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December 1, 2020 by Nathan Hughes

Expanding Estate Sales with Myk-Beth’s

Michael Outen didn’t go from being a retired marine to estate sale extraordinaire overnight. However, a chance encounter while browsing a sale in his neighborhood changed that. The conversation turned into a job offer, and, as Michael puts it, “that was essentially the beginning of Myk-Beth’s Estate Sales.”

Before starting his own company, Michael learned the ins and outs of the business and also realized what so many estate sale companies weren’t doing. “Myk-Beth’s is a full-service estate sale company that not only does the estate sale and liquidates,” he says. “I’ve taken it a step further and we also prepare houses for the market.” While most companies leave as soon as the sale is over, Myk-Beth’s unique service also handles all of the donations of remaining items, removes all trash, and does whatever necessary to prepare a house for market, like painting, cleaning, and staging.

Since 2015, Myk-Beth’s Estate Sales has gained a reputation throughout their service area of Maryland, Virginia, and North Carolina for their professionalism and treating their clients’ family treasures like their own. Eventually, as business grew, Michael realized the need for a warehouse space to use as storage and for hosting sales. It was time to move out of his personal garage and provide a bigger space for his growing company. 

Michael was introduced by a residential Realtor to Sperity, which was able to understand the estate sales business and Myk-Beth’s specific needs. “Before you can find a space for us,” Michael says, “you have to understand our business. Not every Realtor understood that, but I was happy that Sperity was able to.”

For the new space, Myk-Beth’s required close proximity to the highway, a clean storage space, and security for their vehicles and valuables. Sperity was able to find just that near Richmond International Airport, in the East End of Henrico County. Myk-Beth’s new home serves as not just vehicle parking and office space, but a location to conduct estate sales when needed as well as a place for employees to meet.

With business rapidly expanding from 30 estate sales per year to now about 100 sales per year, Myk-Beth’s will be looking to find an even bigger space soon. “I wouldn’t imagine or think of going to anyone else when I get ready for the next space,” Michael says. Working with Sperity, he says, was an outstanding experience.

Myk-Beth’s is located at 4204-C Eubank Road, Henrico, VA 23231. For more information visit www.mykbeths.com

Filed Under: Commercial Leasing, Henrico County Tagged With: business environment, business owners, commercial real estate, Local Businesses, Richmond, Virginia

December 1, 2020 by Nathan Hughes

Inside Out: How restaurants are restructuring their spaces during the pandemic.

Click to read the full article here.

Restaurateurs with big dreams and tight budgets have long lived by British real estate tycoon Harold Samuel’s adage: location, location, location. More often than not, much like the homes we invest in, the physical structure of an eatery and the address we plug into our phones are part and parcel with the identity of the restaurant itself.

“I have so many fond memories of ice cream as a child and nostalgia with my family – it was important to be somewhere with families and make connections and know all the neighbors and become the neighborhood scoop shop,” says Ruby Scoops owner Rabia Kamara. “I kept finding myself back in Brookland Park.”

Kamara and business partner Emmett Wright were hoping to open their first brick and mortar in the spring in a 2,400-square-foot blank slate, set conveniently on a corner and falling within their budget, ready to be built out to the owners’ liking. 

“This has been a big test and lesson in trust,” Kamara says. “I’ve helped open a lot of restaurants – I was not prepared for what opening my own situation would entail.” 

The pastry chef started Ruby Scoops in October 2014 as an online retailer, popping up at Washington area markets and festivals. In that time, she’s built a devout following of her small-batch ice cream and sorbet. “This is the longest time in five years I’ve not been selling ice cream to people,” Kamara says. 

The contract for Ruby Scoop’s 300 W. Brookland Park Blvd. location started to fall through this spring, and “broke down even further,” this summer, Kamara says. “It was very unclear about what the delivery date would be.” On July 27, Kamara posted photos to the Ruby Scoops’ Instagram page of a building very much in disarray, writing that it was no longer moving forward with 300 W. Brookland. 

With time and money already sunk in the original space, Kamara and Wright launched a Kickstarter to help them pursue the reality of a hard-earned storefront. More than 500 backers raised $32,191 for the team to invest in their new address, 120 W. Brookland Park, which is just 500 feet from the original and is set to open this winter. “Our Realtors knew we wanted to stay in the same area,” Kamara says. 

Nathan Hughes, principal broker at Sperity Real Estate Ventures, assisted Kamara and Wright in the search for their ideal scoop-shop location. Hughes has been a full-time business broker and commercial Realtor for 15 years, specializing in the inner workings of the Richmond restaurant market.

“It’s more art than science,” Hughes says of tracking down a coveted location. “Though there is a science to it for sure. What it really comes down to is your concept, what your offerings are and how it all fits into a neighborhood.”

There are still hot spots like the bustling, beer-centric Scott’s Addition district. Or the recreational and residential friendly Manchester, where Richmond’s first food hall, Hatch Local, is slated to open in the spring. 

But there is no new restaurant algorithm that will guarantee success in any neighborhood. No magic button that draws a constant stream of patrons. 

And even if you’re longing for a trendy locale, sometimes money won’t buy you what you love. For instance, Hughes says Scott’s Addition is difficult to get into, not because existing real estate prices are “insane,” but because there’s no “second- generation space,” and it’s very expensive to remodel.

In spite of the pandemic – and in the midst of more than two dozen area restaurants permanently closing since March – Hughes says he currently has about 15 to 20 businesses looking for storefronts. 

“For the most part they’re all looking for something smaller, around 1,000-2,000 square feet,” Hughes says. “A lot have a market component and most are focused more on takeout and outdoor space.”

 

Click to read the full article here.

Filed Under: City of Richmond, Commercial Leasing, Hanover County, Henrico County, Restaurants, Retail Tagged With: #covid19, business environment, business owners, City of Richmond, commercial real estate, Local Businesses, Restaurants, retail business, retail real estate

October 28, 2020 by nvh2

What Are the Benefits of Commercial Real Estate?

There are a lot of different options for people who want to get involved in real estate investing. Residential real estate is what commonly comes to mind, but that’s not all you can invest in. There are also opportunities in raw land, industrial real estate, and commercial real estate. While more difficult to break into than residential real estate, there are some benefits to getting into commercial real estate.

Greater Return

Commercial real estate has the potential to net its investors much greater returns than other types of real estate. Commercial properties are usually bigger than residential properties. Coupled with the tendency for commercial properties to be divided into different segments that can be rented to multiple entities, thus diversifying your risk, the amount of income generated is usually greater. What you can charge to rent your property will depend in part on the property value. This will have an impact on your rate of return, though there are other things you can do to boost your returns.

Additional Financing Options

One of the most common barriers to breaking into commercial real estate is how much more expensive the properties are to purchase. Fortunately for those getting into it, additional financing options are available that wouldn’t be options for residential investments. Commercial properties qualify for SBA loans, including 504 and 7a loans. In order for borrowers to qualify for SBA loans, they must meet requirements based on a few factors. These include the size of their business, the type of business, their credit background, and the business’s financial situation. Additionally, you’ll need to have some form of collateral, a 10% down payment, and a personal guarantee from anyone who owns at least 20% of the business.

Greater Income Stability

Income stability can be a major concern for real estate investors. After all, if you don’t have tenants paying rent, you still have to pay your mortgage and other expenses. Fortunately for commercial real estate investors, this type of real estate investing tends to offer greater income stability. More tenants in your property means that you are less impacted by losing one. Make sure you do your part to find the right tenants for your property to further increase your income stability.

