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January 15, 2021 by Nathan Hughes

Is now the right time to sell your commercial real estate?

hallway between glass-panel doors inside commercial real estate building

Photo by Nastuh Abootalebi on Unsplash

As a commercial real estate investor, two of the most important and difficult decisions to make are when to sell and at what price. One of the most common questions we get is when is the best time to sell your commercial property? And in the same breath, we are asked — how much is my commercial property worth?

“Buy low and sell high”, right? If only it were that simple — flip a switch at exactly the right time. Even if you do get the highest price, you also need to consider how the sale fits into your long-term strategy. If you get a great return, but it’s at the wrong time, you may miss another business opportunity or not have liquidity for personal expenses at the time when you really need it.

When is the Best Time to Sell Your Commercial Real Estate

Let’s say that you just received what appears to be a great offer from a buyer out of the blue, or you have seen news about another building like yours selling recently and now you’re thinking that it might be worth exploring the market. Or maybe you recently bought this investment property and you’re thinking ahead. (Bravo for not waiting too long to consider your exit strategy!)

photo 1501139083538 0139583c060f

 

You can break the decision making process into two silos (TIMING & PRICE), and those will interact together to make a case for whether you should sell or not. What we’re going to look at today is timing. (We will have another post up soon about pricing considerations.)

1. How is the economy and the real estate market surrounding your commercial real estate

There is no getting around it, some of the factors that influence the timing of the sale of your commercial property are out of your control. While you may not be able to control these influences, you want to know how they are affecting your timing. For example, if mortgage rates are the lowest that they have ever been (sound familiar?), then that bit of information lets you know that buyers are more incentivized to buy right now than they would be if rates were the highest that they have ever been.

  • What are the general market/economic conditions?
  • What are the vacancy and absorption rates for your specific market?
  • What is the market demand and current supply for this type of property?
  • What are the local price trends for commercial property sales and commercial leasing?
  • What are the commercial mortgage rates and terms being offered generally?

2. Drill down to specifics about your property, the commercial real estate leases and the tenants you have in place

Now that you have a sense for how the market is doing in general, and what kind of demand there is for your type of commercial property, let’s look at your asset specifically. Here we want to explore things about your building that may affect your decision on the timing of a sale. For example, having replaced the roof a month ago puts you in a very different place for marketability than having replaced it 20 years ago. Or, maybe you replaced it 5 years ago and want to sell before getting too far along and having a buyer question the long-term viability of the roof.

  • What is the financial strength and credit-worthiness of your current tenants?
  • What length of term is left on your leases? (commercial leases and apartment leases, if any)
  • How long have the current tenants been in their leases?
  • Are there any vacancies and how long does it take to fill space when there is a vacancy?
  • Is there any deferred maintenance on the building? (roof leaks, peeling paint, etc)
  • Consider the timing of capital expenditures (i.e., how long ago was the roof replaced?)
  • Is there any new development nearby? (this could hurt or help your marketability)
  • If you are also the tenant, what lease terms are you willing to offer?

3. Evaluate your personal situation and how the sale of your commercial real estate may impact you goals

Then consider your personal situation, goals, and investment strategy:

  • What is your anticipated timing of your retirement?
  • What type/class of property that you want to own?
  • What are the terms of your current commercial mortgage?
  • What is the status of any tax benefits? (i.e., historic tax credits)
  • What are the tax implications of selling vs. holding?
  • How does this real estate asset factor into your personal investment portfolio?
  • How much time/headache is this property costing you?
  • Is there something else you want to do with the capital you have invested here?
  • Are there any other personal circumstances to consider?

What can you do from here

After going through this review, you should have a solid handle on whether the timing is good for a sale — or is there another time that would be better, and how can you plan for positioning your property for sale. If there are a number of red flags that make it a bad time to sell, don’t just shelve this idea and walk away. Now is the time to look at those different pieces of the puzzle and see what you can improve. Think about what changes you could make that would create a more appealing situation for selling. When you renew a lease or sign a new commercial tenant, what should you keep in mind for the lease terms?

Of course, timing isn’t the only variable in making the decision to sell. Pricing is another huge consideration. While some aspects of timing will affect pricing, some aspects of pricing will also affect the timing.

