Blog – Page 3

August 26, 2020 by nvh2

Why Now is the Time to Make a Move on Commercial Real Estate

Commercial Real Estate in Richmond Virginia

Photo by Derrick Brooks on Unsplash

With the coronavirus pandemic sweeping the world, many businesses have shut down, leaving many vacancies in commercial real estate. Now is the perfect time to make a move in commercial real estate because prices are down, interest rates are lower and there is an excess supply of buildings. If you play your cards right, you could be successful in the commercial real estate industry after the pandemic crisis has abated.

Lower Interest Rates

Because of the pandemic and the current recession, commercial real estate properties have a lower interest rate than normal. The interest rate has reached incredibly low proportions, meaning that you don’t have to worry about paying a lot of money in interest overtime for your properties. You can buy many properties, most likely more than you otherwise would have, though you should still be wise with your purchasing power. While you will still need to keep an eye on making the numbers work during the pandemic, the lower interest rate could prove to be incredibly beneficial to buying commercial real estate.

More Supply

With many businesses permanently closing, commercial real estate there are deals to be had. These closures have left a supply in commercial real estate. With reopening delays and shifting customer demand, many businesses will not be able to last if they don’t make the right moves — resulting in vacancies and those properties becoming available for purchase. A high number of businesses are likely to close their doors forever because of the pandemic, meaning that there is a surplus of commercial real estate buildings. You can purchase these buildings now to make a profit later when more people are looking to buy commercial properties again.

Affordable

Because of the low interest rates and the increased supply of commercial real estate properties, these properties have become more affordable than they have in a long time. Because of their affordability, now is the perfect time to invest in commercial real estate. If you have the means to do so, you can buy up properties for cheaper prices than they would have been pre-COVID-19. Buying now could be incredibly beneficial in your future if the demand for business properties once again increases.

While you may not think now is the best time to look into commercial real estate properties due to the pandemic, it is actually a great time to look into commercial real estate properties because of their affordability, the increased supply, and the low interest rates.

Ready to make a move on commercial real estate? Find your next property investment in our listings!

August 17, 2020 by nvh2

How to Protect Your Commercial Property During a Harsh Winter

Photo by Ramiz Dedaković on Unsplash

Snowflakes dance and twitter as they fall from the sky, but when they pile up on a roof, they can cause

long-lasting damage. Snow is heavy, and with the dancing snowflakes comes the bitter cold that seeps into the bones, and the interior workings of buildings and concrete. Cold and snow can be damaging to property, which is why you should know how to protect your commercial property to survive a harsh winter.

Winterize Your Roof

Your roof is an important factor to keeping your building safe and secure. If there are leaks, the winter storms can cause heavy damage to your roof come spring. It’s important to make sure that there are no places where the roof can leak, which requires an inspection. Most roof inspections are done in the fall, to assess how the winter will affect the roof and prevent damage, and in the spring to assess what to do to repair the winter damage. Winterizing your roof requires hiring a professional to look at and gauge what should be done to your roof to protect it for the long winter.

Keep Concrete and Asphalt Maintained

Another thing you can do is maintain the concrete and asphalt of your property. Cracked concrete can break apart further during the winter when water melts from the snow, seeps into the cracks, and then freezes, expanding the cracks. Ice can cause potholes to start to appear in your asphalt and concrete. Sealcoating your asphalt prevents the cold from expanding the surface and doing further damage. Maintaining your concrete and asphalt not only prevents damage, but it keeps your property looking professional throughout the winter.

Prepare the Grounds

Another way to prepare for a harsh winter is to prepare the grounds. If you have a lawn with trees and shrubbery, it’s important to give them the care they need so they can slumber the winter away. Trees should be pruned back, and the grounds should be fertilized and mulched to protect the plants during the long winter. If you have potted plants by the doors of your commercial property, take them inside for the winter so that they can have a warmer climate.

Your commercial property can survive the winter if you take the proper care of it. By winterizing your roof, maintaining concrete and asphalt and by preparing the grounds, you ensure your building will be ready for spring.

Do you want to buy a commercial property? We can help you find one! Contact us to get started.

August 10, 2020 by Nathan Hughes

A Home for DIY Heaven

If you happen to be a DIY enthusiast, buckle up, this one’s for you! AR Workshop is a privately held franchise with 175 locations in 34 states and is entirely women owned. They produce custom home décor out of raw material and also provide the instructions on how to assemble. Their inventory kits span from cornhole boards to lazy Susans, wood signs, bed frames, photo frames, chunky knit blankets and so on. It’s DIY heaven.

After visiting one herself, Catt Pulli was all in.

“I decided to just go for it and purchase a franchise!”

Catt has a background in photography and was an art major in college so becoming a home décor/DIY business owner was something that she organically gravitated towards. While it was a very spur of the moment decision, it fit nicely with her lifestyle.
Catt’s spontaneous choice was made in the summer of 2019 and had six months to find a location. While she was undertaking the brunt of the work herself, she figured it wouldn’t hurt to reach out to Nathan from Sperity, an acquaintance that was made from shooting restaurant real estate photos. He was her first point of contact.

“His advice was to find someone professional and that is how I got connected with Veronica.”

Veronica Wiles became Catt’s go-to person at Sperity. She had a lot of insider knowledge and was a welcome protection from landlords who might have taken advantage of Catt’s unfamiliarity with the ins and outs of real estate purchasing. Catt and Veronica were able to develop a great working relationship. When asked to describe the relationship she built with Veronica, this is what Catt had to say:
“She focused on everything I wanted, didn’t show me anything to waste my time and would meet me at a moment’s notice. Once we found our space, which only took a month, she helped us nail down the details of it. We moved on to working with a lawyer which she graciously recommended.”

