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Triad Business Journal
Triad industrial market sees positive absorption, higher vacancy in Q2
Absorption in the Triad's industrial market continued on a positive streak in the second quarter of 2024 while increased supply has driven vacancy rates higher, according to a report from CBRE.<\p> The area saw 255,000 square feet of positive net absorption in Q2, which makes 21 consecutive quarters of positive absorption for the Triad market. CBRE defines the market as Davie, Davidson, Forsyth, Guilford and Alamance counties.<\p>
National homebuilder buys 100 Triad lots for more than $2 million
A site slated as a build-to-rent community in Winston-Salem with over 100 lots will now be a single-family subdivision after the $2 million-plus sale of the property.<\p> homebuilder Lennar is buying 102 lots in the Styers Ferry subdivision from Trilogy Investment Co., which specializes in build-to-rent developments. Trilogy announced it sold the first phase for $2.5 million, with the second and third phases expected to close over the next nine months, according to a release announcing the sale. It was not clear if the second and third phases will be for the same price, which would bring the deal to $7.5 million.<\p>
Greensboro injection-molding company to add 26 jobs, move to new site
The homegrown Greensboro company Core Technology Molding Corporation, a plastic injection molding company born as an MBA semester project, is about to fledge from its nest at the Gateway Research Park for a home of its own.<\p> Greensboro City Council on Tuesday approved an economic-development incentive package for the company worth up to $520,407. It’s conditioned on Core Technology keeping its present workforce of about 52 plus creating 26 new jobs through 2029 and making a total capital investment of $27.85 million.<\p>
Wyndham champion to return to Sedgefield CC to defend title
It will be hard for Lucas Glover to top what he did in last year's Wyndham Championship, but he'll be back in Greensboro in August to give it a try.<\p> Glover, a 44-year-old from Greenville, S.C., by way of Clemson University, yesterday became the first PGA player to announce his commitment to play in the 85th annual Wyndham Championship Aug. 7-11 at Sedgefield Country Club. It will be his 20th Wyndham Championship start.<\p>
Two tenants secured at High Point development, retail space available
Kotis Properties is preparing to break ground on a build-to-suit retail corner in High Point, with two of three tenants secured and a building permit submitted to the city.<\p> Coffee chain Caribou Coffee is slated for a drive-thru site at 2515 N Main St. The 629-square-foot, standalone building in one of two retail properties that are part of the approximately 1.3-acre development on the corner of North Main Street and West Peachtree Drive. A building permit has been filed.<\p>
Sweet success: Japanese candy maker nearly tripling size in Mebane
Mebane and Orange County have been so sweet for the maker of Hi-Chew candy that the company is doubling the capacity of its nine-year-old facility with a $136 million investment in what it’s calling its second factory.<\p> Morinaga & Col. Ltd. and its U.S. subsidiary Morinaga America Foods Inc. plan to start construction in October with operations beginning in January 2027, company representatives announced Tuesday. It’s the only U.S. manufacturing site for the Tokyo-based confectionary company.<\p>
World's 19th-ranked player to defend title at Winston-Salem Open
The 2024 Winston-Salem Open field will include three former winners, including defending champion Sebastian Baez of Argentina.<\p> Baez, No. 19 in the current ATP rankings, won the 2023 Winston-Salem Open in his tournament debut while ranked No. 42 in the world. The 23-year-old has continued to rise up the ATP rankings and is seeking his third title this year, having already won early this season in Santiago, Chile, and Rio de Janiero.<\p>
Cook Out owners buy property in Eastern North Carolina city
Restaurant chain Cook Out may soon be adding another location in a city east of Raleigh.<\p> Cook Out-Goldsboro Inc., a group tied to the fast-food chain headquartered in Thomasville, purchased property in Goldsboro off Wayne Memorial Drive for a little more than $2 million this month, according to Wayne County deed records. <\p>
Two Triad companies named among America's best mid-sized firms
A pair of publicly traded Triad companies have made a list of the best mid-size companies of 2024.<\p> Old Dominion Freight Line (NASDAQ: ODFL) of Thomasville and Hanesbrands (NYSE: HBI) of Winston-Salem are among the Best Mid-Size Companies of 2024, according to a new study by Time magazine and industry ranking provider Statista.<\p>
