Mergers & Acquisitions

2013

May

Norwich University is undergoing several major construction projects totaling approximately $41 million. A new biomass plant, scheduled to be online by November, will save the university approximately $1 million a year in heating costs. The new dormitory, estimated at $25 million, will open in August 2014. The majority of contractors are Vermont firms.

Champlain College has begun construction on two new residence halls at Champlain College that will house 180 students. The “Res Tri Project” consists of three residence halls, green space, landscaping, and a promenade in the area bounded by Main , South Willard, and Maple streets and Edmunds School on a 4.66-acre site. Phase I, Juniper Hall, was completed by PC Construction in July 2012. The primary architect on the project is a Boston design firm. Like Juniper Hall, the two new ones (Butler and Valcour) will have views of Lake Champlain and the three islands after which they are named.

The owners of Mad Taco and Three Penny Taproom bought the restaurant leasehold improvements, assets, and good will of Pho Pasteur and commercial lease for the space at 38 Main St. in Winooski. They plan to open the Mule Bar. Peter Yee of Yellow Sign Commercial represented the sellers and landlord. Present were Yee; sellers Hong Quan and Men Vu; Joey Nagy, Mad Taco; and Scott Kerner, Three Penny Taproom.

Broker Esther Lotz announced that Salon One Curl Clinic LLC purchased a salon business asset package and lease at 122 Zephyr Road in Williston from Gentlemen’s Top Option Inc. The landlord is Village Associates LLC. Present were Lotz; Lori Sandshaw, Salon One; Penny Jones, Gentlemen’s Top Option; David Greenberg, attorney; and Steve Donahue, Donahue & Associates.

Salon One Curl Clinic LLC purchased a salon business asset package and lease at 122 Zephyr Road in Williston from Gentlemen’s Top Option Inc. The landlord is Village Associates LLC. Esther Lotz was the listing broker, and Steve Donahue of Donahue & Associates was the buyer broker. Present were Lotz; Lori Sandshaw, Salon One; Penny Jones, Gentlemen’s Top Option; David Greenberg, attorney; and Donahue.

Broker Esther Lotz announced that di Stefano Landscaping Inc. leased a location at 34 Park St., Essex Junction, from McEwing Properties LLC. Present were Kristofer McEwing and Alex McEwing, McEwing Properties; Chris di Stefano, di Stefano Landscaping; and Lotz. •

April

Independent Tax Services Inc. leased a 1,500-square-foot office suite at the Chace Mill, Suite 271, 1 Mill St., Burlington, from Catamount Holding Co. Linda I. Letourneau of Redstone was the listing and leasing broker.

CapSite leased 4,678 square feet at 128 Lakeside Ave., The Innovation Center of Vermont, Burlington. Yves Bradley of Pomerleau Real Estate was the listing agent, and Averill Cook and Tony Blake of V/T Commercial were the leasing agents. Mark Naud, attorney at law, leased 272 square feet. Bradley was the listing and leasing agent.

Tootsies Mini Spa, owned by Beth Estey, leased 1,600 square feet at the historic Pomeroy House, 166 Battery St., Burlington, from Pomeroy Associates LLC. Linda I. Letourneau of Redstone was the listing and leasing broker. Present were Estey and Letourneau.

Windows and Doors by Brownell Inc. leased 14,210 square feet of warehouse/flex space at 1193 South Brownell Road, Williston, from Larry Williams Sr. and the Berta Williams Trust. Linda I. Letourneau was the listing and leasing broker.

Ricky Klein leased 3,000 square feet of warehouse space in Colchester for a meadery from Catamount East Development. Duncan Harris of Redstone represented Klein.

Consumer Health Coalition of Vermont leased a second-floor, 7,742-square-foot, Class A office suite at 120 Kimball Ave., South Burlington, from 120 Kimball Corp. Linda I. Letourneau of Redstone was the listing broker.

Peak Construction Management leased 2,000 square feet at 450 Weaver St., Winooski. Matt Tedder of Pomerleau Real Estate was the leasing agent, and Cedric Demeritt of Catamount East was the listing agent.

Areotek leased 878 square feet at 20 Kimball Ave., South Burlington. Matt Tedder of Pomerleau Real Estate was the leasing agent, and Dave Kelly of High Point Realty was the listing agent.

Next Level Studio leased 2,449 square feet at 8 Dorset St., South Burlington from the Greer Family LLC. Tony Blake of V/T Commercial and Yves Bradley of Pomerleau Real Estate represented the landlord, and Benjamin Avery of KW Commercial represented the tenant.

