By Ioana Neamt, Associate Editor
Atlanta—An 11-property retail portfolio has recently changed owners in a transaction secured by HFF. The brokerage firm marketed the portfolio on behalf of the seller—a partnership between Beachwood, Ohio-based DDR Corp. and TIAA-CREF of New York City. Armada Hoffler Properties Inc. of Virginia Beach, Va., purchased the portfolio at an undisclosed price.
Comprised of 11 retail assets located throughout the Carolinas, Virginia, Indiana, Tennessee and Texas, The Cavalier Portfolio totals more than 1 million square feet of retail space, mostly concentrated in North Carolina. The portfolio includes national retailer names such as PetSmart, Office Depot, Bed, Bath & Beyond, Costco, Super Target, Ross Dress for Less, DSW and Petco, among many others.
An HFF team led by senior managing director Jim Hamilton and Richard Reid of the firm’s Atlanta office, together with Managing Director John Owendoff and directors Amy Sands, Clinton Mitchell and Jordan Lex represented the seller in the transaction.
“The Cavalier Portfolio represented a unique opportunity to acquire 11 first-in-class, necessity-anchored retail assets that allowed the buyer to strategically acquire significant retail scale, specifically in the Southeast, and establish an immediate retail presence in dominant markets across the central and eastern United States,” said Hamilton.
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