Charlotte

Charlotte's AT&T Plaza sells for $45.5M

September 1, 2015

(The Charlotte Observer)

Stream Realty Partners paid $45.5 million for the 360,000-square-foot AT&T building in downtown Charlotte and is planning extensive renovations, including a new facade, new lobbies and new retail space. AT&T is relocating employees to offices off West Tyvola Road.
Related: Charlotte's office vacancy rate down to 13.5%

CLT still seventh-busiest airport in the world

September 1, 2015

(The Charlotte Observer)

Charlotte Douglas International Airport had 545,178 takeoffs and landings in 2014, a 2% decrease from the year before but enough to maintain its position as the seventh busiest airport in the world; Chicago was the busiest. Based on passenger traffic, Charlotte doesn't rank in the top 10 internationally.

 

Group says BofA shareholders should split CEO, chairman roles

August 31, 2015

(The Charlotte Observer)

CtW Investment Group said Friday that Bank of America shareholders should vote against bylaw changes that allowed CEO Brian Moynihan to become chairman. CtW is an advocate for union-affiliated pension funds. The Charlotte-based bank is holding a special meeting Sept. 22 for shareholders to vote on the issue.

Bissell plans 10-story spec building in Charlotte's Ballantyne

August 28, 2015

(The Charlotte Observer)

The Bissell Corporation plans to build a 10-story, 287,500-square-foot office building in Charlotte's Ballantyne area, which is almost 95% occupied. Construction could start as early as next week and should be complete by November 2016. A 150-room hotel is also planned.

Belk would pay $80 million fee if it backs out of Sycamore deal

August 28, 2015

(The Charlotte Observer)

Belk, which agreed to be bought by New York's Sycamore Partners for $3 billion, would have to pay $80 million if the Charlotte-based department store chain backs out of the deal. Sycamore would owe Belk $165 million if it terminates the contract, securities filings show.

Vacuum manufacturer adding 200 jobs in Charlotte

August 26, 2015

(The Charlotte Observer)

TTI Floor Care North America, the maker of Hoover, Dirt Devil and Oreck vacuum cleaners, will invest $5 million in a marketing and technology center in Charlotte, creating 200 jobs over the next two years. Average annual salary will be more than $103,000. The Cleveland, Ohio-based company is a subsidiary of Hong Kong-based Techtronic Industries, whose products include power tools, hedge trimmers and pressure washers.

Charlotte snags corporate HQ from Louisiana

August 26, 2015

Albermarle Corporation, a Louisiana-based chemical manufacturer with a market value of $4.9 billion, is moving its headquarters to Charlotte from Baton Rouge, La. The deal will add 120 new jobs by 2016 for Charlotte, which is becoming a magnet for corporate headquarters. Pay will average more than $160,000 annually.

Charlotte to spend $48M for new airport access road

August 26, 2015

(The Charlotte Observer)

Charlotte City Council approved a plan that will expand the access road in front of Charlotte Douglas International Airport to eight lanes for arrivals and eight for departures. The $48 million project also includes pedestrian tunnels connecting the terminal to parking decks.

Sycamore Partners buys Belk for $3 billion

August 25, 2015

(The Charlotte Observer)

Charlotte-based Belk, the nation's largest family-owned department store chain, agreed to be bought by New York-based private equity firm Sycamore Partners for $3 billion, including the company’s debt. While the company told employees no major changes are planned, analysts say the new owners will probably close stores and cut jobs to improve profitability. Belk's headquarters will stay in Charlotte, and Tim Belk will remain chief executive officer. The deal is expected to close in the fourth quarter this year, pending regulatory approval.  


Read more here: http://www.charlotteobserver.com/news/business/article32006829.html#storylink=cpy

Investors in Pittenger's land company question tactics

August 24, 2015

(The Charlotte Observer)

Some investors in U.S. Rep. Robert Pittenger's real-estate company, which has been run by his wife Suzanne since he was elected to Congress in 2012, expressed concern over the slow pace of land sales and lack of transparency with the company's financial dealings. Pittenger said earlier this month the FBI is investigating the Charlotte company.

BofA directors get raises

August 21, 2015

(The Charlotte Observer)

Eleven out of 13 members of Bank of America's board of directors gave themselves raises of about $36,000, according to a June securities filing. The board's lowest-paid member now earns almost $280,000 a year. A bank spokesman said most board members had not received raises since 2006. CEO and chairman Brian Moynihan does not receive any compensation for sitting on the board.

Toll lane opponents not ready to give up the fight

August 21, 2015

(The Charlotte Observer)

Opponents of toll lanes on Interstate 77 from Charlotte to Mooresville say legislative battles will continue into 2016. A Charlotte transportation-planning group voted Wednesday to endorse the project, but Mecklenburg County Commissioner Jim Puckett says he will continue efforts to convince lawmakers to scrap plans for the express lanes.

Wells Fargo cuts investment-banking jobs

August 21, 2015

(The Charlotte Observer)

Fewer than 10 investment bankers at Wells Fargo Securities were laid off Thursday. It was unclear how many of the affected workers were in New York and how many were in Charlotte, where the unit employed about 2,000 people as recently as 2013. The San Francisco-based bank did not give a specific reason for the layoffs.

Duke Energy could use drones to improve response time in storms

August 20, 2015

(The Charlotte Observer)

Duke Energy is testing the use of unmanned aerial vehicles that could be used to inspect power lines and solar farms after storms and outages. The Federal Aviation Administration awarded the Charlotte-based utility an exemption to fly the drones in June.

SunTrust seeks to gain market share in Charlotte

August 20, 2015

(The Charlotte Observer)

SunTrust Banks is looking to increase its market share in the Queen City, according to Jenna Kelly, who has been Charlotte region president since May. Kelly says the Atlanta-based bank is adding to its 500 employees in Charlotte, where it opened a regional headquarters at SouthPark in February.

Strong appliance sales boost Lowe's 2Q revenue

August 19, 2015

(The Charlotte Observer)

Home-improvement retailer Lowe's reported revenue of $17.35 billion for the second quarter that ended July 31, compared with $16.6 billion a year ago. The Mooresville-based company has benefited from an improved housing market: The U.S. Commerce Department said this week that construction of single-family homes has reached its highest level since December 2007.

Mann + Hummel to buy Gastonia's Affinia Group

August 18, 2015

(The Charlotte Observer)

Affinia Group, an automotive-parts supplier based in Gastonia, will be acquired by Germany-based Mann + Hummel for $513 million, according to a regulatory filing. The privately held company will also take on Affinia's debt, which Reuters reports was $822 million as of June 30. Affinia employs 1,271 people in Gaston County.

Belk sale spurs emotions of customers with long ties to the department-store group

August 14, 2015

(The Charlotte Observer)

The expected sale of Belk to New York private equity firm Sycamore Partners would remove local ownership of a department-store chain that has had a huge impact on North Carolina. Sycamore is devising an offer of up to $3.5 billion for Belk, according to several reports

 

Swisher Hygiene selling U.S. businesses for $40 million

August 14, 2015

(The Charlotte Observer)

Charlotte-based Swisher Hygiene, a Charlotte-based public company, said will sell its U.S. operations to Minnesota-based Ecolab for $40 million. Earlier this week Swisher sold its Canadian business. Shares of Swisher, a sanitation company, more than doubled to $1.30.

Premier buys software company for $65 million

August 13, 2015

(The Charlotte Observer)

Charlotte-based Premier Inc. purchased software developer Healthcare Insights of Libertyville, Ill. for $65 million. Premier provides hospitals and health care systems with analytics and other services.