{"id":1004742499,"date":"2025-01-08T05:37:27","date_gmt":"2025-01-08T13:37:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004742499"},"modified":"2025-01-08T05:37:29","modified_gmt":"2025-01-08T13:37:29","slug":"armada-hoffler-sells-2-retail-centers-for-82m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/","title":{"rendered":"Armada Hoffler Sells 2 Retail Centers for $82M"},"content":{"rendered":"
\n
\"Aerial<\/a>
Nexton Square encompasses 13 buildings on some 16 acres. Image courtesy of Nexton Community<\/em><\/figcaption><\/figure><\/div>\n\n\n

Armada Hoffler has sold Nexton Square in Summerville, S.C., and Market at The Mill Creek in Mount Pleasant, S.C., both retail assets in the Charleston area, for $82 million. <\/p>\n\n\n\n

The blended cap rate was in the low 6 percent range, for a profit margin of more than 20 percent above the initial development costs, according to the company. The dispositions enabled Armada to repay the Nexton Square mortgage and gain nearly $60 million in cash.<\/p>\n\n\n\n

Armada had purchased Nexton Square from RealtyLink for $18.5 million back in 2020, according to CommercialEdge data.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Unlocking the Sun Belt’s Retail Potential<\/a><\/p>\n\n\n\n

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Armada owns and manages a diverse portfolio of multifamily, office and retail assets across the Mid-Atlantic and Southeastern U.S. In one of its larger moves, in March 2023, the company paid $215 million<\/a> for the office and retail components of The Interlock\u2019s Phase One, a 9-acre, mixed-use development in Atlanta\u2019s West Midtown submarket.\u00a0<\/p>\n\n\n\n

A closer look<\/h2>\n\n\n\n

Completed in 2020, the 133,608-square-foot Nexton Square encompasses 13 buildings on some 16 acres. The open-air lifestyle center includes a mix of regional and national retailers including Fuji Sushi, Wok N Roll, Wild Birds Unlimited, Summerhouse Furniture, Sportsbook, Bold Fitness and Brighton Animal Hospital, among others. <\/p>\n\n\n\n

Located at 101 Nexton Square Drive, the property is within Charleston\u2019s Berkeley County submarket. Nexton Square serves more than 10,000 single-family and multifamily units, according to Armada, due to its location near a 4,500-acre master-planned community.<\/p>\n\n\n\n

Anchored by a 50,000-square-foot Lowes Foods, the nearly 80,000-square-foot Market at Mill Creek came online in 2018. The tenant roster at the property also includes Starbucks, Fuji Sushi, Marco\u2019s Pizza, Supercuts, Sea Island Urgent Care and Agaves Cantina. <\/p>\n\n\n\n

The three-building property on some 12 acres is at 2100 Highway 41, in Mount Pleasant\u2019s north area. According to InvenTrust Properties, Market at Mill Creek serves a population of more than 57,000 within a 5-mile radius, with the average household income at almost $180,000.<\/p>\n","protected":false},"excerpt":{"rendered":"

The South Carolina properties came online in 2018 and 2020. <\/p>\n","protected":false},"author":3014,"featured_media":1004742500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,32781],"tags":[33079],"class_list":["post-1004742499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southeast","tag-armada-hoffler-properties"],"acf":[],"yoast_head":"\nArmada Hoffler Sells 2 Retail Centers for $82M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Armada Hoffler has sold Nexton Square in Summerville, S.C., and Market at The Mill Creek in Mount Pleasant, S.C., for $82 million.\" \/>\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-sells-2-retail-centers-for-82m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Armada Hoffler Sells 2 Retail Centers for $82M\" \/>\n<meta property=\"og:description\" content=\"Armada Hoffler has sold Nexton Square in Summerville, S.C., and Market at The Mill Creek in Mount Pleasant, S.C., for $82 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/\" \/>\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=\"2025-01-08T13:37:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-08T13:37:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/nexton-square-e1736334969224.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"643\" \/>\n\t<meta property=\"og:image:height\" content=\"482\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\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-sells-2-retail-centers-for-82m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/\",\"name\":\"Armada Hoffler Sells 2 Retail Centers for $82M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/nexton-square-e1736334969224.jpg\",\"datePublished\":\"2025-01-08T13:37:27+00:00\",\"dateModified\":\"2025-01-08T13:37:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Armada Hoffler has sold Nexton Square in Summerville, S.C., and Market at The Mill Creek in Mount Pleasant, S.C., for $82 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/armada-hoffler-sells-2-retail-centers-for-82m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/nexton-square-e1736334969224.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/nexton-square-e1736334969224.jpg\",\"width\":643,\"height\":482,\"caption\":\"Nexton Square. 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