Armada Hoffler Properties completes $90m retail portfolio sale

Armada Hoffler Properties has completed the sale of a portfolio of retail assets to an institutional buyer for $90 million. The transaction included seven shopping centers totaling more than 630,000 square feet, or 15 percent, of the company’s retail portfolio.

“With the completion of this portfolio sale, we accomplish a number of short- and long-term objectives,” said Louis Haddad, president and CEO of Armada Hoffler Properties. “In addition to considerably reducing the percentage of retail assets in our portfolio, the proceeds from this sale of unencumbered properties allow us to enhance our liquidity position and create further balance sheet flexibility. More importantly, this transaction represents a significant step toward achieving our longer-term goal of improving overall portfolio quality, focused on ground-up multifamily and urban infill mixed-use development projects, leading to both net asset value growth and future value creation for our shareholders.”