New Hanover apartments sold for $22M

April 4, 2016

(Greater Wilmington Business Journal)

New York-based Gamma Real Estate paid more than $22 million for the first and second phases of The Park at Three Oaks, an apartment community with about 200 units in Ogden, located in northern New Hanover County.

Condo plan near Country Club of Asheville draws criticism

April 4, 2016

(Asheville Citizen-Times)

Developers are proposing a 184-unit condo project in Woodfin, adjacent to the Country Club of Asheville. Nearby residents are raising objections to the plan, which also calls for a dozen single-family homes on the 114-acre site. The property now pays taxes on about $47,000 of assessed value, while taxes are deferred on more than $1 million of value because of a forestry-related program, according to Buncombe County tax records.

BNC Bancorp-Southcoast Financial deal delayed

April 4, 2016

(American Banker)

BNC Bancorp, the High Point-based parent of Bank of North Carolina, has delayed its acquisition of Mount Pleasant, S.C.-based Southcoast Financial because the Federal Reserve hasn't completed its review of the deal.

Small biz finalist acquires Michigan contractor

April 4, 2016

Raleigh-based Color Masters Painting is buying National Coatings, a Michigan-based commercial painting contractor, for an undisclosed amount. Color Masters expects revenue to jump from $8 million in 2015 to more than $26 million over the next year as a result of the acquisition. Color Masters was a runner-up last year in Business North Carolina's Small Business of the Year program.

ZeekRewards chief receives continuance in federal fraud case

April 1, 2016

(Greensboro News and Record)

Paul Burks, the founder of now defunct Lexington-based ZeekRewards, was granted a continuance for his trial on fraud charges, extending it from May to July 5. The receiver for has distributed about $263 million to victims of the $850 million Ponzi scheme that involved more than 1 million investors. (See "Bounty Hunter" in the June 2015 Business North Carolina.) The Securities and Exchange Commission closed the company in 2012.

Drug maker mulling new Durham plant in light of LGBT controversy

April 1, 2016

(Raleigh News and Observer)

New Jersey-based Braeburn Pharmaceuticals said it is "reevaluating our options based on the recent, unjust legislation" involving rights for people based on gender identity. The company two weeks ago said it planned a $20 million manufacturing and research plant in Durham with about 50 jobs paying an average of about $76,000 a year. The move came as Gov. McCrory met with gay-rights advocates to discuss their complaints.


Five groups looking at reopening Yadkinville hospital

April 1, 2016

(Winston-Salem Journal)

Yadkin County is negotiating with five health-care groups to reopen Yadkin Valley Community Hospital by fall 2017. The county is also negotiating settlement of a lawsuit involving the hospital's former operator, CAH Acquisition 10 LLC, which closed the Yadkinville hospital May 22, 2015. A Wake County Superior Court judge had ordered the hospital to stay open through July 31, 2015.

Primo Water's Prim earned $821,000 in compensation last year

April 1, 2016

 (Winston-Salem Journal)

Primo Water Corp. CEO Billy Prim had total compensation of about $821,000 last year, according to the company proxy. The bottled-water company reported its first profit last year, about $1.9 million, on sales of $126.9 million.



Brunswick Realtor group's office face foreclosure

April 1, 2016

(Wilmington Business Journal)
The home of the Brunswick County Association of Realtors is facing foreclosure, prompting the association to leave the office in Supply and move to new space in Shallotte. It had bought the property 10 years ago and it includes a 5,600-square-foot ballroom. Bluefield, Va.-based First Community Bank is the lender on the property.

Ruling removes MetLife's 'too big to fail' tag

March 31, 2016

(The News & Observer, Raleigh)

A federal judge Wednesday rescinded a decision that would have put America’s largest life insurer under tougher government scrutiny. Following the win, a company spokeswoman said MetLife still plans to spin off much of its Charlotte-based U.S. retail business. MetLife has said the move will have no impact on its Global Technology and Operations campus in Cary, where it employs more than 1,200 people. Wednesday's ruling undercuts the Obama administration’s plan to more heavily regulate four non-bank businesses it determined had the potential to destabilize the American financial system.