Real Estate Journal — Shopping Centers — May 29 - June 11, 2015 — 11A
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IRGINIA BEACH, VA — Gerald Divar- is , chairman and CEO Hoffler retains DRE to lease and manage the centers Divaris brokers acquisition of two MD shopping centers V
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of Divaris Real Estate, Inc. (DRE) , announced that Ar- mada Hoffler Properties has acquired two grocery-anchored shopping centers in Maryland, totaling 186,583 s/f. The prop- erties 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 Market- place, 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, Ar- mada Hoffler Properties, in the two transactions. Both proper- ties 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 andmanage the centers. n The Village at Livingston to be renamed ‘The Shoppes at the Livingston Circle’ LIVINGSTON, NJ — To better reflect its position as a dynamic regional shopping destination within the Essex- Morris county submarket, The Village at Livingston will be rebranded and renamed “The Shoppes at the Livingston Circle.” Anchored by The Fresh Market, the 93,000 s/f shopping center is owned and managed by Eastman Companies . The new name underscores the neighborhood shopping cen- ter’s exceptional location at the intersection of Route 10 and Eisenhower Parkway near the Livingston traffic circle, accord- ing to Peter Schofel , Eastman’s co-managing partner. “The name change aligns with our goals to reposition the center and elevate the shop- ping and dining experience for our customers. In the coming months, shoppers can expect to see changes such as an updated logo and new signage to rein- force the center’s new brand identity in the marketplace,” said Schofel. n
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