Centerlane Capital
Helps Charlotte’s Oldest Specialty Grocer Expand
The original Reid's grocery store.Charlotte investment firm Centerlane Capital has grown an impressive portfolio since its founding in 2014. The private equity real estate investment manager focuses on commercial investments across the Southeast, with expertise in providing majority, co-investment, or preferred equity capital across multiple property assets, including multifamily residential, office, retail, and industrial. To date, Centerlane has invested or co-invested in transactions totaling $525 million. The principals of the firm personally invest in each opportunity, ensuring complete alignment of interest with their investors.
In September 2023, Centerlane Capital added a key asset to its retail/industrial portfolio, announcing that it had acquired Reid's Fine Foods' operations hub at 3722 Monroe Road on the city's east side in a sale-leaseback arrangement with operating partner Revival Alternative Investments. Reid’s parent company, Carolina Select Brands, will remain in the building, which houses their distribution, commercial kitchen, catering, and gift basket operations.
(l. to r.) André Collins and Jubal Early of First & Early Partners; Tom Coker and Thomas Coker, Reid’s Fine Foods owners; Joe Taylor and Laughton Jones of Centerlane Capital, worked together on an exciting new Charlotte partnership. Joe Taylor, managing partner at Centerlane Capital, said that the firm had its eye on an acquisition in the neighborhood where Reid’s operates. "We had been targeting this asset type for a while because of its solid investment potential. As Charlotte continues to grow, the demand for in-fill distribution space far exceeds the short- and long-term available supply. Centerlane and our group of investors are excited to be able to acquire such a high-quality asset in this growing submarket. We look forward to supporting Reid’s as they continue to grow their business. We plan to hold the property for the long term.”
Reid’s, founded in 1928, is the oldest specialty grocer in Charlotte. The family-owned business caters to its loyal consumers with an always fresh selection of gourmet meats, wines, regional provisions, and seasonally prepared meals from its four locations in Charlotte and one in Greenville, SC. The company also has ties to Lebowski’s Neighborhood Grill and Salted Melon Market & Eatery in Charlotte’s Dilworth neighborhood. Reid’s was represented by Jubal Early and André Collins of First & Early Partners.
Reid’s owner Tom Coker said the transaction with Centerlane was a good fit and allows Reid’s to reallocate some of its capital to support future growth and expansion.
Centerlane Capital worked with Andy Molnar at TowneBank to finance the deal. “TowneBank handles all of our banking needs, and you won’t find a better partner,” Joe said. “This is a challenging time for all real estate transactions, and we are grateful to Andy and the TowneBank team for remaining committed to the deal. The process was smooth from start to finish.”
This deal was a win-win for all involved,” said Ted Wolfe, TowneBank Charlotte president. “We were happy to facilitate financing that helped a local business keep its operations in-market while also freeing up resources to expand."
For more information, visit CenterlaneCapital.com.