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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

December 26, 2012 by Nathan Hughes

2013 Elby Award nominees have been announced!

Here at Bandazian & Holden, we are proud to be a Silver Sponsor of the 2nd Annual Richmond Magazine Elby Awards! This awards program is THE restaurant awards program for Richmond, Virginia and was a hit from the start, last year. This is a time when the stars of the Richmond restaurant scene (some of the ongoing conversation can be found under #rvadine in the Twitterverse) take time out to honor the best and brightest among them.

I have not been involved in the selection or judging processes, but I don’t envy such a difficult decision. We have a lot of great talent and passionate operators and chefs here in town, and I hope that these awards will continue to honor and encourage more talent to develop.

If you are in any way involved in the restaurant scene, I encourage you to buy tickets and attend. Come support your favorite spots!

The event is on Sunday, February 10, 2013 at the Virginia Museum of Fine Arts and the doors open at 6pm. The awards are held at 6:30pm with a reception afterwards.

2013 NOMINEES 

Fine Dining Restaurant

  • Acacia Mid-town
  • Arcadia
  • Julep’s
  • Lemaire
New Restaurant (Opened between Nov. 1 2011 and Oct. 31, 2012)

  • Deco Ristorante
  • Heritage
  • Peter Chang China Café
  • Tio Pablo
Excellence in Service

  • Tiffany Gellner of The Magpie
  • Paul Heitz at Amour
  • Wendy Kalif at Bistro Bobette
  • John Van Peppen at Arcadia
Upscale Casual

  • Pasture
  • The Roosevelt
  • Sapori
  • Stella’s
Cocktail Program

  • Heritage
  • Lemaire
  • Pasture
  • The Roosevelt
Rising Culinary Star

  • Kyle Cox of Patina
  • Carly Herring of the Dining Room at the Berkeley
  • Jen Mindell of Avalon
  • Mike Yavorsky of Belmont Food Shop
Neighborhood Restaurant

  • Africanne on Main
  • The Black Sheep
  • Kuba Kuba
  • Tastebuds American Bistro
Restaurateur of the Year

  • Jason Alley of Comfort & Pasture
  • Kendra Feather of Garnett’s, Ipanema & The Roosevelt
  • Ren Mefford and Chris Tsui of EAT Restaurant Partners
  • Paul Keevil of Millie’s, LuLu’s and Tio Pablo
Chef of the Year

  • Tim Bereika of Secco Wine Bar
  • Peter Chang of Peter Chang China Café
  • Lee Gregory of The Roosevelt
  • Dale Reitzer of Acacia Mid-town
Culinary Student of the Year

  • Dana Goodchild at Culinard
  • Stephanie Louise Boehles at J. Sargeant Reynolds Community College
  • Jean Marie Kennedy at University of Richmond’s Center for Culinary Arts 

 

Who are you hoping will win? Who isn’t mentioned on this list that you think deserved to be on there? I would love to hear what you think!

Filed Under: B&H News, Restaurants Tagged With: Bandazian & Holden, business environment, business owners, City of Richmond, 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

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

May 11, 2012 by Lauren Noelle Gauthier

18th Annual Museum District Mother’s Day House & Garden Tour

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Filed Under: B&H News, Charity/Non-profit, City of Richmond, Residential Tagged With: Bandazian & Holden, downtown Richmond, Museum District, Museum District Association, Richmond

November 21, 2011 by Alix Bryan

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…]

Filed Under: B&H News, Buying a Business, City of Richmond, Company News, Hanover County, Henrico County, Restaurants, Selling a Business Tagged With: Bandazian & Holden, business brokering, business owners, buying a business, Restaurants, Virginia

September 26, 2011 by Nathan Hughes

Starting a business in Richmond? You don’t want to miss this!

Being involved in helping start-ups in Richmond, we often get invitations to attend sessions put on by the Economic Development departments of the local governments. When we get them, I’ll make sure to post them here for your reference. The ones I’ve attended in the past have been extremely helpful and great brush ups on the resources that the localities provide for small business.