We are here to help you achieve your goals, not convince you to sell. It very well may be that your perfect timing may be years away. Let’s make sure that we work together to take the appropriate steps to maximize the value of your commercial property.

While we are working on the next post, why not give us a call at 804-464-3898 or send us an email to get the conversation started? 

Filed Under: Investing, Multi-family Housing, Office Buildings, Restaurants, Retail Tagged With: apartments, business environment, business owners, commercial real estate, office buildings, real estate development, retail real estate

December 1, 2020 by Nathan Hughes

Expanding Estate Sales with Myk-Beth’s

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

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

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

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

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

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

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

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

December 1, 2020 by Nathan Hughes

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

Click to read the full article here.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Click to read the full article here.

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

October 28, 2020 by nvh2

What Are the Benefits of Commercial Real Estate?

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

Greater Return

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

Additional Financing Options

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

Greater Income Stability

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

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

Photo by Scott Graham on Unsplash

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

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

August 28, 2020 by Nathan Hughes

The Scoop on Ruby Scoops

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

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

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

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

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

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

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

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

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

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

August 26, 2020 by nvh2

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

Commercial Real Estate in Richmond Virginia

Photo by Derrick Brooks on Unsplash

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

Lower Interest Rates

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

More Supply

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

Affordable

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

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

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

Filed Under: Investing, Multi-family Housing, National News, Office Buildings, Redevelopment, Restaurants, Retail, Shopping Centers Tagged With: business environment, commercial real estate, Economy, office buildings, retail real estate

August 17, 2020 by nvh2

How to Protect Your Commercial Property During a Harsh Winter

Photo by Ramiz Dedaković on Unsplash

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

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

Winterize Your Roof

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

Keep Concrete and Asphalt Maintained

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

Prepare the Grounds

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

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

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

Filed Under: General, Multi-family Housing, Office Buildings, Retail, Shopping Centers Tagged With: commercial real estate, property management, retail real estate

August 10, 2020 by Nathan Hughes

A Home for DIY Heaven

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

After visiting one herself, Catt Pulli was all in.

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

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

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

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

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

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

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

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

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

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

 

Filed Under: Buying a Business, Investing, Office Buildings, Retail Tagged With: business owners, commercial real estate, Local Businesses

July 15, 2020 by Nathan Hughes

Instrumental Growth for Spacebomb

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

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

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

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

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

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

 

 

 

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

July 13, 2020 by Nathan Hughes

My TOP 5 Favorite Projects [VIDEO]

My TOP 5 Favorite Projects:

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

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

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

July 10, 2020 by Nathan Hughes

Muslim Beauty Salon Lands Permanent Mark on Main Street

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

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

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

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

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

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

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

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

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

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

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

 

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

June 10, 2020 by nvh2

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

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

Pests

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

Lingering Odors

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

Damage, Safety, or Health Issues

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

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

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

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

April 30, 2020 by nvh2

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

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

Add Quality Videos and Photos

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

Virtual Tours

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

Engaging Content

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

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

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

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

April 9, 2020 by nvh2

3 Commercial Real Estate Red Flags You Should Keep an Eye Out For

When a person decides to purchase or lease a new commercial property, it can be one of the most expensive investments they will make for their business. This is why it is so important to make sure that you are getting what you pay for. Unfortunately, one of the pitfalls of being a new buyer is not being able to see some of the most common red flags. The following list includes three commercial real estate red flags you should always keep an eye out for.

Problematic Areas

Most of the time, red flags within a commercial property will be in the details. These problematic areas can seem okay at a glance but can actually be at the brink of disrepair. An issue that will come up a lot is amateur repairs or additions to the property. Some businesses do not want to pay thousands of dollars in repairs and thus will attempt to cheaply repair certain areas. Although some jobs might be satisfactory, you should always ask for work permits and city inspection documents to have concrete evidence that everything is up and running correctly.

Major Damage

Although you should focus on the details, there are major areas that cannot be ignored. One of the most important ones of these includes the roof. Roof damage can do considerable damage to your business if you are planning to store products within your commercial property. An additional red flag you might run into is the seller attempting to fix the roof in order to close the deal. While roof repair can help, it can’t fix everything. Once water penetrates the building, a broken roof might be the least of your problems. Water can run down walls and destroy pipes and create dangerous mold.

