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VIRGINIA BEACH, Va., July 30, 2018 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that it will invest in the office and retail components of The Interlock, a new mixed-use public-private partnership with Georgia Tech in West Midtown Atlanta. The University will participate as both the ground lessor and anchor office tenant. S.J. Collins Enterprises is serving as master developer with Armada Hoffler providing significant development and construction expertise.
Armada Hoffler Properties will provide a participating mezzanine loan for the office and retail components of The Interlock, which the Company expects to be approximately 60% pre-leased before breaking ground including a 50,000 square foot office lease with Georgia Tech. Armada Hoffler Construction Company, a wholly owned subsidiary of the Company, expects to serve as the general contractor for the office, retail, multifamily, and hotel portions of the project.
The Interlock name comes from a historical marker near the site where four railroad lines converge – a vivid metaphor for the intersection of Southern culture, technology, living quarters, and commerce. The property will include pedestrian-forward walkways, ample parking and bike paths, accessibility to everyday staples, a rooftop view of the city’s skyline, and a mix of creative office space, residences, hotel rooms, dining, and shopping. Located at the highly active corner of Howell Mill Road and 14th Street, The Interlock will offer 200,000 square feet of office space, 90,000 square feet of retail space, 350 apartment units, 70 single-family townhomes, and a 125-room boutique hotel in the emerging West Midtown neighborhood of Atlanta.
“We are excited to forge a new relationship with Georgia Tech and to expand our strategic partnership with S.J. Collins,” said Louis Haddad, President and Chief Executive Officer of Armada Hoffler Properties. “The Interlock represents the latest in our portfolio of investments in high-profile, mixed-use, public-private partnerships in the Southeast. We look forward to expanding our geographic reach into West Midtown Atlanta and starting construction by the end of the year.”
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust ("REIT") with nearly four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade 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 its stabilized portfolio. The Company has elected to be taxed as a REIT for U.S. federal income tax purposes.
About S.J. Collins Enterprises
Founded in 2007 by Steve Collins, S.J. Collins Enterprises is a privately-held, commercial real estate and retail development firm that has acquired and developed more than 60 retail, mixed-use, multifamily, and office projects throughout the continental United States. The company is headquartered in Fairburn, Georgia. The S.J. Collins team leads the market in customer service and speed to market. The firm sets a new standard for development in every endeavor.
Certain matters within this press release, including with respect to the development, are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, and the other documents filed by the Company with the Securities and Exchange Commission from time to time.
Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer and Treasurer
Phone: (757) 366-6684