Armada Hoffler Goes Shopping in NC and Virginia
- Dec 09, 2016
by Mihaela Coste
Davidson, N.C., and Virginia Beach, Va.—Armada Hoffler Properties Inc. recently acquired two retail properties in the states of North Carolina and Virginia: Renaissance Square for the price tag of $17.1 million, and Columbus Village II for two million shares of common stock.
Built in 2007, Renaissance Square is a 80,468-square-foot, grocery-anchored retail center located in Davidson, N.C., where the estimated average household income exceeds $130,000. The property is currently 92 percent occupied and anchored by a 50,000-square-foot Harris Teeter store.
Columbus Village II is a retail and entertainment center in Virginia Beach, Va. The asset has over 92,000 square feet of space and was fully leased at the time of the sale. Its tenants include Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Along with the 65,000-square-foot Columbus Village I acquired by Armada Hoffler in 2015, the properties occupy a 12-acre site near the Town Center of Virginia Beach.
“Renaissance Square is a strategic acquisition that allows us to expand further into one of our target markets, while Columbus Village gives us the opportunity to build on the success of our flagship Town Center asset through potential future redevelopment,” said Louis Haddad, CEO of Armada Hoffler Properties, in a prepared statement. “While we enjoy strong cash flow from Columbus Village, we continue to evaluate potential redevelopment opportunities at this prime location next door to Town Center,” he added.
Photo via Armada Hoffler Properties’ website