Barnett Properties, a Triangle-based real estate firm that specializes in retail shopping centers, has acquired the Morganton Park South complex in Southern Pines.
This is the company’s first foray into Moore County. According to paperwork filed with the Moore County Register of Deeds, Barnett paid $19.6 million for the property on July 14. The property was previously owned by CPGKRE Pinehurst Lowes, LLC.
Located on the south side of Morganton Road, near the Brucewood Road intersection, Morganton Park South is a 260,800 square foot complex anchored by a Lowes Food store. Almost directly across the street, construction has already begun on the new medical campus that will encompass new facilities for Pinehurst Surgical Clinic and Pinehurst Medical Clinic, in addition to the new Southern Pines Elementary School. Plans have also been approved for a new Sandhills Pediatrics building directly behind the Pavilion.
Hall Barnett, president of Barnett Properties, said the company was interested in the Pinehurst area market and had “zeroed in” on the Morganton Park South center.
The family-owned business was founded by Barnett’s father in 1967. Its current management portfolio includes 22 retail properties with interests in Georgia, Virginia and North Carolina. Several of these shopping centers are anchored by Lowes Food stores.
Barnett said the company recently sold a property in New Bern and was focused on finding “an asset in North Carolina that made sense.”
“This is a great growing market and even given all of COVID issues, we think Pinehurst and Southern Pines will continue to grow. We look forward to being a part of the community.”