Armada Hoffler Properties purchased grocery-anchored, 80,468-square-foot Renaissance Square in Davidson, N.C., for $17.1 million and Columbus Village II, a 92,000-square-foot retail center in Virginia Beach, Va., for 2 million shares of common stock.
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.
The timing for Armada Hoffler's initial public offering in May 2013 was perfect, says Lou Haddad, president and CEO of Armada Hoffler Properties. "We came last spring, the REIT index was pretty close to an all-time-high, so we kind of rode that wave in and the IPO was wonderfully received." The REIT had been expecting mainly retail investment but it attracted a lot of institutional buyers as well, he says.