Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, December 7, 1994                   TAG: 9412070136
SECTION: BUSINESS                    PAGE: B-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Two commercial properties on Peters Creek Road Northwest have changed hands.

NorthPark Business center, at Peters Creek and Williamson roads, was sold to a group of local investors by the Hobart Cos. of Richmond. The 33,000-square-foot center contains office and warehouse space. Tenants include Harleysville Insurance, Kemper Insurance and CareMark. The transaction was handled by Ed Hall and Stuart Meredith of Hall Associates Inc.

Also, Hall Associates Auction Division sold the City Line Square Shopping Center at Peters Creek and Cove roads to bidder Samuel Brookes of Roanoke. The center, which had been owned by C.L.S. Associates Ltd., sold for more than $2 million. The center contains about 65,000 square feet on 10.66 acres. Anchor tenants are Food Lion and Revco.

- Staff report

Piedmont to take securities loss

Piedmont BankGroup said Tuesday it will take a pre-tax charge of about $6 million during the fourth quarter on losses in its securities portfolio.

The loss will come on sale of about $30 million in securities with an average yield of 5.4 percent and an average maturity of 4.7 years. Proceeds from the sale will be reinvested in higher-yielding securities, the Martinsville-based company said.

Rising interest rates in 1994 hurt the market value of Piedmont's investment portfolio. Sale of a portion of its portfolio most sensitive to rising rates "will reduce the overall interest rate risk and better position the company for future profitability," the company said.

- Staff report

Fieldcrest to buy Sure Fit assets

Fieldcrest Cannon Inc., Eden, N.C., textile manufacturer with operations in Henry County, said Tuesday it has agreed to purchase the assets of UTC Holdings Inc., doing business as Sure Fit, a Bethlehem, Pa., manufacturer and marketer of furniture covers, including traditional slip covers, throw covers and casual slipcovers.

The purchase price was not disclosed. The deal is subject to the parties negotiating and executing a purchase-and-sale agreement and regulatory approvals.

- Staff report