Armada Hoffler Properties(AHH) Newsfilter·2025-01-22 12:51Company Updates - Armada Hoffler completed two significant new retail leases at Columbus Village in the Town Center of Virginia Beach district, including a 14,000-square-foot lease with a prominent grocer and a 19,000-square-foot lease with a national sporting goods retailer [1] - The new tenants will backfill substantially all of the space previously occupied by Bed Bath & Beyond, which closed 18 months ago [2] - The company has successfully re-leased all spaces previously occupied by Bed Bath & Beyond, including the space at Patterson Place to another national credit tenant [2] Property Performance - The Town Center of Virginia Beach district, Armada Hoffler's flagship mixed-use asset, attracts 6.9 million annual visits with consistent year-over-year increases in foot traffic [3] - The district includes 640,000 square feet of retail space (98% leased), 800,000 square feet of office space (98% occupancy, up from 95% in Q3 2024), and 760 apartments [3] - Columbus Village features 157,000 square feet of retail space on two sites totaling 12 acres, with notable tenants including Barnes & Noble, Cava, Five Below, Ulta Beauty, and Shake Shack [4] Strategic Impact - The new retail leases highlight the successful reimagining of former big-box space and the company's ability to attract desirable retail tenants due to the highly trafficked area and proximity to Town Center of Virginia Beach [4] - By quickly filling vacant space with strong tenants, the company has maximized the property's value [4] Company Overview - Armada Hoffler is a vertically integrated, self-managed REIT with over four decades of experience in developing, building, acquiring, and managing high-quality office, retail, and multifamily properties primarily in the Mid-Atlantic and Southeastern United States [6] - The company also provides general construction and development services to third-party clients and develops properties for its stabilized portfolio [6]