Reid’s Fine Foods HQ sold in east Charlotte. What it means for the long-time grocer
Centerlane Capital, a Charlotte private equity firm, said Thursday that it purchased the east Charlotte headquarters and operations hub for Reid’s Fine Foods, which will keep its operations in place.
In fact, the deal will allow Reid’s to reallocate some money for future expansion, Reid’s owner Tom Coker said. Reid’s, a 95-year-old family-owned business, was founded in 1928 and is the oldest specialty grocer in Charlotte.
“It was a seamless transaction and we’re committed long term to Charlotte,” Coker said. “And we’re excited about the future.”
Coker said the company is planning to add two stores in north and south Charlotte. They are still searching for real estate, so the process may take another 12 to 18 months.
The purchase price for the headquarters site was $4.5 million, according to Centerlane Capital. The 20,603-square-foot building is on a 1.3-acre parcel at 3722 Monroe Road.
Carolina Select Brands, the parent company of Reid’s, will remain in the building through a sale-leaseback deal with Centerlane Capital and operating partner Revival Alternative Investments. The building houses distribution, commercial kitchen, catering and gift basket operations. About 25 people work there.
TowneBank worked with Centerlane Capital to finance the deal. Centerlane Capital had been targeting a purchase in the neighborhood where Reid’s operate, said managing partner Joe Taylor in a news release.
About Reid’s Fine Foods
Reid’s serves gourmet meats, wines, and prepared meals at four locations in Charlotte and one in Greenville, S.C. The company also has ties to Lebowski’s Neighborhood Grill and Salted Melon Market & Eatery in the Dilworth neighborhood.
Salted Melon Market & Eatery in South End opened in 2022 with a bone broth bar, all-day breakfast, lunch, dinner, espresso bar, bakery, and curated grocery items. The 165-seat restaurant owned by Reid’s provides live music on Wednesdays and Fridays for customers.
And Reid’s assisted Lebowski’s Neighborhood with reopening after it temporarily closed in August for upgrades to the space and menu. The restaurant in Dilworth originally opened in 2009.
This story was originally published November 30, 2023 at 2:53 PM.
