Basking Ridge, N.J.-based real estate firm Silverman Group plans to build a 420,000-square-foot industrial building called the Charlotte Intermodal Logistics Center less than a mile from the Charlotte Regional Intermodal Facility at Charlotte Douglas International Airport. The company acquired the 42.6 acres for $21.1 million, and will break ground at the end of the year. InterCon is the general contractor.
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Developers say that the planned downtown Wilmington Hotel Indigo project is still happening, but it might get a new name and brand. Mayfair Street Partners and USA InvestCo submitted plans to the city for a 10-story, 125-room hotel at the site in Jan. 2017, but are having difficulties finding an investor; the company hopes to break ground on a hotel this year.
Raleigh-based software company Red Hat Inc. stock dropped by 12% in after-hours trading Thursday after it announced predictions for the second quarter and the full year that were below Wall Street expectations. Red Hat says it expects to report earnings of 81 cents per share in the second quarter on revenue between $822 million and $830 million; analysts projected earnings of 89 cents per share on revenue of $854 million. The company projected earnings between $3.44 per share and $3.48 per share on revenue of $3.375 billion to $3.41 billion for the year; analysts expected revenue of $3.45 billion for the year.
Former Hendersonville attorney Howard Trade Elkins was sentenced to two years in prison for wire fraud. Elkins, who served as an attorney for estates of deceased individuals, deposited funds from estate clients into his law firm’s trust account, then used the money for personal activities such as gambling.
Charlotte-based communications-tower company Communications Tower Group LLC raised $38.3 million in a private equity offering from 10 investors. The new funds will be used to execute build-to-suit agreements, develop small cell sites and acquire communications towers.
Atlanta-based real-estate investment firm OA Development purchased four buildings in Durham’s Imperial Center for $31.4 million. The buildings, which together make up 211,308-square-feet, are currently more than 96% leased. Tenants include Patheon, McKesson and Principled Technologies.
Buncombe County has named George Wood as the interim county manager. Wood, who previously served as the county manager for Wayne and Lincoln counties, replaces Mandy Stone, who will retire in July. Wood will stay on until February 28, 2019, or until a new permanent manager is selected; he is not a candidate for the permanent position.
Four subsidiaries of Greensboro-based apparel company VF. Corp. have filed a complaint against the individuals and entities behind 831 domain names. Vans, The North Face, South Cone and TBL Licensing are suing for damages and injunctive relief, saying the defendants advertised and sold similar items of lower quality that bear the logos of the VF brands.
Gov. Roy Cooper signed the Build NC Bond Act of 2018 into law. The bill will accelerate road-building projects by authorizing up to $3 billion debt over the next 10 years. Up to $300 million will be issued annually; half will go toward regional projects, and the other half to local projects. Officials plan to repay the debt through transportation revenues, such as state gas taxes and vehicle sales taxes.
Swiss drone maker senseFly has moved its North American headquarters from Washington, D.C., to Raleigh. The 9-year-old company cited a desire to avoid Washington, D.C., security restrictions on flying drones and a better ability to attract talent from Triangle universities. senseFly currently has 15 employees in the new office.