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VA-based Armada Hoffler to Buy Mixed-Use Atlanta Asset for $250M
Armada Hoffler, a REIT with a portfolio mainly in the Mid-Atlantic and Southeast, has announced that it has entered into an agreement to purchase The Interlock, a mixed-use development in Atlanta’s West Midtown area.
The $215 million off-market purchase is expected to add significantly to the company’s portfolio in the Atlanta region. Armada Hoffler plans to use $100m of new fixed-rate financing, primarily through a $75m unsecured term loan, the conversion of an existing mezzanine loan into equity, and the issuance of units of limited partnership interest in the company’s operating partnership to the sponsor developer. The acquisition is expected to close in Q2 2023. The Interlock offers 311,000 square feet of commercial space and an 835-space garage.
“The Interlock is another extraordinary addition to our portfolio of investments in high-profile, mixed-use developments in the Southeast,” said Louis Haddad, president and CEO of Armada Hoffler.
- ◦Sale/Acquisition
