HAGERSTOWN, MD—Armada Hoffler Properties has closed on two grocery-anchored retail centers in Maryland, which it previously announced it was buying.
The properties are Perry Hall Marketplace and Stone House Square, in Perry Hall and Hagerstown, respectively. The REIT acquired them for aggregate $20.2 million in cash, net of $15.2 million of proceeds from the sale of the Sentara Williamsburg office building, and 415,500 shares of common stock.
These two properties add over 185,000 square feet to Armada Hoffler's portfolio. The properties have a combined occupancy of approximately 90%.
Perry Hall Marketplace is a 74,000 square foot Safeway-anchored shopping center and Stone House Square is a 112,000 square foot retail center anchored by Weis Markets and shadow-anchored by a Lowe's Home Improvement Store.
Market retail occupancy rates are approximately 95% across both markets.
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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.