Commercial real estate offers multiple benefits to investors. It offers the potential for greater returns, additional financing options, and greater income stability. If you have the resources and capital to get started in this type of real estate investing, it’s definitely worth your consideration.

Photo by Scott Graham on Unsplash

Ready to break into commercial real estate investing? Give us a call at 804-464-3898 and take a look at the properties we have for sale!

Filed Under: Commercial Leasing, Investing, Office Buildings, Redevelopment, Restaurants, Retail, Shopping Centers Tagged With: business environment, commercial real estate, office buildings, retail real estate

October 22, 2020 by Nathan Hughes

A Location Fit For a Gym

Matt Bahen

Matt Bahen, S3E Performance Fitness founder, was no stranger to the workings of the fitness world prior to starting his business. While in the Navy Reserves, he enjoyed assisting gym enthusiasts in his free time. Although he never envisioned himself being a full-time CrossFit coach, his son’s birth in 2014 changed all of that and he found himself craving the flexibility of running his own business.

Leaving behind the gym he co-owned, Matt started a new adventure. “I left where I was and started S3E Performance Fitness in my garage for about 18 months.”

He steadily built his membership and quickly realized that he would need a bigger space, more than what his garage could offer. However, he knew it would be a challenge to find the perfect space. A CrossFit gym has certain requirements that most retail space could not offer. Matt’s prior experience brought different concerns to the table, most notably the possibility of noise complaints — dropping heavy weights on the ground is different than your average loud music.

When Matt was ready to start looking for commercial space, he knew exactly who to reach out to. He and Veronica had gotten to know each other through networking events, and he was confident that the Sperity team would be able to help him find the perfect location.

After looking at a few spaces, the location that they decided on met the needs Matt was searching for. From sound reverberations due to slamming barbells, to having more space to spread out his equipment, the Staples Mill locations allowed him exactly what he needed to keep his business booming. His old garage could only house 4 clients at a time, but the new location holds double that amount.

S3E Performance now has high ceilings and better lighting, as well as bathrooms that aren’t in his own home. More perks included an actual office space and conference room, where on occasion he hosts networking events.

The pandemic brought on new challenges for Matt, but he was able to pivot his business model to ensure the safety of his employees and clients.

“Our members were able to safely borrow our equipment. When we were able to open back up, we had enough space for people to drop the equipment off and clean it all.”

“Our members were able to safely borrow our equipment. When we were able to open back up, we had enough space for people to drop the equipment off and clean it all.”

All the machines can be spread out which helped the gym and its members adapt to COVID guidelines. Having supportive neighbors also meant that outdoor classes in the parking lot could be hosted.

Matt Bahen

Matt Bahen has learned so much from his time running S3E Fitness at his current location. When the time for expansion comes after the end of his lease, he plans on using the services of Sperity once again to get a larger space.

“I would recommend Sperity to anyone.”

S3E Performance Fitness is located on 8002 Staples Mill Rd, Richmond, VA 23228. For more information visit https://s3e-performance-fitness.com/

 

 

Filed Under: Commercial Leasing, Uncategorized

August 28, 2020 by Nathan Hughes

The Scoop on Ruby Scoops

The fond memories Rabia Kamara held on to from her childhood have a common, sugary theme: ice cream. Now, she wants a space for others to create memories.

After applying to law school upon graduating from Virginia Commonwealth University, she realized this was not her path to happiness. Instead, she attended L’Académie de Cuisine in Maryland and garnered eight years of restaurant experience.

With the intention of opening her own shop one day, Rabia began exploring her dream while living in DC, making desserts for various restaurants.

With a competitive real estate market in DC, she decided to look at Richmond where she held fond memories of college. A friend connected her to Sperity Real Estate Ventures.

Originally, she wanted to be closer to the VCU campus but it didn’t feel quite right. The joint efforts of Veronica and the Sperity team resulted in finding a perfect location in Richmond’s northside.

After looking at several possibilities, one of which would require extensive renovations, Sperity found a location a few blocks away at 120 W. Brookland Park Blvd, on the same block as other food joints including Ms. Bee’s Juice Bar and Ninja Kombucha. The community reception met and exceeded Rabia’s expectations.

Emmett Wright joins Rabia in opening Ruby Scoops. They met rather serendipitously at a panel on women-owned ice cream businesses, as Emmett was interested in opening their own ice cream shop, too. Emmett also enjoys fond childhood memories that center around ice cream, and had found themselves producing ice cream at Helen’s, perfecting a dairy-free ice cream to serve friends in the community.

When the shop opens, expect prepackaged pints and sandwiches, vegan desserts and  milkshakes to-go. Once restrictions are loosened, handcrafted sundaes and custom cookies will be added to the mix. In the meantime, you can support Ruby Scoops on Kickstarter and find her at local pop-ups around the Richmond area.

“It was nice to have them on our side, doing the work to make sure that our dreams of being here were fulfilled. They’re amazing.” Rabia reminisced. “They were always there when we needed something and it’s rare to get that in any business situation. We were prioritized.”

Filed Under: City of Richmond, Commercial Leasing, Company News, Redevelopment, Restaurants, Retail Tagged With: business owners, City of Richmond, commercial real estate, downtown Richmond, Local Businesses, Redevelopment, retail business, retail real estate, Richmond, Richmond neighborhoods, RVA, Virginia

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.

“Nathan didn’t just sell it the way he wanted to, he sold it the way we asked him to. He really listened and that’s important.”

 

 

Filed Under: B&H News, Commercial Leasing, General, Henrico County, Redevelopment, Uncategorized, Weblogs

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.

 

 

 

Filed Under: Commercial Leasing, Redevelopment Tagged With: business environment, business owners, City of Richmond, commercial real estate, downtown Richmond, Local Businesses, real estate development, Redevelopment, Richmond, RVA, Virginia

July 13, 2020 by Nathan Hughes

My TOP 5 Favorite Projects [VIDEO]

My TOP 5 Favorite Projects:

Hey RICHMOND!!!Do you love supporting LOCAL businesses and organizations?That's what I love MOST about my job. I’ve been in the commercial real estate and brokerage world for over 15 years. I get to help local businesses and organizations find a place to call home right here in Richmond. In fact, here are my TOP 5 Favorite Projects:#1) Flooring RVA.We helped find them a new showroom with more space AND we were able to help find a tenant to replace their previous lease so they could make a clean break.#2) The Summit (Scott’s Addition area).Such a great, action packed area of town where we were able to help long time friends sell two different properties at the same time.#3) Nomad Deli & Catering Company.Anthony and his family are proof that the American Dream is alive. They started this family owned business as tenants, but eventually bought their building and have continued a successful (and delicious) restaurant!#4) LUX ChurchThis is a great community minded organization that brought life back into a building that was over 130 years old and an area landmark.#5) Liberty Public HouseWhen Alexa told us about her dream concept of a restaurant inside a renovated, historical building, we knew we had just the right property for her! In fact, she moved all the way back to Richmond from the west coast to fulfill her dream of being a restaurant owner.

Posted by Sperity Real Estate Ventures on Tuesday, June 30, 2020

Filed Under: Buying a Business, City of Richmond, Commercial Leasing, General, Hanover County, Henrico County, Investing, Multi-family Housing, Office Buildings, Restaurants, Retail, Selling a Business Tagged With: apartments, business brokering, business owners, buying a business, Church Hill, City of Richmond, commercial real estate, downtown Richmond, Local Businesses, real estate development, Redevelopment, Restaurants, retail real estate, Richmond, Sperity, Virginia

July 10, 2020 by Nathan Hughes

A New Lease By The Slice

When Elaine Odell realized Tricycle Gardens would not be renewing their lease at her 2314 Jefferson Avenue property, she knew exactly who to call. Nathan Hughes helped her with their original lease in 2012 when he was a partner at Bandazian & Hughes, and he had to be the one to help her again.

