Armada Hoffler Properties Inc.

06/01/2020 | Press release | Distributed by Public on 06/01/2020 01:27


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