Maintenance Agreement

Before you sign on the dotted line, you should always make sure to ask about who is liable for regular maintenance. If the contract places you as the responsible party to repair issues within areas such as the HVAC systems or plumbing, you might want to renegotiate your contract. This attempt to place this workload and cost on you can be seen as a red flag.

Purchasing a commercial real estate property can be quite an expensive endeavor, and thus it’s important to protect your investment. Apply the information above to help you look out for common red flags.

Looking for great business properties? Browse opportunities here!

Filed Under: B&H News, General, Multi-family Housing, Redevelopment, Restaurants, Retail Tagged With: apartments, business owners, commercial real estate, property management, Redevelopment, retail real estate

May 1, 2013 by Amber Shiflett

Coworking finds its home in Richmond @804RVA

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

Larkin Garbee

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

March 29, 2013 by Nathan Hughes

Avalon Restaurant & Bar — SOLD!

sign for Avalon

2619 West Main Street, Richmond, VA

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

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

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

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

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

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

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

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

October 17, 2012 by Nathan Hughes

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

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

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

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

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

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

— Karri Peifer (@KarriPeifer) October 12, 2012

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

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

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

Richmond.com coverage of Cafe Diem closing

Richmond Bizsense coverage of Cafe Diem closing

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

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

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

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 25, 2012 by Lauren Noelle Gauthier

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.

Filed Under: City of Richmond, Henrico County, Multi-family Housing, New Development, New Urbanism, Office Buildings, Redevelopment, Restaurants, Retail Tagged With: Brown Greer, Cedar Works Building, commercial real estate, downtown Richmond, legal, real estate development, Redevelopment, Richmond, Rockett's Landing, The Boathouse at Rocketts Landing, Virginia

May 24, 2012 by Nathan Hughes

Blackfinn to sell downtown location to a local restaurant group

From a press release received this morning:

RICHMOND, VA (May 24, 2012) – BlackFinn American Saloon, located at 1001 Haxall Point, today announced its plans to sell the restaurant to a local ownership group. The restaurant will remain closed until a sale is completed and the new ownership group has finalized its rebranding of the current space.

BlackFinn has been the sole restaurant tenant of the mixed-use Riverside on the James development since it first opened its doors in 2006. The new tenant will benefit from the revitalization plans that are in place for the surrounding Canal Walk area.

“With the efforts to update and expand the current offerings in the area, we feel that this is a good time and opportunity for both seller and buyer,” said BlackFinn operating partner Ryan Golbitz. “It’s been six terrific years and we are grateful for the support and the business that our community has provided.”

Details of the new restaurant’s name and theme are expected to be announced closer to the reopening date, estimated around fall of 2012.

Anyone else know details? I’ll update if I hear anything.

Be sure to watch the local news outlets for more updates/information.

Filed Under: City of Richmond, Restaurants Tagged With: commercial real estate, downtown Richmond, Restaurants, Richmond, Virginia

December 19, 2011 by Nathan Hughes

“New” development north of Broad on Staples Mill

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

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

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

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

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

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

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

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

April 13, 2011 by Nathan Hughes

Small rental property owners breathe a sigh of relief

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

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

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

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

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

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

 

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

February 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

February 6, 2011 by Nathan Hughes

Redevelopment plans for Carytown get nod from Museum District

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

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

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

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

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

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

January 10, 2011 by Nathan Hughes

Retail Real Estate Market: 2010 vs. 2011

Retail real estate has gone through a lot over the past year and will continue to evolve over the upcoming year.  I can say from anecdotal experience in our office and from what I’ve heard from other colleagues in the business that the last half of 2010 was very busy, with the level of activity only set to increase going forward.

Retail Traffic is a great resource for information on the retail real estate market and I always enjoy seeing a new issue come out.  If you don’t want to miss anything, I would suggest you watch it closely too.  Of course, if I see anything particularly interesting, I will be sure to pass it along here.  For example…..