“He has the ability to structure a lease that works for everybody — he has wonderful patience. It’s one of the most wonderful things about working with him. He’s patient, he listens to everybody, he’s a really good facilitator in terms of helping people to come to an agreement, to get each party what they need.”

Pizza Bones, more widely understood as the crust you leave behind after devouring a slice of pizza, is Elaine’s newest tenant. Founder Ashley Patino was hanging out with friends in college when she heard this phrase, and she had kept it in her back pocket ever since.

Starting her culinary career at Lamplighter Coffee Roasters, she made her way into the kitchen and then to an internship and eventual position at Sub Rosa Bakery in Church Hill before spending some time in California. Upon her return, she had her plan.

As a property owner, bringing a restaurant into the space felt much more complicated and intimidating to Elaine. “I’m glad Nathan has the experience with restaurants that he does, because I don’t. There are different things you have to be aware of and expenses to pay for and it was great to have someone with his experience help me through that process. He has that devil in the detail stuff only an industry insider knows.”

Ashley has big plans for Pizza Bones. “I want it to be more than just a pizza place, I want it to be a community space.” She hopes to utilize the space for community gatherings, especially the outdoor area.

Ashley’s plan fell in line with the other Jefferson Avenue businesses. “We are working hard to create a place for the community to be, to spend their leisure time, time to gather with friends and family and enjoy a meal,” says Elaine. “That’s why this business makes a lot of sense.”

Union Hill and Church Hill are home to many young families, with toddlers and school aged children. Parents need places where they can have a meal and bring their kids, and feel comfortable doing so. At Pizza Bones, they will see a menu that appeals to a spectrum of family members in an environment that feels good.

Jefferson Avenue is grassroots and organic. You won’t find any chains or franchises here, home to several iconic Richmond spots, such as Union Market, Sub Rosa Bakery, and The Roosevelt to name a few. North End Juice Co. is slated to open a spot in the following months, as well as Elaine’s newest tenant, Pizza Bones.

 

Filed Under: B&H News, Commercial Leasing, General, Restaurants

July 10, 2020 by Nathan Hughes

Muslim Beauty Salon Lands Permanent Mark on Main Street

Permanent makeup? You may be raising an eyebrow, but that is exactly where this story starts. 4 years ago, Ashley Meggie decided to get permanent makeup eyebrows — that is, a tattoo that mimics eyebrows. With alopecia, she had been drawing on her eyebrows for several years but had only considered permanent makeup when a Youtube beauty guru recorded herself getting them done.

Tattoos are viewed negatively in the Muslim community, so prior to her appointment, Ashley visited the Islamic Center of Virginia to get permission. They officially ruled it was permissible for her (and others) to receive permanent eyebrows as a tattoo, as one is allowed to do what is necessary to achieve a level of “normalcy.”

It took Ashley a three hour drive to Maryland, a three hour procedure, and a three hour drive back to Richmond to accomplish, and that left her thinking that there had to be a way to bring this to Richmond. So she went to work researching and then studying to become a permanent makeup artist.

With a business plan developed, Ashley had been looking for a downtown location for Boastful Beauty for a few months with no success. On a visit to see a vacant building on East Grace Street she met Nathan Hughes by chance. After peering into a building curiously, Nathan stepped out to ask if she needed assistance, and their working relationship began right then, when after hearing about her vision, Nathan took her immediately to see a unit off of 5th and East Main Street.

After meeting Nathan, Ashley did some more research. “As a Muslim business, I really liked that he had a lot of ties in the religious community. He’s very involved with helping churches and community based programs find buildings.”

“East Main is definitely a major road. It’s just as synonymous as Broad Street to me. I couldn’t ask for a better location, and it’s a corner lot. You can see my business from two angles.”

Boastful Beauty is Virginia’s first and only Muslim beauty salon. There are only a few in the country, including California, New Jersey, and Washington, D.C. People travel far and wide to visit, from Fredericksburg and Stafford to as far as Philadelphia.

“I didn’t realize I was doing a big thing, I went viral when I shared on Facebook. I had over 6,000 friends request in less than 24 hours. The Muslim community went crazy!”

Boastful Beauty also offers services for Muslim women like henna, hair wax/dying, press on nails instead of acrylics. But she stresses that all are welcome. Of the five on staff, two are Muslim, and the other 3 are from different backgrounds and races. “I want everyone to feel welcome here.” Everyone is represented. “When you look at our logo, you see diversity. All women are welcome to come to our salon.”

At only 25, Ashley took her vision and made it a reality. In the future she hopes to branch to Short Pump and offer more medi-spa procedures such as chemical peels, botox, and lymphatic drainage. While managing her new business, she’s also back in school and writing up a curriculum to found Boastful Academy, where she can train others to become professional permanent makeup artists.

“Anytime I called and asked for help, they had so many resources to share with me. I know they’ll represent me in the future when I’m ready to grow,” she says.

 

Filed Under: City of Richmond, Commercial Leasing, Retail Tagged With: business owners, City of Richmond, commercial real estate, downtown Richmond, Local Businesses, retail business, retail real estate, Richmond, RVA, Virginia

June 10, 2020 by nvh2

Just Closed A Restaurant? 3 Problems You May Need to Address Before You Lease Again

If you just closed your restaurant and are looking to lease it again, it is important to be aware of potential problems that you may need to address first. Indeed, in real estate, knowledge is power. You may encounter problems, such as pests, lingering odors, and safety or health issues. These problems need to be addressed sooner rather than later before you can even think about leasing your restaurant space again.

Pests

Unfortunately, it is common to encounter pests after closing a restaurant. It’s important to address these problems because they can introduce dirt and disease to your property. When addressing this problem, be sure to clean thoroughly with disinfecting chemicals. Close all openings around wiring, vents, and drain pipes to ensure that bugs cannot return and bother the new renters. In addition to bugs and rats, other vermin might seek out food from the now-closed restaurant space. You can set up snap and sticky traps for rats and mice. If bugs and vermin continue to be a problem, calling an exterminator is a good course of action.

Lingering Odors

In addition to pests, it’s not out of the ordinary to encounter lingering odors after closing a restaurant. These odors can be unpleasant and unappealing for new renters, so they must be fixed before the property can be rented out again. Grease and burnt food are typical culprits of lingering odors. Vinegar, baking soda, and odor-removing cleaning agents are a few ways you can remove these odors. There are multiple odor elimination methods to choose from, so consider your circumstances and needs when selecting which method is right for you.

Damage, Safety, or Health Issues

There can be any number of circumstances which would cause a previous restaurant space to present safety or health issues or have internal damage. Before leasing the space again, it is essential to repair any structural damage to the property. It’s also essential to verify that all carbon monoxide and smoke detectors work, and that there are at least two forms of exit from the unit. Make sure to check for mold and lead-based paint hazards presented by old buildings.

Taking the time to check your property for pests, lingering odors, damage, safety, and health issues will allow you to eliminate unpleasant surprises. Taking care of these issues will help your leasing process to happen more smoothly, and ensure happy future tenants.

Need commercial real estate advice? Contact us today and we’ll be happy to help!

Filed Under: Commercial Leasing, Investing, Restaurants, Retail, Shopping Centers Tagged With: commercial real estate, property management, Restaurants, retail business, retail real estate

June 5, 2020 by nvh2

How to Make a Commercial Property Presentable Before Listing It

Sperity For Lease sign

Commercial properties come in all shapes and sizes. They can be the size of a warehouse, or a small shop in a mall. Regardless of its size and purpose, there are a few key things that you can do to make your property stand out and justify a higher list price. To get going on your preparations, start with these three tips.

