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Why young North Carolina entrepreneurs are buying up Boomer businesses

In North Carolina and beyond, young entrepreneurs are buying up small businesses from founders nearing retirement.

Business

Rob Belk, 35, grew up in <a class="gtmContentClick" data-vars-link-text="Charlotte" data-vars-click-url="https://www.axios.com/local/charlotte" data-vars-content-id="7a6faaac-45d5-40be-af90-2649b31e3c01" data-vars-headline="Why young North Carolina entrepreneurs are buying up Boomer businesses" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte" target="_self">Charlotte</a>, selling ladies&#x27; shoes at the SouthPark mall Belk, his family&#x27;s eponymous department store — a grind that instilled in him an entrepreneurial bug. Earlier this year, he purchased Sales Factory, a Greensboro marketing and insights agency that&#x27;s been around since 1984.Why it matters: In North Carolina and beyond, young entrepreneurs are buying up small businesses from founders nearing retirement — part of a phenomenon dubbed the &quot;<a class="gtmContentClick" data-vars-link-text="silver tsunami" data-vars-click-url="https://www.axios.com/2025/11/29/retirement-crisis-social-security-2026" data-vars-content-id="7a6faaac-45d5-40be-af90-2649b31e3c01" data-vars-headline="Why young North Carolina entrepreneurs are buying up Boomer businesses" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/11/29/retirement-crisis-social-security-2026" target="_self">silver tsunami</a>&quot; that&#x27;s resulting in a massive transfer of wealth.

North Carolina Democrats push for early 2028 primary

North Carolina is one of 12 states allowed to bid to be one of the first primary states in 2028.

Politics

North Carolina Democrats are lobbying to make the state one of the first presidential primary contests in 2028, arguing the state reflects the rest of the U.S., given its growing and diverse <a class="gtmContentClick" data-vars-link-text="population" data-vars-click-url="https://www.axios.com/local/raleigh/2026/01/29/north-carolina-kept-growing-last-year-despite-immigration-slowdown" data-vars-content-id="3aa3de09-b521-4564-befe-543e59dd7aa1" data-vars-headline="North Carolina Democrats push for early 2028 primary" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2026/01/29/north-carolina-kept-growing-last-year-despite-immigration-slowdown" target="_self">population</a>.Why it matters: If selected, North Carolina could hold a large influence over which candidate ultimately secures the nomination. It could also attract tens of millions of dollars of investments into statewide campaigns.

The Triangle's college grad boom

The Triangle's universities continue to power the region's growth

News

The Triangle has been one of the leading regions for adding residents with college degrees since the pandemic, a new <a class="gtmContentClick" data-vars-link-text="report" data-vars-click-url="https://www.census.gov/newsroom/press-releases/2026/acs-5-year-gains-educational-attainment.html" data-vars-content-id="49637436-34a4-46c4-b872-bb6949543d3e" data-vars-headline="The Triangle&#x27;s college grad boom" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.census.gov/newsroom/press-releases/2026/acs-5-year-gains-educational-attainment.html" target="_blank">report</a> from the U.S. Census Bureau finds. Why it matters: The Triangle has long prided itself on how much talent its universities produce, helping make the region one of the biggest areas for job growth <a class="gtmContentClick" data-vars-link-text="over the past decade" data-vars-click-url="https://www.cnbc.com/2025/08/03/the-top-10-us-cities-for-job-opportunities-and-earning-potential-according-to-new-report.html" data-vars-content-id="49637436-34a4-46c4-b872-bb6949543d3e" data-vars-headline="The Triangle&#x27;s college grad boom" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.cnbc.com/2025/08/03/the-top-10-us-cities-for-job-opportunities-and-earning-potential-according-to-new-report.html" target="_blank">over the past decade</a>.

Chapel Hill businesses still dealing with effects of tropical storm flooding

Renovations are ongoing at many businesses, while others have closed completely.