SD Associates bought an office building in Windsor known as The Firehouse. The 19,000-square-foot property will be partially occupied by the buyer with the balance leased to other tenants. Duncan Harris of Redstone represented the buyer.

NB Advantage bought a 6.3-acre lot in the Catamount Industrial Park in Milton from Greater Burlington Industrial Corp. for the delivery of compressed natural gas for customers not on the pipeline. Yves Bradley of Pomerleau Real Estate was the selling agent.

The award-winning Moose Meadow Lodge bed and breakfast in Duxbury has added a luxury tree house to its property. The 450-square-foot, two-story tree house is supported by two mature pine trees and overlooks the pond at Moose Meadow. It comes equipped with an electric fireplace and high-speed Wi-Fi Internet and features a wrap-around deck, a living room, second-story bedroom with balcony, 24 windows, custom-made antler light fixtures (handcrafted by Ken Kenia of Mad River Antlers in Warren), trees and branches from the property, and other locally sourced materials. It was designed by the owners of Moose Meadow Lodge, Greg Trulson and Willie Docto, with Eyrich Stauffer of Stauffer Woodworking in Montpelier.

Lyric Theater Company leased 6,310 square feet at 7 Green Tree Drive, South Burlington. Yves Bradley of Pomerleau Real Estate was the leasing agent, and Jeff Nick of J.L. Davis Realty was the listing agent.

Fleischer & Jacobs Partnership bought seven commercial condominiums, totaling more than 16,000 square feet, at 620 Hinesburg Road, South Burlington, from Vermont Radiologists LLP. Tony Blake and Averill Cook of V/3:29 PM Commercial announced the sale, and Doug Nedde of Nedde Real Estate represented the buyer.

Middlebury Interactive Languages leased 12,000 square feet of office space from Foster Real Estate Development. Duncan Harris of Redstone represented the landlord, and Ross Montgomery of Redstone procured the tenant.

Brownledge Foundation Inc. leased 1,028 square feet of office space at the Chace Mill, Suites 216/222, 1 Mill St., Burlington, from Catamount Holding Co. 863-TOGO Inc. leased a small office at Suite 175. Linda I. Letourneau of Redstone was the listing and leasing broker on both transactions.

Delta Dental Plan of Vermont Inc. leased an office at Clock Tower Square in Burlington from Diemer Properties LLC. Present were Jeffrey L. Landa, Northeast Delta Dental; Jill Diemer, Diemer Properties; Mike Diemer, Diemer Properties; and Esther Lotz, broker.

Nova Naturals leased 15,100 square feet of office and warehouse space at 6221 Shelburne Road at Shelburne Green. Sunward Systems leased 4,000 square feet at the same address. Yves Bradley of Pomerleau Real Estate was the listing and leasing agent for both transactions.

Feldman’s Bagels leased 5,100 square feet for wholesale and sales of bagels, baked goods, and sandwiches at 660 Pine St., Burlington. Yves Bradley of Pomerleau Real Estate was the listing and leasing agent.

Collin Frisbie, vice president of Sterling Construction, acquired a commercial office condominium at 1037 Hinesburg Road, South Burlington, from Mansfield View Properties LLC. He will relocate his offices there. Tony Blake of V/T Commercial acted as the buyer’s agent, and Dave Kelly of Highpoint Realty represented the seller.

Vermont Information Consortium LLC leased 2,432 square feet of office space at 147 State St., Montpelier, from Linden Street Property LLC. Linda I. Letourneau of Redstone was the listing and leasing broker.

Brap’s Magic leased 250 square feet at 11 Kilburn St., Burlington, in The Kilburn & Gates Building. Yves Bradley of Pomerleau Real Estate was the listing and leasing agent.

Manchester Specialty Programs leased 1,039 square feet of office space at The Innovation Center of Vermont in Burlington. Tony Blake of V/T Commercial represented the tenant, and Yves Bradley of Pomerleau Real Estate represented the landlord, Fortieth Burlington LLC.

Unisource Management Corp. leased 1,476 square feet at White Cap Industrial Park, 426 Industrial Ave., Williston. Yves Bradley of Pomerleau Real Estate was the listing agent, and Steve Donahue of Donahue & Associates assisted with the listing.

Broker Esther Lotz announced that Nick Caiano leased an office suite at Suite 120, 300 Cornerstone Drive, Williston, for professional guitar instruction. The landlord is Allen Brook Development. Nicole Senecal of Omega Real Estate Associates was the listing agent. Pictured, standing, from left: Senecal, Lotz, and Caiano; seated is student Paul Gamache.

