Sperity Real Estate Ventures

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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.”

 

 

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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

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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:

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!

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Brown Greer Goes Waterfront on Rocketts Landing

Five years ago, Rocketts Landing – the rural neighborhood of Richmond bordering Downtown and Churchill along the James River – was desolate, barren and considered as just a watering hole by local fisherman. It was pretty much unheard of by the general public.

Two years ago, that all changed with The Boathouse at Rocketts Landing opening in 2010 and The Conch Republic soon after in 2011. The area was completely transformed into an attractive, scenic stretch of restaurants along the James and tourists, visitors, locals, couples, families and Richmond-ers flocked like seagulls.

Today, Rockett’s Landing is making an even bigger splash. One of the Richmond area’s biggest law firms, Brown Greer, is relocating its headquarters to the 38,000-square-foot Cedar Works Building along the riverfront on Dock Street.

Although the building still needs to be renovated, there are major factors in favor of moving to Rocketts, according to Principal Orran Brown: convenient parking, the location, and the long-term prospects of what Rocketts Landing could develop into.

Rocketts Landing Memorial Day 2012 event

Check out these recent articles in the Times-Dispatch and Richmond BizSense, which give a more detailed look into Brown Greer’s latest urban development.

In the mean time, be sure to visit Rocket’s Landing on Sunday, May 27th for Rocketts Red Glare.  The event will feature the Kings of Swingband and a fireworks display to benefit the Neighborhood Resource Center of Greater Fulton.

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“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]

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One Richmond bar scores big and creates a legacy

Twenty-five years ago, one business man invested heavily in the future he saw on Main Street

Just two decades ago, sports bars weren’t very common. This is a community story for locals and sports fans, about one of Richmond’s first sports bars, the changing city landscape around VCU and the retirement of one well-respected business owner.

One Richmond bar scores big and creates a legacy

While the city hosts numerous restaurants and acclaimed cuisine, we also have an often overlooked local sports bar–not a big chain–that’s worthy of a boisterous hurrah.

Mulligans Sport’s Grille first swung open its doors in 1990 to reveal about 20 televisions inside–none of them flat screens–all broadcasting sports games and commentary.

Think about that novelty. The playing field for sports bars used to be fairly empty of any competition.

Harken back to the early 90s, if you can. The daily routine was sans internet, cable television was not a household standard–and it certainly did not supply the multiple sports networks available now. There was an audible welcome from sports fans–to the extent that the dream of three men multiplied into six restaurants.

Mulligan’s first opened in Short Pump, before the area was the bustling “suburban downtown” that so many city dwellers love to hate. Now home to Capital Ale House, the space is 12,000 square feet.

The first store was so successful that by its second year, the bouncers came to work before the waitstaff.  They were needed to control the the crowds who would try to push inside when the waitresses arrived, as to stake early claim to the best seats in the house. The Wednesday concert series brought thousands to Innsbrook, and hundreds would just camp out at Mulligans, many taking in the concert from the comfort of the patio.

John Sweeney, along with the Hurley brothers, Mark and Matt, were experimental business owners. They tried off-the-wall things like “cook your own steak” night, where hot grills stood ready for the sports aficionado to meet tong to meet steak.

The investors ran with their game plan, opening a total of six locations. After the Innsbrook location came Mulligans in Mechanicsville, Sixth Street Market Place, Southside, the Fan and then Farmville.

[Read more…]

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Richmond loses a great restaurant talent

There aren’t many restaurateurs that are so widely acclaimed and well-liked as Alain Lecomte.  Richmond has lost a true talent and he will be missed.  Over the years I have heard lots of high praise for both Alain and his restaurant, Chez Max.  Having never met the man personally, I can’t add much that isn’t already covered in the article in this morning’s Richmond Times-Dispatch — “Restaurateur Alain Lecomte dies at 46” (so go read it, *nudge*)

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Don’t let them catch you dancing!

Everyone can now rest easy, dancing will no longer be tolerated in the City of Richmond! (Well, when I say “everyone can now rest easy”, I really mean everyone except for those pesky dancers.)  From what I hear, dancing brings about all sorts of immorality so I am relieved that we won’t have dirty dancers parading around making light of the city’s laws. (My research really is confined to movies from the first half of certain movies from the 80’s)

I’m actually a little confused because visitors or transplants to the city are always complaining about how there aren’t many dance clubs here anyways.

