The Alamance Crossing shopping center in west Burlington has changed hands for a second time this year.
The sale of Alamance Crossing, Burlington’s largest shopping center, for $38.5 million to a real estate firm in Colorado was previously approved in Alamance County superior court earlier this year.
The 456,742-square foot shopping center was sold again earlier this month to Lamar Companies, a commercial real estate investment firm headquartered in Fairfield, New Jersey.
Alamance Crossing property was sold to Lamar Companies for $37.5 million, based on documents filed with Alamance County’s Register of Deeds earlier this month to consummate the transaction.
The shopping center had been in receivership since March 2023, after Alamance Crossing CMBS defaulted on a $50.8 million bank loan in 2021, before it was scooped up by a different commercial real estate investor.
After three rounds of sealed bids and interviews with prospective buyers, the receiver, Spinosa Real Estate, entered into a purchase and sale agreement with Arsenault Holdings, a commercial real estate firm in Louisville, Colorado, to sell the property for $38.5 million. A visiting superior court judge from Guilford County signed off on the sale following a hearing in Alamance County civil superior court in January.
Alamance County tax records listed the latest assessed value for the shopping center at $50.6 million as of January.
The new owner indicated in its release that the property will continue to operate as a shopping center.
“Our team is actively pursuing deals to enhance our portfolio and capitalize on the evolving retail landscape,” Lamar Companies’ chief acquisition officer Frank Maresca said in a news release Monday, April 21.
Alamance Crossing is currently anchored by Belk, JC Penney, Dillard’s, Dick’s, Kohl’s, Hobby Lobby, as well as Carousel Cinemas and BJs, a grocery wholesale club.
Lamar Companies said in its release that the firm is “eager to reinvigorate [the property] with aggressive capital-enhancement and leasing initiatives.”
Lamar Companies also owns several mall properties in Arizona, Illinois, Ohio, and Pennsylvania and ranks among the top 100 owners of large retail shopping centers in the U.S., according to the firm.
The latest sale of Alamance Crossing is separate from an outparcel at the shopping center, spanning 17,200 square feet and includes a Vitamin Shoppe, Sprint cellular store, and Merle Norman and was acquired last summer by a real estate firm in Raleigh.
