A story that ran in the April 24 edition of The Alamance News incorrectly reported that Alamance Crossing shopping center in west Burlington had changed hands for a second time this year.
The company has subsequently explained to The Alamance News that what the newspaper originally interpreted as being the second purchaser, Lamar Companies of Fairfield, New Jersey, is instead taking over as the operating partner, in partnership with Arsenault Holdings and Real Capital Solutions.
As such, Lamar Companies will oversee all day-to-day operations of Alamance Crossing, according to Frank Farinella, who is the director of acquisitions for Lamar.
At the same time, Farinella acknowledged the complexity of the transactions due to Alamance Crossing having been placed in receivership several years ago.
An initial offer of $38.5 million from Colorado-based Arsenault Holdings was approved by a visiting superior court judge earlier this year; however, the parties agreed to a $1 million reduction in the purchase price during a subsequent due diligence period. Visiting superior court judge Stephan R. Futrell entered an order in Alamance County superior court, modifying the terms of the sale in late March.
The sale of Alamance Crossing closed on March 31, and a subsequent press release from Lamar Companies announced that the sale had been finalized, Farinella confirmed for the newspaper this week.
