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Armada Hoffler Sells Durham Properties Leased to Costco, Home Depot for $24M
Virginia Beach, VA-based Armada Hoffler has disposed of two single-tenant assets leased to Costco and Home Depot located in Durham, NC for a combined $24 million.
Alex Sharrin, Alex Geanakos and Michael Roberts of JLL represented Amarda Hoffler, which sold the 148,663-square-foot Costco property for $11.4 million and the 120,000-square-foot Home Depot property for $12.5 million.
According to the company, the 4.0% exit capitalization rate represents a substantial improvement over the its 4.5% goal.
“Despite recent market volatility, investor demand for high credit, single-tenant, net leased assets with longer lease terms remains strong,” said Lou Haddad, president and CEO of Armada Hoffler. “After securing early long-term lease extensions with both tenants, we capitalized on this demand and successfully transacted at a price that far exceeded our expectations.”
- ◦Sale/Acquisition