Their “Retail Real Estate’s 2010 in Review” is a comprehensive review of the biggest stories in retail real estate over the course of the past year.

And even more important, “What Will 2011 Bring?” (which links to a few other very informative pieces)

Filed Under: Retail, Shopping Centers Tagged With: business environment, commercial real estate, real estate development, retail business, retail real estate

December 6, 2010 by Nathan Hughes

Important! New IRS requirements for all landlords

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

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

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

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

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

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

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

October 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

September 23, 2010 by Nathan Hughes

Richmond’s next frontier?

Style Weekly has an interesting article this week about a part of Richmond that has been largely ignored, Northside’s Brookland Park Boulevard.  There is a lot of great information in the article, so be sure to go here and read the whole thing, but I felt like this part in particular was a great summary of the past and present of this area:

Brookland Park Boulevard was a bustling commercial corridor in the 1950s and ’60s, with popular bakeries, restaurants, a theater and a nightclub. And today, despite the many vacant buildings, several businesses still do a thriving trade.

On Saturdays, the area’s many beauty and barber shops are packed. Soul food restaurant Sam’s Kitchen is doing well, Epps says, as is his brother’s newly opened restaurant, River City Seafood. The cheerful yellow Michaela’s Bakery, which opened in 2005, sells six-layer cakes and strawberry shortcakes wholesale. Owner Michael Hatcher wishes the city would think of some way to bring more customers in — something historic, he says, or a tourist attraction. Another longtime business owner, florist Sylvia Richardson, says loiterers are the biggest deterrent to business. She says she doesn’t feel comfortable even walking to the convenience store across the street.

The one thing on which the merchants agree is that Brookland Park Boulevard has potential. Car traffic is plentiful, because the boulevard connects the city’s North Side and East End, and the area is served by two bus lines. The street has some architectural gems, such as an old theater and an ornate bank building. Richmond Community High School, a school for the gifted, moved onto the boulevard in 2009. Young people are buying up houses in nearby neighborhoods.

Brookland Park Boulevard reminds me a lot of other Richmond gems like East Grace Street near the Carpenter Center and Manchester’s Hull Street.  A rich history, a questionable present, and a lot of enthusiasm and support to make the area a thriving community.

For another great write-up on the area, take a look at this very thorough post on This Decrepit Victorian from March 2010:  The Brookland Park Historic District.

What’s next for Brookland Park, I wonder?

Filed Under: City of Richmond, Redevelopment, Retail Tagged With: business environment, business owners, commercial real estate, Redevelopment, Richmond

September 8, 2010 by Nathan Hughes

Official recommendations on the privatization of ABC stores

Virginia Governor, Bob McDonnell, has been getting a lot of news coverage lately over his push to privatize ABC stores statewide:  RTD from 9/3/10, NBC12 from 8/19/10, Hburgnews.com from 8/26/10, Style Weekly from 6/29/10.

This proposal still has a ways to go and many levels of bureaucracy to push through before it becomes reality, but McDonnell ‘s senior staff members have been studying the issue to make recommendations.  Here are their official findings (the full version), which were released today.  You can find the presentations that were made through this link. (although it doesn’t look like it will stay the top story but for so long)

I pulled out a number of points from the press release that I found to be the most intriguing:

  • 1,000 retail licenses will be auctioned off to the highest bidders
  • The licenses will be broken into three categories: 600 licenses for large establishments such as grocery stores; 150 for smaller establishments such as package stores and wine and beer shops; 250 for convenience stores/retail pharmacies
  • No one company will be allowed more than 25% of licenses within each level
  • 1,000 licenses will still give Virginia 1.8 outlets per 10,000 adults, far below the private state average of 3.8 per 10,000 adults
  • Majority of new license holders will be existing stores; Virginians will primarily see new shelves in retail establishments, not new establishments.
  • 332 licenses will be guaranteed for areas currently served by an existing ABC outlet
  • The additional 668 licenses will be granted based on population density
  • The wholesale side will also be privatized, allowing the Commonwealth to completely focus on law enforcement and regulation of distilled spirits
  • There is no tax increase in the privatization proposal
  • The Commonwealth will also make an additional $33 million on the sale of the ABC warehouse in Richmond and 19 state owned outlets
  • The number of ABC enforcement agents will be increased by 25%
  • The Commonwealth, through the ABC board, will maintain health, safety, law enforcement and marketing regulatory authority over private distilled spirit sales and distribution

Also, the point that has been making the most buzz lately is the idea of a 4% tax on the gross liquor receipts for restaurant operators.  That seems to have been taken out of the recommendations (given the 9th bullet point listed above), unless it’s a matter of semantics and they’ve buried it by not calling it a tax.  I didn’t have time to go through, but I’m sure there will be lots of other people combing through the details of this proposal word for word.