Here is the email from the City of Richmond that we received regarding the upcoming event:

As part of our  ongoing efforts to provide you with valuable information & resources, the City of Richmond Department of Economic and Community Development-Business First Richmond Program is pleased to announce another in our series of free educational seminars.

The City of Richmond Department of Economic & Community Development and the Virginia Department of Business Assistance will host the first in a two part series on establishing and  growing your business.   Part I in the series the” Entrepreneur Express Seminar” will address the basic concerns of establishing a business in Richmond.  The seminar will be held Wednesday, October 12, 2011 from 8:30 am to noon at the Police Training Academy, 1202 W. Graham Road, Richmond, Virginia 23220.  (See Entrepreneur Express Seminar Flyer for details)   Please share this information with your clients and colleagues.

To sign up (free!), you can either register online by clicking here, or call 804-371-0058.

Oh, and make sure to let me know if you’re going to be there! Leave a comment here or at least be sure to come up and say hello when  you see me there.

Filed Under: City of Richmond, Government Institutions Tagged With: Bandazian & Holden, business environment, business owners, downtown Richmond, government, Richmond, Virginia

September 26, 2011 by Nathan Hughes

Virginia ABC laws changing soon

Bar at Deanna's

*image courtesy of Alan Turkus (http://www.flickr.com/people/aturkus/)

A common complaint in the restaurant industry here in Richmond is about how outdated and difficult (and sometimes just plain nonsensical) the ABC regulations are, especially for start-ups. Well it might finally be time for that to change:

…the state’s Alcohol Beverage Control Board is for the first time in 20 years reviewing and updating all of its regulations in an effort to rewrite or eliminate any antiquated and burdensome restrictions. And they’ve asked the state’s merchants to help, giving them until Oct. 17 to propose changes.

Read more at the Washington Examiner

You heard them, folks. If you have an ABC license, then they want to hear from you! Be a part of the updates in the ABC laws. If you’ve seen what can be done better, now is your chance to speak up.

Where to speak up? I’m not exactly sure. I checked the Virginia ABC website and didn’t see anything specific about the initiative, but calling them directly would be a good place to start. If you do know the reporting process, please leave a comment with the information.

(Thank you to Richmond BizSense for pointing out this article in their morning email. If you’re not receiving it already, then you might want to rectify that.)

Filed Under: Government Institutions, Legal, Restaurants Tagged With: ABC law, Bandazian & Holden, business environment, government, legal, Restaurants, Richmond, Virginia

September 25, 2011 by Nathan Hughes

It’s true, RVA, Mint is coming to the Fan!

There was a rumor floating around for the past few weeks that Amy Cabaniss, the owner of Julep’s in Shockoe Bottom, was purchasing the building where Davis & Main operated a long-standing restaurant for decades. There was good reason for the rumor, because it was true!

Amy closed on the deal to purchase the real estate and the equipment at 2501 West Main Street this past Friday afternoon. Richard Holden, Principal Broker at Bandazian & Holden, represented Amy in the purchase.

It has been on the market for some time. Fan of the Fan reported back in June that the restaurant had closed, and I know that it had been for sale for some time before that. We are proud that Bandazian & Holden was part of making this sale happen, and even more proud that such a fine restaurateur will be the one taking over.

The new restaurant will be Mint New Casual Cuisine. From all of the great ideas that I’ve heard from Amy and from the reactions I’ve heard so far from the neighbors, the Fan District will be very happy to have her there!

Congratulations on the purchase, Amy! I can’t wait to try out the new place!

[blackbirdpie id=”117321754979999745″]

Filed Under: B&H News, Buying a Business, City of Richmond, Restaurants Tagged With: Bandazian & Holden, business owners, commercial real estate, downtown Richmond, Restaurants, Richmond, Virginia

September 23, 2011 by Nathan Hughes

What to do if your landlord doesn’t respond to repair requests?

So you’ve had a roof leak for a while, making the drywall from the ceiling cave in..and who knows, maybe there is mold in there?! You called the landlord or property manager about the problem when you first noticed it, which was 2 months ago, and maybe they sounded like they were going to take care of it (and maybe they didn’t) — but you haven’t heard from them since. What do you do?

