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:
|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|