Armada Hoffler Properties Announces High-Quality Roster of New Tenants at Town Center of Virginia Beach

Rhea-AI Summary

Armada Hoffler Properties (NYSE: AHH) has announced a new range of retail tenants at its flagship Town Center of Virginia Beach, enhancing its leasing portfolio. The new additions include Legal Sea Foods, Bath & Body Works, Nando’s Chicken, Madewell, and Cinnaholic Bakery, increasing the center's retail space occupancy to 97%. The company highlights its focus on mixed-use developments that have demonstrated resilience through economic downturns, attracting brands previously absent from the region, thus contributing to the area's business evolution.

Positive

• New retail tenants enhance the tenant mix at Town Center of Virginia Beach.
• Occupancy rate reached 97%, indicating strong demand for retail space.
• Mixed-use developments show resilience and sustained growth post-recession.

Negative

• None.

Prolific real estate company brings exciting mix of retailers to signature property in its home base

VIRGINIA BEACH, Va., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) (the “Company”) announced a compelling mix of new retail tenants coming to its flagship public-private partnership, Town Center of Virginia Beach. The newly announced tenants include:

• Legal Sea Foods
• Bath & Body Works
• Nando’s Chicken
• Madewell
• Cinnaholic Bakery

Today, the Company’s mixed-use center, Town Center of Virginia Beach, features a roster of renowned brands including a mix of national and regional names, such as the most recent additions:

• Nike
• Three-Notch’d Brewing
• Dry Bar
• Benny’s Pizza

These additional tenants bring the property’s 545,000 square feet of retail space to 97% leased.

“We are pleased to welcome these exciting new tenants to Town Center of Virginia Beach,” said Louis Haddad, President & CEO of Armada Hoffler Properties. “Championing the greater Hampton Roads region to a new generation of retailers, leveraging the area’s coastal appeal and thriving business community, has always been important to us. We continue to prove that mixed-use developments, which constitute a large portion of our portfolio, have shown sustained growth coming out of the last several recessions, and tenants recognize this advantage.”

Founded in 1979 and headquartered in Virginia Beach for more than two decades, Armada Hoffler Properties has a proven track record of attracting a diversified group of retailers and corporate users that directly address the needs of locals and visitors alike. The proof of Armada Hoffler Properties’ efforts can be seen in the success it has had in attracting brands that previously had not invested in Virginia Beach or in the Hampton Roads region, thereby contributing to the evolving business landscape in the region.

About Armada Hoffler Properties, Inc.

Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust with 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. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their 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:
Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Email: MOHara@ArmadaHoffler.com
Phone: (757) 366-6684

Media Inquiries:
Chelsea D. Forrest
Armada Hoffler Properties, Inc.
Director of Marketing
Email: CForrest@ArmadaHoffler.com
Phone: (757) 612-4248

FAQ

What new retailers are coming to the Town Center of Virginia Beach?

New retailers include Legal Sea Foods, Bath & Body Works, Nando’s Chicken, Madewell, and Cinnaholic Bakery.

What is the current occupancy rate of the Town Center of Virginia Beach?

The current occupancy rate is 97%.

What is the significance of mixed-use developments for Armada Hoffler Properties?

Mixed-use developments are crucial as they have shown sustained growth and resilience coming out of recent recessions.

How has Armada Hoffler Properties impacted Virginia Beach's retail landscape?

Armada Hoffler Properties has attracted brands that were previously not investing in Virginia Beach, contributing to the evolving business landscape.