#United States #Burlington #Retail Expansion #Alamance Crossing #Lamar Companies

Lamar Companies Expands Portfolio with Alamance Crossing Acquisition

Lamar Companies, a well-known player in the retail real estate sector, has made a significant advancement in its expansion efforts by acquiring Alamance Crossing, a sprawling open-air lifestyle center located in Burlington, North Carolina. This acquisition marks a strategic move for Lamar, in conjunction with Real Capital Solutions, as it seeks to enhance its retail portfolio.

Alamance Crossing boasts an impressive 456,742 square feet of retail space, catering to various consumer needs and preferences. The center is anchored by notable brands such as Hobby Lobby, Carousel Cinemas, Barnes & Noble, and Belk. Additionally, it features shadow anchors including Dillard's, BJ's, Dick's Sporting Goods, Kohl's, and JCPenney, making it a premier shopping destination for locals and visitors alike.

Strategic Location Enhances Growth Potential

One of the standout features of Alamance Crossing is its strategic location at the intersection of major interstates I-85 and I-40, which sees an impressive average daily traffic volume of 132,000 vehicles. This prime positioning links bustling North Carolina markets, facilitating easy access for consumers from both the Piedmont Triad and the Research Triangle regions. The surrounding area's rapid growth, marked by ongoing commercial development, expanding infrastructure, and vibrant residential communities, positions Alamance Crossing for continued success.

A Diverse Mix of Retail and Dining

Alamance Crossing is not just a retail hub; it offers an exciting mix of dining and service options as well. From casual sit-down restaurants to fitness centers and beauty parlors, the center features a wide array of categories. Established names such as Buffalo Wild Wings, Tropical Smoothie Café, and Anytime Fitness add to the diverse leisure options available for shoppers. Other notable tenants include Bath & Body Works, Kay Jewelers, and DentalWorks, ensuring that visitors have a variety of choices to enhance their shopping experience.

Future Plans for Alamance Crossing

Lamar's acquisition of Alamance Crossing is more than just a purchase; it reflects the company’s commitment to revitalizing underperforming assets within the retail landscape. According to Frank Maresca, Chief Acquisition Officer at Lamar Companies, this acquisition builds on their recent success in securing nearly one million square feet of retail assets over the past year. The company's strategy focuses on identifying value-add opportunities, and they plan to implement aggressive capital-enhancement and leasing initiatives at Alamance Crossing.

Lamar Companies has a respected history of transforming shopping centers, with prior acquisitions such as the Geneva Commons in Geneva, IL, and the Shops at Valley Square in Warrington, PA, demonstrating their capability to drive growth and enhance value in retail spaces.

Opportunities for Tenants and Brokers

For those interested in retail opportunities, Alamance Crossing presents an enticing proposition. The ownership is eager to attract a variety of prospective tenants seeking to join the existing exciting lineup. Interested parties, including brokers and retailers, can reach out to the designated contacts provided by Lamar Companies for more information on potential leasing opportunities.

About Lamar Companies

Founded in 1972 and headquartered in Fairfield, New Jersey, Lamar Companies is a full-service real estate investment firm recognized as one of the top owners of retail shopping centers in the United States. The company focuses on capitalizing on opportunities created by economic cycles and has established a reputation for successfully transforming underperforming assets into thriving retail environments.

As the retail landscape evolves, Lamar Companies continues to identify and secure high-potential properties to enrich its portfolio, affirming its commitment to enhancing the shopping experience for consumers across the nation.