Armada Hoffler Expands Portfolio with Key Retail Leases
Armada Hoffler (NYSE: AHH) has recently made a significant move in the retail market by finalizing two major leases at Columbus Village located in the vibrant Town Center of Virginia Beach district. These leases encompass a 14,000-square-foot space with a renowned grocer and an impressive 19,000-square-foot location housing a national retailer specializing in sporting goods.
Revitalization of Vacant Spaces
These exciting new leases mark the successful backfilling of nearly all the space once utilized by Bed Bath & Beyond. The transition has been swift; in the 18 months following the closure of Bed Bath & Beyond, Armada Hoffler has effectively re-leased these key locations, including another national credit tenant taking over a previous space at Patterson Place.
Attracting Foot Traffic and Enhancing Value
The Town Center of Virginia Beach district, boasting an impressive 6.9 million annual visits, continues to thrive with consistent increases in foot traffic. The introduction of these new retail tenants only amplifies the appeal of the Town Center, which stands as Armada Hoffler’s flagship mixed-use asset. The district features 640,000 square feet of retail space, alongside 800,000 square feet dedicated to office usage and overlooks 760 apartments, positioning it as a well-rounded community hub capable of unlocking further redevelopment opportunities.
Leadership Insights on Tenant Acquisition
“These new retail leases highlight the successful reimagining of this former big-box space and our ability to attract desirable retail tenants due to the highly trafficked area and proximity to Town Center of Virginia Beach,” remarked Shawn Tibbetts, Chief Executive Officer and President of Armada Hoffler. “By quickly filling this vacant space with strong tenants, our team has succeeded in maximizing the property’s value.”
A Welcoming Retail Environment
Columbus Village itself features a comprehensive retail footprint of 157,000 square feet across two sites spanning 12 acres, hosting a diverse array of established brands such as Barnes & Noble, Cava, Five Below, Ulta Beauty, and Shake Shack. This multifaceted retail environment ensures a vibrant shopping experience for visitors, contributing to the overall success of the Town Center.
About Armada Hoffler
Armada Hoffler (NYSE: AHH) operates as a vertically integrated, self-managed real estate investment trust (REIT) with over forty years of experience in developing, building, acquiring, and managing top-tier office, retail, and multifamily properties primarily in the Mid-Atlantic and Southeastern United States. The firm also extends general construction and development services to third-party clients while focusing on properties in their stabilized portfolio. Founded by Daniel A. Hoffler in 1979, the company has chosen to be taxed as a REIT for U.S. federal income tax purposes. For additional details, interested parties can visit the Armada Hoffler website.
Contact Information
Chelsea Forrest
Armada Hoffler
Vice President of Corporate Communications and Investor Relations
Email: CForrest@ArmadaHoffler.com
Phone: (757) 612-4248
Frequently Asked Questions
What types of tenants are moving into Columbus Village?
Columbus Village is welcoming a prominent grocer and a national sporting goods retailer as new tenants.
How much retail space does Armada Hoffler have in the Town Center?
The Town Center of Virginia Beach district features 640,000 square feet of retail space.
Who represented Armada Hoffler in these lease transactions?
Gerald Divaris and Sezin Cortinas from Divaris Real Estate represented Armada Hoffler.
What is the occupancy rate of Town Center's retail space?
The retail space in the district is currently 98% leased.
How has foot traffic changed in the Town Center?
Foot traffic in the Town Center of Virginia Beach has seen consistent year-over-year increases, totaling 6.9 million annual visits.
