Armada Hoffler Closes $26M Acquisition
- Sep 02, 2015
Armada Hoffler Properties Inc. 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.
Located on 2907 Providence Rd, the acquired property Providence Plaza 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.
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.
“Our 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,” commented Louis Haddad, CEO of Armada Hoffler Properties Inc. “This 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.”
Image courtesy of Providence Plaza