Monday, October 1, 2012

Charlotte-based Hawthorne Retail Partners acquires Pinecrest Plaza for $22.2 million

Hawthorne Retail Partners said Monday is has acquired Pinecrest Plaza in Southern Pines, N.C. for $22.25 million. 

The 280,000-square-foot shopping center is 99 percent leased, the company says.

Hawthorne Retail plans a complete renovation, including facade and landscaping enhancements.

The acquisition marks $40 million worth of deals for the Charlotte-based group during the third quarter.

Other deals include Northcross Commons in Huntersville and North Rivers Market in North Charleston.

In all, Hawthorne Retail is seeking to acquire $200 million worth of shopping centers throughout the Southeast during the next few years and anticipates acquiring additional shopping centers through the rest of this year.

Hawthorne Retail Partners operates and invests in shopping centers located in the Southeast on behalf of third party clients, institutional investors and private investment groups.  Hawthorne Retail Partners is a division of The Hawthorne Companies, a diversified real estate investment and management company, whose other division, Hawthorne Residential Partners, is a Greensboro based apartment management and investment company. Collectively, the Hawthorne Companies manages over 90 properties throughout the Southeast.