Business

$68-million sale: Here’s what’s new in south Charlotte mega-development Rea Farms

Lincoln Harris

Retail space in south Charlotte’s mega-development Rea Farms has changed hands.

Charlotte-based Lincoln Harris announced the sale of the retail space of Rea Farms to Barings Tuesday.

Barings, working on behalf of an investor, would not disclose the sale price of the deal, but Mecklenburg County Register of Deeds documents show a $68 million sale between Barings and Lincoln Harris for portions of the Rea Farms development on May 1.

The sale includes all 182,000 square feet of retail space at the development at Providence Road and I-485, Rachel White with Barings said in an email. The site already houses a 76,000-square-foot Harris Teeter.

The development is also home to restaurants, hair salons, a Lifetime Fitness gym and a boutique shop.

“As Charlotte continues to grow as a metropolitan market, the demand for multi-use developments like Rea Farms is on the rise,” said Barings managing director Kevin Miller said. “Combining retail, housing, and office space within one development provides a one-stop destination for citizens to live, work and play. We were pleased to have worked with Lincoln Harris on this opportunity, and will continue to target similar investments for our institutional clients.”

Lincoln Harris is marketing 500,000 square feet of office space near the development as a later phase of the development. The retail area is part of a larger mixed-use development, including apartments and an senior housing community, at the site of a former golf course.

A Rea Farms K-8 school is set to open in August 2020, after months of debate by the Charlotte-Mecklenburg school board. The board approved a partial-magnet plan for the $40 million school, The Charlotte Observer reported in June.

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Hannah Smoot covers business in Charlotte, focusing on aviation and health care. She previously covered money and power at The Rock Hill Herald in South Carolina. She is a lifelong North Carolinian and graduate of the University of North Carolina at Chapel Hill.
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