One of east Charlotte’s most familiar strip centers is changing hands and likely gearing up for a facelift. New South Properties has purchased Hickory Grove Market for $10 million and says it plans to invest in upgrades at the Food Lion anchored shopping center at 7008 E. W.T. Harris Blvd., a neighborhood hub for surrounding communities. The deal comes amid a wave of investor interest in grocery anchored centers that can be refreshed and released.
As reported by Charlotte Business Journal, New South paid $10 million for Hickory Grove Market and has outlined plans to upgrade the property. The outlet notes that the company specifically targets older Food Lion anchored centers and typically holds its retail assets for roughly three to five years before putting them back on the market.
New Owner Outlines a Short-Term Repositioning
According to New South Properties, the firm is already marketing available retail space at Hickory Grove Market and lists capital improvements scheduled to start in late 2026 and run into early 2027. The timing and leasing language point to a classic repositioning strategy: renovate the property, boost occupancy, and operate it for several years once the tenant mix stabilizes.
Center Size, Tenants and Traffic
Commercial listing data shows the center is roughly 43,600 to 43,700 square feet on about 7.9 acres and was built in the late 1980s, according to LoopNet. A separate leasing listing on Crexi notes that the Food Lion anchor has been in place for decades and that inline tenants, including Family Dollar, remain at the site.
Why the Food Lion Anchor Matters
Grocery anchors are a major reason investors seek out neighborhood centers, since steady shopper traffic gives smaller tenants a fighting chance and supports long-term rent rolls. Food Lion has been upgrading stores across the region, including a multihundred million dollar effort to refresh more than 150 Charlotte area locations, which helps boost the appeal of centers anchored by the chain, according to industry reporting from Grocery Dive.
What Shoppers and Small Businesses Should Expect
Planned upgrades could include facade work, parking lot repairs and interior updates at the grocery store and inline spaces, though the specific scope will depend on lease terms and permitting. New South and its marketing brokers are already advertising space for lease, signaling that leasing efforts will run alongside renovation work; Charlotte Business Journal notes that the company often repositions centers before marketing them for sale within its usual three to five year window.
We will be watching permitting filings and leasing announcements for more details on timing and the evolving tenant mix as the project moves forward. For leasing information and broker contacts, prospective tenants can refer to the center’s current marketing materials.
