Armada Hoffler Properties, Inc. completed the acquisition of 11 retail properties from DDR Corp. (NYSE: DDR) and others.
January 13, 2016
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Armada Hoffler Properties, Inc. (NYSE:AHH) entered into an agreement to acquire 11 retail properties from DDR Corp. (NYSE: DDR) and others for approximately $170 million on December 3, 2015. Armada Hoffler intends to fund the $170.5 million purchase price with the net proceeds from the recently completed sale of the Oceaneering International facility, the pending sale of the Richmond Tower office building and borrowings under its unsecured revolving credit facility. In addition, Armada Hoffler is currently evaluating certain properties in the Portfolio located outside of the Carolinas for potential sale after closing of the acquisition in order to generate estimated proceeds of between $20 million and $25 million. The acquisition of the Portfolio is subject to the satisfaction of certain customary closing conditions, including satisfactory completion of the due diligence and is expected to close in the first quarter of 2016.
Armada Hoffler Properties, Inc. (NYSE:AHH) completed the acquisition of 11 retail properties from DDR Corp. (NYSE: DDR) and others on January 14, 2016. The properties included Patterson Place and the South Square retail centers which were sold for $53 million.
SITE Centers Corp. is a self-administered and self-managed real estate investment trust (REIT). The Company is an owner and manager of open-air shopping centers located in suburban, high household income communities. It is engaged in the business of owning, leasing, acquiring, redeveloping, developing, and managing shopping centers. The Company owns approximately 108 shopping centers. These centers are principally located in the Southeast, including Florida, Georgia, Illinois, and Colorado. Its properties include discounters, specialty grocers, pet supply stores, fitness centers, quick-service restaurants and beauty supply retailers as additional anchors or tenants. Its properties include Chandler Center, Shops at Gilbert Crossroads, Ahwatukee Foothills Towne Center, Deer Valley Towne Center, Red Mountain Corner, Creekside Plaza, Centennial Promenade, Millenia Crossing, Cumming Marketplace, Hammond Springs, White Oak Village, and Downtown Short Pump.
SITE CENTERS CORP. 
