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Triangle Business Journal
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>
Townhomes planned for Sanford with rare price below $300,000
It's difficult just about anywhere in the Research Triangle area these days to buy a home for under $300,000, but those looking to live in a growing county could soon be part of that small group of homeowners.<\p> Virginia-based HHHunt Homes recently purchased 25 lots in Sanford for $1.6 million, according to Lee County deed records. The lots will be for a neighborhood called the Townes at Central Square, which will be sandwiched between Cooper Street and Goldsboro Avenue off Barnes Street just a few blocks from downtown Sanford.<\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>
Tea shop closes Raleigh location
A tea shop in Raleigh appears to have closed its doors for the time being. <\p> 50Cups has shuttered its retail operation at 3512 Wade Ave., located in the Whole Foods-anchored Ridgewood shopping center just inside the Beltline, and its space is being marketed for sublease. <\p>
Durham research firm continues rapid growth with new venture
A Durham company has taken over the clinical research operations of a Maryland hospital system as it further expands its reach in drug development. <\p> Velocity Clinical Research's latest expansion comes through a partnership with Luminis Health, a nonprofit health system that provides care to 1.8 million people. Velocity is a clinical research site operator with more than 90 sites in the U.S. and Europe.<\p>
New restaurant, offices part of upcoming Cary development
A custom homebuilder is planning a mixed-use building near downtown Cary.<\p> Bost Custom Homes has filed new site plans for a 3-story building with office, retail and restaurant space on the northern side of downtown Cary. Part of the office space will be the new home for Bost Custom Homes. The building will be across the street from Maximillian’s Grill and Wine Bar and Woody's Tavern.<\p>
Fitness company expands in Chapel Hill with new, larger space
A fitness studio is flexing its muscles at Chapel Hill’s Governors Village. <\p> Cor4 Fitness is expanding into a new 5,000-square-foot space at 50200 Governors Drive that’s significantly larger than its current home at 50051 Governors Drive. <\p>
Billion-dollar firm moves HQ to Durham
Tax software company Avalara now calls Durham its headquarters as it continues to grow its presence in the North Carolina city. <\p> The company, which has thousands of employees around the world and previously listed Seattle as its headquarters, recently updated its LinkedIn page to reflect the change.<\p>
Multibillion-dollar expansion in JoCo appears imminent
A multibillion-dollar expansion in Johnston County appears to be imminent for one of the world's largest pharmaceutical companies, and it could be North Carolina's largest capital investment announcement of the year.<\p> Novo Nordisk (NYSE: NVO), manufacturer of the in-demand weight loss and diabetes drugs Wegovy and Ozempic, has been issued more than a dozen building permits in Johnston County in recent months. This follows the Danish pharmaceutical company spending millions of dollars to acquire more than 175 acres near its local facility in Clayton throughout 2023. <\p>
Mukherjee named president of Triangle Business Journal
Sougata Mukherjee was named market president and publisher of Triangle Business Journal on Monday, effective immediately. <\p> He succeeds Jason Christie, who recently was promoted into a new role as senior director of enterprise sales for American City Business Journals. <\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>
Lack of child care costs NC billions as funding cliff looms
The U.S. Chamber of Commerce Foundation has published a new report noting that North Carolina is losing billions of dollars annually due to child care supply issues. And those problems may soon get worse as federal funds helping to stabilize the industry in the state are set to expire in a matter of weeks.<\p> The report, published by the national chamber foundation in tandem with the NC Chamber Foundation and NC Child, a nonprofit focused on advocating for child well-being, found that North Carolina is missing out on $5.65 billion due to issues surrounding child care. The report estimates that roughly $1.36 billion of that is due to "turnover and absence costs stemming from child care issues," and "childcare-related employee turnover and absenteeism costs North Carolina employers" an estimated $4.29 billion per year.<\p>
Prominent Raleigh businessman sells downtown lot for $12 million
A parking lot in Downtown Raleigh has sold for more than $12 million.<\p> The North Carolina Department of Transportation acquired a 1-acre lot across from the empty Citrix building, according to Wake County deed records. The state agency paid $12.52 million for the site at 600 W. Hargett St. near the future RUS Bus development, which is under construction <\p>
Raleigh Walgreens sold for $4 million — well below assessed value
A Virginia-based real estate firm has purchased a Walgreens property in Raleigh, adding to its portfolio in the area. <\p> The Garrett Companies, headquartered in Stafford, Virginia, purchased the Walgreens (Nasdasq: WBA) at 4309 Wake Forest Road for more than $4.1 million on June 6, according to Wake County property records. The property is 2.25 acres and located outside the Beltline northeast of Downtown Raleigh. <\p>
RTP biotech lands $1.7M to fight eye disease
A biotechnology company in Research Triangle Park has secured funding to advance two of its gene therapy programs toward the clinic. <\p> The Foundation Fighting Blindness is providing $1.7 million in project-based funding to Opus Genetics, a biotech trying to address causes of blindness through the development of gene therapy treatments that target inherited retinal diseases.<\p>
Downtown Raleigh day care charts expansion with apartments, offices
A longtime day care center in Downtown Raleigh will be transformed with a larger space and community center.<\p> The Beginning and Beyond Child Development Center on East Cabarrus Street near Shaw University is proposed to be redeveloped into two buildings with more day care space, a nonprofit retail space, community center and either offices or apartments. <\p>
Turkish Airlines puts Charlotte on wish list for U.S. destinations
Raleigh-Durham International Airport isn't the only major airport in North Carolina attracting attention from international carriers. <\p> This week, Turkish Airlines launched its 14th destination in the U.S. with a direct route to Denver, but the expansion won't stop there — Charlotte is in the carrier's sights.<\p>
Hospitality veteran ready for one final round at Pinehurst
Fans in attendance at Pinehurst No. 2 might not notice it, but this week’s U.S. Open marks the end of a significant era in golf.<\p> As the U.S. Golf Association takes its hospitality sales in-house, it marks the final hole for Mimi Griffin, the pioneering founder of MSG Promotions who has led the hospitality effort for the USGA for more than 30 years.<\p>
Prices jump at Triangle hotels as U.S. Open arrives
The U.S. Open in Pinehurst this weekend is having a ripple effect on the Triangle as hotel rooms are available in Raleigh — but prices have surged.<\p> The Hyatt House at North Hills, for example, showed a rate for Friday, June 14, of $428 for one night. The Marriott City Center showed $390 for one night and the Hampton Inn & Suites in Midtown offered $354.<\p>
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