Another point that is of particular interest to me is the sale of the ABC main warehouse.  I wonder who will be listing that? *ahem* Mr. Governor, I’d be happy to take a look at it for you!

Filed Under: Government Institutions, Restaurants, Retail Tagged With: ABC law, business environment, business owners, commercial real estate, government, legal, McDonnell, Restaurants, Virginia

July 9, 2010 by Nathan Hughes

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

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

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

empty salon space

2217-2219 W Main Street

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

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

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

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

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

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

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

June 28, 2010 by Nathan Hughes

Does downtown Richmond have a parking problem?

Given the info in this post at The Urbanophile, I sure hope we do!
desolation
The author is specifically talking about Buffalo, New York, but this is an issue that most cities of any substantial size have to wrestle with all of the time.  I can’t count all of the times I’ve heard people complain about parking in downtown Richmond — and I know that I have at certain times/events.

Here’s an excerpt that I felt summed up the key point of the post to me:

Downtown can never compete with suburban office parks on the basis of convenient and affordable parking. To compete successfully on that basis would mean the destruction of all of downtown’s remaining (and emerging) value.

By definition, downtown can never out-compete the suburbs on suburban, automobile-based terms. By necessity, parking takes up a tremendous amount of land, creating lots of dead, open space, which the suburbs have plenty of. In fact, that’s the suburbs’ main asset: lots of open space. A city’s main amenity is not open land, but density, walkability, a diverse mix of uses, and the quality of the streets and other public spaces. These are the areas in which the suburbs cannot out-compete downtown.

That doesn’t mean that we should ignore parking entirely.  Complaints about parking are a symptom, not the actual problem.

Parking will always be an issue if everyone is coming from out of town to visit the downtown.  More importantly, we should focus on bringing more businesses and residents downtown — increasing the walkability and decreasing reliance on cars will make parking less of a problem.

But more to the point of the post, downtown isn’t supposed to be a wonderland of surface parking lots.  It’s supposed to be a dense area with lots of people and businesses, and events that bring more people from all over.  If the downtown is a vibrant place, then people will deal with the parking issues (they will still complain, but they will still come).  If you want lots of open parking, go to the suburbs — that’s what they’re good at.

There a good discussion in their comment section, so be sure to check that out while you’re reading through the original post.

Photo credit greeneyedhedgehog

Filed Under: New Urbanism, Redevelopment, Transportation Tagged With: commercial real estate, downtown Richmond, real estate development, Redevelopment, Richmond

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

November 30, 2006 by Nathan Hughes

UPDATE: Cineplex Slated for Boulevard

This is a call-back to a posting several months ago (5/18/06, to be exact): New Cineplex Slated for the Boulevard?  — see the post to get up-to-speed

This has been long in the works, obviously, and is still in the early stages.  As Style Weekly pointed out in this week’s edition ("Merger Won’t Slow Boulevard Complex"), the architectural plans are still being drawn up.

But there is no rush for Bow Tie Partners (the developers), as Richmond Steel isn’t planned to relocate for another 8 months.

Some interesting facts from the article:

  • the new cineplex will be called Movieland
  • the redevelopment project is being called Boulevard Square
  • there will be 13,000+ sq ft of retail and restaurants in the development
  • the area where Bowtie originally planned for a cineplex is called Jefferson Square (between Main, Cary, 3rd & 4th Streets)

Filed Under: Redevelopment, Restaurants, Retail Tagged With: Bowtie Partners, cineplex, commercial real estate, downtown Richmond, new movie theater, real estate development, Redevelopment, Richmond, Virginia

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