rate,
and refinance capabilities. If you are intent upon
retaining ownership for the long term, ensure that: (1)
You have the best possible rate, and are not currently
paying essentially a premium above the interest rate you
could possibly secure today; and (2) That your rate is
"fixed" and not subject to significant incremental
increases if rates begin to creep upward. In this
volatile economy, even Libor and other calculated
"stable" rates may experience unforeseen and greater
increases over time. Depending upon your existing
pre-payment terms, any closing costs associated with a
refinance or loan modification may be more than offset
by bottom-line savings to your investment portfolio.
If you are a
small business operator or proprietorship, you are
paying, essentially, someone else's commercial mortgage.
Now is the time to consider any options available to
enter the commercial ownership market. Landlords are
always looking towards increasing rental rates, and
further take advantage of commercial tenants who have
little alternative to remaining in their location given
the costs and disruption of business relocation. The
Small Business Association, Cities, towns, and many
banking institutions offer many creative programs to
help qualified businesses and their principals get into
ownership status. With commercial rates still relatively
low, your business monthly payments often will be
similar to, or only slightly more than rental payments.
What's more, with available tax deductions, as an owner,
your business entity will often be ahead of the game
financially. In the current business climate, any
profitable business that is supporting itself and paying
monthly rental fees should consider seeking creative
lender programs and do whatever it takes to enter the
Have you been
considering selling off assets and holdings to graduate
to larger projects, newer buildings, or realize much
needed liquidity? You should consider not delaying
further, and get your properties on the market with a
qualified real estate agent's assistance.
waiting for the perfect market may be beneficial during
certain times, right now with qualified buyers eager for
deals, if you want to sell, don't wait. Waiting for the
perfect market is a luxury not all can afford. Rates are
now very favorable, allowing you to maximize your profit
potential. A qualified commercial real estate broker
will assist you in pricing your real estate portfolio
correctly in order to obtain the best return given all
current conditions and considerations.
with any real estate related transaction, in which
significant monies are negotiated with critical
contractual obligations, always seek the assistance and
guidance of an experienced and qualified real estate
attorney. A member of the Looney & Grossman LLP Business
Practice Group in Boston, John G. F. Ruggieri focuses
his practice on real estate development. He is admitted
to practice in the State and Federal courts in
Massachusetts and Rhode Island, and in the U.S. Claims
Court in Washington D.C. Mr. Ruggieri also serves on the
Board of Directors of East End House, a non-profit
community center in Cambridge, MA.
Submitted To: Real Estate
New England Real Estate Journal
Date: September 19, 2008
Jonathan H. Avery, MAI, CRE Phone: 978-263-5002
RISK – DID THEY FORGET?
events have placed incredible stress on our financial
system. Mid-September has seen changes on Wall Street
that have shaken the investment banking world to its
roots. These events have spread throughout the economy
and are clearly having an impact on Main Street. In the
midst of such events, it is often hard to clearly
identify the cause. Often this is left for much later
when we use time for perspective.
One thing is clear, however risk, as expressed in the
financial markets, was given a back seat over the last
the probability that foreseen events will not occur.
investment bankers and investment advisors put this
definition on the back shelf? One has to wonder if any
of the following were considered in the process of
A borrower making
$30,000 will make the payments for 30 years on a
Credit swaps would
really kick in
Lehman Brothers would
file for bankruptcy based on a vault full of “bad
World insurance giant,
AIG, would need a federal bailout in part due to
their insuring mortgage pools
$200 Billion in conduit
loan financing (2007) would nearly disappear without
a clear replacement
The Korpacz Real Estate
Investor Survey (3Q 2008) would open with “In the
year since the onset of the national credit crunch,
the availability of debt for real estate investments
has practically vanished. Fundamentals have
weakened in all property sectors and the economy has
shown few signs of rebounding.”
In the high
flying times of the real estate bubble, risk did not
disappear - as would be indicated by the activities of
many investors. The current events are a harsh reminder
for all U.S. taxpayers of the concept (reality) of risk.