Armada Hoffler entered into an agreement to purchase The Interlock, a Class A mixed-use asset in Atlanta's West Midtown, for $215 million.
Developed in collaboration with master developer SJC Ventures, Armada Hoffler was actively involved in the development and served as general contractor of The Interlock. The company's ownership includes 311,000 square feet of commercial space and an 835-space garage. The project also includes 349 apartment units and 161-key Bellyard hotel, both of which were constructed by Armada Hoffler, in addition to 41 townhomes.
The property is home to retail tenants that include nation's first Puttshack. Additionally, the 38,000 square foot rooftop area, Rooftop L.O.A., consists of a full-service restaurant, indoor bar, outdoor bar, event pavilion, and a 1,200 square foot resort-style pool.
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Retail operations account for the majority of the net operating income generated by the project.
The Interlock's commercial space is presently 89% leased with another 6% at lease. Georgia Advanced Technology Ventures, a cooperative organization of Georgia Tech, is the ground lessor and also a 50,000 square foot anchor in the office space.
The Interlock is integrated with the adjacent Georgia Tech campus.
To finance the acquisition, REIT expects to use $100 million of new fixed rate financing, primarily through a $75 million unsecured term loan, will convert its existing mezzanine loan into equity, and issue units of limited partnership interest in its operating partnership to the sponsor developer.
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