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BizSense Beat: Feb. 10, 2023

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BizSense Beat is a weekly collaboration between VPM News and Richmond BizSense that brings you the top business stories during NPR's Morning Edition on Fridays.

Here’s a recap of the top stories for the week of Feb. 10, 2023:

CarLotz owner closes Midlothian store, hands Broad St. spot to rival dealership
Reported by Richmond Bizsense’s Michael Schwartz

The new owner of local used car retailer CarLotz has turned in the keys to its two Richmond-area retail locations, while taking another step toward retiring the CarLotz brand altogether. California-based Shift Technologies on Thursday announced the closure of the CarLotz outposts at 8406 W. Broad St. and 11944 Midlothian Turnpike.

Former CarLotz, Need Supply CEOs launch new startup in Richmond
Reported by Richmond Bizsense’s Michael Schwartz

It wasn’t long after Michael Bor had steered his company CarLotz through an IPO when he got a call that would eventually spark the idea for his next startup. On the line was Phillips Academy Andover, the prestigious private high school in Massachusetts from which Bor graduated in 1992. The timing and purpose of the school’s reaching out is what got Bor’s entrepreneurial juices flowing: The listing of CarLotz shares on Nasdaq meant an overnight windfall for Bor and some of the Richmond-based used car seller’s insiders and early investors.

Samis Grotto building in Bellevue sold to developers
Reported by Richmond Bizsense’s Mike Platania

A long-vacant anchor of the Bellevue neighborhood’s main commercial drag is in line for a major makeover. The former Samis Grotto Temple at 4028 MacArthur Ave. has sold to developers and real estate investors Ben Adamson and Alex Griffith for $300,000. Originally built as the Bellevue Theater in 1937, the building was most recently a Masonic lodge for the local chapter of Grottoes International. Adamson and Griffith are planning a mixed-use conversion of the Art Deco structure with approximately 10 apartments above ground-floor commercial space.

Developer sues Dodson in $2M property management spat
Reported by Richmond Bizsense’s Mike Platania

A dispute between two local real estate players over the management of nearly a dozen apartment buildings has spilled into court. Entities tied to Rick Gregory of Lynx Ventures have filed a lawsuit against Dodson Property Management and namesake Duke Dodson, claiming DPM mismanaged Gregory-owned apartments and seeking $2 million in damages. Dodson and DPM have denied the allegations in a response filed with the court.

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