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Armada Hoffler Uses Richmond Tower Proceeds to Buy $171M Retail Portfolio

VIRGINIA BEACH, VA—The REIT told investors in the last earnings call that it couldn't provide a 2016 guidance because it wasn't sure how the proceeds from the $78 million sale would be deployed.

By Erika Morphy | Updated on December 03, 2015

VIRGINIA BEACH, VA—Armada Hoffler Properties is acquiring 11 retail centers located throughout the Mid-Atlantic and south central US for $170.5 million in cash.

It didn’t name the seller of the portfolio, which is 94% leased and totals 1.1 million square feet. What it did announce, though, was that it would be funding it in part with the proceeds of the Richmond Tower, a 15-story, 206,969 square foot office building in downtown Richmond that went under contract for $78 million. During the REIT’s recent earnings call, executives stressed that they weren’t sure how the proceeds would be deployed and therefore would be unable to provide 2016 guidance. CFO Michael O’Hara said the company would give an update once the Richmond Tower sale closed and its reinvestment plan finalized.

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