New Paint

Nothing makes a place feel rundown and depressing like peeling, chipped, or dirty paint. If this is the current state of your property, you should consider giving it a new paint job before listing. The new paint will give your property a much newer feel. Even if the paint is still in good condition you might want to paint it anyway.

By painting the walls white, you can help make the property seem bigger and give it the feeling of a blank canvas. This will make it much easier for potential buyers to imagine how their color schemes will fit in the room. There are a few ways you can paint your property while sticking to a tight budget. Since the paint is only temporary, you can use lower quality paint. If you choose to leave the paint as it is, you could just focus on touching up certain areas.

Kitchen and Bathroom Upgrades

Kitchens and bathrooms are key selling points, so these should be up-to-date. If you rent your property to businesses, these can make a huge impact on the business’s productivity. A nice kitchen/kitchenette makes a great break room for employees. A poor-quality bathroom will leave a poor impression on visiting customers. No matter who your potential buyers/renters are, they will be impressed if these rooms are in good condition.

Simple Furnishing

Depending on the type of commercial property, staging an empty location can be a big mistake. It makes the place look bare and boring. Consider putting in some simple furnishings to brighten the place up. You shouldn’t spend a lot of money on this. The furnishing is just for show, so it can be cheap, yet stylish. Try to anticipate your tenants’ preferred use for the property and design your furnishing accordingly.

These preparations may take some time and cost you a bit of money. But they will allow you to get the property sold or rented more quickly and at a far better price. Just be sure to plan out your actions well and keep careful track of your expenses.

If you’re planning to list your commercial property, we can help to connect you with buyers. Reach out to us to learn more about how we can assist you!

Filed Under: Commercial Leasing, Marketing, Office Buildings, Restaurants, Retail, Shopping Centers

June 3, 2020 by Nathan Hughes

From Stitches to Riches

TSI Promotionals may have a history that starts with printing services, but when owner Doug Mays took over, the company expanded into new product lines and grew its profits five-fold.
What’s the secret sauce? According to Doug, it’s diversifying products and services for changing times. As a byproduct of that success, Sperity recently helped him secure a new space.
Doug took over Superior Printing after his father-in-law passed in 2011. With an original focus on print materials and stationary, he saw the need for change and potential for growth. In 2015, he purchased Timeless Stitches, Inc. (that’s TSI for short) and expanded services to include embroidery and screen printing.
Today, TSI Promotionals is a one-stop shop for branded products with all design, printing, and embroidering or screen printing completed in house — nothing is outsourced. They help businesses better market their services though decorated apparel and design and also partner with schools to produce spirit wear and athletic gear. From large corporations that already have a logo, to small startups, who come in with just an idea, TSI Promotionals provides a crucial resource for marketing businesses.
With Sperity’s help, the company recently purchased a building to expand its production capabilities. Originally leasing retail space, TSI Promotionals had to cram bulky equipment into its showroom. Now, with a proper production facility dedicated to equipment, the showroom feels like a retail space where clients can check out products in person. The new space also brings the ability to fulfill larger orders and provide faster turnaround.
Doug is also pleased with the warehouse’s new location. Before, he had occasional walk-in customers, but they tended to be much smaller orders. Now in an industrial park, many of his clients are nearby. “We are much more accessible,” Doug said. The move brings them closer to current clients including Hanover County Schools which uses TSI for its athletic and spiritwear.
We brought several buildings to TSI’s attention, but didn’t rest until we turned over every stone and found the perfect spot. With our methods in finding commercial space, Doug felt confident that Sperity had his best interests at heart.
We tackled another challenge and secured a new tenant to take over the long-term lease on Doug’s previous space. Sperity also secured an extension for his new building’s current tenant to give Doug peace of mind and income to apply towards his mortgage.
“Instead of finding a big ticket location, Sperity listened to my needs and found what I was looking for. I was never waiting on them for anything. They handled both parts of the transaction, which was incredible,” Doug said. “I was able to sit back and let them run with it.”
Doug sees the future of screen printing and embroidery as fast growing, with more companies moving to casual wear and logo apparel and away from suits and ties.
With the new workspace and an increase in production, TSI has a bright future ahead.
Learn more about TSI Promotionals on their website

Filed Under: City of Richmond, Commercial Leasing, Company News, Financing, General, New Development, Office Buildings, Redevelopment, Retail, Selling a Business, Shopping Centers, Social Media, Uncategorized, Weblogs

April 30, 2020 by nvh2

What Your Real Estate Website Needs to Be More Effective in Gaining Customers

These days, businesses simply can’t survive without a website. The internet is the first place a customer looks when they are looking to work with a business. With every business building a webpage, it can be hard to stand out. In order to get attention, you need to focus on your niche. If you run a real estate company, there are a few industry specific aspects of your website that deserve special attention. The following advice will help you focus your efforts so that customers are impressed when they view your page.

Add Quality Videos and Photos

There is absolutely no excuse for a pixelated image on your website. Pixelated photos and videos don’t allow customers to see the quality of the property. Instead, they get the impression that you don’t take pride in your work. On the other hand, HD photos and video show that you do high quality work. Video courses are a powerful type of lead magnet to include on your website. Quality video with nice music can help a customer build an emotional connection to the properties on display. It can be expensive to hire a quality photographer, but the returns are worth it.

Virtual Tours

The last thing you want to do to a customer is drag them through tours of properties that don’t catch their interest. This tires the customer, destroys their enthusiasm, and strains your relationship. You can avoid this with a virtual tour. With the emergence of 360-degree cameras, many real estate companies are starting to put together virtual tours of the properties that they sell and lease. This allows customers to get a better idea of what properties they want to visit in person. If a customer sees that you offer virtual tours, they will be much more interested in working with you, than a company that only shows pictures.

Engaging Content

In order to increase customer traffic to your website, you need to appear more in online searches. One of the best ways to do that is through content creation like a blog. Having a regularly updated blog will move you up in search engine algorithms. Having quality blog posts will create a good impression with your customers. It is a great way for you to show them your industry knowledge.

Working in real estate is a rewarding business. You are helping people find their dream space. You want to make sure that your hard work is paying off. By updating your website and following the above advice, you will see an increase in customers that trust in your ability to get the job done.

Looking for a new, bigger business location? We can help.

Filed Under: Commercial Leasing, General, Marketing, Multi-family Housing, Office Buildings, Restaurants, Retail Tagged With: business environment, commercial real estate

May 1, 2013 by Amber Shiflett

Coworking finds its home in Richmond @804RVA

Over the past decade coworking spaces have been popping up in big cities across the nation and with the changes in the economy, these spaces have been successful in fostering new ideas and startup businesses.

Larkin Garbee

804RVA Founder Larkin Garbee Photo by: Phil Riggan, Richmond.com

In America the median income for independent workers is about $51 thousand, according to a 2012 government report by the State of Independence government report. This coworking movement has even made its way to the Richmond market. 804RVA is the area’s first and only official co-working space, which is fueled by creativity and techie innovation.

Coworking is a concept that was originally cultivated in the late 1990s from the term “jelly” in New York City by a group of freelancers and it has now evolved into a worldwide movement. The concept is to create a shared workspace for freelancers, consultants and other people who typically work from home. The idea is to develop a space where creativity and new ideas can grow and people can exchange designs while working productively and freely.

