Richmond Business & Commercial News

New use for the Ukrop's building at VCU

The Ukrop's location on West Grace Street closed almost a year ago, and since then has sat vacant in the midst of the bustling VCU community.

Plans are finally underway for making use of the space since the acquisition by VCU just a few months ago.  Not a grand retail redevelopment, but it's certainly a logical progression for VCU to acquire and use the space for additional classrooms and storage.

See the full story at Richmond BizSense here (which, by the way, does an EXCELLENT job with the business news for Richmond and the surrounding areas -- if you aren't subscribed then you are missing out!).

Need answers about commercial real estate issues?

There are always questions that come up when dealing with commercial real estate, whether it is about leasing a space (from the tenant's or landlord's perspective), how NNN expenses work, what an LOI should look like, etc...

For so many people, it is not something that they do every day -- so why not tap into resources that do deal with it every day?  Of course, I'll be happy to answer any questions that you have.  Feel free to email me at nathan [at] bandazian.com  (broken down a bit to keep the spammers guessing).

BUT, the reason for this post is to bring another resource to your attention.  It is in beta/testing mode right now, but the folks at Loopnet.com have made a push into a Q&A forum that I like quite a bit.  I have already answered a few questions, and would love to find more that are waiting for answers!  Not only will it be a great resource for the general public, but also a good resource for agents talking with agents.  (click here for a Q&A about the Q&A forum)

(And I suspect that particularly good topics that arise in the LoopNet Answer section may spawn blog posts here, as well.)

A few features I would like to see Loopnet add:
-a way to mark certain threads to watch,
-search feature to see if a question has been covered before
-a way to bring up questions that a user has asked/answered
-notification when someone comments on a thread that I started or answered

I do have a word of caution for you when consulting these Q&A's, though:  keep in mind that not only do laws differ from state to state, but also customary practices differ.  It is always best to consult with a broker/agent that is familiar with your particular market.  (search here, if you need recommendations)

That being said, it is also helpful to find out what is customary in other markets and to see if perhaps it is time to change local customs for the better.

Happy questioning/answering

How is the market?

It's a question that I hear all of the time, and there are all sorts of answers and variations of answers that I give.  A lot of it depends on how the last phone call went, or how the week has been.  Overall, the economy sucks, we all know that...on the other hand, we are very fortunate here in Richmond, Virginia, to be in a rather muted version of the poor economy that is hitting everyone.

The real answer is: sure, it's tough, but when is it ever easy in the land of commercial real estate -- and especially in business brokerage?  All that we can do is make things happen in our sphere of influence, and keep both eyes open for great matches to be made between buyers/sellers and lessees/lessors.

There is a lot of talk in the commercial real estate community of either the owners not being reasonable about the current market conditions, or the prospective tenants/buyers looking for "too good" of a deal.  A more accurate depiction of current market situation was outlined out very well in an article in this morning's Richmond Times-Dispatch's Metro Business section by Andrew Little (with John B. Levy & Co. here in RVA):

Buyers, like lenders, are nervous and skittish and not able to get a feel for what the long run looks like. Sales brokers across the country report large institutional sellers making strategic decisions to prune their portfolios or exit a market at fire-sale prices, only to find their lowered price expectations are not met.

In Richmond, long-term owners are wading into the market in hopes of shedding a piece of their portfolio at a price that only a year ago would have seemed unimaginably low. While it will be up to the buyers to determine if the sale prices are reasonable, getting buyers off the fence is difficult today. It seems as if all buyers are waiting for some longer-term sign to emerge that could help them make an investment decision.

It's not exactly a solution to our ills, but at least it might help anyone that wants to know "How is the market doing?"

Waitstaff in DC accused of stealing credit card numbers

This is a sad story about people taking advantage of trust given to them by the general public.  No, it's not about the government or big-business (this time), but about the trust that we put in the waitstaff at our favorite restaurants.

Six servers at high-end restaurants in Washington, DC, were accused of stealing credit card numbers from customers and selling them to criminals who used the numbers to create counterfeit cards and charge $750K worth of items at local stores. (See the full article from the Washington Examiner here.)

Secret Service investigators cracked the Washington-area scheme after customers began complaining to their banks of unauthorized charges on their cards, Secret Service Special Agent Philip Soto wrote in a sworn statement filed in Alexandria’s federal court. Soto discovered patterns in the charges that led him to the restaurants, where managers helped him trace the stolen information back to specific servers.

“Every employee has a unique number they put into the register before ringing up a charge,” Clyde’s of Gallery Place manager Paul Walker told The Examiner. “With that system in place, we can point back to an employee very quickly. ... It’s very traceable.”

A few lessons to be learned and points to be made in light of this story:

1. Watch your credit & bank accounts for odd activity. You can't catch what you don't see.
2. Regardless of the poor example these servers have give, most servers are wonderful and extremely trustworthy.  Don't let a few bad apples make you disrespectful.
3. As an industry, retailers and restaurateurs need to use systems to make the detective work easier (at least) and stealing private data harder (even better).

It's a shame that these stories happen at all, and with a bad economy people become even more desperate.  The best that we can do is show that this type of behavior will be recognized and punished, without over-reacting and only seeing the negative.

New CSA in Richmond (that means fresh local produce, folks!)

For any of you that have been interested in getting involved with a CSA (Community Supported Agriculture), you may have had a similar experience as I have had -- I got put on a waiting list.  Now this is not a complaint, but a testament to the rising popularity of local food and fresh produce.  These groups fill up fast, so I'm proud to bring to your attention a brand new CSA that was just announced yesterday!

