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Triad Business Journal
Recyclable-food tray maker will expand in GSO after incentives OK'd
After getting the final sign-off on a local economic-development incentive package, a Pennsylvania maker of recyclable plastic trays used in the food industry has confirmed plans to open a $25 million facility and add at least 80 jobs in eastern Guilford County.<\p> Clearly Clean Products LLC of Orwigsburg, Pennsylvania, confirmed its decision through the Greensboro Chamber of Commerce following a vote by Guilford County commissioners to provide an incentive package worth up to $373,855. Clearly Clean is a portfolio company of Texas private equity company Insight Equity, which acquired it in March 2023.<\p>
Asheboro CNC company adds new site with purchase of smaller company
Asheboro CNC machining company Pemmco Manufacturing has added another site with the acquisition of Autocraft Technologies at 331 Rock Crusher Road, also in Asheboro.<\p> The acquisition includes a 15,000-square-foot building, machining assets and Autocraft's book of business, and adds to Pemmco’s capabilities in automotive and aerospace sectors. <\p>
Triad Middle-Eastern bakery expands with neighboring coffee cafe
A popular Triad Middle-Eastern bakery and restaurant has opened a new coffee cafe.<\p> Nazareth Bread Co. and Restaurant at 4507 W. Market St. in Greensboro has opened Fig and Olive Cafe.<\p>
Local CEO buys most expensive home in W-S in more than two years
A Winston-Salem based entrepreneur and CEO has recently closed on the highest-priced home sale in Winston-Salem in years.<\p> Daniel Calhoun, president and CEO of Winston-Salem-based Hispanic foods distributor Purple Crow, bought the house at 2832 Bartram Road for $2.35 million at the end of May. John-Mark Mitchell, CEO and owner of Winston-Salem real estate firm Mitchell Forbes Global Properties, said the transaction marks the highest-priced home closed in Winston-Salem on the Triad Multiple Listing Service in over two years. <\p>
Wake Forest rises to top for employee pay among NC universities
Wake Forest University leads the way for non-instructional staff pay among colleges and universities in North Carolina and also rises close to the top in both instructional staff and overall staff salaries, according to a Business Journals analysis of fiscal year 2023 data for public and private universities. <\p> Wake Forest comes in second behind Duke for total salaries, with its 2,406 employees earning an average salary of $89,550. The average salary for Duke employees is 92,783. UNC-Chapel ranks third in the state with an average salary of $81,703, followed by N.C. State University ($79,529) and Davidson University ($78,322).<\p>
The National Observer: Sign of reversal seen amid loan delinquencies
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today we've got stories on a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Novant's $320 million deal back on, but still faces regulatory hurdles
A federal judge in Charlotte on Wednesday cleared the way for Novant Health's $320 million deal to acquire two North Carolina hospitals from subsidiaries of Community Health Systems, Inc. (NYSE: CYH).<\p> U.S. District Judge Kenneth Bell denied the Federal Trade Commission’s bid for an injunction blocking the Winston-Salem based health system from acquiring the 123-bed Lake Norman Regional Medical Center and the 146-bed Davis Regional Medical Center. <\p>
Pair of Triad entrepreneurs open pet store in major retail corridor
To experienced Triad entrepreneurs Kamran Awan and Eibaad Ahmed, the neighborhood feel of Pet Supplies Plus stores led them to make their first business venture in Winston-Salem, opening a new store on Hanes Mall Boulevard.<\p> “The idea is that, whenever a pet comes in, we should know that pet by name,” Ahmed said. “That feeling is that we not only see you as a customer, but we also see you as a part of a community, that family.”<\p>
Why these Triad universities are betting big on esports
John Borchert is used to having to justify why gaming and esports are relevant both culturally and economically.<\p> But he’s found that the administration at UNC-Greensboro, where he teaches religious studies, has embraced esports as a new academic frontier.<\p>
Site of former Methodist Church receives office rezoning approval
The site of a former church soon could be gaining new life after the Greensboro Planning and Zoning Commission approved a re-zoning request by a major Triad developer.<\p> The commission approved a rezoning request from conditional district residential multi-family to conditional district office for the site of the former St. Timothy's Methodist Church, located at 5228 Hilltop Road, north of Hilltop Road and west of Bridford Parkway. St. Timothy's still owns the property, according to property information from the Guilford County Tax Department as of June 4.<\p>
Veteran banker returns to Triad to head Piedmont Trust Co.
Piedmont Trust Co., a privately owned Greensboro wealth management firm, has named long-time Greensboro commercial banker Jay Harris as its president and chief executive officer.<\p> The company, which dates to 1928 and is a wholly owned subsidiary of the Richardson Corp., pointed to Harris' 30 years of experience in the banking industry and said he has "a strategic vision that aligns seamlessly with the company's values and objectives."<\p>
Acclaimed W-S chef makes it to final round of "Chopped"
Justin Webster, owner and executive chef of Heff’s Burger Bar in Winston-Salem, came in second place on Tuesday’s “Gimme Guilty Pleasures” episode of Food Network’s “Chopped.”<\p> “Making it to the finals was kind of a hard secret to keep,” Webster said. “It was really cool to get updates from people as it kept going; people who didn’t know the outcome.”<\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
Hanesbrands to sell Champion for $1.2 billion
Hanesbrands is selling its Champion line of activewear to brand management company Authentic Brands Group for $1.2 billion, the Winston-Salem company announced Wednesday morning.<\p> The transaction, unanimously approved by Hanesbrands’ board, could end up being valued at $1.5 billion depending on certain performance thresholds.<\p>
Hornets star buys Cam Newton's condo for $2.5 million (PHOTOS)
An uptown condo owned by one of the most recognizable names to ever play for a Charlotte team has sold to another star athlete here. <\p> Former Carolina Panthers quarterback Cam Newton sold his condo last month to Charlotte Hornets guard LaMelo Ball for $2.47 million, according to Mecklenburg County real estate records. The sale between Newton's Agape Property Management Group LLC and Ball's MB1 Enterprises LLC closed on May 14.<\p>
Charlotte-area investors buy Triad retail center for $6.15 million
A Greensboro shopping center on Market Street has recently sold for over $6 million.<\p> The Guilford Station Shoppes sold for $6.15 million, according to a Tuesday morning filling with the Guilford County Register of Deeds. The property, which is located at 5529-5559 W. Market St,, is 4.63 acres and contains 33,110 total square feet of retail space. <\p>
Tanger CEO talks growth strategy, new acquisitions
Tanger, the Greensboro-based owner and operator of open-air outlet centers, has opened three new shopping centers in the past year and is focusing its strategy on acquiring already existing centers first, with development of new centers coming secondary.<\p> On Tuesday morning, Tanger President and CEO Stephen Yalof spoke at a question & answer session as part of Nareit's REITWeek along with Michael Bilerman, Tanger's executive vice president, chief financial officer and chief investment officer. Yalof and Bilermn answered questions about a variety of topics including Tanger's growth strategy, leasing and the success of its most recent shopping centers.<\p>
Beloved W-S bakery to double square footage in West End expansion
Visitors at Louie and Honey’s Kitchen will soon have twice the space to enjoy the bakery’s famous Amish cinnamon rolls as the bakery and café prepares to expand over 3,000 square feet. <\p> Located in an approximately 2,000-square-foot space in Winston-Salem’s historic West End neighborhood, Louie and Honey will soon expand their kitchen approximately 1,000 to 1,500 square feet into the parking lot beside the bakery. Next year, the bakery will add a larger dining and market space in the 2,000 square-foot space directly under their current location, which houses bar and event space The Mulberry Table.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
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