Armada Hoffler is about to launch the sixth phase of its development project with Virginia Beach, CEO Lou Haddad says. The REIT is acquiring other properties using stock swaps and operating partnerships with "people who are interested in buying into the story," Haddad says.
Armada Hoffler Properties is providing $42 million in mezzanine financing to the developer of Annapolis Junction Town Center in Maryland. The REIT will serve as the general contractor for a 416-unit residential project within the 18-acre mixed-use development.
Armada Hoffler has closed on the previously announced acquisition of an 11-asset retail portfolio for $170.5 million. At the time of the announcement, Armada Hoffler didn't reveal the sellers -- they are DDR and TIAA-CREF, which owned the Cavalier Portfolio via a partnership. The 1.1 million-square-foot portfolio is 94% leased and contains properties in Indiana, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Armada Hoffler is acquiring a retail portfolio of 11 shopping centers for $170.5 million. The 1.1 million-square-foot portfolio is 94% occupied and spread throughout several Mid-Atlantic and south-central US states. This is a cash transaction for the REIT, which is funding the purchase with the proceeds of two recent sales, plus its credit line.