Lincoln Property Acquires Spectrum Companies in Charlotte

Dallas-based developer Lincoln Property Company is buying Charlotte developer the Spectrum Companies for an undisclosed dollar figure.

Lincoln is folding Spectrum into its Carolinas division, according to the Charlotte Business Journal, in a move the companies told the outlet will unlock the ability to both speed up development and make more purchases. Darryl Dewberry, Spectrum executive chairman, will oversee the company’s existing partnerships. The heads of both companies told the outlet that they’re expecting to gel quickly because of Spectrum’s longstanding emphasis on multifamily residential development.

Spectrum is expected to fold their 43 employees into Lincoln’s Charlotte location at 4725 Piedmont Row Drive, where Lincoln operates across two floors spanning 20,000 square feet. No job cuts are anticipated in wake of the acquisition, according to the outlet.

Dewberry and Lincoln Carolinas division founder and current legacy partner Johnny Harris are long-term friends, according to the outlet. Previously, Dewberry told the outlet that Harris was a sounding board for him, and helped refine the process that grew Spectrum. In 2024, the pair casually broached the possibility of Spectrum becoming a part of Lincoln, which became a reality.

Lincoln’s holdings extend past the United States and into Europe. In the Carolinas alone, the company leases and manages around 27 million square feet of space. Spectrum has developed nearly 7,000 multifamily units and Durham’s One City Center. Johno Harris, son of Johnny Harris and current senior executive vice president at Lincoln, told the outlet that the transition should be easy because of the people-focused vision of the two companies.

Over the course of the past few months, Lincoln has been targeting office investments near, but not in, key urban markets. Earlier in July, Lincoln snagged The Edge office complex in a Boston suburb for $61 million. The complex had seven buildings and spanned 962,000 square feet, pegging the price at roughly $63 per square foot.

— Hunter Cooke