804RVA was founded October 2011 by local small business dynamo, Larkin Garbee. “I was just looking for a creative, collaborative office space and I hadn’t understood the coworking culture yet,” Garbee said. Wolf shirt days, creativity, collaboration and jelly pretty much sum up the co-working movement at RVA. 804RVA is located on the corner of Allen and Broad streets near the VCU campus.

Garbee’s personality and experience is the model that the 804RVA coworking structure was built around. “I have a passion for technology but I also represent a lot of other things for small businesses and marketing,” she said.

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804RVA is an artistic, joint office area that is built in the showroom of Garbee’s other business, James River Tile. “I felt like it was a shame to have such a really gorgeous location that was being completely underutilized,” said Garbee. It wasn’t long before 804RVA was created.
“I think Larkin is really kind of the main reason most people are attracted to this and keep coming and that’s because she is a freaking fireball,” said Dorsey McFadden a digital marketing consultant and 804RVA coworker.

804RVA provides its members with varying levels of coworking zones including private offices, collaborative spaces, semi-private work areas and conference rooms. People come to 804RVA for a number of reasons including the value of working with others, for a sense of motivation, inspiration and unique networking opportunities. At 804RVA coworking gives people an opportunity to meet and interact with their peers in an environment that facilitates productivity and learning.

“To me and the next generation as a whole, we don’t want to just spend our time just passing out business cards. We want to learn, we want to get our hands on stuff and figure out how it works,” Garbee said. “Some coworking spaces are unique to having strictly just developers or just designers and I would say ours is truly a mix.”

Coworkers at 804RVA come from a variety of professional backgrounds such as web design, real estate, copy writing, web developing, marketing and researching.

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804RVA is known for its culture because it is different from that of a traditional workplace culture, since there are no bosses there is no tension between supervisors and workers. “The culture changes day-to-day depending on who comes in,” said Dan Kanach, 804RVA coworker and owner of One Duck Creative, a small creative media company. “It is generally like-minded, driven people who want to be around other driven people.” Most 804 coworkers agree that 804RVA provides a fun environment where individuals are free to create and collaborate. “I couldn’t see myself working with other people if I wasn’t here,” Kasach said, who described himself as a bit of an introvert.

Matt Russo is another 804RVA coworker who has been a member almost since the beginning. Russo is a freelance graphic designer and is currently working developing projects for 804RVA. He says 804 is still trying to invent its culture. Currently people are working hands-on trying to make the space a more active community rather than a place used strictly for working. “Members are trying to make 804RVA a place where people interact together, work on projects together and go out together,” Russo said. 804RVA offers classes and organizes social events to strengthen the overall coworking community.

Brian Bassett is a software development principal at IBM and a coworker at 804RVA who chooses to work from 804RVA instead of his traditional office setting because he finds the environment to be more dynamic, exciting, interesting and collaborative. “It’s collaborative even though people work on their own projects, work for different businesses and have different goals,” Basset said.

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Coworking is especially helpful to freelancers and remote workers because it provides those people with a sense of community and inspiration. “It creates a melting pot of creativity,” McFadden said, “not just design creative but techie too.” McFadden sees coworking spaces as motivational tools and she is driven by the office setting because it pushes her to be more accountable.

Coworking facilities like 804RVA operate based on memberships and provide members with better quality networking and stronger relationships. McFadden says small business people get the most out of these networking connections because it makes it easier access others and collaborate.

Coworking has helped some members break into new, cutting edge technology-based job markets. McFadden says coworking helps to hone professional skills and mold individual qualities and as a result of 804RVA she landed her first Pinterest account management job.

After talking with Garbee and Richmond’s coworkers the consensus is that people are tired of waiting on big companies to offer up jobs so they have taken matters into their own hands and created new jobs and projects through collaboration. People often turn to coworking spaces like 804RVA because of the lack of opportunities in traditional careers.

Some people agree with Dorsey McFadden and Dan Kanach and say coworking spaces serve a greater purpose as more transitional occupations. On the other hand others agree with Russo and Bassett and say these collaboration spaces have great potential to ultimately lead to better opportunities and new industries. As for Larkin Garbee, she says the future looks bright for coworking spaces in Richmond. As new ideas grow and evolve, she looks forward to playing host to more collaborative projects and classes in the future. She is currently planning on a larger scaled coworking space that will serve a larger community in the Greater Richmond Area by making things more accessible to non-members.

 

Filed Under: City of Richmond, Commercial Leasing, Office Buildings Tagged With: business environment, business owners, City of Richmond, commercial real estate, coworking, downtown Richmond, Local Businesses, Richmond, RVA, Virginia

March 29, 2013 by Nathan Hughes

Avalon Restaurant & Bar — SOLD!

sign for Avalon

2619 West Main Street, Richmond, VA

There are very few restaurants that have the distinction of having been successfully run for 16+ years 20 years [editor’s note: confirmed after posting that the start year was 1993!], and even more rare is the restaurant that has done so with only one set of owners. Avalon Restaurant & Bar at 2619 West Main Street, in the Fan District, has done so under the care of owner Peter Harahan since he first renovated and opened it so many years ago.

Even as a well-established restaurant, Avalon has recently gained recognition by bringing in Chef Jen Mindell to add her well-known flair to the kitchen. Chef Mindell was recently recognized by the Richmond restaurant community as a 2013 Elby Nominee for “Rising Culinary Star”.

Walied Sanie and James Baldwin just completed the purchase of Avalon Restaurant & Bar

Walied Sanie and James Baldwin just completed the purchase of Avalon Restaurant & Bar

Congratulations to the new owners, Walied Sanie and James Baldwin (pictured), who took the reins from Peter Harahan effective late yesterday afternoon. The new owners are keeping the staff in place and will do some remodeling after getting settled into ownership. I look forward to seeing how their vision of the restaurant develops and the changes you will make happen over the years to come.

This particular restaurant holds a special place in my heart because not only have I been close friends with a number of the staff here over the years, but also it is the place where I met my wife several years ago. It means a lot to me to have been involved in this deal, and I appreciate that it will remain to be Avalon under the new ownership.

**Richard Holden and Nathan Hughes, both with Bandazian & Holden, Inc., brokered the sale of the business and coordinated the new lease with the owner of the building.

Filed Under: B&H News, City of Richmond, Commercial Leasing, Restaurants Tagged With: Bandazian & Holden, business brokering, business owners, City of Richmond, commercial real estate, Restaurants, Richmond, RVA, Virginia

October 17, 2012 by Nathan Hughes

What’s going on with all of the restaurant closings lately?!

There has been a lot of attention given to the recent closings of restaurants in the Richmond area. There have been a lot lately, no doubt — here is a list of closings this year from Richmond.com that they are keeping up-to-date as things change. Some of these have been big surprises to the community at large, but it is important to keep in mind a  few things.

Not all businesses close (or are for sale) because of poor sales. There are a variety of reasons:

  • personal issues (divorce, wanting to spend more time with children, need to take care of an elderly parent, the owner has an illness)
  • the business strategy has changed (the owners no longer want to be in a particular area of town, the owners only want to operate where they own the building)
  • the owners are absentee and have other full-time jobs that are suffering because of the demands of owning a restaurant
  • the business is on track to make a profit but the owners have run out of operating capital
  • the owner is burned out, having spent the last XX number of years in the same location
  • the owners realize that the best time to sell is when business is booming — cash out while things are good and maximize the sales price
  • poor money management — sales might be great, but if you don’t manage your money well then you won’t stay open for long
  • the landlord isn’t willing to renew the lease — maybe they have a better offer from another prospective tenant
  • the owner isn’t changing, but they are changing the concept
I have seen all of these over the 8 years that I have been brokering restaurant deals and I am absolutely certain that I haven’t seen everything. There is always something new in this business, for good and bad.