This is important. Do not stop paying rent. There is no advantage to be gained legally by withholding rent, even if the place becomes untenable. The courts do not look kindly on a tenant taking that kind of decision into their own hands.

Instead, listen to the advice given in this recent article by Richmond.com, “Don’t Let The Walls (Or Ceiling) Cave In On You“:

  • Be current in your rent
  • Give your landlord written notice of the problem
  • Wait a reasonable amount of time

After a reasonable amount of time has passes, take a copy of the written notice, along with the next months rent, down to the John Marshall general district court at 400 N. Ninth Street. A clerk will help you file a legal assertion.

…

There is a small filing fee of $56 to file assertion. We’ve even tracked down the onlinie form, DC-429, available through Virginia courts here. 

If you stop paying rent, you may still be liable for late fees and other repercussions for being late (i.e., bad marks on your credit or even eviction). You are not alone or powerless against a landlord, but you have to play by the rules that have been set up to protect everyone involved.

Have you been through this process with the courts? I would be grateful if you share your experience below in the comments, so that everyone can learn from it!

Filed Under: Legal, Multi-family Housing, Residential, Tenants' Rights Tagged With: Bandazian & Holden, legal, property management, tenants rights

July 31, 2011 by Nathan Hughes

Look good by selling your business (even for $1)

I see far too many businesses close rather than accept a price lower than the owner believes it is worth (more than ZERO is way too many).

Pride is usually the culprit in these situations. Often the argument is, “we put $x into the build-out and equipment and we need to make that back”. On the surface this sounds like it makes sense, but those are sunk costs — in other words, money that was spent in the past. That works great as a psychological barrier to selling, but it is healthier to keep the costs in mind without getting too hung up on those numbers. There are many reasons why the dollar amount you put into the operation of the business would carry less value (or no value at all, or even a negative value) to a prospective buyer — wear and tear, style, operational differences, etc.

Sometimes a little perspective is needed, and there is a recent post from Penelope Trunk that provides an argument that I hadn’t thought of before — being able to say you sold your business is a great resume builder! She goes even further to say that it doesn’t really matter how much you received as a price for the business because the terms of a transaction are expected to be confidential, or at least that it is not considered strange to not disclose the terms of the sale.

This quote from her post says it best:

To be honest, you still look pretty good, compared to the rest of the world, if you say you started a company and it failed. Because the gumption and intelligence to start a company is flattering to anyone.

But you will look really good if you say you sold the company. Even if you get someone you know to buy it for a very small amount of money.

Of course it is better to sell for more, for a lot of reasons. But there is a point where you are ready to get out of your business. Maybe you’ve gotten what you consider to be a “low ball” offer (someone giving an offer much lower than they think you will accept, just on the off chance that you will go for it). Well, maybe it’s time to consider that offer more seriously. What’s more important — “winning” the negotiation OR getting out of the business without having to say that you shut it down?

All I ask is that you consider this advice when you’re making that fateful decision whether to shut the doors or to take that offer that you feel insulted all of your hard work.

Filed Under: Selling a Business Tagged With: Bandazian & Holden, business brokering, business owners, selling a business

June 14, 2011 by Nathan Hughes

New insights on the sale of Cafe Gutenberg

As you may have noticed, we have Cafe Gutenberg for sale (see the big “Cafe Gutenberg – FOR SALE” in the menu above, or just click here). It’s a little bit of a different situation than normal, since usually these matters are highly confidential and even to find out the name and address of one of our business listings you would have to go through a screening process and commit to a Non-Disclosure Agreement.

In this case, the owners had decided to be upfront with their staff and even agreed to do an interview with Style Weekly about their decision to sell. Unfortunately, the article published didn’t accurately portray how the owners of Cafe Gutenberg feel about Shockoe Bottom or what they said about their reasons for selling the business.

Jason Guard, aka @rvafoodie, has given Chef Jen Mindell a chance to tell her side of the story as to why she and her partner are selling the business and to provide some background on how the past few years have been in Shockoe Bottom. Check out her guest post on Jason’s blog, Caramelized Opinions.

Filed Under: Buying a Business, Restaurants, Selling a Business, Weblogs Tagged With: Bandazian & Holden, business brokering, business environment, business owners, buying a business, downtown Richmond, Restaurants, Richmond, selling a business

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

April 12, 2011 by Nathan Hughes

When should I sell my business?

