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Triad Business Journal
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
No password needed: Speakeasy-style bar opens in mixed-use project
When Amy Pagano and Rusty Collins were brainstorming what to title their new speakeasy-style bar in Greensboro, the couple wanted to combine their nicknames to pay homage to their upbringing, settling on Grapes & Grains.<\p> Located in approximately 3,900 square feet at the Revolution Mill mixed-use project, Pagano (Grapes) and Collins (Grains) are hosting a grand opening for Grapes & Grains on June 20 after their soft opening on June 8. Alongside selling a wide range of cocktails, beers and wines, the speakeasy-style piano bar hosts regular performers and events.<\p>
Cone buys 31 acres in NE Greensboro for $12M, plans medical complex
Pyramids Village is finally getting a health and wellness complex thanks to Cone Health.<\p> The independent, Greensboro-based health system announced its plans for a medical complex in the Pyramids Village development on Tuesday after paying $11.75 million for 31.5 acres in the area.<\p>
Novant will go up against Mission Health for $249M Asheville hospital
Novant Health will have to go up against Asheville’s Mission Health to get approval for a $249-million, 26-bed cancer hospital in western North Carolina.<\p> Public records with the N.C. Department of Health and Human Services’ Certificate of Need division – which approves the expansion of health care facilities and services – show that both Novant and Mission are seeking to add 26 acute care beds in the western part of the state.<\p>
Novant drops $320M bid to buy NC hospitals amid FTC 'roadblocks'
Novant Health is no longer pursuing its proposed $320 million acquisition of two North Carolina hospitals, citing continued opposition from the Federal Trade Commission. <\p> The Winston-Salem health care system had agreed in early to buy Lake Norman Regional Medical Center and Davis Regional Medical Center from Franklin, Tennessee-based Community Health Systems. The 123-bed Lake Norman Regional is in Mooresville; 146-bed Davis Regional Medical Center is in Statesville.<\p>
Test cell next leg in Boom's manufacturing journey in Greensboro
With its $100 million, 180,000-square-foot building up and ready to go, Boom Supersonic’s next step at Piedmont Triad International Airport is installing a test platform inside it.<\p> The company says it will now begin procuring and installing tooling, starting with a test cell for proving systems and components of the designed-from-scratch plane called the Overture. The test cell will be used to develop manufacturing processes, optimize the flow of the assembly line, and prepare the staff for production.<\p>
Berico reflects on secrets to success as 100-year-old family business
As if keeping the shareholders happy isn’t enough pressure on a company’s management, the responsibility is even greater when the shareholders depend on income from their investment for their livelihoods.<\p> Imagine if those shareholders are family. Imagine if those very shareholders laid the foundation for where you are today.<\p>
Here’s why HPU’s accreditation warning remains and what happens next
High Point University’s accreditation is still under a warning over questions about the assessment cycle for a handful of its programs in its School of Education.<\p> The board of the Southern Association on Colleges and Schools Commission on Colleges voted at its June meeting to continue the warning on HPU’s accreditation for “failure to comply with Standard 8.2a,” which states that each institution must identify and assess student learning outcomes and provide evidence of seeking improvement. <\p>
Industrial-equipment company gets incentives to consolidate in Triad
Greensboro industrial equipment supplier James M. Pleasants Company, also known as JMP, will consolidate three Triad sites into a new facility, preserve its workforce and add 40 jobs with a $30 million investment.<\p> The company, previously identified only under the code name Project Aggie, is to receive a $35,000 performance-based grant from the One North Carolina Fund, N.C. Gov. Roy Cooper and the N.C. Department of Commerce announced Tuesday afternoon.<\p>
Jamestown Town Council to consider contentious townhome project
The Town of Jamestown could soon be getting a new multi-family housing development with almost 100 units.<\p> The Jamestown Town Council will hold a public hearing at its meeting at 6 p.m. on June 25, on both the question of annexation and a rezoning request from single family residential to conditional zoning-multifamily residential, which would allow for a new community of 99 two-story townhomes on Guilford College Road. Town Manager Johnson said at the March Planning Board meeting that each unit would be 1,500 to 2,500 square feet, according to the applicant, David Coe of Wallburg North Carolina.<\p>
