Armada Hoffler completes sale of Williams Mullen office tower for $78 million
Armada Hoffler Properties Inc. said Monday that it has completed the previously announced sale of a downtown Richmond office tower for $78 million.
The 15-story, 207,000-square-foot office building that Armada Hoffler developed at 200 South 10th Street is known as the Williams Mullen center, because the law firm relocated to the tower in 2010. The sale is not expected to affect the tower’s tenants. The building is 98 percent leased, with Williams Mullen occupying 82 percent of the space.
Armada Hoffler, a real estate investment trust located in Virginia Beach, said it intends to use net proceeds from the sale to partially fund the $170.5 million purchase of a previously announced acquisition of 11 retail centers in the mid-Atlantic and South-Central U.S. The retail portfolio acquisition is expected to close during this year’s first quarter, subject to the satisfying customary closing conditions.
Holliday Fenoglio Fowler L. P. (HFF), based in Washington, D.C. represented Armada Hoffler, closing the sale and arranging the financing. It said the buyer was Kireland South 10th Street LLC. HFF said it also assisted the new owner in securing $52 million in fixed-rate acquisition financing.