Part of Alamance Crossing shopping center sold – alamancenews.com

A commercial real estate firm in Raleigh has purchased a 17,200 square-foot outparcel at Alamance Crossing shopping center in west Burlington that consists of approximately seven retail spaces, one of which the buyer said is currently vacant.

The property is located beside Texas Roadhouse and includes a Vitamin Shoppe, Sprint cellular store, iSalon, Merle Norman, and several other retail spaces.  It had also been home to a Lifeway Christian bookstore, which has closed.

The property was sold for $5.7 million earlier this month to Foundry Commercial (under the name of FOF II Alamance Property Owner LLC), which is headquartered in Boca Raton, Florida, based on documents filed with Alamance County’s Register of Deeds to consummate the transaction.

The latest assessed value for this portion of Alamance Crossing shopping center, which was built in 2008, is listed at $3.2 million, according to Alamance County tax records.

The shopping center had only one vacancy when it was sold, according to Foundry Commercial, the real estate firm with an office in Raleigh that announced the purchase Tuesday.  Foundry says it intends to assume management and leasing responsibilities for the property.

“With limited new supply and extremely low vacancy rates, we are witnessing robust rent growth in this sector,” two representatives of Foundry’s Real Estate Investment Platform said in announcing the purchase.  Foundry recently acquired a similar property in Charlotte, Shopton Square, according to the firm.

The sale did not include the 51,381-square foot Alamance Crossing shopping mall, which is owned by Alamance Crossing CMBS, a subsidiary of CBL & Associates.  The open-air shopping mall opened in 2008 and is currently home to a number of national tenants that include Dick’s Sporting Goods, BJ’s Wholesale, Kohl’s, and anchor tenants such as Belk and Dillard’s that have struggled to remain afloat as consumers eschew brick-and-mortar stores in favor of e-commerce.

U.S. Bank National Association filed a lawsuit in late 2022 against Alamance Crossing CMBS to have the property placed in receivership, effectively taking control of its operations, following the default on a nearly $51 million loan.  Alamance Crossing CMBS had obtained the loan from Regions Bank in 2011 and defaulted in 2021, according to the court file.

Alamance Crossing CMBS had filed a bankruptcy petition in November 2020, former Alamance County tax administrator Jeremy Akins confirmed in an earlier interview with The Alamance News.

New York-based Spinoso Real Estate Group was subsequently appointed as the receiver for the shopping mall to oversee and manage its operations, according to the county’s tax department.

The county’s tax records list the latest assessed value for Alamance Crossing shopping mall at $50.6 million.