Duck Donuts was very interested in this ground-floor space, which is part of the Rea Farms multibuilding, mixed-use lifestyle center development in Charlotte, but the brand wanted to reduce the square footage for functionality purposes. The landlord agreed to subdivide the space and create its own management office within the retail building to make the deal work. Both Duck Donuts and the developer, Lincoln Harris, will contribute to the buildout costs. This is a 10-year NNN lease with options, and Duck Donuts is expected to open by fall.
Tenant: Duck Donuts
Location: Charlotte, N.C.
Square Footage: 1,064 s.f.
Property Type: Lifestyle Center
Owner: Barings Real Estate
Initial Term: 10 Years with Options
The donut chain — known for its made-to-order donuts, in addition to its sandwiches, coffee and donut sundaes — was attracted to the Rea Farms development as it is in a high-growth section of Charlotte with great upside potential, ample parking, and a lack of nearby competition in the dessert pastry category. Duck Donuts also appreciated that Harris Teeter, a high-volume grocer, was an anchor in the lifestyle center with a 76,000-s.f. flagship unit. Additional co-tenants in the development include IDOLIZE Brows and Beauty, Life Time Fitness, TCBY, Duckworth’s Grill & Taphouse, Banfield Pet Hospital and Penn Station. A new Salata unit is expected to open later this year. The daytime population at Rea Farms is 253,000 people and the average household income is $139K. Future development at Rea Farms will include up to 500,000 s.f. of office space.
Tenant Representation: Katz & Associates, 4500 Cameron Valley Parkway, Suite 240, Charlotte, NC 28211.
Julie Gardner, Principal, (704) 602-9350. juliegardner@katzretail.com
Property Representation: Lincoln Harris, 4725 Piedmont Row Drive, Suite 800, Charlotte, NC 28210.
Andy Burger, VP, Transaction Broker, (704) 714-7689. andy.burger@lincolnharris.com
