VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Armada Hoffler Properties, Inc. (NYSE: AHH) today announced the newest projects in its next generation development pipeline. The Company will develop two new administrative buildings for the Commonwealth of Virginia – one in Chesapeake and one in Virginia Beach – for a total of 47,000 square feet.
The properties are 100% pre-leased to the Commonwealth of Virginia which signed 12-year leases for both locations. The Company expects both projects to be completed by early 2015.
“These two new development projects are just the latest examples of the kinds of opportunities in our next generation pipeline,” said Louis Haddad, Chief Executive Officer. “Such projects exemplify the growth that results from our deep and longstanding relationships.”
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.