Amada Hoffler Properties acquires properties in Virginia and North Carolina
Virginia Beach-based Armada Hoffler Properties Inc. has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center in the Charlotte, N.C., area, and Columbus Village II, a retail and entertainment center adjacent to 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,” Louis Haddad, the company’s CEO, said in a 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.”
The real estate investment trust (REIT) acquired Renaissance Square for about $17.1 million in cash and Columbus Village II for 2 million shares of common stock. Both acquisitions were included in the company’s previously issued guidance for 2016.
Renaissance Square adds more than 80,000 square feet of retail space to the firm’s operating property portfolio. According to Armada Hoffler, the center is 92 percent occupied and anchored by a 50,000-square-foot Harris Teeter store with over 11 years of remaining lease term.
Columbus Village II includes more than 92,000 square feet and is 100 percent 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 Town Center environment, the company said.