Triangle

Raleigh apartments sell for record $76.8M

December 22, 2014

(The News & Observer, Raleigh)

A 282-unit apartment complex in Raleigh's Cameron Village has sold for $76.8 million, or $272,000 per unit. Crescent Cameron Village, which includes 19,000 square feet of retail, is part of a $700 million portfolio sale announced by Charlotte-based Crescent Communities in October. The buyer is Boston-based Berkshire Property Advisors.

Canadian chain to buy The Pantry for $860M

December 19, 2014

(The News & Observer, Raleigh)

Canada-based Alimentation Couche-Tard, which operates in the U.S. mostly as Circle K, will acquire The Pantry in a deal that, including The Pantry's debt, is valued at $1.7 billion. Cary-based Pantry operates 1,513 convenience stores – most under the Kangaroo Express banner – in 13 Southeastern states.

Durham's Phononic raises $44.5 million

December 19, 2014

(The News & Observer, Raleigh)

Durham-based Phononic raised $44.5 million in venture-capital funding. The company sells energy-efficient cooling and refrigeration products that are made in Durham. Phononic plans to use the proceeds to increase manufacturing and for sales and marketing. It's the largest round of venture-capital funding raised by a Triangle company this year. 

Pantry stock soars amid rumors of sale

December 18, 2014

(The Charlotte Observer)

Shares of The Pantry rose 23% on Wednesday following a Wall Street Journal report that the company was close to being sold. The Cary-based company operates about 1,500 convenience stores in thirteen states, mostly under the Kangaroo Express brand. The Pantry reported fourth-quarter profits of $15.4 million, compared with $1.4 million for the same period a year ago.

RTP to unveil redevelopment site plan Jan. 15

December 18, 2014

(WRAL TechWire)

The Research Triangle Park Foundation will unveil the first phase of its 100-acre redevelopment project it says could eventually create 100,000 jobs. RTP describes "The Frontier" as " the Triangle's newest meeting spot for those looking for a place to plug in, or a new office location."

Cary's The Pantry nearing deal to be sold

December 17, 2014

(The Wall Street Journal)

Cary-based The Pantry, which operates more than 1,500 convenience stores primarily under the Kangaroo Express banner, has hired an investment bank to solicit bids for the company. A buyer could be announced within days, according to people familiar with the matter.

Salix announces revised inventory-reduction schedule

December 17, 2014

(The News & Observer, Raleigh)

Salix Pharmaceuticals announced it will accelerate a planned inventory reduction of three of its drugs. The Raleigh-based pharmaceutical, which makes treatments for gastrointestinal illnesses, will reduce inventories of three drugs by the end of 2015 – a year earlier than it had previously announced. Company shares rose 7% following the announcement.

Developers reject proposal to reroute pipeline in Johnston Co.

December 17, 2014

(The News & Observer, Raleigh)

Developers of the 538-mile Atlantic Coast Pipeline denied a request by Johnston County officials to reroute the proposed pipeline closer to an industrial park. The new route would have crossed 239 parcels instead of 163. Richmond-based Dominion Resources is developing the natural-gas pipeline in a joint venture with Duke Energy, Piedmont Natural Gas and Atlanta-based AGL Resources.

Cary partners with SAS on water-monitoring project

December 15, 2014

(WRAL TechWire)

Cary officials say the town will save an estimated $10 million a year through a new $17.9 million system that monitors water usage. Powered by locally-based SAS Institute, the system will provide residents with customized water-usage alerts and will help town officials identify abnormal spikes in water usage.

DA Davidson initiates coverage of Raleigh's Highwoods

December 15, 2014

(The News & Observer, Raleigh)

Analysts with investment firm D.A. Davidson have initiated coverage of Highwoods Properties, giving the Raleigh-based real-estate investment trust a "buy" rating and putting a 12- to 18-month target price of $50 on its stock.

Durham tech company creates code school to develop local talent

December 15, 2014

(The News & Observer, Raleigh)

Durham-based tech startup Smashing Boxes partnered with South Carolina-based The Iron Yard to start a software code school at American Underground's Durham campus. The website and app-development company's founders created the code school because of difficulty finding talented workers.

Triangle business group to raise funds to recruit international flights

December 12, 2014

(The News & Observer, Raleigh)

Triangle-based Regional Transportation Alliance plans to raise $500,000 over three years to help Raleigh-Durham International Airport recruit new nonstop flights to international destinations including Paris and Frankfurt. In October, RDU pledged $2.1 million in incentives to attract more international flights.

American Underground unveils economic-impact study

December 11, 2014

(WRAL TechWire)

Startups at American Underground's three Triangle locations created 323 new jobs over the past 12 months, according to a report the business incubator released on Wednesday. The study shows employees spent $674,700 at establishments in Durham and Raleigh. American Underground's 180 companies raised $20.7 million in funding over the past 12 months.

New developer for retail project at Raleigh's Crabtree Valley

December 11, 2014

(The News & Observer, Raleigh)

Lennar Commercial is the new lead developer for Carolina Row, a mixed-use development planned for 10 acres across from Raleigh's Crabtree Valley Mall. Trademark Property announced plans for the project – which will include up to 175 apartments and 150,000 square feet of retail space – in May. Lennar plans a grand opening for Carolina Row in the fourth quarter of 2016.

Durham's Parata Systems to lay off 110 workers

December 10, 2014

(The News & Observer, Raleigh)

Durham-based Parata Systems will lay off 110 workers over the next 90 days, according to a notice filed with the N.C. Department of Commerce. Parata makes drug-dispensing systems for pharmacies. The company expects to have about 250 employees as of March 1.

AT&T's gigabit Internet service now available in some areas

December 9, 2014

(WRAL TechWire)

AT&T has rolled out its GigaPower ultra-fast Internet service, which is 100 times faster than standard service, in four Triangle cities and Winston-Salem. The telecommunications provider plans to add the service in Durham, Charlotte and other North Carolina cities later.

Chapel Hill CEO killed in Maryland plane crash

December 9, 2014

(The News & Observer, Raleigh)

Michael Rosenberg, president and CEO of a Durham-based clinical research company, died Monday in a plane crash in Gaithersburg, Md. Rosenberg, who lived in Chapel Hill, founded Durham-based Health Decisions in 1989 and was a former manager at the National Centers for Disease Control and Prevention. Two other people on board the plane and three people on the ground also died in the crash.

42-acre mixed-use project near Crabtree Valley proposed

December 8, 2014

(The News & Observer, Raleigh)

Developers are planning a mixed-use infill project on 42 acres near Crabtree Valley in Raleigh. Plans for Glenwood Place, which would be co-developed by Raleigh-based Grubb Ventures and Charlotte-based Lincoln Harris, include a half-million square feet of offices, plus retail and apartments. The project could cost as much as $500 million to build.

Georgia-based engineering company moving HQ to Garner

December 8, 2014

(The News & Observer, Raleigh)

Conyers, Ga.-based Overland Contracting will move its corporate headquarters to Garner, where the company plans to invest $8.4 million and create 89 new jobs over three years. A subsidiary of Black & Veatch, Overland provides engineering, procurement and construction services for the energy, telecommunications and water industries.

 

Raleigh startup WedPics raises $4.25M

December 8, 2014

(WRAL TechWire)

Raleigh-based WedPics raised $4.25 million in a round of new funding and plans to increase its staff by 25%, according to CEO Justin Miller. Launched in 2012, the startup provides a mobile app that allows wedding guests to share photos ("Going to the chapels," September 2013).