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Why Amazon's recent moves bode well for a cooling CRE market
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at a bankruptcy health care system's hospital sale; a $3.3B investment from Microsoft that will help establish an artificial intelligence hub; and what you need to know about upcoming changes to overtime rules. But we'll start with the dynamics in this once-hot commercial real estate subsector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
JoCo land primed for 69-lot neighborhood sells for $6.4 million
Dozens of acres in one of North Carolina's hottest counties recently sold for a major price — and it will soon house a residential subdivision.<\p> LLC Yellowfin Construction of Benson purchased roughly 82 acres off Raleigh Road in central Johnston County for $6.4 million last month, according to Johnston County deed records. The land is zoned for agricultural and residential uses and has a Benson address.<\p>
Student housing with rooftop pool planned near NC State
Aging student housing near N.C. State University will be replaced by luxury student housing — with a rooftop pool.<\p> Trinitas Ventures of Indiana filed site plans for Varsity Drive apartments, a student housing project adjacent to Centennial Campus. <\p>
Higher-for-longer rate environment means more uncertainty for CRE
Commercial real estate investors, owners and occupiers all have been monitoring whether the Federal Reserve will impose interest-rate cuts in 2024 after rapidly rising rates have substantially increased the cost of doing business.<\p> Earlier this month, the Fed signaled it needed to see more progress toward its inflation target of 2% and decided to maintain its key lending rate. At that meeting, Fed Chairman Jerome Powell said gaining greater confidence around inflation "will take longer than previously expected," although he also said he felt inflation would move back down in 2024.<\p>
Most-Active Subdivisions in the Triangle
Check out the most-active subdivisions in the Triangle, ranked by number of homes sold. Rank Company name No. of home closings in March 2024 Average home sale price Average days on market Average year homes built 1 Friendship Station, Apex 51 691549 16 2023 2 Flowers...
Downtown Durham Restaurants
Check out the list of Downtown Durham Restaurants, ranked by average price range of dinner entree. Rank Business name/ Least expensive entree Average price range of dinner entrees Sample entrees Cuisine type Executive chef 1 Counting House, 111 Corcoran...
Manufacturer behind $96M JoCo plant sees potential for more expansion
The New York-based window and door manufacturer behind plans for a new factory in a growing North Carolina town sees big potential for future expansions.<\p> Crystal Window and Door Systems this month announced plans to invest $96 million to build a new manufacturing facility at the Eastfield Crossing development in Selma in Johnston County. The company says the factory will create roughly 500 jobs with an average salary above $56,000.<\p>
Nostalgic Clayton diner bought by Cook Out owners demolished
A popular diner in Clayton has been demolished more than a year after it was bought by the owner of fast-food chain Cook Out.<\p> The Rockin' Comet Diner, located at 11637 U.S. 70 Highway Business, closed and was demolished in April, according to Clayton residents who took photos of the demolition. The diner had opened in 1998 and was owned by Ben Merrill before he sold it in January 2023 for $1.1 million. The buyer of the property was an LLC addressed to Cook Out's corporate office in Thomasville that lists Jeremy Reaves, CEO of Cook Out, as the registered agent for the LLC.<\p>
New Raleigh apartments fetch $81 million as market shifts
As more Class-A apartment communities open in the Triangle, they are fetching hefty prices amid a shifting multifamily market.<\p> Mid-America Apartments (MAA) of Tennessee recently bought the Alta Vale community in northwest Raleigh off Duraleigh Road for $81.09 million, according to Wake County deed records. The community north of the Olde Raleigh Village shopping center was completed in 2023 and recently opened to residents.<\p>
Kombucha company picks Wilmington for 130-job factory
A growing kombucha empire is creating more than 100 jobs in North Carolina by picking Wilmington over competing sites across the country, its CEO says.<\p> FedUp Foods recently announced plans to expand its operations with a beverage manufacturing facility in Wilmington. CEO David Gray told Triangle Business Journal the decision – more than a year in the making – is a major milestone for the Asheville company, which is considered the largest private-label fermented beverage maker in North America.<\p>
Gen Z's latest college grads have a new rival in the workforce
As new college graduates enter the workforce, they are facing some new competition for jobs: artificial intelligence. Given ChatGPT and other AI tools' ability to complete tasks such as research, data entry and email writing, some entry-level roles...
Stealthy Durham firm emerges with $14M to discover new drugs
A new company in Durham aims to accelerate the drug discovery process. Avicenna Biosciences recently emerged with more than $14 million raised and a machine learning-driven technology platform designed to tackle some of the key challenges in drug development....
$13M land deal fuels Apex development spree
A Greensboro developer has spent $13 million on land in western Wake County for a new apartment complex. Signature Property Group acquired 35.15 acres off Highway 64 near the Sweetwater Town Commons in Apex, according to Wake County deed records. Signature...
Swank Cary home with lakefront views listed for $5M (Photos)
A lakefront home in Cary is on the market now for $5.3 million. The home at 124 Dunedin Court features six bedrooms, five bathrooms and views of the 18th hole of MacGregor Downs Country Club. The home totals 7,455-square feet of space and is listed...
NC bill targets predatory towing. But does it go too far?
A new bill that lawmakers say is meant to target predatory towing practices is generating concern from those in the industry who say they aren’t the bad actors booting your car without cause. House Bill 1024, titled the Nonconsensual Booting and Towing...
BizSpotlight: New Hanover Community Endowment
NEW HANOVER COUNTY - Three months since its first CEO exited his position, the New Hanover Community Endowment has opened applications in the search to find the replacement for William Buster. Buster was hired as the inaugural leader of the $1.25...
How my cancer journey caused me to reprioritize my life
I received my first cancer diagnosis at 29 years old. I was supposed to start my residency in two and a half months. To describe it as shock or dismay was an understatement. Squamous cell carcinoma of the tongue was something cats get, not veterinarians...
Another big Triangle development on hold due to rising costs
Another large commercial real estate project in the Triangle is on hold due to rising costs Manish Atma, president of Atma Hotel Group, said the company is waiting a year before it moves forward on the second phase of its redevelopment of Tarheel Lodging...
Virginia bank moves into Raleigh, fights for market share
Yet another out-of-state bank is looking to solidify — and grow — its footprint in the Triangle. Carter Bank & Trust (Nasdaq: CARE) has a new retail branch and a commercial banking team in Raleigh. The bank is based in Martinsville, Virginia, and...
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