Neuger Communications Group announced today that it has signed a letter of intent with First National Bank of Northfield to acquire the buildings at 25 and 19 Bridge Square. The agreement calls for a five-year lease-to-own arrangement with significant leasehold improvements provided by Neuger Communications Group. The properties, which had been foreclosed by First National Bank of Northfield from previous owner Mendota Homes, are the former site of Community Resource Bank.
First National Bank of Northfield Chief Executive Officer Dave Shumway said, “We are delighted to be working with Neuger Communications Group on this agreement. They have been good corporate citizens for this community for nearly a decade and we are enthused about helping to retain them in the core of downtown Northfield.”
The building will undergo a minimum of $350,000 in improvements over the next several months and the site is expected to be occupied by September 2011, according to David Neuger, president and CEO of Neuger Communications Group, a 12-person marketing and communications consulting firm based in Northfield. “We are hoping to double our size in the next two to three years,” said Neuger. “This location provides us with an ideal facility in which to grow and thrive.”
Situated on one of the premier intersections in Northfield, the Bridge Square site has been empty since July 2010. Shumway said, “We see this agreement as a win for all involved. The bank takes a non-earning asset and turns it into an earning asset. Neuger Communications Group is lined up to acquire one of the most desirable sites in Northfield. And the Northfield community wins by retaining a thriving business – positioned for growth – that will remain active and a leader in the Northfield business community.”
Neuger said, “Northfield is a fantastic community and we have demonstrated a keen ability to attract high-caliber talent here. We have called Northfield home since our inception and this move will give us the facilities to continue serving our clients throughout the country with exceptional service from this terrific community.”
The letter of intent calls for the deal to be closed by March 1, 2011. “First National Bank of Northfield has been wonderful to work with,” Neuger commented. “They took the time to understand our needs and business circumstances and then worked with us to develop a solution that created a winning scenario for us, with an eye toward what would be good for the downtown community.”
Neuger Communications Group is a full-service, strategic communications firm, specializing in marketing and public relations. It serves clients in a wide array of industries, providing strategic communications solutions tailored to each client’s unique needs. Employing a complete range of tools and techniques, Neuger Communications Group is focused on integrating communications for all aspects of a client’s business. The company delivers extraordinary value to its clients through high-quality, results-oriented solutions that blend main street values with innovative and traditional methods to generate results for its clients – from brochures to websites and traditional media relations to social media.