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Triangle Business Journal
She charts path for Triangle's fastest-growing county
When growing up outside the Franklin County town of Louisburg, Kim Denton had no clue that she would play an integral role in the county’s operations as its county manager.<\p> “I didn’t have that on my radar,” Denton said. “What I have always enjoyed and participated in is opportunities to learn about government, opportunities to be involved in the community, opportunities to volunteer and do those kinds of things.”<\p>
Got $6 million? This 130K sq ft building north of Durham is for sale
A warehouse totaling more than 130,000 square feet in a northern North Carolina county is on the market for sale or lease.<\p> Triangle-area representatives of Toronto-based real estate company Avison Young are marketing the 131,000-square-foot warehouse at 2300 Old Durham Road in Roxboro about 40 minutes north of Durham. <\p>
Durham biotech inks billion-dollar deal with Eli Lilly
A biotechnology firm with operations in Durham is working on a major deal with with Eli Lilly and Co., one of the world's largest pharmaceutical companies. <\p> Aktis Oncology has landed a strategic collaboration with Eli Lilly (NYSE: LLY) aimed at developing therapeutics for a range of solid tumors. The deal involves Aktis utilizing its discovery platform to generate novel radiopharmaceuticals based on targets that Eli Lilly identifies. In return, Eli Lilly will make an equity investment in Aktis and pay the biotech $60 million in cash upfront, plus future milestone payments. <\p>
Kane signs office tenants for new North Hills tower
As Kane Realty Corp. prepares to fully open its new office building in North Hills, tenants have finally started to follow.<\p> Kane Realty has signed five different office leases totaling more than 72,500 square feet for its One North Hills building in the North Hills Main District. These are the first leases announced for the new building.<\p>
Wildlife refuge in Eastern NC at center of federal lawsuit
A plan to use an experimental algaecide at a wildlife refuge in Eastern North Carolina is at the center of a federal lawsuit.<\p> The Southern Environmental Law Center in Chapel Hill has filed a lawsuit on behalf of environmental groups Defenders of Wildlife and the Sierra Club. The lawsuit, filed in federal court in Raleigh, challenges the U.S. Fish and Wildlife Service’s allowance of an experimental algaecide treatment at Mattamuskeet National Wildlife Refuge in Hyde County on the coast.<\p>
RTP firm secures stake in biotech startup
A biopharmaceutical company in Research Triangle Park has secured a stake in a new biotech through a recent licensing deal. <\p> G1 Therapeutics (Nasdaq: GTHX) on Wednesday announced a global licensing agreement with Deimos Biosciences, marking the second licensing deal the company has entered in recent weeks. <\p>
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
Rural NC gas station, restaurant fetch millions in sale
A gas station and restaurant in Eastern North Carolina has sold for millions of dollars.<\p> A Goldsboro-based LLC, Nazfaz, recently purchased the Best Gas & Grill at 4453 South U.S. 117 Alternate in the unincorporated community of Dudley south of Goldsboro in Wayne County for $2 million, according to Wayne County deed records. The land sits on a little less than 2 acres. <\p>
Raleigh brewery bolsters roster with eye on expansion
The co-owners of a North Carolina brewery have packed up their barrels and hopped over to another brewing business. <\p> Mythic Brewing has shuttered its brewing and taproom operations. The brewery had a location at 1147 Falls Road in Rocky Mount and also appeared to have locations in Zebulon at one point and on the coast in Cedar Point as well. <\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Fully-leased Triangle buildings net $20M from Boston firm
Two brand new industrial buildings that are fully leased were just sold for nearly $20 million. <\p> Real estate company Foxfield Investments of Boston acquired 4101 and 4501 Waterfield Drive for $19.81 million, according to Wake County deed records. The properties are Class-A industrial buildings within the Greenfield Business Park in Garner near the White Oak Crossing shopping center. <\p>
RDU flight is North America's bumpiest ride
The deadly turbulence that rocked a Singapore Airlines flight traveling from London to Singapore Tuesday is highlighting the fact that not all air routes are the same. <\p> In fact, a route between Raleigh-Durham International Airport and Nashville, Tennessee, is considered the bumpiest flight in North America, Bloomberg reports.<\p>
Raleigh bank closer to being among top 10 in North Carolina
Just over three months after Dogwood State Bank signed its merger agreement with Community First Bancorporation of South Carolina — the first acquisition in the Raleigh bank’s history — it's one regulator away from deal closure. <\p> Shareholders of Dogwood and Community First voted Tuesday and Wednesday to approve the combination. That means the deal, which will create the ninth largest bank in North Carolina, is on track to close in the third quarter.<\p>
Apartment market cools with record amount of new supply wrapping up
The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.<\p> Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022. <\p>
$9.5M land sale signals changes for Durham's 751 South
With a recent land sale, new development is progressing at a large project in Durham following significant changes to its lineup of retail, office and residential offerings. <\p> A 5.4-acre parcel of land at Durham’s 751 South development sold last week for $9.5 million, per Durham County property records. An LLC associated with Alex Mitchell, president of 751 South, was the seller. <\p>
Investors spend millions on coastal Carolina facilities
A group of out-of-state investors paid millions for storage units and land in a growing coastal North Carolina city.<\p> An LLC called New Bern NC Portfolio — tied to Atlanta-based real estate investment firm Mitra Investment Partners and Delaware-based Ibex Investments LLC — purchased six parcels across the New Bern area for around $8.65 million earlier this month, according to Craven County deed records. <\p>
Site near Dix Park gets OK for 7-story development
The area around Dix Park keeps growing — up — as another property has been approved for taller buildings.<\p> The Raleigh City Council on Tuesday approved a less than half-acre site for residential mixed-use up to seven stories with conditions. The rezoning passed unanimously in its second appearance before council.<\p>
Manufacturer with NC operations accuses supplier of extortion
For the second time in three months, a German manufacturer with a footprint in North Carolina claims it’s being extorted by a supplier and is asking a jury to sort out the conflict. <\p> Mann+Hummel, a filter manufacturer that counts automobile giant Ford Motor Company (NYSE: F) as a customer, accuses Illinois-based supplier Jasper Rubber Products of what it describes in a 14-page complaint as an inexcusable and blatant breach” of its fixed-priced contracts. <\p>
How IBM leans on Red Hat to bring open source into AI
A new innovation out of IBM and Red Hat showcases how the companies are working to leverage each other’s strengths.<\p> When IBM (NYSE: IBM) bought Raleigh-based Red Hat five years ago, the open source community had questions. How would Red Hat stay Red Hat? How would the companies collaborate while maintaining the separate existence executives were promising?<\p>
Workers with learning disabilities face stigmas in the workplace
There remains a big stigma facing workers seeking workplace accommodations for certain disabilities — and those employees worry asking for help will hurt their careers. <\p> A new survey by The Harris Poll on behalf of nonprofit Understood.org, which works with people who have learning and thinking differences such as Attention Deficit Hyperactivity Disorder (ADHD) and dyslexia, found while 69% of workers know their employers must provide reasonable accommodations for disabilities, about 60% said there is still a stigma around asking their employer for support.<\p>
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