Armada Hoffler Properties, Inc. has closed on the purchase of Southgate Square, a retail center located in Colonial Heights, Virginia. Armada acquired 100 percent interest in Southgate Square in exchange for the assumption of approximately $21.1 million in debt and for the issuance of 1,575,185 units of limited partnership interest in the company’s operating partnership. The retail center is anchored by a newly opened Burlington Coat Factory, which has a 15 year lease, along with Michaels, Staples, PetSmart, Sleepy’s, and a Jo-Ann Fabric and Craft Stores. At the time of closing the 220,000 sqf asset was 100 percent leased. “Southgate Square is a strategic addition to our portfolio as it allows us to expand our current footprint in one of our target markets,” commented Louis Haddad, Chief Executive Officer, Armada Hoffler Properties.
