Business Percolates in Cary

Cary, NC – Even by Cary standards, the $1.45 billion deal for TowerCo is an eye-popper. And that’s just one several recent news items reinforcing Cary’s place as a center of business, innovation and entrepreneurship.

$1.45 Billion for TowerCo

Cary-based TowerCo is selling their assets to SBA Communications for $1.45 billion dollars according to The Deal Pipeline. In a nutshell, TowerCo buys, sells and leases wireless towers used for cell phone coverage.

Started in 2004, TowerCo became a player in the consolidation of wireless assets. In 2008, TowerCo sold it’s entire inventory of more than 400 towers to SBA for $194 million.

Time will tell if TowerCo is cashing out or doubling down. The company has expressed an interest in T-Mobile USA’s wireless assets, but that is sure to be a hotly contested sale.

M*Modal Picks Cary

M*Modal, a medical technology company, is set to lease 18,000 square feet of office space in RDU Center III with a promise of 75 jobs.

M*Modal makes clinical transcription services, workflow solutions, cloud-based Speech Understanding™ technology and specialized medical analytics.

The Economic Development Office of the Cary Chamber says that M*Modal will ultimately employ approximately 75 individuals at their Cary location.  The company has its headquarters in Franklin, Tennessee; however, most the leadership team will work out of the Cary facility.

Arboretum Apartments Sell for Nearly $40 Million

The Arboretum is a mixed use development (shopping and residential) at the corner of Weston Parkway and Harrison Avenue.

Associated Estates Realty Corporation (AERC) of Ohio bought the 205-unit complex for $39.25 million, according to Wake County property records. That’s the second highest amount ever paid for an apartment complex in the Triangle.

The Apartments at the Arboretum rent for about $950/month for a one bedroom up to $1950/month for a three bedroom, two baths unit.

Forget about Live, Work, Play – Cary continues to be one of the most desirable places to Invest in the United States.