Armada Hoffler recently acquired the Phase One office and retail components of The Interlock in West Midtown, Atlanta for $215 million from SJC Ventures. This off-market transaction is expected to close this quarter and includes $100 million in fixed-rate financing as well as the conversion of Armada Hoffler’s existing mezzanine loan to equity plus limited partnership interest.
Phase One opened in 2021 at 1115 Howell Mill Road NW with a total cost of $750 million. It consists of 311,000 square feet dedicated to office and retail space, an 835-space garage, a hotel, and residential units which were 89 percent leased at the time of sale.
SJC is still working on Phase Two which is anticipated for completion by 2024 featuring 186,000 square feet devoted towards office space along with 92,000 square feet allocated for retail use plus a 682-bed student housing tower.