There is also the counterbalancing effect of new restaurants opening up. Karri Peifer, Editor and Food Writer at Richmond.com, has been keeping track:

35 opened or coming soon. RT @karripeifer: 31 restaurants closings thus far in 2012. ow.ly/er5lN #rvadine

— Karri Peifer (@KarriPeifer) October 12, 2012

Almost one year ago, we posted a story about the transitioning of ownership of one Richmond restaurant legacy, Mulligan’s Sports Grille. The past month (Tuesday, October 9, 2012, to be exact) has unfortunately brought us the end to this story — covered here by CBS6 and here by Richmond.com. The restaurant’s official statement from their website is posted here (click the photo to enlarge) –>

Another restaurant that has gotten a lot of press coverage for its closing is Cafe Diem, at the corner of Patterson Ave and N Sheppard St in the Museum District — and right beside our office at 604 N Sheppard St. Since our company is involved in the ownership and management of their building, and most of the commercial property in the area, the media turned to us for some insight.

NBC12 coverage of Cafe Diem closing (with video and a guest appearance from yours truly)

Richmond.com coverage of Cafe Diem closing

Richmond Bizsense coverage of Cafe Diem closing

I think the press has done an excellent job with the coverage on this closing. It is often a touchy subject, not only for the restaurant owner(s) but the landlord, the restaurant employees, the loyal patrons, the restaurant vendors, and even the surrounding businesses.

In short, there are lots of reasons why restaurants close. Sure, times are tough all around and lots of people are cutting back on spending, but that doesn’t tell the whole story. If anything, if you enjoy a particular restaurant, be sure to visit it plenty and enjoy it while it’s here. It is fun to always look for the next big thing, but don’t forget about the old favorites either.  — By the way, there are LOTS of new restaurants coming soon. Keep an eye out here for announcements!

Filed Under: B&H News, Buying a Business, City of Richmond, Commercial Leasing, Hanover County, Henrico County, Restaurants, Selling a Business, Television Tagged With: Bandazian & Holden, business brokering, business environment, business owners, buying a business, City of Richmond, commercial real estate, downtown Richmond, Economy, property management, Restaurants, Richmond, RVA

June 14, 2012 by CarliAmber

Renting on the Rise in Richmond (and everywhere else)

Have you noticed a recent spike in your monthly rent? A lot of people have, and it’s a trend not only locally but in markets across the country.

According to http://news.investors.com, over the past several years homeowning has become more difficult and former homeowners are now becoming tenants in mulitifamily dwellings. Due in large part to the economic downturn, many homeowners today can no longer afford to pay a monthly mortgage and instead are resorting to the next alternative: renting apartments.

As with most news, this is a mixed bag — it’s not good for renters, but it does make for a strong market for multifamily properties, supporting higher sales prices and spurring new development and redevelopment of multifamily properties. (see last week’s post about local development for current examples of this happening right here in Richmond)

Across the nation, multifamily properties are leading in occupancy and rent growth when compared to commercial developments, like office space and retail properties.

In a recent housing study by commercial property brokerage firm Cassidy Turley, chief economist Kevin Thorpe said:

“I’m optimistic about the multifamily sector, certainly for the next two years…We’ve entered a period of sustained rent growth.”

This recent boom in multiple tenants occupying apartment units is due to the fact that the average renter a year ago could afford the rent for a single family home when now the cost is too high.

Richmond seems to be following that rising rent trend, too. In 2007, the cost of a single bedroom apartment averaged $754/mo. and now the average cost is approximately $814/mo.

Have you seen this happening when your lease has come up for renewal? What do you think the renting forecast will look like in RVA for the rest of 2012?

Filed Under: Commercial Leasing, Investing, Multi-family Housing Tagged With: apartments, Housing, Muiltifamily, property management, Real estate, Rent, Residential, Richmond, RVA

June 8, 2012 by Amber Shiflett

Venture Richmond Forum Unveils New Developments in RVA

After years and years of work throughout the city, Downtown Richmond is finally getting the attention it deserves, thanks to a nearly $1 billion dollar makeover from the state.

This makeover was the highlight of discussion at Venture Richmond’s Annual Downtown Development Forum last Thursday, May 31st, as Richmond’s business leaders, developers and architects met to reveal their latest ideas for up and coming projects.

Proposed projects included the VCU School of Medicine building, the Virginia Biotechnology Park, a 150,000-square-foot addition for Health Diagnostic Laboratory Inc, as well as several apartment buildings in the Manchester and business districts.

Over $120 million is going into creating more residential spaces across the downtown area, according to agbeat.com, who says the recent heightened demand for apartments is a result of the drop in the Multifamily Vacancy Index (MVI).

Fyi, the MVI measures the multifamily housing industry’s perception of vacancies which has recently dropped to a level of 31, an all time low.

“Multifamily construction continues to be a bright spot in the overall housing market,” said NAHB Chief Economist David Crowe, in a report by agbeat.com.

Residential development across Richmond was a large part of the revitalization plans discussed at last Thursday’s forum.  For more information about how the State is funding these different projects, click here.

Another project in the works is by the Franklin Development Group, who is working to revitalize the Manchester District by building a 17-acre development at the Reynolds South Property.

“We’re a long way from closing,” said Franklin Development’s Manager, Thomas Wilkinson, who discussed the possibility of  over 300 apartments, office space and an upscale grocer at Thurday’s forum.

Although the project plans aren’t official yet, Wilkinson assures Richmond-ers  that the development will revitalize the Manchester district and appeal to the area’s increasipopulations on.  Checkouts Richmond BizSense’s coverage of the Reynolds Development for more info.

Millions of dollars from the City are being put into new construction on the VCU campuses, as well as some of Richmond’s most beloved landmarks, including the Main Street Station Clock Tower and 17th Street.

The idea behind Richmond’s makeover? To transform traditonal buildings and warehouses into modern, revitalized structures for public use.

Be sure to keep your eyes open, as these new developments pop up across the city!

Filed Under: City of Richmond, Commercial Leasing, Multi-family Housing, New Development, Office Buildings, Redevelopment, Residential, Restaurants, Retail, Virginia Commonwealth University Tagged With: City of Richmond, downtown Richmond, Franklin Development, Manchester, Multifamily Housing, New Construction, Reynolds South Property, RVA, VCU, Venture Richmond, Virginia Commonwealth University

May 30, 2012 by Lauren Noelle Gauthier

Carytown Cupcakes Expands AND Crepes Come to Carytown

For all you dessert enthusiasts out there anticipating the next sweets shop to open up in Carytown, the time is almost here!  Among a bevy of bakeries, sweets and confectionery shops, Carytown will be adding to its list of sweets shops a bigger location for Carytown Cupcakes and a new dining spot for French cuisine: Carytown Creperie.

Carytown Cupakes, a Richmond tradition known for its decadent desserts, is opening its new location at 3111 West Cary Street, across from Can Can Brasserie.  A grand opening date for the new location is still up in the air, but owners Dawn & Albert Schick promise the new and improved cupcake boutique is coming soon with even better cupcake concoctions. (Meanwhile, the old location at 2820 West Cary Street is still open!)

After the big move, the former cupcake shop will be magically transformed into Carytown Creperie, a new crepe shop featuring the traditional French-inspired cuisine with a twist: fast, take-away crepes for on-the-go dining.

