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Armada Hoffler Properties Agrees to $246M Acquisition of Baltimore’s Exelon Building
Virginia Beach, VA-based Armada Hoffler Properties, Inc., has entered into an agreement to acquire a 79% interest and an additional 11% economic interest in the 23-story, mixed-use Exelon building in Baltimore’s Harbor Point.
The aggregate value of the 440,000-square-foot, Class A office building’s acquisition is $246 million, with an estimated year-1 return on investment of 7.4%. Beatty Development Group will retain a 10% ownership position in the asset, a continuation of the company’s 25-year relationship.
The office component of the Exelon building is 100% leased by Exelon, a leading investment grade clean energy provider, pursuant to a lease with a remaining term of 15 years, with 3% annual escalation. The building includes a 103-unit multifamily component that is 96% occupied and 38,500 square feet of retail space.
The Exelon building is located adjacent to Armada Hoffler Properties’ other Harbor Point assets: 1405 Point Apartments, Thames Street Wharf and Wills Wharf office buildings.
- ◦Sale/Acquisition