Panera Bread leased a 3,800-square-foot stand-alone store at the Central Vermont Shopping Center in Berlin. Yves Bradley of Pomerleau Real Estate was the listing and leasing agent.

Erika and Marcus Hamblett, the owners of 1 Federal Restaurant, bought Athena’s Diner in St. Albans. Tony Blake of V/T Commercial assisted both parties.

Barber & Waxman leased 2,385 square feet at 31 Kilburn St., Burlington, in The Kilburn & Gates Building. Yves Bradley of Pomerleau Real Estate was the listing agent, and Linda I. Letourneau of Redstone was the leasing agent.

EIU Technical Services bought a 3,000-square-foot industrial condominium at 55 Leroy Road, Williston. Yves Bradley and Matt Tedder of Pomerleau Real Estate were the listing and selling agents.

Canadian Alliance LLC leased 739 square feet at 179 Bank St., Burlington, the former home of the Mad Hatter, for an expansion of Dobra Tea. Yves Bradley of Pomerleau Real Estate was the listing and leasing agent.

RoseWorks LLC leased 637 square feet at 308 Pine St., Burlington, in The Kilburn & Gates Building. Yves Bradley of Pomerleau Real Estate was the listing agent, and the leasing agent was Tony Blake of V/T Commercial.

Waite-Heindel Environmental Management leased 1,210 square feet at 7 Kilburn St., Burlington, in The Kilburn & Gates Building. Dr. Joshua Green leased 728 square feet. Yves Bradley of Pomerleau Real Estate was the listing and leasing agent for both transactions.

Burlington Segways leased 3,000 square feet at 257 Pine St., Burlington. Yves Bradley of Pomerleau Real Estate was the listing and leasing agent.

Pharmalogic Holdings Association leased 2,500 square feet at 191 South Brownell Road, Williston. Yves Bradley of Pomerleau Real Estate was the leasing agent, and Nicole Senecal of Omega Real Estate Associates was the listing agent.

Vermont Captive Insurance leased 2,216 square feet in Waterfront Plaza at 180 Battery Street, Burlington. Yves Bradley of Pomerleau Real Estate was the leasing agent, and Barb Surprenant of ICV was the listing agent.

March

Koffee Kup Bakery Inc. of Burlington announced that it is acquiring, with the help of Vermont Economic Development Authority loan in the amount of $680,000, Vermont Bread Co. and its East Coast affiliate company from Charter Baking Co. of Boulder, Colo. The acquisition includes significant bakery facilities and equipment in Brattleboro and northeastern Connecticut and will help Koffee Kup to further expand operations and save jobs.

Polhemus announced a change in ownership. Skip Rodgers, the company president, became a co-owner effective Dec. 31. Rodgers purchased shares from former co-owner Ked Jedrzejewski, prompted by Jedrzejewski’s announcement to retire. Rodgers maintains his role as CEO.

Jon Cunningham, president of Minuteman Press of Vermont, announced the company’s acquisition of Fox Printing of Burlington and Buy-Monthly Publishing of Waterbury Center.

Rick and Sherry Limoge of Limoge & Sons Garage Doors Inc. bought the Home Builders and Remodelers Association of Vermont building at 136 James Brown Drive in Williston. Jed Dousevicz of V/T Commercial represented the Home Builders, and broker Esther Lotz secured and represented the buyers. Present were Josie Palmer Leavitt, Home Builders and Remodelers Association; Rick Limoge; and Lotz.

Tom Hergenrother Jr., the founder of Hergenrother Custom Development, and Adam Hergenrother, the founder of BlackRock Construction, announced the merger of their companies under the name BlackRock Construction. The company will focus on innovative design for residential homes and on larger commercial projects, focusing on health care, education, environmental, retail, and hospitality markets. Adam Hergenrother is the owner of the first Keller Williams Realty franchise in Vermont. Before founding Hergenrother Custom Development, Tom Hergenrother worked in finance and real estate.

Frank Landry, M.D., bought a medical office condo at 43 Timber Lane in South Burlington from James Morgan, M.D. Linda I. Letourneau of Redstone was the listing and selling broker. Present were Landry, Morgan, and Letourneau.

Broker Esther Lotz announced that Preferred Properties leased a new office building at 2004 Williston Road in South Burlington from South Burlington Realty Co. LLC. Present were Lotz; Tim McKenzie, South Burlington Realty; Curtis Trousdale, Preferred Properties; and Barb Trousdale, Preferred Properties.

Creative Women leased an 856-square-foot office space at the Chace Mill, Suite 318/322, 1 Mill St., Burlington, from Catamount Holding Co. Linda I. Letourneau of Redstone was the listing and leasing broker.

