Armada Hoffler Completes Full-Floor Office Lease at Town Center of Virginia Beach
Rhea-AI Summary
Armada Hoffler (NYSE: AHH) has completed a significant office lease with Trader Interactive at Town Center of Virginia Beach. The deal involves a full 12,000-square-foot floor at 222 Central Ave., setting a new benchmark for office rent per square foot in the location. The lease contributed to increasing the occupancy rate of Town Center's 800,000 square feet of office space from 95% to 98% in Q4 2024.
The development saw over 110,000 square feet of new office leases and renewals in 2024, with overall rental rates increasing 20% since 2020. The 23-story building features 324,000 square feet of office space, 38,500 square feet of retail space, and a nine-story parking garage. The broader Town Center mixed-use district encompasses 620,000 square feet of retail space, 800,000 square feet of office space, and 760 apartments across 17 blocks and 25 acres.
Positive
- Occupancy rate increased from 95% to 98% in Q4 2024
- Office rental rates up 20% since 2020
- 110,000+ square feet of new leases and renewals in 2024
- Set new benchmark for office rent per square foot
Negative
- None.
News Market Reaction
On the day this news was published, AHH gained 0.41%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Trader Interactive to occupy 12,000 square feet following transaction that underscores significant office activity at mixed-use district
VIRGINIA BEACH, Va., Jan. 13, 2025 (GLOBE NEWSWIRE) -- Armada Hoffler (NYSE: AHH) closed out a momentous year of office leasing activity at Town Center of Virginia Beach with the completion of a lease with Trader Interactive. Virginia Beach-based Trader Interactive leased a full 12,000-square-foot floor at Armada Hoffler’s flagship mixed-use development.
Armada Hoffler’s lease with Trader Interactive established a new benchmark for office rent per square foot at Town Center of Virginia Beach. Lease terms were not disclosed.
Trader Interactive is set to occupy the top floor of the 222 Central Ave. building, which was previously occupied by Armada Hoffler. To meet the significant demand for office space in Town Center of Virginia Beach, Armada Hoffler relocated and consolidated its team’s space. That enabled Armada Hoffler to create additional value within its existing portfolio.
Occupancy of Town Center of Virginia Beach’s 800,000 square feet of office space increased from
“It is exciting to accommodate the growth of a Virginia-based business like Trader Interactive,” said Shawn Tibbetts, Chief Executive Officer and President of Armada Hoffler. “Town Center of Virginia Beach continues to buck national office real estate trends because it offers tenants a dynamic, all-encompassing environment for their employees to work, live and spend time in. This is essential to attract and retain corporate talent.”
Trader Interactive connects buyers and sellers in the lifestyle vehicle and commercial equipment industries through a portfolio of leading online marketplaces, reaching over 17 million monthly visitors. Its renowned "Trader" brands—Cycle Trader, RV Trader, Equipment Trader, and Commercial Truck Trader—along with the new marine brand, Boatmart, offer digital solutions, data insights, and business intelligence tools to help businesses grow and succeed.
"We’re excited to partner with Armada Hoffler to create an office space that embodies the forward-thinking and dynamic spirit of Trader Interactive," says David McMinn, CEO of Trader Interactive. " Establishing a new presence in Town Center of Virginia Beach is especially meaningful to us, as it’s where our journey began. As we continue to grow, we’re proud to establish a home base that not only positions us for success but also allows us to give back to the local community that has supported us along the way."
Known locally as the Armada Hoffler Tower, the 23-story building that Trader Interactive is joining features 324,000 square feet of office space, 38,500 square feet of street-level retail space and a nine-story parking garage. Six of the building’s office tenants have remained in the building since its 2003 opening. The building is also home to the North American headquarters of CAR Group Ltd., a publicly-traded international firm with over
The overall Town Center of Virginia Beach mixed-use district includes 620,000 square feet of retail space, 800,000 square feet of office space and 760 apartments spanning 17 blocks and 25 acres. This is a shining example of a successful public-private partnership with the City of Virginia Beach.
The Trader Interactive lease was brokered by Perry Frazier and Chris Kieran of Colliers International and Michael Divaris, Krista Costa and Ashley Beck of Divaris Real Estate.
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
FAQ
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