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Triangle Business Journal
Lawsuits against UNC raise questions for state Supreme Court
There are two lawsuits before the North Carolina Supreme Court involving decisions that the UNC system made during the pandemic, and the system wants the court to hear both cases at the same time.<\p> The cases center on fees that students paid for services they did not receive when university campuses effectively closed as a result of the pandemic in 2020. Although the cases are not identical, they both deal with similar underlying legal questions. <\p>
Barbecue restaurant plots Raleigh comeback
Barbecue and blues are coming to a former auto shop in Raleigh. <\p> Local barbecue restaurant Red Hot & Blue has leased a former 1960s-era service station at 1326 E. Millbrook Road in Raleigh’s Quail Corners Shopping Center at the intersection with Falls of Neuse Road.<\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
New deli coming to Cary targets influx of Yankees
After decades in the food business, it was time for Tom Scheidler to branch out in downtown Cary. <\p> Over the past eight years, the owner of Top This! Catering has made a niche for himself through providing meals for local and visiting athletes, including teams at the University of North Carolina, North Carolina State University and Duke University. The catering business also provides meals for weddings and other events around town. <\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
Former Canes player launches real estate venture
A former player for the Carolina Hurricanes has formed his own real estate development company.<\p> Tim Brent, who had a long career in professional hockey including time with multiple NHL teams before going into real estate, has officially left his role as executive vice president for the Southeast at Oppidan Investment Company of Minnesota. He has launched his own real estate venture, Longleaf Industrial, to focus on industrial real estate development throughout the Southeast.<\p>
NY investor buys up home lots in Johnston County
As Johnston County remains a hot place for housing, out-of-state investors are pouring millions of dollars into acquiring lots in new subdivisions.<\p> An LLC tied to AG Mortgage Investment Trust (NYSE: MITT) of New York, which is under the umbrella of private equity firm TPG Inc., purchased 58 lots in the Franklin Townes subdivision in Smithfield for more than $4.8 million in late May, according to Johnston County deed records. The entity behind the purchase is TPG AG EHC III (LEN) Multi State 3.<\p>
Adam Scott's major streak at U.S. Open has somber Raleigh tie
Adam Scott officially continued his streak of 92 major championships played when he was awarded a full exemption on Monday from the United States Golf Association to play in the U.S. Open this week at Pinehurst No. 2. It’s the second-longest streak in men’s professional golf history, only to the legendary Jack Nicklaus who played in 146 consecutive majors.<\p> But there is a somber reason — and one that hits home to folks in the Triangle.<\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
What Bull City Venture Partners looks for in entrepreneurs
Durham’s Bull City Venture Partners, a venture capital firm that typically makes two to four investments a year, has made two investments in just the last three weeks.<\p> The names of the two companies have not yet been publicly revealed, but Bull City co-founder Jason Caplain shared some notable updates about his firm during the Virginia Venture Partners Virtual Coffee event Friday, which brought together a group of successful venture capitalists to talk about investment strategies.<\p>
More assets of bankrupt Raleigh company head to auction
As PrecisionHawk works through the bankruptcy liquidation process, one more auction is about to hit – probably the last chance for serious buyers to get their hands on the Raleigh company’s drones at a discount.<\p> It’s a smaller auction than previous liquidation moves by the firm, a way of moving the last pieces of equipment in order to pay back creditors. According to a filing from bankruptcy trustee John Bircher, this auction involves multiple unmanned aerial vehicles, from a pair of DJI Inspire 2s to a pair of PrecisionHawk Fixed Wing Planes and DJI Phantom 4s. Camera stabilizers, a 3D printer and battery transport cases are among the items up for grabs.<\p>
Truist sells large Durham building for millions under assessed value
A recently vacated data center in Durham has been sold for significantly less than its assessed value.<\p> Truist Bank (NYSE: TFC) sold its free-standing data center at 2323 Operations Drive for $5.4 million, according to Durham County deed records. The property has an assessed value of about $15.5 million. The bank vacated the property before putting it on the market in April.<\p>
Cary's Pink House to see changes with new owners. Will it stay pink?
