Armada Hoffler Executes Two Major Retail Leases in Town Center of Virginia Beach District
Armada Hoffler (NYSE: AHH) has secured two major retail leases at Columbus Village in the Town Center of Virginia Beach district. The company signed a 14,000-square-foot lease with a grocer and a 19,000-square-foot lease with a national sporting goods retailer, effectively backfilling the former Bed Bath & Beyond space.
The Town Center district, Armada Hoffler's flagship mixed-use asset, boasts 6.9 million annual visits and features 640,000 square feet of retail space (98% leased), 800,000 square feet of office space (98% occupied, up from 95% in Q3 2024), and 760 apartments. Columbus Village comprises 157,000 square feet of retail space across 12 acres, with tenants including Barnes & Noble, Cava, Five Below, Ulta Beauty, and Shake Shack.
Armada Hoffler (NYSE: AHH) ha ottenuto due importanti affitti al dettaglio a Columbus Village nel distretto del Town Center di Virginia Beach. L'azienda ha firmato un contratto di affitto di 14.000 piedi quadrati con un supermercato e uno di 19.000 piedi quadrati con un rivenditore nazionale di articoli sportivi, riempiendo efficacemente lo spazio precedentemente occupato da Bed Bath & Beyond.
Il distretto del Town Center, l'asset misto di punta di Armada Hoffler, vanta 6,9 milioni di visite annuali e dispone di 640.000 piedi quadrati di spazio retail (98% affittato), 800.000 piedi quadrati di spazi per uffici (98% occupato, in aumento rispetto al 95% nel terzo trimestre del 2024) e 760 appartamenti. Columbus Village comprende 157.000 piedi quadrati di spazio retail distribuiti su 12 acri, con inquilini tra cui Barnes & Noble, Cava, Five Below, Ulta Beauty e Shake Shack.
Armada Hoffler (NYSE: AHH) ha asegurado dos importantes arrendamientos minoristas en Columbus Village en el distrito del Town Center de Virginia Beach. La empresa firmó un contrato de arrendamiento de 14,000 pies cuadrados con una tienda de comestibles y uno de 19,000 pies cuadrados con un minorista nacional de artículos deportivos, llenando efectivamente el espacio que anteriormente ocupaba Bed Bath & Beyond.
El distrito del Town Center, el activo de uso mixto insignia de Armada Hoffler, cuenta con 6.9 millones de visitas anuales y presenta 640,000 pies cuadrados de espacio comercial (98% arrendado), 800,000 pies cuadrados de espacio de oficinas (98% ocupado, frente al 95% en el tercer trimestre de 2024) y 760 apartamentos. Columbus Village comprende 157,000 pies cuadrados de espacio comercial en 12 acres, con inquilinos que incluyen Barnes & Noble, Cava, Five Below, Ulta Beauty y Shake Shack.
Armada Hoffler (NYSE: AHH)는 버지니아 비치의 타운 센터에 위치한 콜럼버스 빌리지에서 두 개의 주요 소매 임대 계약을 확보했습니다. 이 회사는 식료품점과 19,000평방피트 규모의 전국 스포츠 용품 소매점과 각각 14,000평방피트의 임대 계약을 체결하여 이전의 Bed Bath & Beyond 공간을 효과적으로 채웠습니다.
타운 센터 지구는 Armada Hoffler의 주요 혼합 용도 자산으로 연간 690만 방문객이 있으며, 640,000평방피트의 소매 공간(98% 임대 중), 800,000평방피트의 사무실 공간(98% 점유, 2024년 3분기 95%에서 증가) 및 760세대의 아파트를 갖추고 있습니다. 콜럼버스 빌리지는 12에이커에 걸쳐 157,000평방피트의 소매 공간을 포함하고 있으며, 입주업체로는 Barnes & Noble, Cava, Five Below, Ulta Beauty, Shake Shack 등이 있습니다.
Armada Hoffler (NYSE: AHH) a sécurisé deux baux de détail majeurs à Columbus Village dans le quartier du Town Center de Virginia Beach. L'entreprise a signé un bail de 14 000 pieds carrés avec un épicier et un autre de 19 000 pieds carrés avec un détaillant national d'articles de sport, remplissant ainsi efficacement l'espace anciennement occupé par Bed Bath & Beyond.
Le quartier du Town Center, l'atout principal d'Armada Hoffler, affiche 6,9 millions de visites annuelles et dispose de 640 000 pieds carrés d'espace de vente au détail (98 % loué), 800 000 pieds carrés d'espace de bureau (98 % occupé, en hausse par rapport à 95 % au troisième trimestre 2024) et 760 appartements. Columbus Village comprend 157 000 pieds carrés d'espace commercial sur 12 acres, avec des locataires tels que Barnes & Noble, Cava, Five Below, Ulta Beauty et Shake Shack.
