Charlotte Retail Center Trades for $80M

InvenTrust Properties acquired an 182,000-square-foot retail center in Mecklenburg County for $80 million. Barings sold the property in Rea Farms. The Charlotte Business Journal reports that Barings acquired the property from Lincoln for $68 million in May 2019.

Rea Farms, located near the intersection of Providence and Ardrey Kell roads, is a master-planned development on the former Charlotte Golf Links course anchored by a 76,000-square-foot Harris Teeter store. Other retail tenants include Little Mama’s, Duck Donuts, Salata, Duckworth’s and Improper Pig.

Lincoln, formerly Lincoln Harris, is the master developer, along with the Rea family and Greg Currie, who developed Charlotte Golf Links. Construction began on the 188-acre development in 2017. It began delivering in June 2018.

The mixed-use development also includes a 200,000-square-foot Life Time Fitness location, more than 700 multifamily units, 175 senior housing units, single-family and townhomes from Lennar, and Rea Farms STEAM Academy. Additionally, Lincoln maintains control of another 18.8 acres of vacant land poised for eventual office development. JLL’s Tom Kolarczyk and Jim Hamilton were listing brokers.