Is now a good time to sell my small business?

What about all of the talk about changing the capital gains tax?

Should I sell now, or wait a couple of years?

What about the upcoming flood of retirees? Won’t all of that money coming into the market help increase prices?

Lucky for us, there is a recent article about exactly these questions in the New York Times from last Tuesday. Check out the article and the great comments by clicking here.

 

**I will delve into this topic more over the next year (and probably much longer than that, since this *is* what I do)

Filed Under: Selling a Business Tagged With: Bandazian & Holden, business brokering, business environment, business owners, buying a business, government, selling a business

February 10, 2011 by Nathan Hughes

Pet deposits on residential leases

The issue of a residential tenant deciding to get a pet in the middle of a current lease term doesn’t come up nearly as much as you would expect, but every so often it does. In most cases we do require a pet deposit to cover any damages that the pet may do to the property.

Legal technicalities aside, the landlord has a good practical argument for retaining the whole deposit [until the end of the lease]. The increased deposit was intended to provide coverage for any damage the dog might do. The landlord may not know about any such damage until you move out, even though the dog is long gone.

The above quote is from a post on Inman News in a Q&A column that I thought was worth sharing here (click the link to see the rest of the article).

Not only is the post a good primer on the ins-and-outs of security deposits, but also on the general nature of leases and how changes to an existing lease should be handled. This is important information to understand for both landlords and tenants. Basically, lease terms can’t just be changed at the whim of one party (duh!) — while that seems like it should be taken for granted, you would be surprised how often we have to explain that in the normal  course of business.

Filed Under: Legal, Multi-family Housing, Residential, Weblogs Tagged With: Bandazian & Holden, legal, property management

February 7, 2011 by Nathan Hughes

How to make zoning easier to understand

Government regulations are typically so complicated that not only can the lay-person not understand what they mean, but they are written in such a way that even people that think they know what is meant are left arguing completely different interpretations.  Zoning regulations are no exception.

In fact, in NYC the zoning regulations are so convoluted that “In a recent case, a judge said the word “development,” which appears at least 2,500 times in the [zoning] resolution, did not mean what the city said.” (source: New York Times article — we’ll see more about that article in just a minute)

The Planning Commissioner for NYC, Amanda Burden, is attempting to make the zoning regulations a little more accessible to the general public by issuing a new city handbook with plain explanations and cartoon drawings that illustrate what particular zoning designations look like and what they mean.  Check out the coverage in the New York Times about what she has been doing to bridge that gap.

While this may not be the right approach for every locality, the idea is one that every local government should take to heart:  Start building tools that puts control of the government back into the hands of the people.  Sure, we elect officials to represent us and we should not be ruled by mob mentality (see: California), but the people also need to be able to understand what is being done — especially when we are expected to interpret these rules and abide by them.

I have seen far too many business and property owners try to follow the rules that have been laid out, only to find a health inspector or building inspector come in with a totally different understanding and cost the owner thousands of dollars in hard cost and lost business because the rules were not clear enough.

What do you think, Richmond? Have you had any issues with the local zoning regulations (city or county)? What would you suggest could be done to make the rules more clear?

Filed Under: Government Institutions, Legal, Redevelopment Tagged With: Bandazian & Holden, business environment, business owners, commercial real estate, downtown Richmond, government, legal, real estate development, Redevelopment, Richmond, Virginia, zoning

December 14, 2010 by Nathan Hughes

What’s a business broker, and what do they do?

Business owners often wear many hats: Manager, Worker, Bookkeeper, Janitor, etc. Many owners can do well at all these tasks because they all pertain to their business. In many small businesses, the owner has a lot of proprietary equity; the business is truly the owner’s “baby” and they understand it from every angle. So often, when the decision to sell their business has been made, they are not sure how to proceed or have unrealistic expectations; they may talk to their CPA or other advisors and some may elect to attempt to sell it themselves. Sometimes this is because they are not aware there are any other options. Sometimes it is because they feel that they can do a better job than anyone else since they know their business so intimately.

