News And Events

Let Us Be Your In-House R.E. Department

 We 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.    

Waiting for "distressed" properties?

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. 

Tricky Business?  

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 @ 203-755-4455  

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.

Tom works in most of Connecticut.  He thought it was interesting that Mayor Michael Jarjura of Waterbury, has been successful in stabilizing taxes and obtaining praise from the major rating agencies: "Waterbury has a strong management team that has made prudent budget decisions, resulting in the maintenance of financial stability within the city".  Agencies applauded the cities strong tax collection rate, the large financial reserve and its diversified economic base, which is growing despite the recession.  Manufacturing is still driving the economy, but it has grown to include other niches including higher education, off-site medical services and big box stores, according to Fitch.  All Greater Waterbury suburban towns will benefit from these compliments as the city serves as the regional hub providing two major hospitals and the Palace Theater.        

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 Milford. 

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 Haydock.    

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 @ 203-206-8631. Thanks for visiting. 

See my new upcoming radio appearances @ http://www.tomhill.com/tom_hill_watr_radio_show.html

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.  

Tom's Latest Thoughts on Commercial Real Estate 

In 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.   

If you 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 brokerage specialists.

Pictured Above: Ian Grusd, CCIM/SIOR; Kevin Geenty, Regional VP, SIOR; Andrew Zezas, SIOR;
                              Tom Hill III, CCIM/SIOR; & Mitchell Katz.

Tom & Wayne on Commercial Real Estate Show 1st Edition March 2011: http://youtu.be/V0MYEdn3_ow

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 its membership.

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, NYC.

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.

Tom is a member of Savings Bank of Danbury's Waterbury Advisory Board

Tom helped 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 ~ 203-755-4455  

April 2009

March 2009

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 Restaurant.

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, CT.

Contact Jeff Ryer, CT CCIM Chapter President, for more information.
 

From Left to Right:  Nick Morizio, SIOR,  Frosty Smith, CCIM/SIOR,
Tom Hill, CCIM/SIOR, Richard Guralnick, CCIM/CRE and Alan Fisher, CCIM/SIOR 

  WATERBURY 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" position.     

Based on airings of the weekly "Tom Hill Show", here is an update on the retail market: 

 Recent 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 in Waterbury.        

•  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 $500's.    

 Hotels - 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: jim@waterburyregion.com .

Infrastructure - $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. 

Government – 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 November 2009.  

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 4thill3@optonline.net       

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 Connecticut.    

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.       

Thank you,

 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 television host. 

Naugatuck River Race, May 9, 2009

The second annual Canoe and Kayak Race was held on May 9^th, 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 & Chester Cornacchia.  

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 visiting www.ccimct.com.  Tom is a board member and chairman of the social committee.
 

          CT. CCIM CHAPTER PHOTOS 

REPRINTED FROM THE NEREJ Friday, Ober 24, 2008 NEW ENGLAND

Some Advice Based on Years of Experience in Real Estate 

By:  John G. F. Ruggieri

 Given 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

levels. Check 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.

 Every owner 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 ownership market. 

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. 

Although 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. 

Of course, 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.

 He can be contacted at (617)951-2800 / jruggieri@lgllp.com

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Submitted To:      Real Estate Consultant Column
                            New England Real Estate Journal

Date:                    September 19, 2008  

Submitted By:      Jonathan H. Avery, MAI, CRE        Phone: 978-263-5002

 RISK – DID THEY FORGET? 

            Recent 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 few years.

             Risk, n.  the probability that foreseen events will not occur.

             Did 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 analyzing risk. 

• A borrower making $30,000 will make the payments for 30 years on a $300,000 loan
• Credit swaps would really kick in
• Lehman Brothers would file for bankruptcy based on a vault full of “bad paper”
• 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.

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