Charlotte Company buys Pinecrest Plaza
Charlotte-based Hawthorne Retail Partners has purchased Pinecrest Plaza in Southern Pines.
The 280,000-square-foot shopping center, anchored by Belk, Food Lion and Michaels, is at the corner of Morganton Road and U.S. 15-501. The center is 99% leased. Hawthorne Retail officials plan to complete a renovation which will include façade and landscaping enhancements.
This latest purchase marks $40 million the company has spent on acquisitions in the third quarter. Hawthorne plans to buy $200 million worth of shopping centers throughout the Southeast over the next few years and anticipates acquiring additional shopping centers before the end of the year.
See full details of this story in Wednesday's edition of The Pilot.
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