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The Briefcase: Target outparcel property site sells for $825,000

The Briefcase: Target outparcel property site sells for $825,000

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Target outparcel property site sells for $825,000

A Charlotte commercial real-estate developer has spent $825,000 for an outparcel site on the Target property at 5420 University Parkway in Winston-Salem, according to a Forsyth County Register of Deeds filing Monday.

The buyer is API University Parkway LLC, an affiliate of Aston Properties.

Target Corp. is the seller of the property. The sale was completed Thursday.

Richard Craver

Wells Fargo closes Greensboro branch, 27 nationwide

Wells Fargo & Co. reported to its federal regulator, the U.S. Comptroller of the Currency, that it plans to close another 27 branches in the U.S., including its location at 3305 Battleground Ave. in Greensboro.

The OCC disclosed the individual branches Friday. The branches were closed on Sept. 2. The bank also has closed a branch in Manteo.

The bank also is closing four branches in Texas, three each in California and Oregon, two each in Georgia, New Mexico, Pennsylvania, South Carolina and Utah, and one each in Alabama, Alaska, Florida, Tennessee and Virginia.

On Aug. 4, the branch closed another 21 branches, including one in Greenville, S.C. The bank announced July 21 it was eliminating another 21 branches, including one in Cary.

On July 15, Wells Fargo chief executive Charlie Scharf laid out a goal of cutting $10 billion in annual expenses which will likely include a significant workforce reduction.

There were plans to close up to 900 branches from 2018 to 2022 to reduce the total to between 5,000 and 5,100. The bank had 5,300 branches as of June 30, but with at least 1,100 temporarily closed in response to the pandemic.

Richard Craver

Marketing agent hired for Stein Mart locations

A&G Real Estate Partners said Monday it has been hired to market leases for 280 former Stein Mart Inc. store locations, including at Thruway Shopping Center in Winston-Salem.

Stein Mart filed Aug. 12 for Chapter 11 bankruptcy protection with plans to close most, if not all, of its 300 retail stores. The company has launched store-closing and liquidation sales.

The retailer has three stores in the Triad, at 400 S. Stratford Road in Thruway Shopping Center, 3729 Battleground Ave. in Greensboro, and 1589 Skeet Club Road in High Point. It has 20 stores in North Carolina.

It said it “is evaluating any and all strategic alternatives, including the potential sale of its ecommerce business and related intellectual property.”

"The Stein Mart stores offer excellent opportunities for expansion-minded retailers, grocers, gyms, entertainment venues, large medical facilities and other users to gain entry in coveted power centers, lifestyle centers and neighborhood centers at favorable rents," A&G co-president Emilio Amendola said in a statement.

Richard Craver

Red Ventures plans $500M purchase of CNET Media Group

Red Ventures, a portfolio of digital brands based in South Carolina, said Monday it plans to pay $500 million to buy CNET Media Group from ViacomCBS. The deal is projected to close in the fourth quarter.

CNET, a global technology news brand, is known for its automotive coverage at Roadshow and Spanish-language technology coverage at CNET en Español.

CNET Media also is known for advising consumers across leading consumer tech, business tech, gaming, and entertainment media brands, including ZDNet, a leader in business-to-business focused content, and Gamespot.

The portfolio also includes TVGuide, Metacritic, and Chowhound.

Red Ventures, founded in 2000, has more than 100 digital brands with more than 3,000 employees across 10 U.S. cities, the UK and Brazil.

Richard Craver

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