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Armada Hoffler Properties announces retail acquisition in Charlotte

Armada Hoffler Properties, Inc. (NYSE:AHH) today announced that it has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach.

The acquisition of Renaissance Square adds over 80,000 square feet of retail space to the Company’s operating property portfolio. The center is currently 92% occupied and anchored by a 50,000 square foot Harris Teeter store with over 11 years of remaining lease term. Renaissance Square is well situated within the Charlotte submarket, where the estimated average household income exceeds $130,000.

Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Combined with Columbus Village I – the 65,000-square-foot retail center that the Company acquired in 2015 – the resulting contiguous 12 acres are a prime target for redevelopment and ultimate integration into the dynamic Town Center environment.

“Renaissance Square is a strategic acquisition that allows us to expand further into one of our target markets, while Columbus Village gives us the opportunity to build on the success of our flagship Town Center asset through potential future redevelopment,” commented Louis Haddad, Chief Executive Officer. “While we enjoy strong cash flow from Columbus Village, we continue to evaluate potential redevelopment opportunities at this prime location next door to Town Center.”

The Company acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for two million shares of common stock. Both acquisitions were included in the Company’s previously issued guidance for 2016.

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