VIRGINIA BEACH, Va.--(EON: Enhanced Online News)--Armada Hoffler Properties, Inc. (NYSE:AHH) today announced that it has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach.
“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.”
The acquisition of Renaissance Square adds over 80,000 square feet of retail space to the Company’s operating property portfolio. The center is currently 92% occupied and anchored by a 50,000 square foot Harris Teeter store with over 11 years of remaining lease term. Renaissance Square is well situated within the Charlotte submarket, where the estimated average household income exceeds $130,000.
Columbus Village II comprises over 92,000 square feet and is 100% leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Combined with Columbus Village I – the 65,000 square foot retail center that the Company acquired in 2015 – the resulting contiguous 12 acres are a prime target for redevelopment and ultimate integration into the dynamic Town Center environment.
“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,” commented Louis Haddad, Chief Executive Officer. “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.”
The Company acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for two million shares of common stock. Both acquisitions were included in the Company’s previously issued guidance for 2016.
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, and other documents filed by the Company with the Securities and Exchange Commission.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.