CHARLOTTE, N.C., July 16, 2019 /PRNewswire/ -- Lincoln Harris, one of the Southeast's preeminent commercial real estate development, investment and property management companies, announced today the sale of the retail portion of Rea Farms (the "Property") to Barings, one of the world's largest diversified real estate investment managers. The Property is located in Charlotte, North Carolina, and was purchased by Barings on behalf of an institutional investor.
Built on a 15-acre land parcel within a larger master planned development, Rea Farms comprises 182,000 square feet of retail space, anchored by a 76,000-square-foot flagship Harris Teeter, the most prominent grocer in the region. In-line retail space includes eight additional retail buildings, three of which share space within multifamily properties. The Property is part of an extensive re-development with numerous complementary uses including multifamily, senior housing, hospitality, health and fitness, single-family homes and a K-8 school. Lincoln Harris is actively marketing 500,000 square feet of office space as an additional phase to the development.
Rea Farms is located approximately 12 miles southeast of Uptown Charlotte, off the intersection of Providence Road and I-485, Charlotte's outer beltline. South Charlotte has experienced significant population and household growth over the past decade.
"We are excited Barings Real Estate has purchased the retail portion of Rea Farms," said Johno Harris president of Lincoln Harris. "Barings' acquisition validates the vision of the Rea Family and Lincoln Harris, and we look forward to the continued buildout of office and amenities for the project and the community as a whole."
"As Charlotte continues to grow as a metropolitan market, the demand for multi-use developments like Rea Farms is on the rise," said Kevin Miller, Barings Managing Director. "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."
Barings Real Estate
Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity investment markets. We invest in all major property sectors and offer a broad range of financing solutions to real estate borrowers. We also specialize in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.
Barings is a $317+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. Learn more, at www.barings.com.
*As of March 31, 2019
About Lincoln Harris
Lincoln Harris, together with Lincoln Property Company, provides clients with a national platform and unparalleled institutional resources, including commercial real estate development, investment and property management. Based in Charlotte, Lincoln Harris takes great pride in its reputation as one of the region's most accomplished full-service commercial real estate companies. Lincoln Harris' multidisciplinary team has a long history of working through complex transactions and adopting innovative approaches to real estate problems. We take pride in developing and implementing comprehensive national real estate programs for our clients and cultivating a sense of trust in the communities we serve and the individual transactions we service. To learn more about Lincoln Harris properties and services, please visit www.lincolnharris.com.