Style Weekly has plenty of information in this week’s edition here, including a Q&A follow up session with a representative from the Mayor’s office.

As a tribute to the new City ordinance, here’s a video of some scenes from the movie Footloose:
[youtube=http://www.youtube.com/watch?v=wROSYW25vhc]

Actually, this ordinance is nothing new here in the Richmond metro area.  Chesterfield and Henrico have been issuing permits (or NOT issuing permits, depending on who you talk to) for a couple of years now.

Here are a few links about the stink from last year about Chesterfield and dance permits:

(thanks to Richmond Good Life’s time-capsule archives for those links!)

Henrico has the same type of ordinance and dance club permits, but I recently had a tenant that had to apply for one and it wasn’t a huge ordeal.

If you’ve run against any of these dance ordinances or know of how it’s handled in other areas, I’d love to hear about your experiences.  Leave a comment!

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Today’s Grand Opening at White Oak Village (pictures, too!)

Today was the big day for the Shops at White Oak Village!  The
eagerly anticipated shopping center was formally introduced to the
community this morning, and while the line of speakers patting each
other on the back for a job well done was the agenda for the event (and
well deserved!), the important news is that this is not your typical
shopping center.

Every developer says that their shopping center
is unique, but this time it was proven.  Not only was the environment
taken highly into consideration in the construction and build-out, but
the way the traffic is controlled and the landscaping is done lends to
a very pedestrian-friendly environment.

Then again, this is the
same developer that did Short Pump Town Center and that was a new style
for the area, too.  I have to say that it is refreshing to see that
there are developers doing such high quality work and not just churning
out the same strip mall over and over again.

GrandOpening_WhiteOak
Entrance_WhiteOak PededstrianFriendly_WhiteOak
OneSide_WhiteOak
Main_WhiteOak

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UPDATE #4: White Oak Village

Lately I have seen a flood of inquiries for information on the newest addition of shops in the East End of Richmond — The Shops at White Oak Village.  From all of the internet traffic, it is easy to believe that this shopping center will be a huge hit.

With the GRAND OPENING occurring this Monday, October 13, it is an appropriate time to revisit the project and see how everything stands for the public unveiling.  All of the shops that were revealed in the previous post (3/27/08) have been confirmed, plus quite a few more.  Take a look at this page of the official website for the directory of shops.

Several comments from the previous post called for a fitness center, a Chipotle, and a movie theater.  Unfortunately, it doesn't seem as though any of those are on board yet — except that there is a Qdoba scheduled to open right away!

There is a grand opening event on Monday that I will be attending, so I will be sure to report back with my impression of the overall project and see if I can bend the ear of an insider to find out about any other hot pieces of info to share! 

Be sure to check back next week for the update, or just subscribe using your feed reader or by typing your email address in the "subscribe" box under my picture along the left hand side of this window (be sure to confirm your address when the service sends you their email).  If there is anything else you would like for me to find out, leave a comment and I'll see what I can do!

(In the meantime, take a look back through the other updates for this project on this blog:  5/15/07 and 6/15/06)

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Henrico is giving away money!

Henrico County is giving away money for new businesses, and for redevelopment projects!

…and so is Richmond City, and Chesterfield County, and Hanover County. 

Per Henrico County's website regarding the Enterprise Zone program in Virginia:

What is an Enterprise
Zone?

The governing body of any county, city
or town may make written application to the Virginia Department
of Housing and Community Development to have an area or areas
declared to be an Enterprise Zone. The purpose of the Virginia
Enterprise Zone Program is to stimulate business and industrial
growth in such areas, which would result in neighborhood,
commercial and economic revitalization. Upon the recommendation
of the Director of the Virginia Department of Housing and
Community Development the Governor may designate the proposed
areas as Enterprise Zones. Upon designation of an area as
an Enterprise Zone state and local incentives become available
to qualified business firms that participate in the Program.

The trick is learning the details of the different programs that are
available.  Given that we are talking about free money (grants) and
cheap money (loans), and that these are government programs, there is
quite a bit of red tape and a complex set of regulations regarding how
to qualify for the programs.

I'm no expert on the intricate regulations involved, which is why I am attending the Henrico County Enterprise Zone Spring Workshop at Belmont Recreation Center on May 7th.  It is FREE to attend, but you have to register beforehand (and space may be limited).

