Lamar Companies Expands Portfolio with New Shopping Center
Lamar Companies, in collaboration with Real Capital Solutions, recently announced an exciting acquisition that bolsters its growing portfolio in the retail sector. The purchase of Alamance Crossing, a sprawling 456,742 square feet open-air lifestyle center, marks a significant achievement for the company. This center is anchored by notable retailers such as Hobby Lobby, Carousel Cinemas, Barnes & Noble, and Belk, complemented by other esteemed brands like Dillard's, BJ's, Dick's Sporting Goods, Kohl's, and JCPenney.
Strategic Positioning of Alamance Crossing
Strategically located at the major intersection of Interstate 85 and Interstate 40, Alamance Crossing experiences a remarkable vehicle traffic count of 132,000 vehicles per day. This prime location connects key areas of commercial growth, catering to the increasingly vibrant communities of the Piedmont Triad and Research Triangle regions. The center capsulates a diverse array of retail offerings, including casual dining, fitness, beauty, jewelry, and various services with well-known tenants such as Buffalo Wild Wings, Anytime Fitness, and Bath & Body Works.
Investment Opportunities and Development
The strong positioning of Alamance Crossing presents valuable opportunities not only for shoppers but also for potential investors and tenants. Lamar Companies has expressed enthusiasm towards reinvigorating this property through aggressive capital enhancements and leasing initiatives, emphasizing their commitment to fostering robust community-focused retail spaces.
Insights from Lamar's Chief Acquisition Officer
Frank Maresca, the Chief Acquisition Officer of Lamar Companies, commented on the acquisition, stating, "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 year, showcasing our dedication to identifying and capitalizing on opportunities in the evolving retail landscape." He further acknowledged the significance of such acquisitions, affirming their commitment to enhancing the retail experience.
Recent Expansions in Their Portfolio
The acquisition of Alamance Crossing is just one of several strategic moves made by Lamar Companies, which has recently added properties like Geneva Commons in Geneva, IL, and Shops at Valley Square in Warrington, PA, to their portfolio. This approach underscores the company's proactive strategy in seeking high-potential retail locations, particularly those in growth markets.
How to Join the Tenant Line-Up
Lamar Companies is currently welcoming interest from brokers and tenants eager to join the impressive tenant line-up at Alamance Crossing. Potential clients are encouraged to reach out to Wes Thurmond or Zeke Chernoff for further discussions on opportunities available at this premier retail destination.
About Lamar Companies
Lamar Companies is a full-service, privately held real estate investment firm based in Fairfield, New Jersey. Established in 1972, the company has consistently been recognized among the top 100 largest owners of retail shopping centers in the United States, according to National Real Estate Investors rankings. As a principal investor, Lamar focuses on identifying opportunities arising from real estate market cycles and underperforming assets nationwide, ensuring that they deliver significant value to their investors.
Frequently Asked Questions
What is the recent acquisition by Lamar Companies?
Lamar Companies acquired Alamance Crossing, a premier open-air lifestyle center featuring diverse retail options.
Where is Alamance Crossing located?
The center is strategically located at the intersection of Interstates 85 and 40, providing significant accessibility and visibility.
What types of tenants are featured at Alamance Crossing?
Alamance Crossing hosts a variety of tenants including Hobby Lobby, Barnes & Noble, Belk, and Buffalo Wild Wings.
Who is the Chief Acquisition Officer of Lamar Companies?
Frank Maresca serves as the Chief Acquisition Officer, overseeing significant experiential developments within the company.
How can brokers or tenants express interest in Alamance Crossing?
Brokers and potential tenants can contact Wes Thurmond or Zeke Chernoff to discuss opportunities at Alamance Crossing.
