ARMADA HOFFLER PROPERTIES : COMPLETES $90 MILLION RETAIL PORTFOLIO SALE
June 01, 2020 at 03:31 am EDT
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June 1, 2020
VIRGINIA BEACH, VA, June 1, 2020 - Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it has completed the sale of a portfolio of retail assets to an institutional buyer for $90 million. The transaction included seven shopping centers totaling over 630,000 square feet, or 15% of the Company's retail portfolio.
'With the completion of this portfolio sale, we accomplish a number of short and long-term objectives,' said Louis Haddad, President & CEO of Armada Hoffler Properties. 'In addition to considerably reducing the percentage of retail assets in our portfolio, the proceeds from this sale of unencumbered properties allow us to enhance our liquidity position and create further balance sheet flexibility. More importantly, this transaction represents a significant step toward achieving our longer-term goal of improving overall portfolio quality, focused on ground-up multifamily and urban infill mixed-use development projects, leading to both net asset value growth and future value creation for our shareholders.'
The retail portfolio consisted of the following grocery-anchored shopping centers:
Property
Location
Built
Square Feet
Anchor
Alexander Pointe
Salisbury, NC
1997
64,724
Harris Teeter
Bermuda Crossroads
Chester, VA
2001
122,566
Food Lion
Gainsborough Square
Chesapeake, VA
1999
88,862
Food Lion
Harper Hill Commons
Winston-Salem, NC
2004
96,914
Harris Teeter
Indian Lakes Crossing
Virginia Beach, VA
2008
64,973
Harris Teeter
Renaissance Square
Davidson, NC
2008
80,467
Harris Teeter
Stone House Square
Hagerstown, MD
2008
112,274
Weis Markets
630,780
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Armada Hoffler Properties Inc. published this content on 01 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2020 07:30:05 UTC
Armada Hoffler Properties, Inc. is a vertically integrated, self-managed real estate investment trust (REIT). The Company is engaged in developing, building, acquiring, and managing office, retail and multifamily properties located primarily in the Mid-Atlantic & Southeastern United States. The Company operates through five segments: office real estate, retail real estate, multifamily real estate, general contracting & real estate services, and real estate financing. The Company's general contracting, and real estate services business develops and builds properties for its own account and provides construction and development services to both related and third parties. The real estate financing segment includes the Company's mezzanine loans and preferred equity investments on development projects. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio.