Weingarten Reality Investors of Houston is publicly traded on the New York Stock Exchange.
It will announce the sale when it gives its shareholders an earnings report next Friday. According to a source close to the deal, the purchase price was $21 million.
The deed was stamped April 1, according to records in the Moore County Register of Deeds Office in Carthage.
Weingarten is a national company and owns properties in 20 states, said Juanita Beaudion, a representative in the company’s investor relations division. The company deals with shopping centers and other properties. It’s been public since 1985 but has been in existence since 1948, she said.
On Thursday, about six representatives from the company were walking around the shopping center property carrying blueprints and taking notes. Though they did not give their names, they did say they were from Weingarten.
Pinecrest Plaza LLC is the previous owner. The managing member is James R. Kirkpatrick of Pinehurst. The company was formed in July 2001. Kirkpatrick is vacationing in Hawaii and could not be reached for comment.
The Moore County tax office values Pinecrest Plaza at more than $14 million.
Pinecrest Plaza was built in the mid-1980s. It was the original home of Wal-Mart, which later moved to its current store on U.S. 15-501 in Aberdeen. The other anchor tenants are Belk and Food Lion grocery store. At one time, there was also a J.C. Penny in the shopping center. The Belk Men’s Store is now occupies that space.
The shopping center drew criticism from town leaders and residents when it opened because many felt the landscaping was not as it appeared on plans approved by the Town Council.