However, the decision by an owner to sell their own business may be one of the largest missteps of their career. Why? Selling a business is much more complicated, involved and typically much more important than selling a house. Yet, imagine that you wanted to sell your home yourself without using a Realtor. You may know your house better than anyone, so it may seem a logical decision. But do you know what it’s really worth in today’s market? Do you know how to market it to as many qualified potential buyers as possible? Should you get an offer, do you have the experience to negotiate on your own behalf to get the most amount of money possible? Once agreed on a price, can you assist the buyer to assure proper financing is attained and keep the deal moving forward? Finally, even if you answered yes to any of these questions, can you afford the time it would take to complete this process? How much would this time really cost in terms of your productivity? Well, just like a house, you can ask each of these questions about your business and whether taking the sale into your own hands would really be to your benefit.

Fortunately for you, there is a better and easier way to sell a business that will typically result in a higher sale price, a faster close and require much less stress and time on your part. Chances are, there is a qualified business intermediary or ‘business broker’ in your town who, like a real estate agent, can properly price, list, market and sell your business. Selling a company confidentially is a complex and intricate process. A professional business intermediary will be able to handle every aspect of the sale cycle and keep the transaction moving forward through each step.

Services that a business intermediary will perform on your behalf will start with an evaluation of the business and an appropriate, professionally determined sale price for the company. A business intermediary will base the price on several pieces of information including the financial health of the business, demand in the marketplace for businesses like yours, condition of the assets, depth & strength of management, customer diversity, growth potential, and current industry sales trends. You may have heard that it’s as simple as a multiple of profits/EBITDA, but it’s really far more complex than a simple multiple to get the most appropriate (and often most lucrative) price and best terms (contrary to what you may hear in Wall Street, very few businesses sell for all cash).

Once an acceptable sale price or range is determined, the business intermediary will create a Confidential Business Summary about your business. Depending on your industry, this may include an Executive Summary of the business, management organization chart/personnel descriptions, facility specifications, sample marketing pieces and a summarized financial statement along with tax returns and/or other financial documents to verify the numbers. When completed, this will be the primary document to introduce the business to prospective buyers after they have signed a Non-Disclosure or Confidentiality Agreement.

This brings us to another great aspect of a business intermediary: Confidentiality. This is extremely important. Every time your business intermediary locates a potential qualified buyer, before disclosing any specifics about your business (including its name), they will have the prospective buyer sign a Non-Disclosure or Confidentiality Agreement. The document will cover many points including restricting the buyer from discussing with anyone that your business is for sale, and not allowing them to speak to or solicit your employees. This document protects you and your business.

Now that the business has been evaluated, a sale price determined and a Confidential Business Review Package created, your business intermediary will begin marketing the business. Finding prospective buyers, especially qualified ones, is one of the largest challenges to selling any company. Business Intermediaries will use a variety of methods to find qualified buyers. Methods that they will use depend largely on the industry your company is in, the size of the business and the geographic area that the business is located in. Some marketing channels may include working with buyers that the intermediary already has a relationship with who are looking for a business like yours; utilizing online resources made specifically for intermediaries to advertise the company to buyers looking for a business in your industry and price range; and using direct marketing methods to target synergistic or strategic buyers or other existing businesses that your company may fit in with. These are just a few broad avenues for marketing and successful intermediaries have their own proprietary ways of successfully finding qualified buyers, all of which are conducted discreetly and confidentially.

Once a serious, qualified buyer is found, your business intermediary will be there to work with you on negotiating the final purchase price and terms. These are often put into a Letter of Intent that will serve as an outline to the final Purchase Agreement. Ideally, the intermediary can generate multiple potential buyers and create real or perceived competition for the business. This tactic can often result in improved price and terms. Business intermediaries will often assist the buyer in finding financing sources and may have your business pre-qualified with an SBA lender if appropriate. An entire article could be written on financing alone, but suffice to say that an intermediary’s relationships and ability to work with various financing sources (banks, equity firms, private lenders/investors, etc.) is among their greatest assets to you and will open many doors to buyers in need of funding to complete the transaction. Finally, the intermediary will be with you through closing and will have helped to put together a plan between you and the buyer to ensure a smooth, successful transition and continuation of the business.

