Armada Hoffler Properties to buy retail center in Colonial Heights.
Armada Hoffler Properties Inc., a Virginia Beach-based real estate investment trust, said Monday that it has entered into an agreement to acquire Dimmock Square, a retail center in Colonial Heights. The acquisition will add more than100,000 square feet of 100 percent occupied retail space to the Armada Hoffler’s operating property portfolio.
“This acquisition is an outstanding addition to our portfolio, representing a best-in-class power center … in a contiguous market, the heart of our geographic sweet spot,” Louis Haddad, the company’s CEO said in a statement. “This opportunity was born out of deep and longstanding relationships, and we will continue to pursue such strategic and opportunistic acquisitions.”
Dimmock Square’s current tenants include Best Buy, Pier 1, Old Navy, Dress Barn and Shoe Carnival. The center also includes a separately owned 117,000-square-foot Target store. It is situated between the 900,000-square-foot Southpark Mall and a Walmart Supercenter.
The agreement provides that the company will acquire a 100 percent interest in Dimmock Square in exchange for approximately 990,000 units of limited partnership interest in the company’s operating partnership and about $10 million of cash.
The acquisition is expected to close in the third quarter of 2014.