The Pipeline: Commercial Real Estate Round Up for 5.8.09

R.E. Michel Company, a wholesale HVAC distributor, purchased the 20,500-square-foot industrial property in Chesterfield from K.B. Properties LLC for $1.625 million. R.E Michel, plans to relocate their distribution operations to this location. Andrew Todd Properties LLC purchased the 5,900-square-foot office building at 2310 W. Main St. in Richmond from Rich 6 LLC for $402,500.

Private equity firm buys cold storage biz

Richmond Cold Storage Co. Inc., a 102-year-old firm based here, was sold Wednesday to Atlanta Equity Fund LP for an undisclosed sum. Richmond Cold Storage is a privately held company with a network of warehouses with approximately 49-million-cubic feet of refrigerated space in states throughout the Southeast. Current management will continue to run the Richmond… Read more »

Magnolia Green goes into foreclosure

The financially troubled Magnolia Green Development, LLC (MGD) has been foreclosed on by its New York lender, iStar Financial. The lender claims that MGD has defaulted on a loan of $96.9 million that was issued in January of 2007, according to legal documents. The property will be offered for sale on May 19, the Times-Dispatch… Read more »

Va. regulations chasing payday lenders away

Several payday lenders – such as Check ’n Go and Allied Cash Advance – are leaving Virginia. Advance America, which operates the Cash Advance Centers of Virginia, is on the ropes, too. CNS analyzed the location of the 598 payday loan stores registered in Virginia as of April 7. The analysis examined the number of payday lenders by Zip code. The 23230 Zip code boasts one of the highest concentrations of payday lending stores in Virginia, with almost one location for every 1,000 residents. The area is also among the poorer sections of metro Richmond, with a median household income about $10,000 below the state average.

Chester staffing firm cuts 261 jobs

Chester-based AdvantaStaff Inc. has notified the state that it will lay off 261 employees. Employees at the staffing services company were notified on Monday and the cuts will take effect 30 days later on June 5. The company is one of Chesterfield County’s top 25 employers, listed eighth in an annual economic impact survey the… Read more »

Calling in sick in a recession

Workers nationwide are taking more sick days as stress from the recession and increased workloads are taking a toll, reported this week. But Richmond professionals say absenteeism has waned in light of fears over unemployment. The average worker missed nine days last year, up from the five days reported the previous year. That is… Read more »

Va. solar biz prepares for $39 million stimulus

The sun hasn’t set on solar incentives yet. The General Assembly rejected a $2 million tax credit program for renewable-energy systems this past session, but that’s small change compared with the $39 million in federal stimulus money the state of Virginia wants to dedicate to fund development of solar and wind energy systems. That is… Read more »

Local Cuban Americans mixed on Obama gesture

Cuban American business owners and professionals in Richmond are not on the fence about President Obama reaching out to the island that the United States has kept an embargo on almost five decades. They either love the gesture or they hate it. “It’s pretty much anybody over 50 is for the embargo and pretty much anybody under… Read more »

Richmond Marriott gets $14 million makeover

The newly opened Hilton Garden Inn has been getting the headlines as the latest jewel along Broad Street but its downtown neighbor, the Richmond Marriott, is quietly making its own contributions. It is in the midst of a $14 million renovation that will give it a new look from top to bottom and inside and… Read more »

Virginia Beach restaurant coming to Gayton Crossing

An acclaimed Virginia Beach restaurant is opening a second location at the Gayton Crossing shopping center in Western Henrico. Eurasia Cafe & Wine Bar  plans to open on May 12 and will offer lunch and dinner service Monday through Saturday. Co-owner David Edelen said the restaurant will serve Asian, American, and European inspired cuisine with… Read more »