So for all the expertise, time saved and top sale price and terms attained, what does it cost to sell your business through an intermediary? Typically, business intermediaries are paid a fee which is typically a percentage of the sale price. Many intermediaries will also ask for a small fee upfront. This helps partially offset their costs in business valuation, marketing and advertising while also showing your seriousness and commitment to move forward with a transaction. The upfront fee may or may not be credited to the final fee upon the sale. In most cases, the sale price that a business intermediary can negotiate for your business will be higher than what a sale-by-owner transaction would bring, even after taking their fee into account; this is due to their knowledge, expertise and by maximizing leverage in the negotiation process. [By the way, as of 12/14/10 (and the foreseeable future), we have never charged an upfront fee here at Bandazian & Holden! – NVH]

For many small business owners, the sale of their business is one of their most critical life events; that may only happen once in their lifetime. Having the assistance of a focused professional to manage and lead you through the process all the way to the closing table can make a huge difference in insuring the outcome is consistent with your goals. We hope that you will consider meeting with a business intermediary to discuss your specific company and goals. A good and reputable intermediary will never charge you to discuss your options. We hope that you have found this article helpful and informative. The Carolinas-Virginia Business Brokers Association and its members are dedicated to serving our industry with the utmost integrity, loyalty and customer service.

___________________________________________________________________________

This article was prepared by the CVBBA for the purpose of assisting clients and their advisors in understanding the appropriate role and benefits of utilizing a business intermediary to facilitate the successful ownership transition of a small business. The reader has permission to copy and distribute as desired. For further information please go to www.cvbba.com.

___________________________________________________________________________

Filed Under: B&H News, Buying a Business Tagged With: Bandazian & Holden, business brokering, business environment, business owners, buying a business, selling a business

October 24, 2010 by Nathan Hughes

Play-by-play on the Richmond restaurant discussion

Last Tuesday was “An Evening at Morton’s”, where a select group of individuals involved in Richmond’s restaurant community were brought together to discuss Richmond’s food culture.  You can see my write-up and some useful links here.

I wanted to be sure you were aware of a few more resources that are especially useful if you weren’t able to follow along that night:

  • All of the participants answered some introductory questions before the panel, and the answers can be found here.
  • The live blog and questions from participants online were recorded and can be read in their entirety here.
  • Here is the NBC12 coverage of the event, and there is a video on that same page of the coverage.  The part of the report focused on the Steak Chat starts about halfway through the video.

I would love to hear what you thought of the discussion, and any insights you may have to share that didn’t get covered that night.  There was a lot to cover, and we could have gone on for hours — so there are definitely topics that didn’t get fully discussed.

Filed Under: B&H News, Restaurants, Weblogs Tagged With: Bandazian & Holden, business environment, business owners, commercial real estate, Restaurants, Richmond, Virginia

October 19, 2010 by Nathan Hughes

Richmond’s Food Culture — join in on the discussion tonight!

I’ve followed the ongoing series “An Evening at Morton’s” since it started off the year with a discussion on the Young Professional Business Climate, so I know that this is an exciting group and they have spun off some great discussions already.

Rather than rehash what has been said previously, I encourage you to read what Richmond.com has to say about the format of the evening and how you can participate. (nudge: go here)

[Okay, I lied. I am going to rehash just a little bit.] The masterminds behind the evening pick a topic, get experts together around a table at Morton’s Steakhouse down in Shockoe Slip, have a moderator facilitate the discussion, live blog & live tweet it, take questions and interactions with folks following along at home, record it, and release follow up posts wrapping up what was learned from the evening.

Thus is born #steakchatrva, or the long version, An Evening at Morton’s.

The topic on the table this month is Richmond’s Food Culture, which is a topic that is very near to my heart (and wallet, considering that most of what I do as a Commercial Realtor and Business Broker has to do with restaurants).  I had heard of the topic and suggested some folks and angles on the topic to make things interesting.  It hadn’t occurred to me that I might be asked to be at the table, so I was honored and excited to get the call.

