Armada Hoffler Finalizes the $215 Million Acquisition of The Interlock in Atlanta’s West Midtown
May 22 2023 - 6:00AM
Armada Hoffler (NYSE: AHH) completed the previously announced $215
million addition to its greater Atlanta portfolio by closing the
purchase of a Class A commercial mixed use development at The
Interlock in West Midtown. In addition to serving as the general
contractor of The Interlock, the Company was actively involved in
the development in collaboration with SJC Ventures as a
public-private partnership with Georgia Tech.
“We are thrilled to complete this transaction, which is
immediately accretive, reinforcing our core focus on prime
mixed-use real estate,” said Louis Haddad, President and CEO of
Armada Hoffler. “From the inception of the project, Georgia Tech
has spearheaded the economic development of the West Midtown
neighborhood and we look forward to a long-term partnership with
this great institution.”
Georgia Tech has long served as an economic catalyst for the
successful redevelopment of West Midtown. Georgia Advanced
Technology Ventures, a cooperative non-profit organization of
Georgia Tech, further enhances The Interlock with its
50,000-square-foot anchor tenancy. The Interlock is home to the
Institute’s Encore operation, which is an extension of their
Advanced Technology Development Center (ATDC). Encore serves as
post-incubation environment for graduate companies from the ATDC at
Georgia Tech and other emerging tech companies and provides a
platform for them to successfully scale.
“Tapping into world-class talent and resources only Georgia Tech
can offer, Encore at The Interlock is a vibrant post-incubation
community that further nurtures innovation and entrepreneurship in
the heart of West Midtown Atlanta,” says David Bridges, Vice
President of the Enterprise Innovation Institute at Georgia
Tech.
Armada Hoffler’s ownership includes 311,000 square feet of
commercial space and an 835-space garage. Located within a
complementary mixed-use environment, The Interlock also features
349 apartment units and the 161-key Bellyard hotel, both of which
were constructed by Armada Hoffler, as well as 41 townhomes. Its
commercial space is currently 89% leased, with another 6% pending
lease execution.
The Interlock offers an exquisite experience with its
contemporary design, open airways and connection to the community.
The property is home to a compelling roster of destination retail
tenants and entertainment concepts including the nation’s first
Puttshack. Additionally, the expansive, first-of-its-kind 38,000
square foot rooftop amenity, Rooftop L.O.A., consists of a
full-service restaurant, indoor bar, outdoor bar, event pavilion,
and 1,200 square foot resort-style pool floating above stunning
views of the Atlanta city skyline.
To learn more about The Interlock, visit
www.theinterlockatl.com.
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.
About Georgia TechThe Georgia
Institute of Technology, or Georgia
Tech, is one of the top public research universities
in the U.S., developing leaders who advance technology and improve
the human condition.
The Institute offers business, computing, design,
engineering, liberal arts, and sciences degrees. Its
more than 45,000 undergraduate and graduate students, representing
50 states and more than 148 countries, study at the main campus in
Atlanta, at campuses in France and China, and through distance and
online learning.
As a leading technological university, Georgia Tech is an engine
of economic development for Georgia, the Southeast, and the nation,
conducting more than $1 billion in research annually for
government, industry, and society.
Contact:
Chelsea ForrestArmada HofflerDirector of Corporate
Communications and Investor RelationsEmail:
CForrest@ArmadaHoffler.comPhone: (757) 612-4248
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