{"id":1004126728,"date":"2015-09-02T06:32:58","date_gmt":"2015-09-02T14:32:58","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=359992"},"modified":"2021-05-10T03:00:44","modified_gmt":"2021-05-10T11:00:44","slug":"armada-hoffler-closes-26m-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-closes-26m-acquisition\/","title":{"rendered":"Armada Hoffler Closes $26M Acquisition"},"content":{"rendered":"

By Adelina Osan, Associate Editor<\/em><\/p>\n

Armada Hoffler Properties Inc.<\/a> expands its portfolio with a mixed-use Charlotte property featuring shops, offices and restaurants. The real estate company closed acquisition for the 103,000-square-foot complex at $26.2 million.<\/p>\n

\"Providence<\/a><\/p>\n

Providence Plaza<\/p>\n<\/div>\n

Located on 2907 Providence Rd, the acquired property Providence Plaza<\/a> is comprised of three buildings and is currently 97 percent occupied. Current tenants include Chipotle Mexican Grill, Metropolitan Ballroom, Smoothie King, Burley Dentistry, and Studio Fusion Architecture & Interiors.<\/p>\n

The complex offers 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 purchase features an undeveloped tract of land of approximately one acre that is zoned for multifamily development.<\/p>\n

\u201cOur 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,\u201d commented Louis Haddad, CEO of Armada Hoffler Properties Inc. \u201cThis 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.\u201d<\/p>\n

Image courtesy of\u00a0Providence Plaza<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Armada Hoffler Properties Inc. expands its portfolio with a mixed-use Charlotte property featuring shops, offices and restaurants. 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