We have a great panel for tonight’s discussion (taken straight from Richmond.com’s article on the evening):

  • Brandon Fox (@bpfox), Richmond Magazine Dining Columnist & RHome Managing Editor
  • Andy Howell, Cafe Rustica owner and chef
  • Nathan Hughes (@rvabusiness) Bandazian & Holden VP & Sales Manager
  • Karri Peifer (@KarriPeifer), Richmond.com food writer & editor
  • Randy O’Dell (@Bellytimber), co-owner Bellytimber & Mezzanine
  • Heather Sullivan, NBC 12 co-anchor NBC12 News Today & “Restaurant Report“
  • Deveron Timberlake, Style Weekly food and drink editor
  • Michelle Williams, deLux, Europa, The Hard Shell, Water Grill, The Hill Cafe chef / owner

While there are lots of people that could be included in the discussion, as evidenced by the larger than normal panel this month, there is only but so much space at the table.  It is always important to note that while we are representatives of the community, we are not the end-all to the topic and need the rest of the community to step up and participate.  We don’t want to lose the other voices that are equally important in the discussion.

So here is how you can participate:

  • Follow the conversation on Twitter by clicking here to see everything that is tagged with #steakchatrva, and use the hashtag #steakchat to appear in that stream to participate on Twitter.
  • Go to Richmond.com here and scroll down for the input form anytime before the event tonight to set a reminder.
  • Watch the live blogging here starting at 6:30pm tonight, October 19th, to see the discussion unfold.

What do you think we should be talking about? Have anything you would like to share?  Feel free to leave a comment or two here, if the urge should strike you.  Just keep in mind that I won’t be checking the blog once the discussion is underway, so chime in on the other channels listed above to have your voice heard after 6:30pm tonight!

Filed Under: B&H News, Restaurants, Weblogs Tagged With: Bandazian & Holden, business environment, business owners, commercial real estate, Restaurants, Richmond, Virginia

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

April 26, 2010 by Nathan Hughes

Tips on leasing commercial space

If you’re looking for commercial space for your business, or think that you might ever be looking — read this article from Entrepreneur Magazine, “How to Negotiate a Lease“. It has lots of great information on what to expect and how the process works for finding a commercial space to lease. [please ignore all of the obnoxious advertising that Entrepreneur Magazine is so horrible about, the article is worth suffering through the ads]

Be educated about the process and do your homework, but don’t let your ego get in the way and think that you can do this on your own. As the article mentions, be sure to use a commercial broker to find and negotiate the space with you, and use an attorney to review the lease documents.

There are things that you won’t know that you’re missing, no matter how savvy of a tenant you are — and those things that you missed will become painfully obvious the moment you reference your lease regarding a contentious issue 2 years from now, or the moment you hear about the space that wasn’t officially “on the market” but was half the price and better positioned than the space you chose.

Filed Under: General, Restaurants, Retail, Shopping Centers Tagged With: Bandazian & Holden, business owners, commercial real estate, Entrepreneur Magazine

April 14, 2010 by Nathan Hughes

More info about The Devil’s Triangle!

This is an article that you don’t want to miss about The Devil’s Triangle by Alix Bryan

I said my bit in a post yesterday, after seeing Alix’s videos — but there is SO much more that can be said, and she has a quite a few of the stories I have heard over the years about the rough days here in the Triangle. Be sure to read all about it!

Filed Under: B&H News, New Urbanism, Redevelopment, Restaurants, Retail Tagged With: Bandazian & Holden, business owners, commercial real estate, downtown Richmond, property management, Redevelopment, Richmond, Virginia

April 13, 2010 by Nathan Hughes

Insight into The Devil’s Triangle

There is a little-discussed part of Richmond’s Upper Fan/Museum District that was once a pretty rough area — “The Devil’s Triangle”, or as it is sometimes called, “The Bermuda Triangle”.  Now it is an economic corridor with independent shops and restaurants that serve the residents of the Museum District, the Fan District, and anyone else that wants to wander through.

I lived in the area for several years back in the mid to late nineties, and I missed most of the rougher times but heard plenty about Felix’s, Cafe 21, and the Ritz — now Caliente, Cafe Diem, and Arianna’s.

