A visiting superior court judge has approved the sale of Alamance Crossing shopping center for $38.5 million to a commercial real estate firm based in Colorado.
Visiting superior court judge Stephanie Reese of Guilford County granted the motion to approve the sale following a brief hearing in Alamance County superior court on Monday afternoon.
Alamance Crossing, which is Burlington’s largest shopping center, has been in receivership since March 2023, after the current owner, Alamance Crossing CMBS, defaulted on a $50.8 million bank loan in 2021.
An attorney for the receiver, Spinosa Real Estate Group, described the $38.5 million purchase price during Monday’s hearing as the “highest and best” offer that had been received as a result of a “robust marketing effort” that included contacting more than 10,000 potential buyers and conducting additional reviews with nearly 300 serious prospective buyers.
The prevailing $38.5 million offer was submitted by Arsenault Holdings, LLC, a commercial real estate firm in Louisville, Colorado, according to a motion that Spinosa filed in superior court late last month.
Spinosa entered into a purchase and sale agreement with Arsenault Holdings on December 10, 2024 after three rounds of sealed bids and interviews with prospective buyers.
The attorney for Spinosa told the judge Monday that the sale could close by the end of this month. The sale includes the “real and personal property at the Alamance Crossing mall site,” the attorney told Reese.
Attorneys representing Spinosa and Alamance Crossing CMBS confirmed for the judge on Monday that: the listing of the property for sale and subsequent bidding process had been handled in a fair, reasonable, and professional manner, and as “an arm’s length transaction”; and the offer to purchase is in keeping with the fair market value for the property. The attorney for the receiver also confirmed that US Bank is the only “secured party” with an interest in the sale of the property.
The offer of $38.5 million is approximately $12.1 million (24 percent) below the Alamance County tax department’s latest assessed value of $50.6 million, according to Alamance County tax records.
Spinosa Real Estate Group, which is based in Syracuse, New York, was appointed as the receiver for the property in 2023 to manage the operations of Alamance Crossing, pending final disposition of the property through a sale or foreclosure.
A different visiting superior court judge, Gale M. Adams, entered an order in July 2024 directing the property to be listed for sale and directing the receiver to include in its monthly accounting a summary of progress made to sell the property.
Last summer, a commercial real estate firm with an office in Raleigh paid $5.7 million for one of the outparcels at Alamance Crossing that spans 17,200 square feet and included a Vitamin Shoppe, Sprint cellular store, Merle Norman, and several other retail spaces.