The specifications of Catt’s desired space were 1500 – 2500 square feet to meet the needs of a craft studio. Veronica presented 10 options to choose from, and Catt had her eye on one.

“I wanted to be central to Mechanicsville and found a spot which we initially didn’t get. It was over our price point, but Veronica was able to work a deal out and we eventually got the space!”

Veronica’s help was invaluable during and after the process. She had recommendations for even contractors. Nathan was a welcoming presence as well in the background, ensuring everything was moving smoothly.

Starting a new business has its challenges under normal circumstances and the current pandemic meant Catt had to adjust to the situation. After opening up in her new business in February 2020, she immediately had to turn around and close her business before they could really get going. Faced with the task of providing her services in a safe and convenient manner, Catt pivoted to preparing DIY kits to-go. Her resilience is a testament to the dedication she has to her patrons.

The space, at 7362 Bell Creek Road, worked out perfectly because it is in a well-known area and customers are aware of their presence. She was able to make the best out of a novel situation.

Catt’s journey to the perfect location was achieved because of the devotion and guidance of Sperity Real Estate Ventures.
“Nathan was the first person that I thought of. I know a lot of real estate agents, but he was my first thought. I knew he would answer my questions and I trust him. When Veronica and I were looking at places, she knew everybody. She was warm and friendly. It feels like we are good friends now.”

July 27, 2020 by Nathan Hughes

Ipanema Cafe

Ipanema Cafe. It’s an iconic Richmond restaurant at 917 W. Grace Street, nestled in a basement with a small patio, among Virginia Commonwealth University buildings and frequented by students. It boasts an entirely vegetarian and vegan menu, and has from the beginning — way before the trend picked up in recent years — and is often the go-to spot for students and locals living in The Fan.

Recently out of college, Kendra Feather found herself with the opportunity to take over the lease from her then-boss at The Bidder’s Suite restaurant where she waited tables. So she took a risk and seized the moment and Ipanema Cafe was born.

“I was pescatarian,” Kendra shared, “but I just felt like [vegan and vegetarian] was something that wasn’t available in the market at the time. It forced me to learn about other ingredients.”

21 years and several businesses later, Kendra had become one of Richmond region’s leading restaurateurs. But she was beginning to feel like she was no longer the right person for the job at Ipanema.

“I don’t really relate to the 20 somethings that are frequenting Ipanema and I didn’t feel like I was doing a great job anymore.”

Of the restaurants she had, she decided this one made the most sense to sell.

Kendra knew all too well the difficulties that go into opening a restaurant and she wanted to make sure that whoever she sold Ipanema to was going to be the right fit. She talked with a couple of people before deciding on working with Nathan Hughes and the Sperity team. Her and Nathan would often chat at Garnett’s, another Richmond restaurant staple located less than a mile away on Park Avenue, also owned by Kendra.

“I’ve known him forever…Nathan has always been a source of information and help whenever I needed it.”

Kendra had a few requirements for new ownership, and she wasn’t looking to sell to the highest bidder. She was looking for the right person and the right situation. She was willing to take her time for that to happen. She also wanted to ensure that whoever took over would keep the current staff.

That’s when she met Seth Campbell. A recent University of Virginia grad, Kendra felt Seth was the perfect candidate. He was interested, he appreciated the financial support, and Kendra felt he was an all-around sweetheart who she felt good about leaving her staff with. She was sold, that is, Ipanema was. In early 2020 the deal became official.

Under Seth, Ipanema has remained a vegan and vegetarian restaurant. While he hopes to bring more events like trivia and live music to the space when it’s safe to do so, he wants to make sure that the restaurant remains an iconic Richmond staple.

July 15, 2020 by Nathan Hughes

Instrumental Growth for Spacebomb

When Spacebomb, a Richmond based record label and recording studio, began to outgrow their Shockoe Bottom studio, they knew it would be a challenge to find a space that fit their needs and would allow them to grow in the direction they needed. Through a mutual friend, they had met and gotten to know Nathan over the years and knew if anyone would be up for the challenge, it was the Sperity team. Nathan and Veronica worked together to ensure the Spacebomb team wouldn’t miss a beat.

Spacebomb started looking for a new space in 2017. As a record label and recording studio, they had unique needs that they knew would take time to find. They were looking for a space that would have room to house both the creative team and the folks running the label and production company all under the same roof. Keeping these two teams together allows for communication in an efficient and fast paced way. “It’s a necessity in our industry,” says Jesse Medaries. “The ability to make decisions on the fly is super useful.” This space would need to have both an office area, and a full recording studio.

What does a recording studio require? A simplified breakdown includes the “live room” and the “control room.” The live room houses microphones where instrumentalists and vocalists perform and the control room houses equipment where the engineers and producers record the “tracks.” These are very specific needs, and not every space is able to be accommodating.

Nathan and Veronica didn’t waste Spacebomb’s time by showing them just anything that was available. They knew what their needs were, and showed spaces that they believed would truly work for them. Jesse remembered, “We looked at a few spaces that could have worked but didn’t quite meet what we needed. Eventually she showed us the space that we’re currently in.” Plans changed and a few months went by before the team decided to go back and look at the 106 S Robinson Street space.

The new space has been instrumental in their growth. “We’ve had a ton of really positive feedback on the space alone,” chimed Jesse. A lot of time, thought, and energy went into creating Spacebomb’s new headquarters. Not just the recording studio, designed by partner Trey Pollard in consultation with Adrian Olsen (of Montrose Recording), but the overall vibe and aesthetic — two things important in the music and art industries.

On top of finding a new space, Nathan and Veronica were tasked with finding a sublet for their Shockoe Bottom location. Handling both parts allowed for Spacebomb to focus on what really mattered: taking care of the artists they managed, and producing music.