[Read more…]

Filed Under: B&H News, City of Richmond, Commercial Leasing, Restaurants, Retail Tagged With: Albert Schick, Babycake Cupcakes, Bandazian & Holden, business owners, Carytown Creperie, Carytown Cupcakes, commercial real estate, crepe, cupcake documentary, cupcakes, Dawn Schick, Jim Szilaygi, retail business, retail real estate, Richmond, thin pancake, Virginia

December 19, 2011 by Nathan Hughes

“New” development north of Broad on Staples Mill

About once a month I get a question about the large, vacant property that borders Staples Mill Road that is just north of West Broad Street, right over the Henrico Count line. My answer is always that it was an old, rundown neighborhood that was purchased and cleared with the intention of rebuilding, and that the developer is the same group that is doing the project at Monument Avenue and Willow Lawn Drive — Gumenick Properties. As to why it hasn’t been started, well just look around at new building all around the country. The developer was obviously waiting until the economy turns around.

But, I always have to give that answer with the caveat that the last official word I had heard about it was a few years ago. I couldn’t even be sure that the same plans were in place. Thankfully I can point to this article on Richmond.com that gives us the lowdown on the current situation — which is pretty much as described as above. It sounds as though things are just on hold, but the same big plans are still on the books. In fact, this project is expected to take 10 years even once they finally get underway.

You need to go read the article to see all of the reported details, but I thought I would share a couple of details of the plans here:

What: Staples Mill Centre, proposed to include 1,096 apartments, 571 condominiums, 391 townhouses, 32 single-family homes, 60,000 square feet of offices, and 100,000 square feet of stores.

Where: About 80 acres between Staples Mill Road, Libbie Avenue and Bethlehem Road, near Interstate 64.

[cetsEmbedGmap src=http://maps.google.com/maps?q=Staples+Mill+Rd+%26+Suburban+Ave,+Richmond,+VA&hl=en&ll=37.591213,-77.49316&spn=0.011885,0.026157&sll=37.588289,-77.492216&sspn=0.011953,0.026157&vpsrc=0&hnear=Staples+Mill+Rd+%26+Suburban+Ave,+Brookland,+Henrico,+Virginia+23230&t=m&z=16 width=350 height=425 marginwidth=0 marginheight=0 frameborder=0 scrolling=yes]

Filed Under: Commercial Leasing, Henrico County, Multi-family Housing, New Development, Office Buildings, Redevelopment, Residential, Retail Tagged With: commercial real estate, Henrico County, real estate development, Redevelopment, Richmond, Virginia

May 12, 2011 by Nathan Hughes

Don’t try to fool the insurance company

Understanding Landlord Insurance

By: Dona DeZube

Published: September 1, 2010

Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property.

 

Rental properties require their own type of coverage–landlord insurance, which is different than the homeowners policy you buy when you live in a house yourself. Landlord insurance protects you against losses from fire, lighting, falling trees, wind and hail, water damage, and injury to your tenants and their guests.

But it doesn’t cover the renters’ household goods. So encourage tenants to buy a renters policy to cover their stuff. You can even include a clause in your lease saying they have to buy renters insurance, so everyone is clear about what’s insured and what’s not.

Landlord insurance is expensive

You’ll pay 15% to 20% more for a landlord insurance policy than you will for a homeowners policy on the same house–and even more if you offer short-term rentals. Start your policy shopping by calling the company that sold you your homeowners insurance, then check with an independent insurance agent selling commercial and business policies.

Ask how you can get discounts if you have fire prevention devices, burglar alarms, or multiple properties.

What a landlord insurance policy probably will cover:

  • Lightning, windstorm, hail, explosion, riot and civil commotion, smoke, falling objects, snow, ice, sleet, vandalism, sonic boom, sprinkler leakage, frozen pipes, water damage, burglary, volcanoes, and sinkholes.
  • Things that belong to you that stay at the property, like appliances, furniture, or lawn care equipment. Keep an inventory of what’s on site.
  • Outbuildings, like sheds or garages, although this coverage will have its own limit (probably 10% of the overall insurance policy amount).
  • Costs to defend yourself against lawsuits filed by tenants or guests, as well as the costs awarded if you lose the case. Some policies cover medical bills for injuries; some don’t.
  • Lost rental income if the property is damaged and you can’t rent it.

What a landlord insurance policy probably won’t cover:

  • The tenants’ belongings.
  • Your rental property if it’s vacant for more than 30 days. Seek an exemption in advance from your landlord insurance company as soon as you know the property is going to be vacant.
  • War and nuclear, biological, chemical, or radiological attacks.

Optional coverage you might want to buy:

  • Flood
  • Earthquake
  • Vandalism (if the policy you buy excludes it)
  • Pool and tennis court insurance
  • Liability for personal injury, wrongful eviction, wrongful entry, libel, and slander

Don’t forget liability coverage

To cover yourself in case you lose a big court case filed by an injured tenant, buy anumbrella insurance policy that gives you liability protection for $1 million to $5 million or more if you have a lot of assets to protect.

Don’t file a claim unless you absolutely have to

There’s a limit to how many claims you can file before insurance companies start charging you more or canceling your policies. Claims can quickly add up as you buy more rental properties.

One time you always want to file a claim is when someone says they’ve been injured on your property. One claim you’ll want to avoid filing: water damage for less than $10,000 because worries about mold growing in water-damaged properties will lead some insurers to immediately cancel your insurance policy.

More from HouseLogic

How to Correct Your Clue Insurance Report

Improve Your Insurance Score

Other web resources

Renters Insurance Brochure to Share with Your Tenants

Dona DeZube, HouseLogic’s News Editor, has been writing about real estate for over two decades. She lives in a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.

 

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Filed Under: Commercial Leasing, Investing, Multi-family Housing, Residential Tagged With: apartments, Bandazian & Holden, insurance, property management, real estate development

April 13, 2011 by Nathan Hughes

Small rental property owners breathe a sigh of relief

There is always a lot of new legislation passed every year that sounds like a good idea at the time and generally goes unnoticed, and every once in a while the consequences of that legislation become horrifyingly apparent afterwards.

This past year, the legislation that was causing so much heartburn for small property owners was a new IRS requirement that anyone with rental property file a 1099 for any repairs that add up to $600+ over the course of the year. (see my post about it here, from December 2010)

Good news — the provision was repealed before it could take effect!! (here is the actual legislation that was passed to repeal the IRS provision, in case you would like to read it)

Hats off to the Realtor community for standing against this for the good of the mom-and-pop investors, who are the ones would be most affected by those proposed requirements — and for Realtor Magazine’s blog for bringing the repeal to my attention. From their description of how everything unfolded, it seems as though everyone understood that this was good to do:

When the provision was included in the small business bill, REALTORS® were among the first and firmest opponents of it, helping to ensure that Congress understood the provision was an example of over-reach that was never intended to burden mom and pop property owners. Members of Congress and President Obama got the message and, in a rare example of agreement between not only Republicans, Democrats, and independents, but also between House and Senate chambers and between the legislative and executive branches, lawmakers agreed the provision needed to come out.

Nice to know that we don’t have this provision coming up to haunt us over the next few years, isn’t it?

