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Triangle Business Journal
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
Big projects rise in Cary
The look of downtown Cary's main corridor continues to change.<\p> The latest developments taking shape are the Meridian East Chatham mixed-use complex along Chatham Street — just steps down the road from Bond Brothers brewery — and the Jordan/Meridian Cary, a multi-building project at the corner of Chatham Street and Harrison Avenue. <\p>
Raleigh investor cashes out with $100 million sale
A private equity firm in Raleigh is seeing a big payout for one of its investments. <\p> QHP Capital on Wednesday announced the $100 million sale of Pro-ficiency — a company that provides training and compliance solutions to clinical trial investigators — to Simulations Plus (Nasdaq: SLP), a California-based company that provides software and consulting services to pharmaceutical companies. <\p>
UNC grads score investment from Bull City Venture Partners
Durham’s Bull City Venture Partners is putting its money behind a company based in California but with roots at UNC-Chapel Hill. <\p> The training software company Learn to Win announced a $30 million Series A round Wednesday. Bull City Venture Partners was one of the multiple firms to invest in the startup along with the Westly Group, Norwest Venture Partners and Pear VC.<\p>
Raleigh brokerage pacing for $375M opens new office
Downtown Apex is the place to be for a growing residential brokerage. <\p> Choice Residential Real Estate has signed a lease for 225 Salem St. in Apex’s Tobacco & Mule Exchange building and plans to open in August. <\p>
Huge Wake Forest project has 900 apartments, 150 townhomes, retail
A huge property near the Wake Forest Wegmans is being marketed to potential retail tenants as part of a major development that appears to be in the early stages of planning.<\p> The 175-acre site is near the interchange of Highway 1 and Highway 98 north of Wegmans and Grove 98, according to online listings. The development is named “Aura Hilltop" and would have 350,000 square feet of commercial space, 900 apartments and 150 townhomes. <\p>
Raleigh, Durham among best cities for renters, Forbes says
Owning a home is no longer in reach for many people seeking the American dream, as soaring home prices and rising interest rates in recent years have dramatically reshaped the housing market. <\p> Now, long-term renting is emerging as a common theme with many would-be buyers priced out of the home market and institutional investors buying up homes by the thousands. <\p>
Payne Stewart Collection launches in honor of 1999 U.S. Open winner
Payne Stewart's name is forever tied to Pinehurst No. 2 for winning the U.S. Open the first time the Moore County course hosted the event in 1999.<\p> Stewart made an 18-foot par putt on the 18th hole to secure the win in dramatic fashion over Phil Mickelson, Vinjay Singh and Tiger Woods. <\p>
2024 U.S. Open fast facts: What to expect at Pinehurst No. 2
The U.S. Open Championship begins Thursday at the famous Pinehurst Resort in Moore County, making North Carolina once again the center of the golfing world.<\p> It's been 10 years since Pinehurst No. 2 last hosted the top golfers in the world for the U.S. Golf Association's premier competition. But North Carolina is no stranger to USGA events. <\p>
Morrisville startup with UNC roots aims for $16M raise
About eight months after hiring a new CEO, a life sciences firm in Morrisville is working on a nearly $16 million raise.<\p> Codetta Bio has so far raised about $2.26 million from four investors, according to a filing with the U.S. Securities and Exchange Commission. The total offering amount for the round is about $15.82 million, according to the filing, leaving securities of $13.55 million remaining to be sold. <\p>
Popular Durham cafe to close amid 'significant drop' in business
Reduced foot traffic in Downtown Durham has driven a longtime coffee shop and cafe to close after 14 years, according to its owner. <\p> On Tuesday, President and CEO Dorian Bolden announced the closure of his flagship Beyu Caffe. Located at 341 W. Main St., the cafe’s last day will be next Wednesday, June 19. <\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
Southeast Raleigh eyed for denser housing, retail
A site near Coastal Credit Union Music Park in Raleigh could soon be primed for residential development. <\p> A rezoning application was filed for a portion of 1811 S. New Hope Road, a 7.74-acre property at the corner of Maybrook Drive and New Hope Road and near Walnut Creek. The proposed rezoning is neighborhood mixed-use up to four stories. The current zoning is residential 6 and residential 10, only allowing for six and 10 units per acre.<\p>
New steakhouse ready to open in Fuquay-Varina
Fuquay-Varina’s newest restaurant is finally opening to the public. <\p> The Library Steakhouse is officially opening June 19 at 133 S. Fuquay Ave., bringing new life to the former library at the corner of Raleigh Street and South Fuquay Avenue. <\p>
Pinehurst marks start of USGA strategy to focus on primary hosts
The U.S. Open returns to Pinehurst No. 2 this week for the first time in a decade, and it marks the start of a new way of thinking for the U.S. Golf Association.<\p> This week’s Open is the first such event to be held at one of the USGA’s new anchor sites, which include Pinehurst, Oakmont Country Club and Pebble Beach Golf Links. The USGA tabbed those courses as anchors two years ago, with a goal of building continuity at courses for its top championships.<\p>
Large Chatham warehouse fetches nearly $4M from NC investor
A North Carolina investor is pouring millions of dollars into a large warehouse in a small but growing town in western Chatham County.<\p> Hunt Property Investments, an LLC tied to Perry Hunt, the president and CEO of Youngsville-based Hunt Forest Resources, recently purchased a more than 100,000-square-foot warehouse on more than 8 acres at 920 East Raleigh Street in Siler City, according to Chatham County deed records. The LLC paid $3.8 million for the property.<\p>
Real estate firm buys land for $250M development
A commercial real estate company has spent $25 million to buy land reserved for a huge industrial development in eastern Wake County. <\p> Summit Real Estate Group of St. Louis bought 189.16 acres within the Wendell Commerce Center, according to Wake County deed records. The company acquired the land from Oppidan Investment Company of Minnesota, which had assembled more than 257 acres to build a mixed-use industrial park where Highway 64 meets Interstate 87.<\p>
Numbers paint portrait of U.S. Open winner
In just a few short days, the golf world will crown a major champion at the 2024 U.S. Open at Pinehurst. And the numbers give us an idea of who the winner will be come late Sunday.<\p> This year is the 124th U.S. Open Championship, meaning that, based on past champions, it is possible to produce a typical winner based on all the historical data — from age, height and weight to nationality and even the color of the winning golfer's shirt. <\p>
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