VIRGINIA BEACH, VA – Gerald S. Divaris, Chairman and CEO of Divaris Real Estate, Inc. (DRE), announced that Armada Hoffler Properties has acquired two grocery-anchored shopping centers in Maryland, totaling 186,583 square feet. The properties were acquired for an aggregate of $20.2 million in cash, net of $15.2 million in 1031 exchange proceeds, and 415,500 shares of Armada Hoffler common stock.
The two acquired properties include Perry Hall Marketplace, a 74,256 square foot, Safeway-anchored center in Perry Hall, and Stone House Square, a 112,327 square foot, Weis-anchored center in Hagerstown. The centers’ combined occupancy was approximately 90 percent at the time of purchase.
DRE’s Alex Divaris, CCIM represented the purchaser, Armada Hoffler Properties, in the two transactions. Both properties were sold by subsidiaries of Oekos Management Corp., a private real estate investor based in the DC area. DRE has been retained by Armada Hoffler to lease and manage the centers.
Armada Hoffler Properties (NYSE: AHH) is a full service real estate investment trust with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic states. For more information, please visit www.armadahoffler.com.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in Newport News, Norfolk, Richmond and Roanoke, VA; Charlotte, NC; and Washington D.C. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 23 million square feet of prime office, retail and industrial space from New Jersey to Florida. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The Core Network, a national group of office and industrial brokers with affiliates throughout the U.S., Canada, Mexico, Asia and Europe. These organizations represent corporate and institutional clients, tenants and buyers in all aspects of leasing, development, management, sales and acquisitions.