We moved our offices over to 604 North Sheppard Street several years ago to be in the heart of the revitalization going on, and to show our commitment to the area.  Our founder and CEO, Bedros Bandazian owns all of the commercial along this part of Sheppard Street except for the 7-Eleven, as well as some nearby commercial buildings — so there was already a strong commitment within the company to revitalizing the area.  Our move made a further commitment, and  of course we all patronize the surrounding businesses faithfully.

The transformation has taken another step with the most recent additions of:

  • Sylvia’s Stitch & Suds (renovated coin laundrymat, now a seamstress and laundry),
  • Arianna’s Grill (Italian restaurant from the extended family who also own Mary Angela’s and several others around town — built out from almost from scratch shell)
  • The parking lot in the rear of the buildings at Park & Sheppard (repaved, landscaped, lighted, and available for any customers of the shops along Sheppard)

The Devil Doesn’t Live Here Anymore from Alix Bryan on Vimeo.
[vimeo vimeo.com/10851674]

The Devil’s Triangle is located in the Museum District, which is nestled within the Upper Fan, of Richmond, VA.

This area received its name from three rough local bars, which formed a triangle. The bars have changed ownership, and the area has undergone a major transformation.

However, the nickname has stuck, and has a quirky appeal to locals–locals who never went when it was actually the Devil’s Triangle.

It wasn’t unlikely for police to find wanted suspects in the bars, or for gun and fistfights to happen almost nightly.

Origin of a nickname from Alix Bryan on Vimeo.[vimeo vimeo.com/14935680]

Rich Holden, former owner of Felix, talks about how a two block area came to be known as The Devil’s Triangle. Located in Richmond, VA, this area was home to drug trafficking, prostitution, bar brawls and gunfights. The triangle consisted of three bars, The Felix, The Ritz, and Cafe 21.

Although Holden called it “The Bermuda Triangle,” that moniker is also commonly synonymous with “The Devil’s Triangle.”

[editor’s note: Richard Holden is now the Principal Broker and President here at Bandazian & Holden, Inc.]

I’m eagerly awaiting Alix’s article to go along with the videos, and if she’ll allow me I’ll share it with you in a later post — or at least I’ll link over to it! I greatly appreciate her allowing me to use the videos here, and encourage you to go to her Vimeo site to take a look at her other work!

If you haven’t visited the Devil’s Triangle in a while, you should!  Visit the Black Hand for some coffee that was roasted right there on site. Come sit on Caliente’s patio and enjoy the spring breeze while you have dinner. Come listen to some amazing music down at Cafe Diem. Or explore one of the other shops or restaurants.

[edit (4/13/10, 2:27pm): After a couple of off-blog responses, I’m curious to ask — If you are familiar with the Devil’s Triangle, please share some memories of your time there with us in the comment section below!]

Filed Under: B&H News, New Urbanism, Redevelopment, Restaurants, Retail Tagged With: Bandazian & Holden, commercial real estate, downtown Richmond, property management, Redevelopment, Richmond, Virginia

March 22, 2010 by Nathan Hughes

New chapter for a Church Hill institution

St Johns Realty AND Bandazian & HoldenSt. John’s Realty has been in the property management business almost as long as we have here at Bandazian & Holden.  While I haven’t seen a record of what year they started, I’ve been told that they have been doing residential property management for somewhere between 20-30 years. (FYI – B&H was founded in 1974.)

With the passing last year of the founder and principal broker owner, Danny Athans [edited 3/23/10, per information from Church Hill People’s News — link to announcement here], the future of St. John’s Realty was unsure.  I am proud to announce that we at Bandazian & Holden have stepped up to take over the accounts, and all of the years of hard work by St. John’s Realty will not go to waste.

There are a lot of other details that will be forthcoming, but there is a lot of work that we are doing right now to get in touch with the property owners and tenants to alert them to the change, and to get all of the files in order.

We are very excited for the opportunity to serve this new group of property owners and tenants, and to expand our presence in Church Hill!

Filed Under: Company News, Multi-family Housing, Residential Tagged With: apartments, Bandazian & Holden, Church Hill, property management, Richmond, St. John's Realty, Virginia

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