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Triangle 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>
RDU smashes another record for traffic
Traffic numbers at Raleigh-Durham International Airport continue to soar to new heights.<\p> Boosted by holidays, graduations and new flights, the airport in May saw more than 1.4 million travelers pass through its terminals — a new monthly record. The number surpassed April’s passenger traffic by 10.5 percent and exceeded last year’s May number by 9.7 percent. <\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>
Johnston County prepares for next era of growth
Johnston County was North Carolina's fastest-growing county from 2010 to 2020, with its population surging by roughly 47,000. As of last year, the county's population stood at 241,955.<\p> Between thousands of new homes being built and billions of dollars pouring into the county from major companies, opportunities are aplenty in Wake County's eastern neighbor.<\p>
Execs discuss what fuels Wake County's economic success
The numbers behind Wake County's economic engine continue to surge.<\p> In the last five years, the county has seen $4.6 billion in new capital investment linked to more than 23,300 new jobs and $1.3 billion in annual wages. <\p>
Million-dollar homes lined up for west Cary
Luxury homes starting at $1.1 million are coming to west Cary as that area of Wake County continues to fill in. <\p> Toll Brothers (NYSE: TOL) of Pennsylvania is working on a new community called Millstone, which will be near Raftery Park west of Highway 540. Millstone will have 62 single-family homes.<\p>
St. Aug's leader blasts lawsuit; says school only had $40K in the bank
The chairman of the Saint Augustine's University Board of Trustees is pushing back against a lawsuit filed by university alumni that is critical of the school's existing board. <\p> In a letter sent to the university community Wednesday, Chairman Brian Boulware addressed certain claims in the Save SAU Coalition lawsuit filed in Wake County Superior Court in late May. The lawsuit comes as Saint Augustine's tries to preserve its accreditation. <\p>
For now, Triangle banks look safe from real estate debacle
If the commercial real estate sector is under extreme pressure to service its debt, government reports filed by North Carolina community banks and their national counterparts do not show major problems with their loan portfolio. But there is one big question.<\p> Thanks to our friends from Raymond James, I reviewed the latest Call Report filed by North Carolina institutions to gauge whether commercial real estate portfolios are facing an increasing risk of default. The Call Report is a quarterly report on a financial institution’s condition and income that is used for multiple purposes, including assessing the institution’s financial health and risk profile.<\p>
Passion for justice brings her back to North Carolina
Laura Pierro, prosecutor turned executive director of the North Carolina Innocence Inquiry Commission, is a new North Carolina transplant, having left the judicial bench to take on the new challenge in Raleigh.<\p> Pierro said she jumped at the chance and that taking the job was an easy decision.<\p>
Duke Health, Raleigh Radiology compete for new MRI scanner
Two health care providers in the Triangle have submitted competing bids for the license to acquire a new MRI scanner in Wake County. <\p> Duke Health and Raleigh Radiology on June 17 filed applications with the North Carolina Department of Health and Human Services outlining their respective multimillion-dollar plans for the new medical equipment. <\p>
More homes at moderate prices coming north of Raleigh
A Texas-based homebuilder paid more than $1 million to expand its neighborhood in one of North Carolina's fastest-growing counties.<\p> LGI Homes (Nasdaq: LGIH) purchased roughly 34.5 acres in the Franklin County Town of Youngsville for more than $1.2 million late last month, according to property records. The land sits off Legacy Drive and is an extension of the LGI Homes at Legacy neighborhood.<\p>
Fuquay gym expands to larger space, adds pickleball
After outgrowing its current location, a gym will soon be stretching out in its new downtown Fuquay-Varina digs. <\p> Original Strength Institute, currently located at 101 S. Main St., is tripling its footprint by moving this month into a new 15,000-square-foot space a block away at 212 S. Main St. <\p>
Raleigh office building cleared to become apartments
An office building in Raleigh's growing Blue Ridge Corridor will likely be torn down to make way for new apartments.<\p> The Raleigh City Council on Tuesday unanimously approved a rezoning for an office property at Blue Ridge Road and Lake Boone Trail. The new zoning is neighborhood mixed-use up to seven stories with conditions and allows up to 260 apartments, up to 5,000 square feet of office space and up to 5,000 square feet of retail.<\p>
New Raleigh venue to serve up golf, cocktails
Sam Ratto loves chocolate. He also loves golf — enough to open a new golf-centric business four minutes away from his chocolate factory in Downtown Raleigh. <\p> The co-founder and head chocolate maker at the award-winning Videri Chocolate Factory is swinging into a new business venture, opening Golf Golf Golf later this summer at 605 New Bern Ave. near the Exploris School<\p>
Three Triangle ZIP codes among wealthiest in U.S.
Three Triangle ZIP codes rank among the nation's 1,000 wealthiest places, and Raleigh leads the way. <\p> That’s according to The Business Journals Wealthy 1000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at a number of wealth metrics. <\p>
Pfizer 'can't rule out' layoffs in Sanford after gene therapy flub
Layoffs could by on the way at Pfizer's massive facility in Sanford after the company's gene therapy candidate fell short in a late-stage study. <\p> Pfizer (NYSE: PFE) on June 12 disclosed that its gene therapy candidate targeting Duchenne muscular dystrophy failed to meet its primary endpoint in a phase 3 clinical trial, called Ciffreo. With the gene therapy candidate failing both its primary and secondary targets, the company could look to reduce its workforce at the site in Sanford. <\p>
Raleigh developer eyes hot area for big project
A developer is looking to build an industrial project in eastern Wake County, an area that's become popular for commercial investments. <\p> Raleigh-based Wigeon Capital is requesting a rezoning for 16 acres in Wendell south of Highway 64 Business near Buffalo Creek. The rezoning comes with a preliminary master plan for two industrial buildings totaling 81,000 square feet.<\p>
Walmart is taking over this Eastern NC city — at least for retail
Walmart has purchased dozens of acres in an Eastern North Carolina city where the global retail giant already has a sizable presence.<\p> Walmart (NYSE: WMT) has bought more than 37 acres on the edge of Goldsboro for $4 million, according to Wayne County deed records. The land is off Summit Road and North Oak Forest Road near Highway 70. The property is zoned for commercial use.<\p>
Canes name insider new GM
The Carolina Hurricanes didn't look far in selecting a new general manager. <\p> The team on Tuesday named Eric Tulsky the new GM. Tulsky, who's been with the franchise for 10 years, had been serving as interim GM following the resignation of Don Waddell last month.<\p>
Stock delisting adds to troubles for Morrisville firm
A life sciences company headquartered in Morrisville now faces a stock delisting months after a name change and restructuring, <\p> The NYSE American on Friday announced it had begun the process of delisting the common stock of Scorpius Holdings. <\p>
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