More than seven months after <a class="gtmContentClick" data-vars-link-text="Tropical Storm Chantal" data-vars-click-url="https://www.axios.com/2025/07/07/tropical-storm-chantal-north-south-carolina-flood" data-vars-content-id="1cc3490d-4976-4d4f-a3fa-bca1c4e5b2b0" data-vars-headline="Chapel Hill businesses still dealing with effects of tropical storm flooding" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/07/07/tropical-storm-chantal-north-south-carolina-flood" target="_self">Tropical Storm Chantal</a> significantly flooded parts of Chapel Hill, businesses at the popular Eastgate Crossing shopping center are still working to clean up the mess.Why it matters: The lingering effects of Chantal, which dumped more than 7 inches of rain in 12 hours, have shown just how damaging <a class="gtmContentClick" data-vars-link-text="fast-forming tropical storms" data-vars-click-url="https://www.axios.com/local/raleigh/2025/07/07/tropical-storm-chantal-tropical-weather-triangle-north-carolina-carrboro-chapel-hill-durham" data-vars-content-id="1cc3490d-4976-4d4f-a3fa-bca1c4e5b2b0" data-vars-headline="Chapel Hill businesses still dealing with effects of tropical storm flooding" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/07/07/tropical-storm-chantal-tropical-weather-triangle-north-carolina-carrboro-chapel-hill-durham" target="_self">fast-forming tropical storms</a> can be amid intensifying climate change.<ul><li>Chantal caused <a class="gtmContentClick" data-vars-link-text="more than $56 million worth of damage" data-vars-click-url="https://www.newsobserver.com/news/local/counties/orange-county/article310619555.html" data-vars-content-id="1cc3490d-4976-4d4f-a3fa-bca1c4e5b2b0" data-vars-headline="Chapel Hill businesses still dealing with effects of tropical storm flooding" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.newsobserver.com/news/local/counties/orange-county/article310619555.html" target="_blank">more than $56 million worth of damage</a> in Orange County, much of that at Eastgate Crossing. </li></ul>

What's next for Kane Realty in 2026

The development company recently won a rezoning for up to 37 stories in North Hills

Like seemingly <a class="gtmContentClick" data-vars-link-text="every year" data-vars-click-url="https://www.axios.com/local/raleigh/2025/10/06/kane-realty-north-hills-park-central-sold" data-vars-content-id="25276c7c-fa51-49a7-8fe7-4fe738f0702b" data-vars-headline="What&#x27;s next for Kane Realty in 2026" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/10/06/kane-realty-north-hills-park-central-sold" target="_self">every year</a>, 2026 is shaping up to be another busy one for Raleigh-based Kane Realty, the development firm most known for its work creating North Hills into Raleigh&#x27;s second skyline. Why it matters: Kane Realty remains one of the most prolific developers in the region, even as more out-of-town companies move in. <ul><li>From North Hills to Dix Park, the company is remaking large swaths of the city, and that is set to continue apace this year. </li></ul>

UNC and town take action on Chapel Hill's housing crunch

The town's high prices cause many workers to live far away from Chapel Hill.

On the same day that UNC-Chapel Hill announced it would proceed with <a class="gtmContentClick" data-vars-link-text="developing its Carolina North satellite campus" data-vars-click-url="https://www.axios.com/local/raleigh/2026/01/21/unc-carolina-north-expansion-dean-dome-smith-chapel-hill" data-vars-content-id="56b508ef-6e8d-4ac9-97eb-b7f01cd189e7" data-vars-headline="UNC and town take action on Chapel Hill&#x27;s housing crunch" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2026/01/21/unc-carolina-north-expansion-dean-dome-smith-chapel-hill" target="_self">developing its Carolina North satellite campus</a>, the town of Chapel Hill also passed a sweeping set of reforms meant to make it easier to build new housing in the town. Why it matters: Local leaders hope those two decisions will give the town more tools to tackle its growing affordable housing shortage that has made it harder for its <a class="gtmContentClick" data-vars-link-text="workforce to live there" data-vars-click-url="https://reo.unc.edu/wp-content/uploads/sites/969/2024/01/unc-chapel-hill-housing-demand-analysis-2023.pdf" data-vars-content-id="56b508ef-6e8d-4ac9-97eb-b7f01cd189e7" data-vars-headline="UNC and town take action on Chapel Hill&#x27;s housing crunch" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://reo.unc.edu/wp-content/uploads/sites/969/2024/01/unc-chapel-hill-housing-demand-analysis-2023.pdf" target="_blank">workforce to live there</a>.