Labcorp moves forward with new strategy, will operate Florida labs
Burlington’s Labcorp (NYSE: LH) will grow in the Southwest Florida region through its year-old expansion model.<\p> The comprehensive laboratory services company has entered into a comprehensive strategic collaboration with Naples Comprehensive Healthcare.<\p>
Something for everyone! Triad restaurant scene sees several new spots
This month has been busy for the Triad restaurant industry, with something new across a variety of cuisines.<\p> In Greensboro, an upscale restaurant came to South Elm Street and a speakeasy-style bar joined the tenant mix at Revolution Mill mixed-use project. Winston-Salem saw several new eateries, including a Mexican-American restaurant, a Jamaican spot and an all-you-can-eat buffet. Further out, an entrepreneur brought the New York “hero” sandwich to Kernersville.<\p>
Large developer to change townhome project to single-family community
A previously announced townhome community in Winston-Salem proposed by one of the Triad's largest residential developers could be changed to a single-family subdivision instead.<\p> At the most recent meeting of the joint Winston-Salem/Forsyth County planning board on July 11, the board recommended to approve a request for an amendment to site plans plans to a housing development in the southern part of the city's limits.<\p>
Wells Fargo to close downtown branch in building bearing its name
Wells Fargo is closing its downtown Greensboro branch in early October and has renewed its lease for substantially less space in the building that bears its name.<\p> The U.S. Office of the Comptroller of the Currency received Wells Fargo’s notice of a branch closure in a notice dated July 9. The address of the branch is 300 North Greene St., at 21 stories one of the Triad’s tallest buildings and known as the Wells Fargo Tower.<\p>
It’s official: Cook Out will open new Triad location in hot area
Clemmons residents, rejoice! Cook Out will soon open its first restaurant in the Winston-Salem suburb.<\p> The Thomasville-based fast food chain has put its signage up on a restaurant at 3125 Gammon Lane in Clemmons and lists the location as coming soon on its website. <\p>
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
Prominent Triad CRE developer makes major leadership transition
In 1984, Robin Team started the company that would become Front Street Capital as one-person, boutique real estate development company. Forty years later, the Winston-Salem based commercial real estate development, investment and management company has grown the firm to over $900 million in assets and developed some of the Triad's most prominent projects.<\p> Now, the company has announced that Robin Team will be stepping down as its managing partner and taking on a new role as the chairman of the firm's board of directors. His son, Coleman Team, assumed the role of president and managing partner, effective July 1. In this role, Coleman Team will be leading the company's day-to-day operations and strategic growth initiatives. <\p>
Faith-based coffee shop succeeds in small Triad town
A faith-based coffee trailer opened a brick-and-mortar shop in Stokes County late last month, and business is booming for a young entrepreneur in her small town.<\p> Faye Wilhelm started Creations Coffee Company in a 6-by-12-foot trailer in 2022 after she graduated from college. Now 22 years old, Wilhelm moved her business into a 2,000 square-foot space on Main Street in Walnut Cove in June. She told Triad Business Journal that she served more than 200 drinks on opening day.<\p>
Prepping for growth: Asheboro moves to join regional water authority
With both development and new water regulations looming in the city and across Randolph County, Asheboro has taken a significant step toward making sure it has enough infrastructure to cope.<\p> The city council on Thursday approved a memorandum of understanding for staff to begin formal discussions and negotiations toward joining the Piedmont Triad Regional Water Authority, the six-locality entity that built and runs the Randleman Reservoir.<\p>
Two Triad parks make list of NC's top sub-megasites
Two Triad locations are on a list of 15 sites across North Carolina chosen to get extra development and promotional help from state-level economic-development organizations tasked with luring projects that need a large piece of land but not necessarily the so-called megasites of 1,000 acres or more.<\p> The list is part of the Selectsite Readiness Program Report released last week by the Economic Development Partnership of North Carolina. The organization was directed by the state legislature to develop a list of sites that would help the state lure more major manufacturing projects in key industry sectors.<\p>
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