Vacancy for retail space in Richmond rose to almost 7 percent at the end of the second quarter. And that could mean banks might soon start taking back some retail properties if tenants don’t start signing leases soon. Meanwhile tenants who do sign leases are getting bigger discounts than six months ago.
Al Harris
The Pipeline: Commercial Real Estate Round Up for 8.7.09
Pilc and Moseley, LLC, public accountants, leased 3,000 square feet at 7400 Beaufont Springs Parkway in Richmond.Richmond International Forest Products, Inc., a lumber distribution company, leased 7,300 square feet at 4050 Innslake Drive in Henrico.
Trucking companies chase dead-heading rival
“Companies in trouble never give customers a heads-up that they are near the end.” That’s what salespeople for Richmond-based Estes Express Lines are being told to tell customers of competing trucking firm YRC Worldwide.
Be aggressive. B-E aggressive.
The mood at the annual Retail Merchant’s Expo was upbeat Tuesday. And the vendors, who sell their wares and services to retailers, almost unanimously agreed that to stay in business these days, companies have to be more aggressive in finding sales leads.
Stop calling me already!
A Richmond-based telemarketing group, Media Synergy, has been ordered to stop making “robo calls” to the state of North Carolina.
Richmond Volleyball Club serves up new facility
The Richmond Volleyball Club last week purchased the 73,500-square-foot former Brown Distributing facility in Henrico for $2.4 million.
The Republic takes over Cabo’s, and other restaurant news
Several restaurants are popping up across Richmond, filling in vacant spaces and promising to add options downtown and in the Fan.
Discount mortgages encouraging buyers
Just when it seemed mortgage rates couldn’t get any lower, First Market Bank dipped below 4 percent on mortgages for homes sold by homebuilders they lent to. Other banks followed suit, and the program is helping sell houses.
Retail marketing expo August 4
Next Tuesday more than a thousand retailers are expected to descend on the Greater Richmond Convention Center, said Jenny Price of the Retail Merchants Association.
Commonwealth Biotechnologies gets delisting warning
Commonwealth Biotechnologies, a Chesterfield-based biotech firm that has made several international deals lately, received a delisting notice from NASDAQ for failure to meet certain filing rules. The stock is down $0.11, or 17 percent, $0.53 in morning trading. (NASDAQ: CBTE) According to the notice dated July 24, Commonwealth failed to maintain a minimum stockholder’s equity… Read more »