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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

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

July 31, 2012 by Amber Shiflett

Falling 2Q Restaurant Trends- Fast Food vs Casual Dining

Have you noticed a decrease in the amount of people dining at your favorite restaurants lately?

Well, a recent expert analysis by the global investment banking firm, Jefferies & Co. shows national restaurant earnings trends have weakened during the second quarter. It may come as a surprise that quick service or fast food style restaurants are holding on strong against the falling market trends especially when compared to full service restaurants.

Nation's Restaurant NewsAccording to an article on Nation’s Restaurant News, full service restaurants have been hit the hardest during this recent decline.

The instability in the economy plays the largest role in consumers dining choices. According to Jefferies’ analysts:

“Customers continue to struggle with economic/employment uncertainty, and affordability and value matter more than ever.” (per the NRN article).

The article also said that despite efforts made by casual dining restaurants such as discount and promotions, net traffic is dwindling.

Analysts even found a correlation between the rise in gas prices and the decrease in the amount of restaurant traffic.

“While gas prices spiked in March and have since come down, sales trends across the full-service restaurant industry have decelerated,” the Jefferies team noted in their report.

So the question remains why are fast food businesses doing better than full service restaurants? Is it just because of convenience and affordability?

The truth is, quick service restaurants have been exploring new concepts such as: menu ingenuity, creative advertising, and well-priced quality food.

Many fast food establishments have revamped their menus and created campaigns that showcase their efforts to become more affordable options to casual dining.

So, what are full service restaurants going to do to regain business?

In the NRN article analysts noted that consumers are looking for value, service, and atmosphere. With a good business plan and those qualities full service restaurants will recover.

The Restaurant industry proves to be unpredictable, as noted in another recent article on Nation’s Restaurant News, see how casual dining is making its recovery.

As the national restaurant market has declined in the past few months, have you noticed a change in RVA? Would you prefer a fast food option to your favorite dining dive in the city?

Filed Under: National News, Restaurants Tagged With: business environment, Economy, fast food, Full Service Restaurants, Jefferies & Co, Nation's Restaurant News, Quarterly Earnings, quick service restaurants, Restaurant News, Restaurants

July 25, 2012 by Amber Shiflett

VCU Economic Developments Foster More Than New Ideas in Richmond

We found this pretty interesting article on workitrichmond.com the other day about VCU’s latest technological and economic developments happening across the Richmond region. Over the past 15 years, the university has been pushing for technological advancements such as new medicines, new business partnerships and student work opportunities to create lasting relationships between local businesses and the university.

In the last year, VCU’s Technology Transfer office has helped kick start their economic development efforts. The office is a resource that helps connect students with an industry and works to transfer their ideas and inventions from the university to the local business community.

Some of VCU’s recent successes include:

  • A new FDA regulatory clearance for EViTAR, a catheter for drug and cell delivery.
  • Commercialization of EmergenOx, a device which provides medical-grade humidified oxygen in emergencies.
  • Licensing by Finis, Inc. for the marketing of SwiMP3, a waterproof recreational audio-device that transmits sound, using bone conduction.

Since VCU is a thriving creative community, the assistance of this program is essential because it provides students with resources and counseling to help get their ideas developed and sold into the Richmond marketplace.

Nicole Colomb, who has been hired to oversee VCU’s new push for economic development efforts, said forging closer ties with the business community will benefit the region by raising the university’s stature while creating jobs and attracting industry here.

(per the article in WorkIt, Richmond)

The Tech Transfer office has become a great resource for economic development across Richmond, as serves as a liaison between local businesses and VCU. As a resource for students to connect and create new ideas, the office generates innovations in the local economy.

So what do you think VCU’s Tech Transfer program can do for Richmond? A more creative marketplace, stronger regional economy, more entrepreneurship and more RVA based businesses and ideas.

 

 

 

Filed Under: City of Richmond, Government Institutions, Virginia Commonwealth University, Web/Tech Tagged With: Economic Development, Economy, EmergenOx, entrepreneur, EViTAR, New Development, Richmond, RVA, SwiMP3, Tech Transfer, Technology Transfer, VCU, Virginia Com

July 24, 2012 by Carliss Hardy

VCU’s da Vinci Center helps Richmond become a top 5 for job creation

 

 

 During Rep. Eric Cantor’s  visit to Virginia Commonwealth University’s da Vinci Center for Innovation on Monday, he declared Virginia as an epicenter of job creation and entrepreneurship, according to an article on workitrichmond.com.

A recent survey by Gallup showed Richmond, Va. in the top five metro areas for job creation out of the 50 largest United States Metropolitan areas. Richmond came in third behind Pittsburg, Pa. and Oklahoma City, Ok. as number one. More than 30% of employers are hiring and just over 14% are laying off workers.

Cantor, the R-7th and the House Majority Leader, toured the da Vinci Center-a collaboration of VCU’s School of the Arts, Business and Engineering-and was impressed with the presentations by two groups of students. “What I saw was a remarkable effort to bring the many assets of VCU together toward creativity and innovation,” he said.

The students are participating in a paid summer internship program, a program he also said encourages the want for students to create job opportunities that contribute to the markets growth in Richmond. Once the presentations were completed “Cantor asked how many of them are interested in becoming “job creators” later in life. Almost all of them raised their hands,” according to the workitrichmond.com article.

Each group is collaborating on real world projects for two Richmond businesses using their diverse backgrounds. One group is working on a project with The Martin Agency to make Tylenol dosing simpler and more accessible for parents. The other group is evaluating the Mary Frances Youth Center and coming up with ways to help the organization stay out of debt.

Future job innovators, like these VCU students, add to the growing list of Richmond jobs and job postings seen on websites like Indeed.com. The job search website stated that “the Richmond, Va. job market is strong compared to the rest of the U.S.”  Job postings had a national decline of 32% while Richmond’s only had a 19% decline.

According to a The New York Times’ Economix blog post, surrounding Richmond cities, like Virginia Beach, have the highest proportion of employers laying off workers.

The da Vinci Center will continue to merge creativity, diversity and business minded students together  to help create innovative projects for job creation in the fall for the launch of its master’s program. Kenneth Kahn, the center’s director, said students will “come in with an idea and leave with a business.”


Filed Under: City of Richmond, Government Institutions, Virginia Commonwealth University Tagged With: da vinci center, Economy, Eric Cantor, Mary Frances Youth Center, Richmond, Richmond job search, Richmond Jobs, Richmond top 5, RVA, RVABusiness, The Martin Agency, VA, VCU, VCU da Vinci Center Internships, VCU Summer Internship

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