The well-known Pink House in downtown Cary is under new ownership, and changes are planned. <\p> The Queen Anne home is soon transforming from a residence into the new headquarters for The Law Offices of Gilda A. Hernandez. The labor and employment law firm started in 2013 in Apex, and is currently located at 1020 Southhill Drive in Cary. <\p>
New building to rise at former Raleigh train depot
The redevelopment of the former Amtrak station in Downtown Raleigh is moving forward.<\p> North Carolina Railroad Company (NCRR) has filed new site plans with the City of Raleigh for 320 W. Cabarrus St. in the Warehouse District. NCRR is planning to build a 3-story mixed-use building on the site of the Raleigh Depot parking lot. <\p>
RTP firm being taken private in $95 million deal
A medical device company in Research Triangle Park that's facing financial challenges has finalized an agreement to be acquired by a billion-dollar company.<\p> Asensus Surgical (NYSE: ASXC) and Karl Storz in late March began negotiating a potential deal that would turn Asensus into a private, wholly owned subsidiary of the global medical technology company that's based in Germany. The two organizations this week inked an agreement that would see Karl Storz acquire all of Asensus Surgical's outstanding shares for $0.35 per share in cash — a 66.7 percent premium to the closing price on April 2. <\p>
Diamond Heels boost Franklin Street businesses with tourney run
With most UNC-Chapel Hill students away for the summer, the business scene along Franklin Street isn’t always a home run. But the Tar Heel baseball team's performance in the NCAA Tournament is giving local businesses a boost during a notoriously slow season.<\p> Starting Friday night, Chapel Hill’s Boshamer Stadium will host the NCAA Super Regionals where visiting West Virginia will face off against the Diamond Heels in a best of three series over the weekend. The matchup comes after UNC won the Chapel Hill regional last weekend. <\p>
Revealed: TBJ's 2024 Best Places to Work Awards winners (final batch)
This week, Triangle Business Journal is announcing the winners of its 2024 Best Places to Work Awards. The winners were released in random order through Friday.<\p> The honorees were chosen based on an employee-survey process conducted by Quantum Workplace. Once nominated, a company had to meet a threshold in employee participation — a percentage that varies based upon the size of the company — to be eligible to be honored.<\p>
From treating bomb victims in Vietnam to leading fitness classes
There aren’t many subjects that 80 percent of Americans can agree on, but getting fit – or at least participating in some form of fitness activity – has been on the rise every year for the last 10 years, according to the Sports & Fitness Industry Association. That’s true for the vast majority of Americans, 78.8 percent, who are age 6 and older – and in 2023, the number participating in fitness activities increased by 5 million. <\p> The fitness phenomenon is well represented across the range of participants attending classes and training sessions led by Joan Widdifield, a personal trainer certified in Zumba, strength training, aqua aerobics, barre and Pilates. In addition to teaching at the Chapel Hill-Carrboro YMCA where she’s led classes for 11 years, Widdifield has several long-term clients she works with individually, coaching them one to three times weekly, for a total of around 18 sessions a week. And interest continues to grow, three or four people are usually on a waiting list should her schedule open up.<\p>
Longtime Cary shopping center sold for $30 million
A Cary shopping center in a busy corridor is under new ownership. <\p> On June 5, an LLC listing the address of Cary-based Blue Ridge Capital Fund and Cary-based AB&B Commercial Real Estate purchased MacGregor Village at 107 Edinburgh South Drive for $30.24 million, according to Wake County deed records. <\p>
U.S. Open fuels economic boom in Moore County
Jesse Tutor has prepared for June 13 for a long time – and he is ready for the date to arrive.<\p> That day will represent the beginning of the 2024 U.S. Open Golf Championship, where golfers and fans will converge in the Sandhills for one of the sport’s biggest tournaments.<\p>
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