If you're interested in the program, you may have to pull some strings since the registration deadline was April 3rd (SORRY — it's been very busy here, despite all the dark clouds cast by the media).  You could still call 804-501-7615 or email to arz@co.henrico.va.us and see if they have any open spots.

Otherwise, if I can find a good way to summarize what will be an enormous amount of useful information, I will post a follow up on here after the workshop!

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UPDATE: The Shops at White Oak Village

Since there have been so many inquiries to my blog regarding The Shops at White Oak Village (see previous entries on the subject from 5/15/07 and 6/15/06), I thought it was time for an update.  Considering the time between each posting on the shopping center development, maybe I should consider labeling this as an annual update…

Now there is an official website for the project, and there are confirmed tenants listed:

Here's a factoid that I knew but had forgotten — the developer for The Shops at White Oak Village is the same developer that put together Short Pump Town Center and River Lofts at Tobacco Row, Forest City Enterprises.  Of course, given the confirmed tenant mix so far, White Oak will be a very different shopping center than Short Pump is.  That doesn't mean it won't be a good mix, just that it will be different — hopefully different in the way that reflects the needs and wants of the surrounding demographics.

It looks as though the project is still on target for a grand opening in Fall 2008, but we'll keep an eye out for any updates to that — and maybe another update before a full year passes…

[EDIT (10/13/08): Click here for the latest update on the Shops at White Oak Village.]

[EDIT (10/31/08): Click here for pictures and a post about the grand opening today!]

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Comments on The Crupi Report

I just finished reading The Crupi Report, and there is quite a bit that I agree with…and some that I don’t.  Instead of taking this post to get into the individual points that I am for or against, I wanted to share my most immediate gut criticisms of the report:

  1. What was up with the misspellings?  I noticed a handful sprinkled throughout the report (and I wasn’t looking for them) — "lose" was mispelled a couple of times, i.e.
  2. What is the "medium of house prices"?  I assume Dr. Crupi meant "median", but I can’t be sure.  Maybe he meant average?  Who knows…
  3. There was a quote from "A black leader" that said "I drank from the back of the bus, but it doesn’t define my life."  I get the meaning and appreciate it.  But, am I missing some piece of historical reference here or is that a mixed reference — i.e., sitting at the back of the bus and having to drink at a different water fountain?  Given the other mistakes in the report, I don’t know whether that is a misquote or the actual words he/she used.  Either way, it’s  wouldn’t have used it in the report as-is.

My point is not to be nit-picky, but come on, these are pretty simple mistakes to catch and correct.  Why undermine your credibility by letting them slip through?  I certainly don’t think that my writing is perfect, but I’m not getting paid to produce reports that are going to be read by an entire region.

Getting past the simple mistakes, I enjoyed the overall theme of urging cooperation and overarching vision as necessary for the strategic growth of the entire region.

One of my favorite quotes from the report was:  "It is ironic that while people in the counties recognize that the city can influence it with negative pollitical and economic images, they under-appreciate the benefits of what would happen if those same images were positive."

I am anticipating a great future for the Richmond-metro area, and I think that this report was a great way to generate interest and involvement by the general populace.

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How to influence the future of Richmond

There aren’t many times in a region’s development where the leaders sincerely ask for guidance and input from the general populace.  Granted, this has been an initiative organized by a group of local business leaders and headed up by the Greater Richmond Chamber of Commerce, but it is getting a lot of attention from the general population and recognition by the local governments.

If you are watching for the report delivered last Monday to be mentioned in the local news or blogs, it has been referred to as "The Crupi Report".  Dr. James Crupi was brought in "to re-examine the
greater Richmond area and make recommendations that would enhance its
future development and competitive position." — (see the article about the report on Richmond.com, or another article here from RTD)

I still need to sit down and read the report for the details, and I am hoping that the majority of people in the region do the same thing.  For your own You can find the report over at the GRCC‘s website by clicking here.  Over the next several months, those same business leaders who commissioned the report are looking for reactions from all of us.

An open forum on the subject is scheduled for Tuesday night at 7pm at the Richmond Times Dispatch’s Public Square, which will be held at their Hanover production facility.  (Click here for the announcement of the Public Square)  The address is
        8460 Times-Dispatch Blvd. Mechanicsville, VA 23116.  See you there!

