198 Mass Ave in North Andover, MA

North Andover Massachusetts Ave

Situation

Four doctors own this commercial property, built in the mid-1980s, on Mass Ave. in North Andover, MA. The building is largely owner occupied with commercial tenants on the second floor. The doctors initially leveraged a personal connection at a firm whose focus was on residential properties, to provide property management services for the building. Over time, the firm recommended that the owners work with a commercial firm for property management services and introduced the owners to Fred Faust and Gary Sidell from Bell Tower CRE Group.

Services Provided by Bell Tower CRE Group

Since October 2020, Bell Tower CRE Group has been providing property management services at 198 Mass Ave. Services include day to day property management, administration and tenant billing, bank reconciliations and working with the accountants during tax season. Lease negotiations on behalf of the owners are an integral part of the services provided as well. For example, they successfully negotiated with a national brokerage house to secure a five-year lease extension with its largest tenant.

Maintaining and improving the property is an essential and ongoing commitment of Bell Tower CRE Group in order to protect and drive property value for the owners. With the pandemic in the rear-view mirror, Gary Sidell recommended it was time to develop a phased plan to update the building, starting with its exterior. With the approval from the owners, Gary started to formulate ideas to phase improvements in order to increase the appeal for patients, staff and clients of the other tenants.

The owners embraced the phased plan to enhance the building and appreciated the logical and thoughtful approach to make property improvements over time. The vision and recommendations were fully supported and with that, Bell Tower’s services expanded from property management services to project management services to begin implementing phase one.

Phase 1: Signage and Landscaping

With decades of experience in project management and a vast local network, Gary Sidell led the project management services including the installation of new building signage from a reputable local company and work with a local landscape architect to transform the exterior landscape to include a curved stone wall feature and seating areas for staff and patients.

The importance of coordination: Bell Tower coordinated all the moving parts to secure a police detail for tree removal on busy Mass Ave., working with National Grid for the impact to exterior wires to the property and sequencing the many details that also included planting of flowers and shrubs, uplighting and installing a sprinkler system to protect the investment in the newly planted landscape.

Phase 2 Overview – HVAC and Exterior Façade

Bell Tower also arranged for the replacement of all older HVAC units over a two-year period to improve energy efficiency and cost savings for the owner and their tenants. Lastly, Bell Tower expects that the building and the exterior façade will be updated in the Spring of 2024 to continue the transformation of 198 Mass Ave.

Value Delivered

The property is fully occupied, and the doctors and property owners are experiencing the pride of owning a building that has gone from tired to attractive and vibrant. They have a proven, local, commercial real estate firm for property management services and for project management services so there is both vision and hands-on coordination of all the elements that will drive property value.

The spring will reveal the benefits of last year’s investments in landscaping and the property improvement plan will continue to be phased over time, benefitting the owners, patients, visitors and the local North Andover community with an attractive, professional, commercial property that is well taken care of.

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After many years of trying, we finally have a management company whom we can trust and one that has added so much to our property appearance and value. Bell Tower CRE Group has provided exceptional service from day one and we have never been in better shape thanks to their care, strategic thinking and follow through.

Dr. Prerak D. Shah, M.D., F.A.C.S.
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