UNC advances Carolina North plan, but Dean Dome's future is uncertain

The university has held acreage north of campus for decades, and is finally ready to start building.

Education

The leadership of UNC-Chapel Hill is moving forward with plans to develop the Carolina North campus, significantly expanding the university&#x27;s footprint across the town of Chapel Hill. <ul><li>The goal is to break ground on the expansion in 2027 and hopefully line up its opening with the creation of a <a class="gtmContentClick" data-vars-link-text="new bus rapid transit route" data-vars-click-url="https://www.axios.com/local/raleigh/2024/03/13/bus-rapid-transit-momentum-picks-up-in-chapel-hill-raleigh" data-vars-content-id="db06343c-d5e8-45b3-a9e9-6f8dce79ce7f" data-vars-headline="UNC advances Carolina North plan, but Dean Dome&#x27;s future is uncertain" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2024/03/13/bus-rapid-transit-momentum-picks-up-in-chapel-hill-raleigh" target="_self">new bus rapid transit route</a> along Martin Luther King Jr. Boulevard, UNC Chancellor Lee Roberts told the university&#x27;s board of trustees on Wednesday.</li></ul>Why it matters: <a class="gtmContentClick" data-vars-link-text="Carolina North" data-vars-click-url="https://facilities.unc.edu/master-plan/carolina-north/" data-vars-content-id="db06343c-d5e8-45b3-a9e9-6f8dce79ce7f" data-vars-headline="UNC advances Carolina North plan, but Dean Dome&#x27;s future is uncertain" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://facilities.unc.edu/master-plan/carolina-north/" target="_blank">Carolina North</a>, located at the site of the former Horace Williams Airport, has been a top priority for Roberts, who co-founded a <a class="gtmContentClick" data-vars-link-text="private-equity firm that operates real estate funds" data-vars-click-url="https://sharpvuecapital.com/" data-vars-content-id="db06343c-d5e8-45b3-a9e9-6f8dce79ce7f" data-vars-headline="UNC advances Carolina North plan, but Dean Dome&#x27;s future is uncertain" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://sharpvuecapital.com/" target="_blank">private-equity firm that operates real estate funds</a>, since he took on the role in 2024.<ul><li>The university views the land as a solution to several concerns: as a site for housing for <a class="gtmContentClick" data-vars-link-text="growing the student body" data-vars-click-url="https://fo.unc.edu/news/2025/08/27/the-finance-and-operations-teams-behind-uncs-enrollment-expansion-supporting-500-new-students/" data-vars-content-id="db06343c-d5e8-45b3-a9e9-6f8dce79ce7f" data-vars-headline="UNC advances Carolina North plan, but Dean Dome&#x27;s future is uncertain" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://fo.unc.edu/news/2025/08/27/the-finance-and-operations-teams-behind-uncs-enrollment-expansion-supporting-500-new-students/" target="_blank">growing the student body</a> to match the <a class="gtmContentClick" data-vars-link-text="state&#x27;s growing population" data-vars-click-url="https://www.axios.com/local/raleigh/2025/03/03/north-carolina-population-growth-2030" data-vars-content-id="db06343c-d5e8-45b3-a9e9-6f8dce79ce7f" data-vars-headline="UNC advances Carolina North plan, but Dean Dome&#x27;s future is uncertain" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/03/03/north-carolina-population-growth-2030" target="_self">state&#x27;s growing population</a>, a place for affordable housing in an expensive town, the home of a future engineering school, and more space for research. </li></ul>

Why the state's investment arm bought a Raleigh office building

State Treasurer Brad Briner is seeking to invest more of the state's pension fund.

