Armada Hoffler Properties Inc. has closed on its $26.2 million acquisition of Providence Plaza in south Charlotte.
The 103,000-square-foot mixed-use development, at Providence and South Sharon Amity roads, was built in 2008. It features three buildings with a total of 54,000 square feet of office space, 49,000 square feet of retail space and a two-floor garage with 256 parking spaces. Providence Plaza is 97 percent occupied.
“Our acquisition of Providence Plaza allows us to enter the Charlotte market and in particular the SouthPark submarket, where average household income immediately surrounding this asset exceeds $145,000 per year,” said company Chief Executive Louis Haddad in a press release.
The acquisition includes an undeveloped 1-acre tract that is zoned for multifamily development.
Armada Hoffler Properties, based in Virginia, is a real estate investment trust. The company develops, builds, owns and manages office, retail and multifamily properties throughout the Mid-Atlantic United States.