COLONIAL HEIGHTS, VA—Armada Hoffler Propertieshas closed on its previously-announced acquisition of DimmockSquare, a retail power center here. Armada Hoffler boughtthe center in exchange for 990,000 units of limited partnershipinterest in its operating partnership and $10 million of cash.

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The fully-occupied center is adding some 100,000 square feet tothe REIT's portfolio.

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Tenants include Best Buy, Pier 1, Old Navy, Dress Barn and ShoeCarnival among others. The center also includes a separately-owned117,000 square foot Target store. It is located between the 900,000square foot Southpark Mall and a Walmart Supercenter.

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The acquisition is expected to be accretive to annual FFO perdiluted 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.