**InvenTrust Properties Acquires Charlotte Retail Center for $80 Million**
InvenTrust Properties has acquired an 182,000-square-foot retail center in Mecklenburg County for $80 million. The property, located at Rea Farms, was sold by Barings, which originally purchased it from Lincoln for $68 million in May 2019, according to the Charlotte Business Journal.
Rea Farms is a master-planned development situated near the intersection of Providence and Ardrey Kell roads on the former site of the Charlotte Golf Links course. The retail center is anchored by a 76,000-square-foot Harris Teeter grocery store and features a range of additional tenants, including Little Mama’s, Duck Donuts, Salata, Duckworth’s, and Improper Pig.
Lincoln, formerly known as Lincoln Harris, serves as the master developer alongside the Rea family and Greg Currie, who previously developed the Charlotte Golf Links. Construction on the 188-acre mixed-use project began in 2017, with the first phase delivered in June 2018.
In addition to the retail component, Rea Farms includes a 200,000-square-foot Life Time Fitness facility, over 700 multifamily housing units, 175 senior housing units, single-family and townhomes built by Lennar, and an educational facility — Rea Farms STEAM Academy. Lincoln also retains control of an additional 18.8 acres of undeveloped land designated for future office development.