Owner of Wings-N-Fins opens restaurant, will keep on truckin'
To Wings-N-Fins owner Dedrick Roseboro, keeping an open mind to new business models and menu items is a part of serving his community in Winston-Salem. Earlier this month, Roseboro took on his newest challenge — opening a brick-and-mortar restaurant to give his food truck Wings-N-Fins a permanent location.<\p> Located at 4830 Old Rural Hall Road, Roseboro opened Wings-N-Fins’ approximately 1,400-square-foot location on June 1. Since then, the restaurant has seen a flurry of activity. <\p>
Major investor doubles stake in HanesBrands
Analysts may have given mixed reviews to HanesBrands' sale of the Champion line, but one of its largest investors seems pleased with the deal.<\p> Loews Corp., the New York-based $80 billion conglomerate that formerly owner Lorillard Inc. in Greensboro, disclosed in a regulatory filing Friday that it had almost double its stake in HanesBrand. Loews' acquired 13.5 million shares, giving it to 27.5 million shares and a 7.8% ownership stake in the Winston-Salem apparel company as of May 5. Loews' investment in HanesBrands was worth $81.15 million as of May 5.<\p>
Restructuring Culp enters standstill deal with major investor
High Point-based upholstery and mattress fabrics company Culp Inc. has entered a standstill agreement with a major investor and added a representative to its board as it works through a previously announced restructuring.<\p> The agreement is with 22NW LP, described as one of Culp’s largest shareholders. The deal was announced in a filing with the U.S. Securities and Exchange Commission and in a press release late Monday.<\p>
Construction begins at GSO retail project as brokers secure leases
Construction has started on the next phase of the Shoppes at Sedgefield Crossing, a Lidl-anchored retail project on West Gate City Boulevard in Greensboro.<\p> Lidl opened its 39,300-square-foot store in November 2019. Now a 7,200-square-foot building that has been leased to a salon suites business is under construction next door to Lidl. Nearby, land is being cleared for two buildings with leasable retail space between 1,500 and 9,600 square feet. Both sites are approaching an expected first quarter 2025 opening.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Boom celebrates superfactory with talk of another one, or two
The completion of the factory for building Boom Supersonic’s first supersonic commercial jetliner factory marks just the start of a likely expansion that will double and perhaps even triple its footprint at Piedmont Triad International Airport, its founder and chief executive said at a ceremony marking the occasion Monday morning.<\p> CEO Blake Scholl said the company expects to build 33 of the jets a year but already plans to expand with another building housing a second manufacturing line to assemble that many a year, and perhaps a third. It is already working on a second and third version of the aircraft, larger than the first.<\p>
LeoTerra re-works plans for extension of major Triad subdivision
Plans for a previously approved extension to a major Winston-Salem subdivision are being re-imagined.<\p> Preliminary plans for a major 36-home single-family subdivision approved back in 2003 have been removed from the City-County Planning Board of Winston-Salem and Forsyth County, planning department staff said at the board's most recent meeting on June 13. The extension would have been located at the terminus of Heatherly Road according to the planning board, next to the already-existing Country Club Ridge subdivision located in the northern part of the city, east of U.S. 52 and west of U.S. 74.<\p>
Manure as a service: Triad fertilizer manufacturer receives $3M grant
A Triad startup’s Manure-as-a-Service model for the poultry industry has been validated by the federal government.<\p> High Point’s Poulterra received a $2.9 million Fertilizer Production and Expansion Program grant from the U.S. Department of Agriculture last month. The USDA’s FEFP program seeks to increase domestic fertilizer production, strengthen competition and lower costs for farmers by investing in independent businesses. To date, the program has awarded $251 million in 57 projects across 29 states.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
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