Key facts
- Lincoln Property Co. has purchased Charlotte-based developer The Spectrum Cos.
- The acquisition is intended to grow Lincoln's footprint in the Carolinas and Florida.
- Spectrum's multifamily business in northern and central Florida will be integrated.
- The combined entity aims to enhance its development and acquisition pipeline.
- Spectrum's 43 employees will transition to Lincoln's Charlotte headquarters.
- Spectrum's name will be changed to Lincoln.
Dallas-based Lincoln Property Co. has acquired Charlotte-based developer The Spectrum Cos. in a strategic move to expand its presence across the Carolinas and integrate Spectrum's multifamily business in northern and central Florida. The companies anticipate that the merger will significantly enhance their combined development and acquisition pipeline.
Executives from both firms highlighted the synergy between Spectrum's strong focus on multifamily development, having developed nearly 7,000 units since its inception, and Lincoln's existing platform. Johno Harris, senior executive vice president at Lincoln, stated that Spectrum presented a unique opportunity to accelerate Lincoln's growth strategy in the Carolinas, praising Spectrum's "exceptional team" as a complement to Lincoln's existing operations.
Spectrum's 43 employees are expected to move into Lincoln's larger Charlotte headquarters, with no job cuts anticipated. The Spectrum name will be phased out and replaced by Lincoln. Lincoln's global portfolio encompasses 720 million square feet, with 27 million square feet managed in the Carolinas. Spectrum's 4.4 million square foot portfolio is expected to substantially expand Lincoln's regional footprint.