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
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.
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.
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!
“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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
“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!
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.
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.
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.
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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?
Anyone 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.
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!*)
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?
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…?
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:
- 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.
- 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…
- 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.
The new Downtown Master Plan was presented today. See the following link for a quick RTD article about it: Richmond leaders see vision of downtown – News – inRich.com.
Here are links to the different parts of the plan:
- Table of Contents
- Chapter One – Research & Analysis
- Chapter Two – Designing in Public
- Chapter Three – Foundations of the Plan
- Chapter Four – Getting There
- Chapter Five – Transportation Analysis
- Chapter Six – Housing & Market Analysis
- Chapter Seven – Implementation
It looks like a night of reading reports, between this new release and catching up on The Crupi Report. I hope to have some insightful feedback for you within the next couple of days.
[edit, 5/17/10: I realize that the links for the Master Plan no longer work, but I don’t seem to be able to find where they’ve put it. If you find it, please add a link in the comments below! — NVH]
After a long period of silence about the status of Cloverleaf Mall, there is movement. In January, Chesterfield County officials expect to have a signed purchase agreement from Crosland Inc., who will be redeveloping the site. The buyers have been involved since May 2006, and have several versions of a proposal that calls for redeveloping the aged mall into a mixed-use development.
Several plans have been proposed since Chesterfield purchased the property in 2004, all of which include a "pedestrian-friendly community that blends residential and business components". The county has said that it will be subsidizing the redevelopment, in order to make it work.
If you haven’t seen the Richmond Times-Dispatch this morning, pick it up. There are quite a few good articles related to business and real estate today.
One in particular that I want you to note is the profile on Ed Eck. This man and his company have done (and continue to do) a great service for Richmond in redeveloping the area just west of VCU, specifically along the West Main St and West Cary Street corridors. (If you are struggling to identify where I mean, think of the pastel colored buildings along West Main Street, Mulligan’s, the old El Rio Grande, Gold’s Gym, etc.)
Congratulations to Ed for winning the Andrew Asch Developer Award, from the pool of 2006 Golden Hammer Awards, from A.C.O.R.N. (Alliance to Conserve Old Richmond Neighborhoods) for "contributions to historical conservation".
Congratulations to all of this year’s winners and nominees!
While students are the not always the best tenants, there are lots of good reasons to buy investment properties in college areas.
College enrollments expected to rise by almost 1.6 million students, or
15 percent, over the next 10 years, according to the U.S. Department of
Education, and the number of graduate and professional students is
growing even faster, at almost 25 percent.
With the increase in students, there will of course be a rise in professors, administrative staff, space needed by the colleges, and supporting industries (research, retail, restaurants, etc.). While the article at REALTOR� Magazine Online -Daily News- College Town Properties Are a Smart Buy focussed on small college-dominated towns, this is a very good sign for Richmond. With Randolph Macon, VCU, UR, VUU, and the community colleges here, the areas around each of these schools will feel the impact.
Now is the time to jump in and start investing for the future growth, especially since the market has slowed down just a bit.
[Source: Dow Jones Business News, Jennifer Openshaw (07/04/2006), cited in the article mentioned above]
Ellis reports the sale of a 29,890-square-foot office building at
5020 Sadler Place in Glen Allen for $3.88 million to ASI Partners
Sadler Place from IP LC.
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Carlton Jones and Walton Makepeace represented the buyer.
Advantis Real Estate Services Co. reports the following leases:
. . .
CB Richard Ellis reports the lease of 12,418 square feet at 901 E.
Byrd St., Riverfront Plaza, West Tower, to Deloitte & Touche.
CB Richard Ellis has been selected by American Financial Realty
Trust to lease One Colonial Place at 10571 Telegraph Road in Glen Allen.
This story can be found at the RTD.