Development

A pair of Raleigh&#x27;s newest office towers has been <a class="gtmContentClick" data-vars-link-text="sold for $210 million" data-vars-click-url="https://www.highwoods.com/highwoods-hub" data-vars-content-id="381684c6-8728-4ceb-90b7-2d058c0c8421" data-vars-headline="Why the state&#x27;s investment arm bought a Raleigh office building" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.highwoods.com/highwoods-hub" target="_blank">sold for $210 million</a> — a significant decrease from the <a class="gtmContentClick" data-vars-link-text="record sum of $330 million" data-vars-click-url="https://www.newsobserver.com/news/business/article257075647.html" data-vars-content-id="381684c6-8728-4ceb-90b7-2d058c0c8421" data-vars-headline="Why the state&#x27;s investment arm bought a Raleigh office building" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.newsobserver.com/news/business/article257075647.html" target="_blank">record sum of $330 million</a> the two towers fetched in 2022. Why it matters: The new owner is a partnership between <a class="gtmContentClick" data-vars-link-text="Raleigh&#x27;s largest landlord" data-vars-click-url="https://www.axios.com/local/raleigh/2024/12/16/downtown-largest-office-landlord-trying-to-save-fayetteville-street-office-highwoods" data-vars-content-id="381684c6-8728-4ceb-90b7-2d058c0c8421" data-vars-headline="Why the state&#x27;s investment arm bought a Raleigh office building" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2024/12/16/downtown-largest-office-landlord-trying-to-save-fayetteville-street-office-highwoods" target="_self">Raleigh&#x27;s largest landlord</a>, Highwoods Properties, and the <a class="gtmContentClick" data-vars-link-text="North Carolina Investment Authority" data-vars-click-url="https://www.axios.com/local/raleigh/2025/06/13/north-carolina-treasurer-investment-committee-pension" data-vars-content-id="381684c6-8728-4ceb-90b7-2d058c0c8421" data-vars-headline="Why the state&#x27;s investment arm bought a Raleigh office building" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/06/13/north-carolina-treasurer-investment-committee-pension" target="_self">North Carolina Investment Authority</a>, an entity formed last year by state law to manage investments for the state&#x27;s pension plan. <ul><li>Previously, the state&#x27;s pension plan&#x27;s investments were decided solely by the state treasurer. Now, a <a class="gtmContentClick" data-vars-link-text="five-person board" data-vars-click-url="https://www.nctreasurer.gov/divisions/nc-investment-authority/north-carolina-investment-authority-board" data-vars-content-id="381684c6-8728-4ceb-90b7-2d058c0c8421" data-vars-headline="Why the state&#x27;s investment arm bought a Raleigh office building" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.nctreasurer.gov/divisions/nc-investment-authority/north-carolina-investment-authority-board" target="_blank">five-person board</a> directs its strategy, including this latest move to diversify its investment assets. </li></ul>

Owners of Raleigh's circular hotel plan another hotel and restaurant

The owners of Raleigh's circular hotel plan another hotel expansion downtown.

Raleigh&#x27;s <a class="gtmContentClick" data-vars-link-text="historic circular hotel" data-vars-click-url="https://www.axios.com/local/raleigh/2025/12/03/raleigh-circular-hotel-lands-historic-status" data-vars-content-id="eaf860d5-d7bc-48f9-986a-fb27137b2362" data-vars-headline="Owners of Raleigh&#x27;s circular hotel plan another hotel and restaurant" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/12/03/raleigh-circular-hotel-lands-historic-status" target="_self">historic circular hotel</a> could be getting a new neighbor. Why it matters: Tidal Real Estate Partners, a New York-based development firm, has filed plans with the city for a 13-story hotel on a parcel next to the former Holiday Inn on Hillsborough Street.

The quest to plant 50,000 trees across the Triangle

Between 2010 and 2020, Wake County alone lost more than 11,000 acres of tree canopy.

Raleigh has long been known as the City of Oaks, but the region&#x27;s fast-paced growth is threatening the lush canopy of trees that gave the city its nickname.

Older Raleigh apartments see falling rent prices amid new apartment surge

Rents at Raleigh's oldest apartments have fallen 7% in the past year.

