Armada Hoffler Properties Completes the Acquisition of $170.5M Retail Portfolio
Source: Business Wire
Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it has completed the previously announced acquisition of a portfolio of eleven retail centers located throughout the Mid-Atlantic and South-Central United States for approximately $170.5 million in cash. The portfolio comprises approximately 1.1 million square feet of space and is currently 94% occupied:
Property
Location
Square Feet
Occupancy
Anchor Tenants
Patterson PlaceDurham, NC160,94299%Bed Bath & Beyond, PetSmart, Total Wine & More, A.C. MooreSouth SquareDurham, NC109,590100%Ross Dress for Less, Petco, Office DepotWendover VillageGreensboro, NC135,758100%Bed Bath & Beyond, Golfsmith, T.J. Maxx, Petco, Five BelowAlexander PointeSalisbury, NC57,710100%Harris TeeterHarper Hill CommonsWinston-Salem, NC96,91479%Harris TeeterNorth Hampton MarketTaylors, SC114,93594%PetSmart, Hobby Lobby, Dollar TreeWaynesboro CommonsWaynesboro, VA52,415100%KrogerWillowbrook CommonsNashville, TN93,60088%KrogerOakland MarketplaceOakland, TN64,60096%KrogerBroadmoor PlazaSouth Bend, IN115,05994%Kroger, Staples, Jo-Ann FabricsKroger JunctionPasadena, TX81,15878%Kroger Total1,082,68194%
The core of the portfolio – representing approximately 75% of the in-place net operating income – consists of six retail centers well positioned along the I-85 corridor between Raleigh-Durham, North Carolina and Greenville, South Carolina. These core assets feature major anchor tenants including Harris Teeter, PetSmart, T.J. Maxx, Bed Bath & Beyond, Ross Dress for Less, Hobby Lobby and Petco. The remaining five properties in the portfolio are each Kroger-anchored retail centers located in Virginia, Tennessee, Indiana and Texas.
The Company funded the $170.5 million purchase price with the net proceeds from the sales of the Oceaneering International and Richmond Tower office buildings in addition to borrowings under the Company’s unsecured revolving credit facility. The Company recently completed the sale of the Richmond Tower office building for $78 million and the Oceaneering International building for $30 million.
“We are pleased to strategically redeploy the capital we realized from our recently completed dispositions into a portfolio of high-quality assets anchored by a diverse group of credit-quality tenants,” commented Louis Haddad, President and CEO. “Through this portfolio acquisition, we expand our geographic footprint in North and South Carolina. The six retail centers located in the Carolinas fit perfectly into our core operating portfolio and long-term strategy. We continue to evaluate the properties located outside the Carolinas for potential sale in order to generate proceeds between $20 million and $40 million.”
Forward-Looking Statements
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements include comments relating to, among other things, the potential sale of certain properties. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and other documents filed by the Company with the Securities and Exchange Commission.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.

View source version on businesswire.com:http://www.businesswire.com/news/home/20160119005471/en/
Armada Hoffler Properties, Inc.
Michael P. O’Hara, 757-366-6684
Chief Financial Officer and Treasurer
MOHara@ArmadaHoffler.com
Source: Business Wire
Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it has completed the previously announced acquisition of a portfolio of eleven retail centers located throughout the Mid-Atlantic and South-Central United States for approximately $170.5 million in cash. The portfolio comprises approximately 1.1 million square feet of space and is currently 94% occupied:
Property
Location
Square Feet
Occupancy
Anchor Tenants
Patterson PlaceDurham, NC160,94299%Bed Bath & Beyond, PetSmart, Total Wine & More, A.C. MooreSouth SquareDurham, NC109,590100%Ross Dress for Less, Petco, Office DepotWendover VillageGreensboro, NC135,758100%Bed Bath & Beyond, Golfsmith, T.J. Maxx, Petco, Five BelowAlexander PointeSalisbury, NC57,710100%Harris TeeterHarper Hill CommonsWinston-Salem, NC96,91479%Harris TeeterNorth Hampton MarketTaylors, SC114,93594%PetSmart, Hobby Lobby, Dollar TreeWaynesboro CommonsWaynesboro, VA52,415100%KrogerWillowbrook CommonsNashville, TN93,60088%KrogerOakland MarketplaceOakland, TN64,60096%KrogerBroadmoor PlazaSouth Bend, IN115,05994%Kroger, Staples, Jo-Ann FabricsKroger JunctionPasadena, TX81,15878%Kroger Total1,082,68194%
The core of the portfolio – representing approximately 75% of the in-place net operating income – consists of six retail centers well positioned along the I-85 corridor between Raleigh-Durham, North Carolina and Greenville, South Carolina. These core assets feature major anchor tenants including Harris Teeter, PetSmart, T.J. Maxx, Bed Bath & Beyond, Ross Dress for Less, Hobby Lobby and Petco. The remaining five properties in the portfolio are each Kroger-anchored retail centers located in Virginia, Tennessee, Indiana and Texas.
The Company funded the $170.5 million purchase price with the net proceeds from the sales of the Oceaneering International and Richmond Tower office buildings in addition to borrowings under the Company’s unsecured revolving credit facility. The Company recently completed the sale of the Richmond Tower office building for $78 million and the Oceaneering International building for $30 million.
“We are pleased to strategically redeploy the capital we realized from our recently completed dispositions into a portfolio of high-quality assets anchored by a diverse group of credit-quality tenants,” commented Louis Haddad, President and CEO. “Through this portfolio acquisition, we expand our geographic footprint in North and South Carolina. The six retail centers located in the Carolinas fit perfectly into our core operating portfolio and long-term strategy. We continue to evaluate the properties located outside the Carolinas for potential sale in order to generate proceeds between $20 million and $40 million.”
Forward-Looking Statements
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements include comments relating to, among other things, the potential sale of certain properties. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and other documents filed by the Company with the Securities and Exchange Commission.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.

View source version on businesswire.com:http://www.businesswire.com/news/home/20160119005471/en/
Armada Hoffler Properties, Inc.
Michael P. O’Hara, 757-366-6684
Chief Financial Officer and Treasurer
MOHara@ArmadaHoffler.com
