VIRGINIA BEACH, Va. - Armada Hoffler Properties, Inc. (NYSE: NYSE:AHH) has confirmed that a new corporate office tenant has signed a lease for 45,000 square feet at the Southern Post (NYSE:POST) mixed-use development in Roswell, Georgia. This significant leasing agreement underscores the project's success in attracting a mix of office, retail, and residential occupants as it nears its completion this spring.
The Southern Post development, a 4.27-acre project, is repurposing the site of the former Roswell Plaza into a vibrant destination. It will feature 128 luxury apartments, 90,000 square feet of open-concept office space, 40,000 square feet of retail, and nine exclusive townhomes with garages.
Louis Haddad, President and CEO of Armada Hoffler remarked, "Major corporate office users want to be in vibrant mixed-use environments that appeal to employees and customers alike. We are seeing huge demand across each of Southern Post™s components because the project embodies the ideal model for a successful mixed-use project."
This lease follows a recent 7,400 square foot agreement with CA South, a construction firm relocating its headquarters from Cobb County, Georgia to Southern Post. The development's strategic location and unique environment are cited as key factors in attracting contemporary office tenants.
The leasing momentum extends beyond office space, with the retail portion of Southern Post now 76% leased, including a diverse array of retailers and food and beverage operators. Additionally, the multifamily component, Chandler Residences, has commenced preleasing and has already generated a significant waiting list.
This news article is based on a press release statement from the company.
InvestingPro Insights
As Armada Hoffler Properties, Inc. (NYSE: AHH) advances its Southern Post mixed-use development with new leasing agreements, investors and stakeholders may find additional insights by considering key financial metrics and analyst predictions. According to InvestingPro data, Armada Hoffler boasts a market capitalization of approximately $1.07 billion, reflecting the company's substantial presence in the real estate sector. Despite a high P/E ratio of 34.24, the company has demonstrated significant revenue growth over the last twelve months, with an increase of 61.23%, indicating a robust expansion in its operations. With a dividend yield of 6.48%, Armada Hoffler continues to reward shareholders, raising its dividend for three consecutive years—a testament to its financial health and commitment to returning value to investors.
InvestingPro Tips suggest that while the company is trading at a high earnings multiple, which could imply a premium valuation, its liquid assets exceed short-term obligations, offering financial flexibility. Additionally, analysts predict that the company will be profitable this year, aligning with the positive trajectory seen in its recent leasing successes. For those seeking deeper analysis and further tips, InvestingPro offers a wealth of information, with 7 additional tips available for Armada Hoffler, which can be accessed through an InvestingPro+ subscription. Currently, there is a special New Year sale with a discount of up to 50%. To take advantage of an extra 10% off a 2-year subscription, use coupon code SFY24, or for a 1-year subscription, use SFY241.
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