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Armada Hoffler has disposed of properties leased to Costco and to Home Depot in Durham, NC for $24M.

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.”


Inside The Story

Armada Hoffler's Haddad

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition