{"id":1004101886,"date":"2014-08-06T06:58:16","date_gmt":"2014-08-06T14:58:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=282567"},"modified":"2022-12-09T01:01:23","modified_gmt":"2022-12-09T09:01:23","slug":"armada-hoffler-to-buy-dimmock-square-retail-center-in-colonial-heights","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-to-buy-dimmock-square-retail-center-in-colonial-heights\/","title":{"rendered":"Armada Hoffler To Buy Dimmock Square Retail Center in Colonial Heights"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Armada Hoffler Properties Inc. is looking to add another retail power center to its portfolio. On \u00a0Monday, Aug. 4, the diversified Virginia Beach-based company announced that it is under contract to buy Dimmock Square Shopping Center in Colonial Heights. The deal is expected to close in the third quarter.<\/p>\n<p style=\"text-align: justify\">Armada Hoffler will acquire the property in exchange for about \u00a0990,000 units of limited partnership interest in its operating partnership and approximately $10 million in cash.<\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/08\/20140731185132ENPRN132346-SunCal-PWC-execs-90-1406832692MR.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-282569\" title=\"SunCal PWC execs\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/08\/20140731185132ENPRN132346-SunCal-PWC-execs-90-1406832692MR.jpg\" alt=\"\" width=\"205\" height=\"300\" \/><\/a>Dimmock Square offers more than 100,000 square feet of retail space and is fully occupied. Its tenant roster includes Best Buy, Pier 1, Old Navy, Dress Barn and Shoe Carnival. The shopping center also includes a separately-owned 117,000-square-foot Target store.<\/p>\n<p style=\"text-align: justify\">\u201cThis acquisition is an outstanding addition to our portfolio, representing a best-in-class power center located at the intersection of main-and-main, in a contiguous market, the heart of our geographic sweet spot,\u201d said Armada Hoffler CEO Louis Haddad in a statement. \u201cThis opportunity was born out of deep and longstanding relationships and we will continue to pursue such strategic and opportunistic acquisitions.\u201d<\/p>\n<p style=\"text-align: justify\">According to CBRE Group Inc., metropolitan Richmond&#8217;s retail market was highly active during the first half of the year. Vacancy dropped 0.4 percent to 8.6 percent in the second quarter, while average asking rents inched up 2 cents per square foot to $16.13.<\/p>\n<p style=\"text-align: justify\"><em>Charts courtesy of <\/em><a href=\"https:\/\/www.cbre.us\/\"><em>CBRE Group Inc.<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adrian Maties, Associate Editor Armada Hoffler Properties Inc. is looking to add another retail power center to its portfolio. On &nbsp;Monday, Aug. 4, the diversified Virginia Beach-based company announced that it is under contract to buy Dimmock Square Shopping Center in Colonial Heights. The deal is expected to close in the third quarter. Armada [&#8230;]<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[1815],"class_list":["post-1004101886","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Armada Hoffler To Buy Dimmock Square Retail Center in Colonial Heights - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-to-buy-dimmock-square-retail-center-in-colonial-heights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Armada Hoffler To Buy Dimmock Square Retail Center in Colonial Heights\" \/>\n<meta property=\"og:description\" content=\"By Adrian Maties, Associate Editor Armada Hoffler Properties Inc. is looking to add another retail power center to its portfolio. On &nbsp;Monday, Aug. 4, the diversified Virginia Beach-based company announced that it is under contract to buy Dimmock Square Shopping Center in Colonial Heights. The deal is expected to close in the third quarter. Armada [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-to-buy-dimmock-square-retail-center-in-colonial-heights\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-06T14:58:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:01:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/08\/20140731185132ENPRN132346-SunCal-PWC-execs-90-1406832692MR.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-to-buy-dimmock-square-retail-center-in-colonial-heights\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-to-buy-dimmock-square-retail-center-in-colonial-heights\/\",\"name\":\"Armada Hoffler To Buy Dimmock Square Retail Center in Colonial Heights - 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