Armada Hoffler (NYSE: AHH) hat zwei wichtige Einzelhandelsmieten im Columbus Village im Town Center von Virginia Beach gesichert. Das Unternehmen hat einen Mietvertrag über 14.000 Quadratfuß mit einem Lebensmittelhändler und einen über 19.000 Quadratfuß mit einem nationalen Sportartikelhändler unterzeichnet und damit den ehemaligen Standort von Bed Bath & Beyond effektiv nachbesetzt.
Der Town Center Bezirk, das Flaggschiff-Asset von Armada Hoffler, verzeichnet 6,9 Millionen jährliche Besuche und bietet 640.000 Quadratfuß Einzelhandelsfläche (98% vermietet), 800.000 Quadratfuß Bürofläche (98% belegt, gegenüber 95% im dritten Quartal 2024) und 760 Wohnungen. Columbus Village umfasst 157.000 Quadratfuß Einzelhandelsfläche auf 12 Acres, mit Mietern wie Barnes & Noble, Cava, Five Below, Ulta Beauty und Shake Shack.
- Successfully backfilled all former Bed Bath & Beyond spaces with credit tenants
- Retail space occupancy at 98%
- Office occupancy increased from 95% to 98% in Q4 2024
- Strong foot traffic with 6.9 million annual visits
- None.
Insights
The successful execution of two major retail leases at Columbus Village represents a significant strategic win for Armada Hoffler, particularly in the context of post-pandemic retail real estate dynamics. The ability to quickly backfill former Bed Bath & Beyond space - a common challenge for many retail landlords following the retailer's bankruptcy - demonstrates the strength of the Town Center of Virginia Beach location and AHH's asset management capabilities.
The property's performance metrics are exceptionally strong: 98% retail occupancy and an improved office occupancy from
The addition of a grocer and national sporting goods retailer is strategically significant for three reasons: 1) These credit tenants provide stable, long-term income streams 2) A grocery anchor typically drives consistent foot traffic that benefits other retailers 3) The tenant mix enhancement could support higher rents for smaller inline spaces.
The Town Center of Virginia Beach district's scale is impressive, with 640,000 sq ft of retail, 800,000 sq ft of office space and 760 apartments. This diverse mix creates a self-reinforcing ecosystem where each component supports the others, potentially leading to stronger rental growth and asset appreciation over time.
The successful lease-up demonstrates AHH's ability to execute value-add strategies through active asset management, which could positively impact both near-term NOI and long-term asset value. The additional redevelopment opportunities within the district provide further upside potential for future value creation.
New Columbus Village tenants to backfill former Bed Bath & Beyond space, serve as valuable amenity for area’s robust population
VIRGINIA BEACH, Va., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Armada Hoffler (NYSE: AHH) completed two significant new retail leases at Columbus Village in the Town Center of Virginia Beach district. The Company executed a 14,000-square-foot lease with a prominent grocer and a 19,000-square-foot lease with a national sporting goods retailer.
These two credit tenants will backfill substantially all of the space previously occupied by Bed Bath & Beyond. In the 18 months since Bed Bath & Beyond closed, the Company has now backfilled both spaces previously occupied by the retailer, having also re-leased the space at Patterson Place to another national credit tenant.
With 6.9 million annual visits and consistent year-over-year increases in foot traffic, Town Center of Virgina Beach district remains the dominant real estate development in the market. These new additions to Columbus Village only expand the merchandising mix and further enhances the appeal of the Town Center of Virginia Beach district, which is Armada Hoffler’s flagship mixed-use asset. The Company’s Town Center of Virginia Beach district, including Columbus Village and Pembroke Square retail, includes 640,000 square feet of retail space, 800,000 square feet of office space, 760 apartments and additional opportunities to unlock further value through redevelopment within the district. The district’s retail space is
“These new retail leases highlight the successful reimagining of this former big-box space and our ability to attract desirable retail tenants due to the highly trafficked area and proximity to Town Center of Virginia Beach,” said Shawn Tibbetts, Chief Executive Officer and President of Armada Hoffler. “By quickly filling this vacant space with strong tenants, our team has succeeded in maximizing the property’s value.”
Columbus Village features 157,000 square feet of retail space on two sites totaling 12 acres. Notable existing tenants include Barnes & Noble, Cava, Five Below, Ulta Beauty and Shake Shack.
Gerald Divaris and Sezin Cortinas of Divaris Real Estate represented Armada Hoffler in the transactions.
About Armada Hoffler
Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust (“REIT”) with over four decades of experience developing, building, acquiring, and managing high-quality office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. We also provide general construction and development services to third-party clients, in addition to developing and building properties to be placed in our stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.
Contact:
Chelsea Forrest
Armada Hoffler
Vice President of Corporate Communications and Investor Relations
Email: CForrest@ArmadaHoffler.com
Phone: (757) 612-4248
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