Divaris brokers acquisition of two MD shopping centers
VIRGINIA BEACH, VA — Gerald Divaris, chairman and CEO of Divaris Real Estate, Inc. (DRE), announced that Armada Hoffler Properties has acquired two grocery-anchored shopping centers in Maryland, totaling 186,583 s/f. The properties were acquired for an aggregate of $20.2 million in cash, net of $15.2 million in 1031 exchange proceeds, and 415,500 shares of Armada Hoffler common stock.The two acquired properties include Perry Hall Marketplace, a 74,256 s/f, Safeway-anchored center in Perry Hall, and Stone House Square, a 112,327 s/f, Weis-anchored center in Hagerstown. The centers’ combined occupancy was approximately 90% at the time of purchase.DRE’s Alex Divaris, CCIM represented the purchaser, Armada Hoffler Properties, in the two transactions. Both properties were sold by subsidiaries of Oekos Management Corp., a private real estate investor based in the DC area. DRE has been retained by Armada Hoffler to lease and manage the centers.