Even Wawa sites can't escape real estate market turmoil

Good morning and happy Wednesday!

Today marks the second day of Kwanzaa, the annual celebration of African-American and Pan-African culture that lasts until Jan. 1. The secular holiday, created in 1966 by Maulana Ron Karenga, is centered on seven principles, including unity, self-determination and purpose. If you're looking for a place to celebrate, try Wednesday's Kwanzaa celebration and Black Book Giveaway at the Eubie Blake National Jazz and Cultural Center in Baltimore. The free event goes from 5 p.m. to 9 p.m. and includes free food, music and more. It's one of several Kwanzaa celebrations going on in the area.

Here's what else you need to know today.

Wawa store locations sitting on the market longer

Wawa has developed a cult following for its coffee and hoagies. But it also has a fan base among real estate investors and developers who covet the land the popular stores sit on. The Philadelphia Business Journal has discovered that the high-profile Wawa locations aren't exempt from the turbulence of the current real estate market, fueled by higher interest rates and more cautious investors. Marc Mandel, co-founder and managing principal at Forged Real Estate, said that a little over a year ago Wawa properties were likely to be on the market for three to four weeks, with a buyer selected in the first 30 days of marketing the property. That's increased to about 60 to 90 days in the current market environment.

Baltimore County tech firm makes second acquisition of the year

A Baltimore County health care payment management company has acquired a Nashville artificial intelligence firm as part of a push to integrate A.I. into health care financing, reports the BBJ's Matt Hooke. Cockeysville's TREND Health Partners, whose clients include Johns Hopkins Medicine, MedStar Health and LifeBridge Health, paid an undisclosed amount for Tennessee's Advent Health Partners. Read on for more about the company's second deal this year to grow in the A.I. space.

Wells Fargo economists predict interest rate cuts

Economists at San Francisco-based Wells Fargo, the fifth largest bank in Greater Baltimore with more than 8.2% of deposit market share, are sticking with their expectations that the Fed will cut rates by a total of 2.25 percentage points. That's an estimate they shared in September as part of a discussion on the outlook for commercial real estate. Wells Fargo’s economics team also shared their predictions for key economic measures, including unemployment hitting 4% in early 2024 and reaching 4.5% in next year’s fourth quarter. That would be a jump from November’s 3.7% rate.

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Crab packing facility to be sold at auction

A former crab packing facility that closed after seven decades is being sold at auction starting Jan. 12, the BBJ's Morgan Simpson reports. The opening bid for the previous home of the W.T. Ruark & Co. at 2543 Hoopers Island Road in Fisher's Creek is $175,000. Bidders must submit an initial deposit of $10,000, according to Alex Cooper Auctioneers, which is conducting the sale. The property's current owner, who acquired it from the family-owned Ruark & Co., has shelved plans to open a museum there.

Former Barcoding Inc. office building in Canton sold

A Baltimore media company has purchased one of Canton’s most prominent office buildings to house its headquarters and production studios, the BBJ's Matt Hooke reports. Root Branch Media Group purchased a 14,400-square-foot facility located at 2220 Boston St. for $2.25 million from 2220 Boston St. LLC, in late November, according to state property records. The 40-person company moved into Boston Street in June 2022 on a lease agreement before purchasing the facility last month.CEO Vonnya Pettigrew said the company plans to use the firm's new home to film a variety of projects for private sector and government clients like Baltimore City Public Schools.

Maryland counties, cities receive federal transportation grants

The Maryland Department of Transportation on Tuesday said 17 counties and municipalities in the state will receive more than $28 million in fiscal year 2023 as part of the Safe Streets and Roads for All grant program. The money awarded by the U.S. Department of Transportation is being used for programs to meet Vision Zero goals — the elimination of all traffic fatalities and severe injuries on Maryland roadways by 2030. Funds in the various jurisdictions, which include Baltimore City and Baltimore County, will be used for traffic calming measures, bicycle network improvements, sidewalk enhancements and pedestrian safety measures, among others.

Will Lamar Jackson prevail as league's MVP?

The Baltimore Ravens' big win — and Lamar Jackson's stellar performance — on Monday night have fans and pundits predicting the Ravens quarterback could capture the Most Valuable Player title once again. Jackson was named the NFL MVP title in 2019. The Baltimore Banner's Jonas Shaffer looks at how different a player Jackson is this time around. Of course, he faces stiff competition this year. But two of the front-runners, San Francisco's Christian McCaffrey and Brock Purdy, lost a little luster after being beaten by the Ravens.

Powerball jackpot still up for grabs

So the lottery ticket in your stocking didn't yield a big win? It's not too late. The Powerball jackpot climbed to an estimated $685 million after no ticket matched on six numbers in the Christmas Day drawing. The top prize for Wednesday's drawing has a lump-sum option of an estimated $344.7 million, WBAL-TV reports. The Powerball jackpot was last won on Oct. 11. But there have been plenty of "smaller" winners — $1 million to $2 million payouts — since then. But take note, Powerball says the odds of scoring the jackpot are 1 in 292.2 million.

This newsletter was written by Joanna Sullivan, Editor-in-Chief at the Baltimore Business Journal. I can be reached at [email protected].