News
Raleigh, N.C. (August 27, 2024) – Foundry Commercial is proud to announce the successful acquisition of Alamance Crossing, a 17,200-square-foot neighborhood shopping center located in Burlington, N.C. The property, built in 2008, was secured through an off-market transaction sourced by James Mattox and Ross Diachenko of Foundry’s Raleigh retail team. The seller was Prudent Growth. At the time of purchase, the property had only one vacancy.
Strategically positioned at a signalized intersection in the heart of a thriving regional retail trade area, Alamance Crossing offers unparalleled visibility with 360-degree exposure and convenient access. The shopping center features ample parking, dual building signage on both the front and back, and prominent monument signage, making it an attractive destination for retailers and customers alike.
“We are particularly bullish on necessity-based retail as an investment class,” said Matthew Gallo, Managing Director and Deal Principal, who co-leads Foundry’s Retail Investment Platform. “With limited new supply and extremely low vacancy rates, we are witnessing robust rent growth in this sector. Our acquisition of Alamance Crossing is a testament to our confidence in the resilience and future potential of this market.”
This transaction marks Foundry Commercial’s second necessity-based retail purchase in recent months, following the successful acquisition of Shopton Square in the Charlotte submarket earlier this year. Foundry Commercial’s retail investment strategy prioritizes necessity-based retail, ensuring resilience amid evolving e-commerce trends. With the ownership of Alamance Crossing, Foundry will assume both leasing and management responsibilities for the property.
“We had a wonderful experience working with Foundry in the sale of Alamance Crossing. It was a productive and efficient close on the deal, and they were a pleasure to work with,” said Tom Hahn, President of Prudent Growth. “They are getting a great asset in a tremendous location, and we wish them much success going forward.”
For leasing inquiries, please contact James Mattox at james.mattox@foundrycommercial.com or Ross Diachenko at ross.diachenko@foundrycommercial.com. For more information on Foundry Commercial’s retail investment platform, visit foundrycommercial.com/development-investments or contact Matthew Gallo at matthew.gallo@foundrycommercial.com or Rick Coe at rick.coe@foundrycommercial.com.