Real Capital Solutions has been approved by a judge to purchase Alamance Crossing, a 855,000-square-foot shopping center in Burlington. According to the Triad Business Journal, the property has faced financial difficulties in recent years. In 2023, Spinoso Real Estate Group was appointed by the Alamance County Superior Court to take over management from CBL Properties after it defaulted on a $50.8 million bank loan in 2021. The court then ordered that the property be put up for sale in July of 2024.
Located off Interstate 40 and near University Drive, Alamance Crossing is situated on the eastern side of Burlington. It boasts popular retailers such as Victoria’s Secret, Shoe Depot,Talbots,Furniture World,Bath & Body Works,and Barnes & Noble.Additionally,it features an array of dining options including Red Bowl Asian Bistro,Cork & Cow,Buffalo Wild Wings,and Royal Tea Cafe.The Southeast Cinemas Alamance Crossing Stadium16 movie theater also calls this shopping center home.
The sale price for this foreclosed-on shopping center was $38.5 million and marks another successful transaction for Connect CRE.
