VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it has closed on the previously announced acquisition of Providence Plaza in Charlotte, North Carolina for $26.2 million.
Providence Plaza is a 103,000 square foot mixed-use asset which was built in 2008 and is comprised of three buildings. The complex is currently 97% occupied and includes 54,000 square feet of office space, 49,000 square feet of retail space and a two-floor parking garage with 256 spaces. In addition, the recently acquired property includes an undeveloped tract of land of approximately one acre that is zoned for multifamily development, providing the Company the opportunity to leverage its development expertise.
“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,” commented Louis Haddad, Chief Executive Officer. “This property is a strategic addition to the Armada Hoffler portfolio: it allows us to maintain the institutional-grade asset quality of our portfolio while providing added value to our shareholders and improving our geographic diversification through an expansion into North Carolina.”
The previously announced acquisition of Providence Plaza was partially funded with the proceeds from the Whetstone Apartments sale and is included in the Company’s current guidance.
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.
