Triangle

Driverless cars could be coming to Raleigh, NC State

February 16, 2016

(The News & Observer, Raleigh)

Raleigh is applying for a $40 million "Smart City" federal grant that it could use to launch an eco-friendly, driverless transit system. Engineers at N.C. State the unveiled plans for the system a few years ago, but the extra funding could help get the project off the ground. The first driverless cars would be installed around N.C. State's Centennial Campus.
Read more about the the EcoPRT program and the future of autonomous vehicles in this month's BNC

CSX looks to be losing interest in Johnston County

February 15, 2016

(The Raleigh News & Observer)

CSX Corp. has told some landowners around Selma that it is ending purchase agreements. The Jacksonville, Fla.-based railroad has considered Johnston County for a $272 million intermodal hub to speed deliveries between central North Carolina and the state's ports.

Charlotte's Packard Place partners with HQ Raleigh

February 15, 2016

(The Charlotte Observer)

The co-working segment of Packard Place, a startup hub in downtown Charlotte, will be rebranded as HQ Charlotte, joining the network that includes HQ Raleigh and HQ Greensboro. Members, who pay a monthly fee for access to a shared workspace, will be able to work at any of the locations under the HQ umbrella.

Report: SEC probe centers on former Salix execs

February 12, 2016

(WRAL TechWire)

Carolyn Logan, the former CEO of Salix Pharmaceuticals, and Adam Derbyshire, former chief financial officer of the Raleigh drugmaker, are subjects of an SEC investigation of the company that centers on inventory and accounting issues that occurred in 2014, according to a Reuters report. Salix was sold last year to Canada-based Valeant Pharmaceuticals for $11 billion.

Group pays $187M for Durham's West Village

February 12, 2016

(The News & Observer, Raleigh)

An affiliate of The Connor Group, an Ohio-based real-estate investment firm, has acquired Durham's West Village for $187 million, according to property records. West Village includes 609 apartments and more than 100,000 square feet of commercial space; it was developed by former Duke basketball stars Christian Laettner and Brian Davis and Tom Niemann, a Duke business school grad.

 

16-story apartment tower planned for Raleigh's North Hills

February 11, 2016

(The News & Observer, Raleigh)

Kane Realty and KBS Realty Advisors will build Park Central, as 252,204-square-foot tower with 286 apartments and 36,400 square feet of ground floor retail at Raleigh's North Hills. The developers expect to complete construction this spring on an 18-story North Hills office tower.

Kellogg's considering $19.5M expansion in Cary

February 10, 2016

(The News & Observer, Raleigh)

The Cary Town Council will hold a public hearing Thursday to consider more than $216,000 in incentives for cereal- and snack-maker Kellogg's to expand its local facility. The company is considering a $19.5 million investment that would increase production; no new jobs are anticipated.

Martin Marietta rocks along, missing earnings estimate

February 10, 2016

The U.S. infrastructure crisis story hasn't panned out for Martin Marietta shareholders over the past decade. The Raleigh-based company reported earnings slightly below estimates Tuesday.

Highwoods plans $40.9M office building in Cary

February 10, 2016

(The News & Observer, Raleigh)

Highwoods Properties will begin construction of a 167,000-square-foot office building in Cary in the second quarter. The $40.9 million project, in the Weston area, should be complete by the third quarter of 2017. The Raleigh-based REIT reported fourth-quarter earnings that beat Wall Street estimates by a penny a share.

BioCryst shares slump after failed drug trial

February 9, 2016

(The News & Observer, Raleigh)

Shares fell 71% Monday after Durham drug developer BioCryst Pharmaceuticals reported that its experimental treatment for a rare genetic disorder failed to help patients in a clinical trial.

Triangle Town Center sells for $174M

February 9, 2016

(The News & Observer, Raleigh)

A joint venture has acquired Triangle Town Center, a shopping mall in north Raleigh, for $174 million. DRA Advisors is the majority owner with a 90% stake; CBL & Associates, which previously held a 50% stake in the mall, now owns 10%. Anchors include Saks Fifth Avenue, Macy's and Sears.

Mark Cuban bets on Southern Pines retailer

February 8, 2016

(The Pilot, Southern Pines)

R. Riveter, a Southern Pines-based handbag company started by two military wives, snagged a $100,000 investment from Texas billionaire Mark Cuban on ABC's Shark Tank. The national TV exposure alone could boost business for the small retailer: Producers told the company to expect 100,000 website hits when the show aired Friday.

Nationwide drops Durham ad agency

February 8, 2016

(The News & Observer, Raleigh)

Nationwide has dropped Durham-based McKinney after a seven-year partnership. McKinney CEO Brad Brinegar said losing the Ohio-based insurer — one of the ad agency's larger clients — will trigger some layoffs though he said it's too early to say how many jobs will be impacted.

Amazon rolls out one-hour delivery service in Raleigh

February 5, 2016

(The News & Observer, Raleigh)

For just $7.99, Amazon Prime members in Raleigh can have their orders delivered within an hour; two-hour delivery is free. Raleigh is among 25 cities where the e-commerce retailer now offers the expedited service. The Prime loyalty program costs $99 a year.

Southern Pines retailer to appear on ABC's Shark Tank

February 5, 2016

(The Pilot, Southern Pines)

R. Riveter, a retailer of handbags and accessories in Southern Pines, will pitch their business to investors on ABC's Shark Tank Friday night at 9 p.m. Co-founders Cameron Cruse and Lisa Bradley, both military spouses, started the company in Cruse's attic making handbags out of recycled military materials. The company now employs 12 people and 12 contractors.

ChannelAdvisor reports record Q4 revenue

February 5, 2016

(The News & Observer, Raleigh)

Morrisville-based ChannelAdvisor surprised analysts when it reported a 24% increase in revenue in the fourth quarter. Quarterly revenue for the e-commerce company totaled $29.4 million, up from $23.8 million a year ago and higher than the $26.5 million analysts had projected. Annual revenue topped $100 million for the first time.

Earnings report roundup

February 5, 2016

Old Dominion finished 2015 on solid profit note, Winston-Salem Journal
Hanesbrands posts record 2015 despite softer fourth-quarter sales, Winston-Salem Journal
Credit Suisse announces 4,000 jobs cuts amid big Q4 loss, The Charlotte Observer

Triangle Capital promotes Poole to CEO

February 4, 2016

(The News & Observer, Raleigh)

Triangle Capital co-founder Garland Tucker III has stepped down as CEO; Ashton Poole, president and chief operating officer, will succeed him. Tucker will stay on as chairman of the Raleigh-based investment firm with nearly $1 billion of assets under management.

Wells Fargo cuts more mortgage jobs in Charlotte, Raleigh

February 4, 2016

(The Charlotte Observer)

The San Francisco-based lender is cutting 87 jobs in Raleigh and 68 jobs in Charlotte and Fort Mill, S.C., due to declining foreclosure rates and fewer people defaulting on their home loans. Wells, the largest U.S. mortgage lender, also announced Wednesday it will pay $1.2 billion to settle a mortgage dispute with the federal government.

Google Fiber will be free for pubic housing residents

February 4, 2016

(The Charlotte Observer)

Google Fiber will offer high-speed Internet service to residents of public housing at no charge in the cities where its network is available. The tech giant is rolling out its gigabit Internet service in Charlotte and the Triangle, but has not provided specific dates when the service will be available.