Hayward Tyler Inc. leased 3,990 square feet of office space at 261 Mountain View Drive in Colchester from the Albany College of Pharmacy and Health Sciences. Tony Blake of V/T Commercial represented the college, and Tim Burke of White + Burke Real Estate Investment Advisors represented the tenant.

Aristelle LLC leased 1,500 square feet of retail space at 61 Church St., Burlington, from Dot Real Estate for a new women’s intimate apparel store. Tony Blake and Averill Cook of V/T Commercial assisted the tenant and the landlord.

Blodgett Ovens leased 11,500 square feet of warehouse space at 716 Pine St., Burlington, from James Edward Co. Linda I. Letourneau of Redstone was the listing and leasing broker. Present were Letourneau; Jim Lampman, the landlord; and Dan Colbeth of Blodgett Ovens.

Champlain Waldorf School Education Association bought a 14,494-square-foot office building on 3 acres of land at 122 Bostwick Road in Shelburne from the American Morgan Horse Institute Inc. Linda I. Letourneau of Redstone was the listing broker, and Bill Kiendl of V/T Commercial Real Estate represented the buyer. •

February

Sears, Roebuck and Co. leased a 6,000-square-foot warehouse and office space at 1364 Marshall Ave., Williston, from O’Brien Family LLC. Rick Harrison of J.L. Davis Realty represented Sears.

Radio Vermont bought WEXP-FM 101.5 in Rutland and is operating it as a lease agreement until the purchase is approved by the FCC. Ken Squier, president of Radio Vermont Group, which includes stations WDEV AM and FM, WCVT FM, and WLVB FM, said changes were being made in WEXP’s programming while continuing to use the format that has worked for the operation since its inception in 2000.

Sarah Coates Cowenhoven and Peter S. Cowenhoven, the owners of Marvelle Holdings LLC, completed the acquisition of Sam’s Unfinished Furniture in Burlington. The purchase included the business and retail real estate assets. Vermont Business Brokers represented the sellers.

Remora LLC bought a 17,000-square-foot office building at 23 Pond Lane in Middlebury from Foster Real Estate Development. Duncan S. Harris of Redstone represented the seller.

People’s United Bank leased a 42,702-square-foot office space from International Business Machines Corp. at the Champlain Valley Technology & Innovation Park in Williston. Rick Harrison of J.L. Davis Realty represented IBM, and Jeff Nick of J.L. Davis represented People’s United.

Argento Laraine Fine Jewelry leased a 3,000-square-foot commercial building at 135 Talcott Road, Williston, from M&E Boudah Enterprises LLC. Rick Harrison of J.L. Davis Realty was the listing and leasing broker.

The state of Vermont executed a long-term lease renewal for 48,200 square feet of office space at the Champlain Valley Technology and Innovation Park, 1000 River Road, Essex Junction, from International Business Machines Corp. Rick Harrison of J.L. Davis Realty represented the landlord.

Honest Yoga leased a 1,327-square-foot commercial space at Dorset Square Mall, 150 Dorset St., South Burlington, from Dorset Square Associates. Rick Harrison of J.L. Davis Realty was the listing and leasing broker.

Green Mountain Imports LLC leased a 5,000-square-foot industrial/showroom space at 740 Marshall Ave., Williston, from Catamount Holding Co. Doug Nedde of Redstone represented the landlord, Present were Pierre Heroux (left), Green Mountain Imports, and Nedde.

Champlain Valley Auto Group leased a new facility at 700 Airport Parkway, South Burlington, from the city of Burlington. Present were Mathew Burt, the owner of Champlain Valley Auto Group, and Esther Lotz, broker.

Mark Akey bought Monty’s Old Brick Tavern in Williston village from its founder, David Herskowitz. Peter Yee of Yellow Sign Commercial represented the seller. Present were Kate Kronk, seller’s attorney; Herskowitz; Akey; Ed Fitzpatrick, buyer’s attorney; and Yee.

DuBois & King consulting engineers leased 10,600 square feet of office space at 6 Green Tree Drive in South Burlington. Peter Yee of Yellow Sign Commercial represented the tenant. Present were Jeff Nick of J.L. Davis Realty, landlord; Jeff Tucker, DuBois & King; and Yee.

Benjamin Nostrand of Nostrand Financial Planning joined Ray Sokolowski of Sokolowski Investment Advisors, creating a combined firm called WestView Investment Advisors. The new firm has in excess of $90 million in assets under management. Sokolowski is chief executive officer, and Nostrand is chief investment officer.