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UPDATE: New Shopping Center in East Henrico

More information has been released and has been reported by the RTD regarding the plans for The Shops at White Oak Village.  With all of the comparisons to local area shopping malls, I thought this was going to be a "lifestyle center" like Stony Point Fashion Park or Short Pump Town Center.

The article in the RTD ("Sam’s, Penney plan new stores") from this past Friday, however, highlighted a number of the stores going into the shopping center planned to open in latter part of 2008 near the Laburnum Avenue exit off of I-64 (the one in the East End, not Northside).  These are not your typical "mall" stores, but more like one of these big box strip centers (a la the strip centers that pop up around the big shopping malls).

Target, Lowe’s, Ukrop’s, Sam’s Club, and J.C. Peney have all been confirmed as new tenants.  The site is 136 acres, and is planned to house a total of 913,606 square feet of retail, as well as a 150-room hotel.  Other possible tenants (not confirmed) are Red Lobster, Circuit City, Panera Bread and Ruby Tuesday.

June 2007 is the expected start date for construction.

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New High Schools for West End

Two new high schools are slated for the ever-developing West End of Henrico.  One of the newest high schools in that area, Deep Run, is expected to have 1,853 students as of next fall — and that’s already 3 students above the intended capacity.

The first new high school is planned for 2010, on the site south of Springfield Road, off of Staples Mill Road.  The contract for that site was approved last month for $13.6M.

The second site is 205 acres on Kain Road, slightly northwest of Short Pump Town Center.  The proposed purchase price (including site reviews and other costs) is $26.7M, and the intended usage would be not only a new high school for 2016 (or earlier), but also a public park and a fire station.

See "Henrico targets Short Pump site for future school" in this morning’s RTD (or yesterday’s shorter, online version "Henrico considers large land purchase") for more details.  It’s a very interesting read, even just to keep informed on who the players are in Henrico’s development.

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Where is the Baseball Stadium Going?

Well, if the newest plans reported in the RTD this Sunday are adopted, then it won’t be going far.

Richmond City owns 60 acres of property around the Diamond, 30 acres of which currently houses the "Parker Field Maintenance Complex" — the city’s public works and maintenance operations center.  Relocation plans for these outdated facilities have already been announced — well, maybe "plans" is too strong of a word.  I think that "intentions announced by city officials" is a better way to put it.

There are a few options that open up with the moving of the Maintenance Complex, including:

  1. build a new stadium in place of the complex
  2. turn it over to developers for "an urban district of homes, shops, and offices alongside a sports and entertainment complex"

If the City opts for #2, then it can either refurbish the existing stadium or continue to argue about other possible sites.

While I see the benefits of both, I agree with Wilder that we are running out of time to find a solution to the ballpark issue.  If we don’t move on this now, and use this opportunity to move forward, then we might as well just scrap the idea of a new ballpark altogether.  This is the perfect opportunity to have a new stadium and not ruffle any feathers about historic preservation.

(Source: Richmond Times-Dispatch, Sunday 12/10/06, "Plans pitched for stadium on Boulevard") 

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TimesDispatch.com | White Oak: Short Pump East?

Link: TimesDispatch.com | White Oak: Short Pump East?.
White Oak: Short Pump East?
Richmond Times-Dispatch
Jun 15, 2006

LOCAL NEWS: Henrico County

The Henrico County Planning Commission is scheduled to decide tonight whether to recommend rezoning for a proposed shopping complex in eastern Henrico that would be nearly the size of Short Pump Town Center.

The meeting starts at 7 p.m. at the county administration building, 4301 E. Parham Road. The public is invited to speak on the case before the vote.

Cleveland-based Forest City Enterprises Inc., the developer of Short Pump Town Center, proposes to build the 950,000-square-foot White Oak Village complex on 136 acres along Laburnum Avenue just south of Interstate 64.

It is the site of the former Viasystems Technologies Corp. plant, which closed in 2001. Forest City plans to raze the plant.

By comparison, Short Pump Town Center is about 1.1 million square feet. The total square footage of White Oak Village would be slightly less than that of Virginia Center Commons but more than that of Regency Square mall.
Click here for great deals from Dell!

Once the Planning Commission either recommends approval or denial, the rezoning case then moves to the county Board of Supervisors for the decisive vote.

For full coverage, see tomorrow’s Times-Dispatch.

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