Alamance Crossing

CBL & Associates Properties developed Alamance Crossing as an open-air lifestyle center in Burlington, North Carolina, opening its first phase on August 1, 2007 with Belk and JCPenney as anchors, both relocated from the smaller, older Burlington Square Mall (now Holly Hill Mall) across town. A second phase added Dillard’s and Barnes & Noble, and a 2009 expansion added a movie theater, bringing the property to roughly 855,000 to 870,000 sqft with more than seventy tenants.

Hobby Lobby, Kohl’s, Dick’s Sporting Goods and BJ’s Wholesale Club rounded out the anchor tier as the center expanded, while Belk and JCPenney’s departure from Burlington Square left that older mall dependent on Sears alone, a direct transfer of anchor tenancy CBL’s own leadership said the Burlington market could support without one property cannibalizing the other.

CBL defaulted on a $51 million CMBS loan tied to the property and filed a bankruptcy petition for the relevant subsidiary in November 2020; U.S. Bank National Association sued to force receivership, and Spinoso Real Estate Group took over day-to-day operations in 2023 while the property moved toward a court-ordered sale. Lamar Companies and Real Capital Solutions, through an affiliate called Arsenault Holdings, bought the property for $38.5 million in 2025, both companies’ first acquisition in North Carolina or the wider Piedmont Triad region.

The new ownership has signaled an intent to reposition the asset with “aggressive capital-enhancement and leasing initiatives,” language that suggests further tenant and physical changes are likely in the near term, following a similar pattern to Lamar’s other recent acquisitions of Geneva Commons in Illinois and Shops at Valley Square in Pennsylvania.