National Gardening Association Inc. leased an office at 237 Commerce St., Williston, from Commerce Street Investments LLC. Present were Esther Lotz, broker; Anthony S. Vargo, National Gardening Association; Michael Metallo, National Gardening Association; and Don Weston, Commerce Street Investments.

January

Birth Journeys leased space from Main Street Landing Co. at Union Station, One Main St., Burlington. Tony Blake of V/T Commercial assisted both parties.

Broker Esther Lotz announced that Media Solutions International leased office space at 22 Essex Towne Marketplace, Essex, from DK Properties LLC. Present were Lotz; Ken Britting, DK Properties; Don Tougas, DK Properties; Jim Curry, Media Solutions International.

Arthur Anderson bought Bram Maintenance Management, a commercial property management company serving Vermont, New Hampshire, and Massachusetts, from Bruce and Pam Devlin. John Beal of Vermont Business Brokers was the listing broker, and Sharon Beal was the selling broker.

Illumination Devices leased a 4,425-square-foot office suite at 310 Hurricane Lane in Williston from Hillside Properties. The company researches, develops and manufactures LED lighting. Duncan Harris of Redstone represented the tenant. Present were Harris; Josh Niebling, Illumination Devices; and Bill Dunn, Hillside Properties.

Broker Esther Lotz announced that Lynn Wilkinson leased a building at 3097 Williston Road, South Burlington, from Hennigar Holdings LLC. She will open The Mane House & Boutique. Present were Wilkinson; Curt Hennigar of Hennigar Holdings; and Lotz.

Lake Champlain Waldorf School bought the former home of the American Morgan Horse Institute at 122 Bostwick Road in Shelburne. The school will relocate its high school from Ferry Road in Charlotte. Bill Kiendl of V/T Commercial represented and assisted Waldorf, and Linda I. Letourneau of Redstone represented the seller.

Scott Richardson, the owner of After Midnight Jewelers, a locally owned store in University Mall, announced the shop’s reopening after undergoing extensive renovations. The entire store was redone, and 25 feet of diamond showcase space was added, plus technological advances such as interactive ring displays. Hors d’oeuvres and drinks were served the evening of the grand reopening. Ten percent of reopening day sales went to the Make-A-Wish Foundation Vermont chapter.

Shalna Malley LLC leased 1,800 square feet of retail space at 1166 Williston Road, South Burlington, from Precourt Investment Co. LLC. Jed Dousevicz of V/T Commercial represented the tenant, which plans to open a bagel store.

Champlain Housing Trust has bought Burlington’s South Meadow Apartments from Coburn & Feeley for $19 million. Built 25 years ago, the development is home to 148 apartments including 40 affordable ones.

Vermont Kin as Parents leased office space at 33 Blair Park in Williston from Silverlake Wealth Management. Duncan Harris of Redstone represented the landlord and procured the tenant.

PedsOne, a medical software company, leased 4,200 square feet of office space at 46 Main St., Winooski, from Waterpower LLC. The company will relocate its headquarters from the Champlain Mill. Tony Blake and Jed Dousevicz of V/T Commercial assisted both parties.

Myson Inc. sublet 10,000 square feet at 45 Krupp Drive, Williston, from Bartlett Realty. Jed Dousevicz and Brad Worthen of V/T Commercial assisted all parties.

Bryan Phelps bought a commercial condominium at the Essex Towne Marketplace in Essex from Mark Foley. Phelps plans to open a food service establishment. Bill Kiendl of V/T Commercial represented the seller, and Ross Montgomery of Redstone represented the buyer.

Pella Windows leased 3,165 square feet at 340 Dorset St., South Burlington, from the Edgar Welch Trust. Rob LaClair and Bill Kiendl of V/T Commercial assisted both parties.

Wally Sabotka, the owner of Sam’s Steakhouse in Ludlow, announced the renovation of his Prime bar and lounge, designed by Malgosia Urbanoicz of Commercial Arts in Burlington. Dave Berry Woodworking of Ludlow was the contractor. The recent work completes the renovations needed after Tropical Storm Irene.

Glenn Heitsmith (pictured), co-owner of the Timber Inn in Ludlow, announced the complete renovation of five ground-floor guest rooms, required after the damage incurred from Tropical Storm Irene. Plymouth builder R.T. Weiss was the lead carpenter. Other contractors included Master Plumbing of Cuttingsville, Mike Copping Electric of Chester, Young’s Propane of Springfield, Skip Munro of Mount Holly (reconstruction and grounds work), and LaValley’s Building Supply of Ludlow. •