Raleigh Chapter Key Take Aways!
- RPN Guest Kathryn Paige Robinson graduated from NC State in textile technology and UNC Chapel Hill Law School. She is a new attorney looking for opportunities.
- RPN Guest Philip Hackley moved from Wyrick Robbins to Dewitt Carolinas as the company’s General Counsel: Dewitt is working on The Exchange, a 20-story tower that is a joint venture with Life Time Living, single family in eastern NC, golf course properties and general multi-family.
- RPN Guest Connor Saieed of Dewitt Carolinas is a Raleigh native with the company for 10 years, focusing on operations, project management, lease coordination, project upfits, general tenant management, and retail leasing.
- Jeff Benson of Investors Title reported commercial and residential are both flat on order count; the 1031 exchange department is slightly down, partly due to regulations. Jeff gave comments to the State senate on SB 423 (Title Fraud Prevention Act) and HB 133/SB 394 to ban “adversarial” foreign governments from purchasing agricultural land within a 50-mile radius of military installations.
- Sanford Contractors’ Richard Oldham said municipal, state and DOT work is picking up; SCI is working on single-family, commercial, and the redevelopment of River Birch Shopping Center, bringing Target to Sanford. SCI built Lee County’s new Main Library, Lee County Athletic Park. Richard said he is seeing pressure on labor, and material costs are creeping up, like petroleum and PVC.
- James Larkin of Whiting-Turner reported copper prices are skyrocketing and to anticipate a shift to alternate for electrical services; some custom HVAC systems with components from China, Taiwan, or Thailand take months to procure. Site costs will increase due to price of diesel. Whiting-Turner is working on an NC State upfit and Crabtree Valley Mall facelift.
- Scott Hadley of Lee & Associates sees Johnson County land cost increasing from $150K – $300K an acre, so rents will increase. Scott said Sanford is doing well, and Moore County is active.
- Lee & Associates’ Hunter Stewart is seeing transaction activity at MOSAIC and Chatham Park in Pittsboro, NC: First Horizon paid $2.5M for 8/10 acre. Medical is active but want 1st floor space.
- Aimee Gibbs of Lee & Associates says wealth management companies are shifting from retail to more traditional office model and under 10K sq. ft. office is active.
- RPN Speaker Ryan Nance of NC Electric Cooperatives said there’s 26 local co-ops in the state of NC. It is one of the largest generation & transmission cooperatives, covering ¼ of the state’s population, mainly rural but also suburban space.
- The Triangle Region Cooperatives are Central EMC, Piedmont Electric, South River EMC and Wake Electric. NC Electric pays attention to demographics; depopulation is problematic, and interesting initiatives are bringing back prosperity.
- The co-op has been historically conservative in investments as it is a not-for-profit system; they have some joint ownership with Duke Energy and their portfolio is clean, with 2/3 being carbon free.
- The co-op’s work is heavy residential, but they also serve a mix of industries, like Baxter, Butterball, Martin Marietta, Smithfield, Corning, 3M and GE Aviation.
- NC Electric best serves rural developers by helping with site readiness, financial resources, and strategic and technical support; they also offer $1-$2M no-interest loans via USDA and have funded over $100M REDLG dollars.
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