Russell Bell is a local farmer that you may have seen at any of the farmer's markets around town: 17th Street Market, Lakeside Market, Byrd House Market, or South of the James.  I know that I see his name in the paper whenever the local farmer's markets are covered so you may have seen him there, as well. (The farmer's markets are still very popular and becoming more so all the time, by the way -- echoes of a post from 2007.)

For the description of what a CSA is, and how his will operate, I will turn the floor over to him:

>>>
Howdy all!

I am offering shares in a micro-CSA this year. A few of you helped last year with my CSA experiments. Thank you to all who did. There will be a total of 20 full shares, 40 half shares, or some balance of the two available this year. You will be able to pick up your shares from the Lakeside Market (Wed.), Byrd House Market (Tues.), or maybe South of the James (Sat). If none of these locations are convenient for the majority of shareholders, another location may become available.

Community Supported Agriculture works a lot like buying bonds in a company. You buy in at the beginning of the season and receive dividends, or produce shares, throughout the season. The first shares this year will be available starting in mid-April and continue weekly through mid-November. Each week your shares will consist of the CURRENT IN SEASON PRODUCE for market, as well as some limited or specialty items that were not produced / picked in large enough quantity for market sales. "In season" means there will not be tomatoes in April, arugula in July, or blackberries in November. Some produce has a very long season. You may be tired of a vegetable before the season ends. I will be offering tips on preservation, and if there is enough interest a canning party is always a ball.

Examples of this year's produce:

Early Spring----
arugula mix
spinach mix
broccoli rabe
radishes
herbs

Early Summer---
squash (3 kinds of zucchini)
tomatoes (possibly by June 1)
peppers
eggplant
corn possibly (CSA only)
herbs

Mid Summer---
cucumbers
melons
squash (3 kinds of zucchini)
tomatoes
peppers
eggplant
herbs
beans

Late Summer---
tomatoes
peppers
eggplant
okra
herbs
beans

Fall---
winter squash
tomatoes
peppers
eggplant
okra
herbs
collards
kale
beans

THE TOMATO QUESTION
We largely will be having a black and white tomato garden this year with hints of yellow, pink, and red.

Great White is a low-acid white beefsteak that is soft, delicate, meaty, and juicy.
Black Triffle is an earthy black ox heart with amazing flavor and succulent thick hunks of meat. Zapotec pleated is a pretty pink slicer. Great stuffed with beans and rice, orzo and squash.  Black Plum is my all time favorite sauce tomato. Perfect in my Eggplant Parm recipe.  Yellow pear is a low-acid crowd pleaser. Perfect in a salad, on a kabob, or by the handful as you drive.  Sub-arctic plenty is an early producer that we are hoping to have for early June pleasure.

COSTS AND DEADLINES
Whole shares = 500.00
Half shares = 250.00
50% due February 20th
50% due March 20th
No refunds after April 1st

The majority of produce will be grown in Louisa county.
Feel free to tell friends.
Please post any questions.
This is micro in comparison to the more standard 200+ share CSA

>>>

In order to contact Russell directly (and to sign up!), email him at farmerrussell@gmail.com.  I've already signed up so that I don't miss out on this opportunity!

Please eat at locally owned restaurants!

From the Back Page of the latest Style Weekly: 

An Open Letter (Please Eat With Us)
We tend to long for the things we have lost, but never seem to blame ourselves for not supporting them while they’re here.
by Carey M. Friedman

I can't say it any better.  Go read!  And when you go eat, support your local business owners.

Leave a comment and share:  What are your favorite local restaurants?

DC: New bars slated for 2009

This is a little outside of the Richmond-metro area, but once I saw this post by the Washington Post's GOGBlog (Going Out Gurus), I felt the need to share.  Fritz Hahn has put together a great list of the new bars that are already slated for opening in 2009 in the District.

There is a lot of action here in Richmond, too.  I'll be sure to share the news once the owners of each establishment give me the green light to make it public.

There may be hard times overall, but there are still entrepreneurs willing to take a chance to see their dreams come to life!  If you have the money and the drive to succeed, there are a lot of opportunities and great deals for the savvy owner.

New life for closed Ukrop's VCU location

Per breaking news on the RTD website today, the former Ukrop's location on Grace Street adjacent to the Virginia Commonwealth University campus will now be part of that same campus.  VCU's real estate foundation purchased the property for future development.

"The foundation bought the property last month for $9 million from BET Investments Inc., a Pennsylvania-based development company."

Watch for more information in upcoming press.  I'm sure there will be articles soon.

For more on the closing of the Ukrop's at VCU, see here, here, and here.

(Thanks to burt from UP Richmond for the heads up on the article!)

Update on Bogart's new location

I posted last January about the pending closing of Bogart's at 203 North Lombardy Street.  Since then, a new location was chosen and the construction on the new space began.

Check out this update on the status of the build-out at Cary & Granby Streets for the relocation of Bogart's in the Fan -- via RVAjazz:  "A drive by Bogart's"  (a thorough update, too!)

Per the blog posting, the new Bogart's is on track to open "no later than" January 20th.  If anyone has information, please share!

FREE Quickbooks 2009 Pro -- Today only!

For anyone that uses Intuit Quickbooks accounting software but has been reluctant to upgrade, this may be your lucky day!

A blog post from yesterday on Small Business Trends announced that Staples (the office supply store) is having a promotion today (Tuesday, 12/22/08) where each customer can receive a FREE copy of Quickbooks 2009 Pro!

You can either go into the store or order it online, and there are a couple of rules to keep in mind:

1. one per customer
2. you still have to pay sales tax
3. there is a $159.99 upfront cost before the rebate
4. if you order online, the shipping is free

A moment ago, I went through the process myself and everything was as easy as promised.  The rebates always make me a little uneasy, but if I keep on top of it I expect that everything should work out fine.

Happy Holidays!