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Triad Business Journal
Bank of Oak Ridge promotes replacement for longtime CFO
The Bank of Oak Ridge has promoted Kevin Reid’s to chief financial officer and senior vice president, filling the role Thomas Wayne has held since the bank's founding in 2000.<\p> Wayne, who added the titles of president in 2016 and CEO in 2019, will continue to lead the bank in his present role as chief executive officer and as a member of the Bank and Company’s Board of Directors. <\p>
W-S regenerative medicine startup receives $3M grant from NIH
A Winston-Salem regenerative medicine startup has been awarded a $3 million grant from the National Institutes of Health as it seeks to raise $10 million in a challenging venture capital environment.<\p> Plakous Therapeutics received a Phase 2B small business innovation grant that provides $3 million. The grant comes from the Eunice Kennedy Shriver National Institute of Child Health and Human Development, a part of the NIH. This is a follow-on from the three-year, $1.7 million Phase I and Phase 2 grant it received in 2020.<\p>
Richmond group buys second Triad nursing home in $22 million deal
A healthcare company has recently purchased its second multi-million dollar nursing home in the Triad from the former owner of the Charlotte Knights — despite both having low ratings from Medicare. <\p> An LLC associated with Medical Facilities of America of Richmond, Virginia, purchased the Blumenthal Nursing and Rehabilitation Center located at 3724 Wireless Dr. in Greensboro. The property is located off of Pisgah Church Road in the northern part of the city.<\p>
Florida realty group buys grocery store near urban loop, 'super park'
Ownership of a Greensboro Food Lion just a few hundred yards from the I-840 Urban Loop in a growing residential and tourist area was purchased recently by a Florida-based reality group looking to expand its portfolio to supermarkets.<\p> An affiliate of Weisser Realty Group, which is based in Aventura, Florida, purchased the 38,750-square-foot Food Lion at 4709 Lawndale Drive for $5.2 million, according to a Guilford County Register of Deeds filing on July 1. <\p>
Davidson trifecta: Three projects totaling 183 jobs seek incentives
Three companies promising 183 jobs and a combined investment of $170 million are seeking local economic-development incentives from Davidson County.<\p> The county published a public notice of public hearings scheduled for July 25 on each project, which are identified only by code names. They are:<\p>
Arizona company plans $22M, 1,200-student charter school in Triad
An Arizona-based charter school company with nearly 30 schools on the West Coast wants to build its first campus on the East Coast in Winston-Salem.<\p> Legacy Traditional Schools – which operates 28 charter schools across Arizona, Nevada and Texas – recently applied to the North Carolina Department of Public Instruction. Intending to open a newly built K-8 school in the city for the 2026-27 academic year, Legacy Traditional Schools will need to invest $21.9 million in construction costs alone.<\p>
Charlotte group developing $6M build-to-suit warehouse in Triad
A Charlotte-based commercial real estate firm that recently purchased a Triad-area shopping center is continuing its work in the region with the development of an industrial warehouse in Greensboro.<\p> New South Properties is developing a 50,000-square-foot built-to-suit concrete tilt-up building, according to according to William Beaman, New South Properties director of development services and partner on the project. It will include approximately 4,500 square feet of office space, a 10,000-square-foot fenced and screened outdoor storage area and a separate parking area for customers and employees from the rear truck court, he said.<\p>
Winston-Salem eateries earn national acclaim for fried chicken, pizza
A little more than halfway through the year, several Triad restaurants have received national recognition for their food and beverage menus. From Yelp to the James Beard Foundation, the Triad has been put on the culinary map.<\p> In Winston-Salem, you can find award-winning fried chicken and pizza, while Greensboro and Pilot Mountain establishments were recently recognized for their brunch menus. Good wine can be found all around, with nine restaurants featured in a national wine magazine’s restaurant award list.<\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
HanesBrands to sell HQ complex in W-S, move corporate offices
HanesBrands has been in a period of change recently with its June announcement that it is selling its Champion line of activewear. And now, it has announced another major change — it will sell its headquarters building and move its corporate offices to downtown Winston-Salem.<\p> Hanes announced today that it will move its HQ operations from its complex at 1000 E. Hanes Mill Road in north Winston-Salem to the Park Building at 101 N. Cherry Street, right off of U.S. Highway-421. The seven-floor, 224,900-square-foot building sits on a 3-acre site.<\p>
The National Observer: America's most-on-time airports
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at a big change to federal rulemaking that could affect businesses, the hidden costs of owning a home, and federal grants for 12 tech hubs across the U.S. But first, you may want to pack your patience for these routes — they're the most delayed flights in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Data-center debate: Booming CRE sector grapples with big questions
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data-center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
Triad realty group buys West End storefronts in W-S, growing footprint
A Winston-Salem reality group is expanding its portfolio in one of the city’s historic neighborhoods, purchasing two storefront properties on West End Boulevard.<\p> An affiliate of Ogburn Properties LLC bought two parcels at 465 West End Blvd. and 473 West End Blvd with a combined 12,345 square feet of retail space for $955,000, according to Forsyth County Register of Deeds. The sellers were Lord Associates of Richmond, Virginia. Although ownership has changed hands, the tenant mix will not, with four business occupying the buildings on the upper and lower levels.<\p>
D.H. Griffin adds 35 acres to major Triad industrial project
An affiliate of D.H. Griffin Cos., one of the nation’s largest demolition, construction and real estate companies, bought a 35-acre plot of land in Colfax that expands the recently opened High Point North Industrial Center.<\p> The land is the most recent addition to the long-awaited industrial project, according to Peter Bishop, director of economic development for the city of High Point. “We're excited about the High Point North Industrial Center,” Bishop said. “I think this expansion of what is about [35] acres provide more opportunity for growth in that park.”<\p>
A dozen real estate deals you missed last week while out for the 4th
If you decided to skip town for July 4th, you missed a busy week on the Triad real estate beat, with deals covering all the usual real estate stalwarts — medical, retail, residential, industrial — plus major moves by TowneBank, Randolph Community College and the new owners of the Winston-Salem Dash.<\p> Investors from New York, Atlanta, Charlotte, Richmond, Virginia Beach and North Palm Beach, Florida, all decided to put their money in the Triad last week. And they spread it around, too, with deals in Guilford, Forsyth, Randolph and Alamance counties.<\p>
UPDATE: Here's when, where Cone Health will open second W-S location
Greensboro’s Cone Health is planning its second-ever location in Winston-Salem.<\p> The health system has signed a lease for two units in the West Edge Shopping Center in western Winston-Salem, according to a document filed last month with the Forsyth County Register of Deeds Office. Part of an $80 million, mixed-use development, the West Edge Shopping Center is one of the largest retail projects in the Triad since the Covid-19 pandemic.<\p>
Company seeks incentives from Guilford for $35M expansion, 26 new jobs
A yet-to-be-named company is seeking incentives to expand its business through relocation to Guilford County, promising a capital investment of $35 million and 26 new full-time jobs in addition to the retention of 60 jobs.<\p> The company is seeking more than half a million dollars in incentives from the county in exchange for the investment in a site in Whitsett as well as the new jobs, which will have an average wage of $58,885.<\p>
A popular job-posting strategy can backfire
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
Community college closes on property for campus near Toyota plant
Randolph Community College has closed on the land for a satellite campus near Liberty to serve workforce training needs, such as at the nearby Toyota traction-battery plant.<\p> It’s not quite 22 acres with the address of 5269 N.C. 49 North. The site is on the northwest corner of N.C. 49 and U.S. 421. <\p>
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