Triangle

Raleigh apartment complex sells for $50 million

August 22, 2014

(The News & Observer, Raleigh)

Legacy at Wakefield, a 369-unit apartment complex in north Raleigh, sold for $50.5 million to Carter-Haston, a Nashville, Tenn.-based investment and property-management company.

Cary-based Ply Gem to acquire Ohio window company for $130M

August 21, 2014

(The News & Observer, Raleigh)

Cary-based Ply Gem Holdings will pay $130 million for Simonton Windows, a Columbus, Ohio-based vinyl window and door manufacturer with annual revenues of more than $300 million. Ply Gem makes vinyl siding, doors and windows and employs more than 6,200 people in North America.

Smith Center renovation plans on hold

August 21, 2014

(The News & Observer, Raleigh)

Plans to renovate or replace the Smith Center at UNC Chapel Hill have been placed "on the back burner," according to Athletic Director Bubba Cunningham. Retrofitting the arena, which opened in 1986, with features including luxury boxes and premium seating could cost tens of millions of dollars. 

Four Oaks Bank raises $24 million through stock offering

August 20, 2014

(The News & Observer, Raleigh)

Four Oaks Bank raised $24 million in a common stock offering priced at $1 per share. The Johnston County bank says the new capital will help it comply with a 2011 agreement with state and federal regulators and will allow it to expand its loan portfolio.

Moore County delays agreement on 3,000-acre megapark

August 20, 2014

(The Fayetteville Observer)

Moore County commissioners decided to delay an agreement with Montgomery County on a 3,000-acre industrial park. County leaders say they support the project but want to simplify the terms of the agreement. Two-thirds of the proposed site is in Moore County.

Wake County to hit 1 million residents Friday

August 19, 2014

(The News & Observer, Raleigh)

Based on the average growth rate of 62 people a day, Wake County is expected to reach the milestone of 1 million residents on Friday. The majority of Wake's growth comes from net migration − about two thirds of new residents come from other states, foreign countries and other counties in North Carolina.

Silicon Valley venture-capital firm looking to RTP for opportunities

August 19, 2014

(The News & Observer, Raleigh)

HealthQuest Capital, a Silicon Valley-based venture-capital firm, is looking to invest in life-sciences companies in North Carolina and other parts of the Southeast. The firm was founded by Garheng Kong, a former partner at Durham's Intersouth Partners, who says the region has long been underfunded when it comes to venture-capital investments.

Mark Martin named chief justice of NC Supreme Court

August 19, 2014

(The News & Observer, Raleigh)

Gov. Pat McCrory appointed Mark Martin chief justice of the N.C. Supreme Court. Martin, a Republican and senior associate justice since 2006, will replace Sarah Parker, who is retiring at the end of August, and will serve in the position for the next two months. He is seeking election to the seat in November.

Federal government approves Lenovo-IBM server deal

August 18, 2014

(The News & Observer, Raleigh)

The U.S. government approved Lenovo's pending $2.3 billion acquisition of IBM's low-end server unit. China-based Lenovo expects the deal, which will nearly double its Triangle employment of 2,200, to close by year-end.  

New law requires 3-judge panel for constitutional cases

August 18, 2014

(The News & Observer, Raleigh)

A new state law will require a panel of three judges, appointed by the chief justice of the state Supreme Court, to preside over constitutional challenges to laws. The state legislature passed the law to prevent plaintiffs from shopping for judges who they believe are likely to block laws approved by legislators.

NC to pay off federal unemployment debt sooner than planned

August 18, 2014

(The News & Observer, Raleigh)

North Carolina says it is ahead of schedule on paying off federal debt amassed to pay off unemployment benefits after the Great Recession. The state now owes less than $600 million, down from a peak of $2.8 billion, and expects to pay it off by August 2015, earlier than its target date of November 2015.

Lenovo quarterly profits exceed expectations

August 15, 2014

(The News & Observer, Raleigh)

Lenovo posted a 23% increase in profit in its fiscal first quarter ended in June, led by gains in the smartphone and PC markets. The Beijing-based computer maker employs about 2,200 at its North American headquarters in Morrisville.

McCrory defends handling of ethics filings

August 15, 2014

(The News & Observer, Raleigh)

Gov. Pat McCrory said he sold his stock in Duke Energy in April in response to media attacks that challenged his character, and that no rules were broken in the ethics filings regarding the sale. McCrory, a longtime employee of the Charlotte-based utility, issued the statement in response to the Raleigh News & Observer's front-page story that said he submitted incorrect filings earlier this year regarding his ownership of the stock.

Durham's BioCryst receives $4.1 million to develop Ebola treatment

August 14, 2014

(The News & Observer, Raleigh)

BioCryst Pharmaceuticals was awarded $4.1 million to develop a treatment for the Ebola virus. The funds are part of a 5-year, $22 million federal research contract the Durham company was granted for a drug it is developing to treat Marburg, a related virus.

Cisco to lay off 6,000 workers

August 14, 2014

(The News & Observer, Raleigh)

San Jose, Calif.-based Cisco Systems will lay off 6,000 workers, or 8% of its workforce in a restructuring. The telecommunications-equipment manufacturer announced in June it will add 550 jobs to its existing 4,600 at its Research Triangle Park site. The company will receive up to $12.9 million in state grant money for that expansion.

 

Carthage wants to create 'visual history art gallery' with murals

August 14, 2014

(The Fayetteville Observer)

Carthage has commissioned up to 20 murals showcasing the town's history in an effort to boost tourism and economic development. 

Latest Dominion pipeline proposal omits Raleigh extension

August 13, 2014

(The News & Observer, Raleigh)

Richmond, Va.-based Dominion Resources has rerouted its proposed natural gas pipeline, omitting a Raleigh extension and bypassing Clayton. If built, the 550-mile pipeline would run from West Virginia to southeastern North Carolina along the I-95 corridor.

SAS announces collaboration with Amazon

August 13, 2014

(The News & Observer, Raleigh)

Cary-based SAS has partnered with Amazon Web Services to make it easier for its customers to use SAS software with Amazon's cloud service. 

Former Progress exec named CFO of Raleigh's Highwoods

August 12, 2014

(The News & Observer, Raleigh)

Highwoods Properties named Mark Mulhern chief financial officer. Mulhern spent 16 years with Progress Energy until his departure following the company's 2012 merger with Charlotte-based Duke Energy. He replaces Terry Stevens, who is retiring.

SAS to sponsor computer-science research projects at NC State

August 12, 2014

(WRAL.com)

Cary-based software company SAS formed an agreement with N.C. State University to fund joint research projects in areas including cyber security, big data and health-monitoring technologies.