Rents at Raleigh&#x27;s oldest apartments continue to fall this year as the Triangle absorbs a <a class="gtmContentClick" data-vars-link-text="record amount of new apartments" data-vars-click-url="https://www.axios.com/local/raleigh/2025/06/05/permits-new-apartments-fall-triangle-downtown-north-carolina" data-vars-content-id="e1d99e59-9ba6-4ddd-9954-b416c8b82530" data-vars-headline="Older Raleigh apartments see falling rent prices amid new apartment surge" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/06/05/permits-new-apartments-fall-triangle-downtown-north-carolina" target="_self">record amount of new apartments</a> hitting the market, according to a new analysis. Why it matters: Like many fast-growing metros, Raleigh grapples with providing ample affordable housing. As more high-end apartments flood the market, longtime residents are seeing some relief as the oldest rentals become cheaper.

Owners of former Raleigh Kmart want 20-story flexibility

The former Kmart on Western Boulevard has been closed since 2018.

The owners of the former Kmart property on Western Boulevard in Raleigh are asking the Raleigh City Council for the ability to build up to 20 stories on the site. Why it matters: Once a bustling retail spot, the property at 4500 Western Blvd. has fallen into disrepair since the Kmart closed in 2018. <ul><li>The property is on a future <a class="gtmContentClick" data-vars-link-text="bus-rapid transit line" data-vars-click-url="https://www.axios.com/local/raleigh/2025/04/28/raleigh-tries-again-to-get-bus-rapid-transit-construction-started" data-vars-content-id="1d4315f4-15e0-4433-a82a-5038569c362b" data-vars-headline="Owners of former Raleigh Kmart want 20-story flexibility" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/04/28/raleigh-tries-again-to-get-bus-rapid-transit-construction-started" target="_self">bus-rapid transit line</a>, connecting Cary to downtown Raleigh, making its redevelopment a priority for the city. </li></ul>

Raleigh's circular hotel lands historic status

The former Holiday Inn is currently under going a $34 million renovation.

The Raleigh City Council has granted historic landmark status to downtown&#x27;s iconic circular hotel, the former Holiday Inn that was once slated for <a class="gtmContentClick" data-vars-link-text="complete demolition" data-vars-click-url="https://www.axios.com/local/raleigh/2025/06/04/circular-downtown-holiday-inn-hotel-makeover-demolition" data-vars-content-id="244a5502-b081-49a7-bcdb-29ced9cf569c" data-vars-headline="Raleigh&#x27;s circular hotel lands historic status" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/06/04/circular-downtown-holiday-inn-hotel-makeover-demolition" target="_self">complete demolition</a>. Why it matters: The designation means that the building, once a defining feature of Raleigh&#x27;s original skyline, will instead see its distinct architecture preserved. It&#x27;ll transform into a boutique hotel with a top-floor restaurant.

Apple's deadline for creating jobs in North Carolina is pushed back four years

The iPhone maker requested the delay in job-creation deadlines this month

The N.C. Department of Commerce agreed on Tuesday to delay some job-creation timelines for the technology giant <a class="gtmContentClick" data-vars-link-text="Apple" data-vars-click-url="https://www.axios.com/local/raleigh/2023/06/14/triangles-nc-mega-projects-apple-wolfspeed-toyota" data-vars-content-id="d8fbcc47-5ef0-4afa-8543-adf08ec6cbab" data-vars-headline="Apple&#x27;s deadline for creating jobs in North Carolina is pushed back four years" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2023/06/14/triangles-nc-mega-projects-apple-wolfspeed-toyota" target="_self">Apple</a>. Why it matters: The move pushes the timeline Apple needs to hire workers and build a campus in Research Triangle Park by four years to receive incentives from the state.

Development 🏗️

What's next for Kane Realty in 2026

UNC and town take action on Chapel Hill's housing crunch

UNC advances Carolina North plan, but Dean Dome's future is uncertain

Why the state's investment arm bought a Raleigh office building

Owners of Raleigh's circular hotel plan another hotel and restaurant