Fairfield-based Lamar Companies, in conjunction with Real Capital Solutions, acquired Alamance Crossing in Burlington, North Carolina.
The acquisition builds upon Lamar’s recent history of acquiring premier lifestyle centers with value-add potential including Geneva Commons in Geneva, IL and Shops at Valley Square in Warrington, PA.
Anchored by Hobby Lobby, Carousel Cinemas, Barnes & Noble and Belk the 456,742-suare-foot open-air lifestyle center is strategically positioned at the intersection of major interstates 85 and 40 which link high growth North Carolina markets.
Alamance Crossing features an exciting mix of existing retail categories: casual & sit-down dining, fitness, beauty, jewelry, apparel, and service based including Buffalo Wild Wings, Tropical Smoothie Cafe, Anytime Fitness, Bath & Body Works, Kay Jewelers, and DentalWorks.
The property can accommodate a variety of prospective users, with ownership eager to reinvigorate the asset with aggressive capital-enhancement and leasing initiatives.
“We are thrilled to announce the acquisition of Alamance Crossing, a premier regional open-air shopping center that enhances our growing portfolio. This strategic purchase builds on the nearly 1 million square feet of retail assets we’ve secured over the past 12 months, underscoring our commitment to identifying and capitalizing on value-add opportunities in the retail sector. 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.
