COLONIAL HEIGHTS, VA—Armada Hoffler Properties has closed on its previously-announced acquisition of Dimmock Square, a retail power center here. Armada Hoffler bought the center in exchange for 990,000 units of limited partnership interest in its operating partnership and $10 million of cash.
The fully-occupied center is adding some 100,000 square feet to the REIT's portfolio.
Tenants include Best Buy, Pier 1, Old Navy, Dress Barn and Shoe Carnival among others. The center also includes a separately-owned 117,000 square foot Target store. It is located between the 900,000 square foot Southpark Mall and a Walmart Supercenter.
The acquisition is expected to be accretive to annual FFO per diluted share.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