 

Filed Under: Commercial Leasing, Government Institutions, Investing, Multi-family Housing, National News, Office Buildings, Residential, Retail Tagged With: Bandazian & Holden, business environment, commercial real estate, government, legal, property management, real estate development

February 6, 2011 by Nathan Hughes

Redevelopment plans for Carytown get nod from Museum District

The redevelopment of the old Verizon building at 10 N. Nansemond Street has been hotly debated and contested. (see: the official site for the Carytown Place; Don’t Big Box Carytown‘s website; & this post and the accompanying comment thread on Caramelized Opinions for a good summary & feel of the debate)

The Museum District Association had originally ruled to oppose the redevelopment based on the original plans, but Friday they sent out a press release announcing the reversal of that position.  The gist of the situation can be summed up from this one paragraph in the press release:

The Board voted 13-1 in November to oppose the original SUP and subsequently provided the applicant with detailed requests for further changes to make it more amenable to the neighborhood. The applicant responded by altering the SUP to remove vehicular ingress/egress on Nansemond Street as well as reduce the number of available uses of the property to 10 uses. The applicant also agreed to limit the usable floor space of any one tenant to no more than 25,000 square feet, ensuring there would be multiple tenants in the building and ruling out a single, larger “big box” tenant.

The whole press release can be read here on the MDA’s website (right now it’s at the top, but it will shift down the page as new releases are issued).

What do you think? Are you satisfied with the MDA’s ruling, or are the changes in the plan not enough for you? In that case, what changes would be enough to get your support for the development?

Filed Under: City of Richmond, Commercial Leasing, Government Institutions, Investing, New Urbanism, Redevelopment, Retail, Shopping Centers, Transportation Tagged With: business environment, business owners, commercial real estate, downtown Richmond, government, real estate development, Redevelopment, Richmond, Virginia, walkability

December 6, 2010 by Nathan Hughes

Important! New IRS requirements for all landlords

PaperworkAnyone receiving rental payments from either residential or commercial properties will need to review the newly-enacted small business legislation called HR5297 with their accountant and how it expands 1099 reporting requirements.

Currently, only real estate professionals that engage in property management services have to use 1099 forms to report any service provider that they pay more than $600 in a given tax year.

The changes will be enacted over the next two years as follows (details from the NAR Issue Brief released recently — can be found online here or hosted on my site here):

2011 Rule: ALL persons who receive rental payments must provide Form 1099. This affects ALL owners (both individuals and businesses) of rental properties, both residential and commercial. Thus, “mom and pop” investors and those who invest in real estate for their personal portfolios are subject to the new reporting requirement. Only aggregate annual payments of $600 or more for services (but not goods) must be reported.
2012 Rule: All businesses, including real estate businesses, self-employed individuals and independent contractors will be required to make a 1099 report of any aggregate annual payment of $600 or more to any person from whom they acquired goods and services.

Please keep in mind that I am not an accountant, so before you act on any of this information (or panic. or dismiss.) please consult with your accounting/tax professional.  But when I saw this come across my desk, I thought it was important that you are aware of these new rules!

(*Warning! Sales pitch!*) And, by the way, here at Bandazian & Holden, we have dealt with these reporting requirements from when they were first enacted for real estate professionals in the property management field, and we are accustomed to handling the necessary paperwork for our clients.  If you don’t feel like dealing with it on your own, let me know and come on board with us. (*End of warning. Enjoy your day!*)

Filed Under: Commercial Leasing, Government Institutions, Investing, Multi-family Housing, National News, Office Buildings, Retail, Shopping Centers Tagged With: business environment, commercial real estate, government, IRS, legal, property management, taxes

October 18, 2010 by Nathan Hughes

Business is getting better, Richmond

Business is booming!  Relatively speaking, at least, the economy is buzzing along.  Things certainly aren’t where they used to be, but they are getting better.  Running a small business is tough, no doubt about it — but it’s always tough.

One of the first questions I hear is “how is business” — and the answer lately has been that business is great!  The business I’m in (commercial real estate and business brokering) is busier than it has been in the past couple of years.  I can’t speak for the entire industry, but our small piece has been rolling along quite briskly.  The period between the 4th of July and Labor Day weekend is usually dead for us, except for the residential leasing, but this year defied past trends and was the busiest we’ve had in a long time.

As I’ve said in the past, I’m a small business.  I’m not Coca-Cola or Dow Chemical.  I don’t need the whole economy to be in a bubble to be doing well.  I just need to do well with and by my clients and customers to be rewarded.  Conversely, I don’t need the whole economy to be in recession for my business to be spiraling downward, either.

It’s not just our business at Bandazian & Holden that has been on the upswing lately.  I’ve been hearing from more and more friends that their businesses are doing the same thing, and that brings me great hope for everyone.

Don’t take my word for it, though.  The news outlets are tapping into the data and things are starting to spring back (or at least stop going down) all over:

From Nation’s Restaurant News: Atlanta’s restaurants seeing better days

Operators in the city pointed to an increase in private parties and convention business, which they expect to continue as the holiday season nears. And while diners remain value-conscious, some restaurateurs reported that increased drink and appetizer orders are giving check averages a boost.
From the Wall Street Journal:  Consumers Show Signs of Stirring
U.S. retail sales rose for a third consecutive month in September, posting a stronger-than-expected increase that should fend off fears of a double-dip recession but doesn’t signal a strong recovery.
And from right here in Richmond, in Richmond BizSense: Retail Slowdown Slowing Down?
For the second quarter, area sales totaled $2.59 billion compared to $2.64 billion in the second quarter of 2009.  The decrease of 1.89 percent is the smallest quarter to quarter change since BizSense began analyzing taxable sales data at the end of 2008—a sign that the slowdown may be flattening out.
…

Restaurants and bars are also doing a little bit better, growing sales by more than 6 percent in the second quarter. That is a big change from the 1 percent to 2 percent decrease reported for previous quarters.

What has changed?  I don’t know. Maybe people are tired of being scared and sitting on the sidelines, waiting for more bad news.  What I do know is that we got ourselves into this mess, and it’s up to us to dig our way out — everyone working on their small piece of the hole.  There is plenty of money to be made in good times and bad times, trick is that the people have to earn their money in the “bad times”.  Let’s keep making this work!

What do you think?  Have you seen business improving in your corner of the world?

Filed Under: B&H News, City of Richmond, Commercial Leasing, National News, Restaurants, Retail Tagged With: Bandazian & Holden, business environment, business owners, commercial real estate

July 9, 2010 by Nathan Hughes

Should I wait to sign a lease, or is this as good as it gets?

Fear is a strong motivator, but so is hope.  They’re especially strong when they come together.  It’s a special moment when we’ve made it through an especially bad economic downturn and your business starts to tick upwards for the first time.

Commercial landlords have been through that hard time right along with every other business owner, and they are ready to see that uptick themselves.  They are ready to deal to get in good steady tenants.  At the same time, businesses are seeing new contracts come in (I know we have!) and they are ready to start taking advantage of the deals on leases — are you?

empty salon space

2217-2219 W Main Street

I’m certainly not the first to point this out, and I’m taking my cue from a recent online article on National Real Estate Investor — “Office Tenants and Landlords Battle for Upper Hand”

Landlord concession packages are not likely to get any bigger… “They’re as good as they’re going to get.” The same may be true with rents, he adds. “Rents may fall in some markets a bit further, but the ship starts to turn before a lot of people know they’re on it.”

Robert Bach, senior vice president and chief economist at Grubb & Ellis, agrees. “More tenants are active now and willing to sign a long-term lease because they are more confident in their own outlook and realize now is a good time because of the concessions available.”

They’re talking about office leases in the article, but it makes just as much sense with retail and restaurant spaces, too.

Of course you never know when the economy has hit bottom until it’s too late to take advantage of the best deals.  The great part is that as long as you’re not making decisions out of fear, you can keep your eye on your own business and use cues from your business activity help you decide when is the best time to move.

So if you’re seeing cues that things are getting better in your business, perhaps it’s time we talk about finding a good deal now…?

Filed Under: Commercial Leasing, Office Buildings, Restaurants, Retail, Shopping Centers Tagged With: business environment, business owners, commercial real estate

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