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Shopping Malls Near Virginia Beach

Town Center has actually a lot more space to expand.

Developer Armada Hoffler could be the new owner of Columbus Village II mall anchored by Bed Bath and past and a Regal cinema.

Capitol Industries sold the 12-acre property off Constitution Drive and Columbus Street for just two million shares of common stock in Armada Hoffler. Armada sealed Wednesday at $14.66 a share, making the deal worth about $29 million.

Armada Hoffler CEO Louis Haddad stated in a declaration your shopping mall “gives united states the opportunity to develop on success of our leading Town Center asset through prospective future redevelopment.”

The organization stated in a reply to emailed questions that it does not be prepared to make any decisions “in the longer term.”

The purchase comes after a suggested light-rail route to the city Center had been voted straight down in November.

In an email, the company stated that whatever the vote, “we always had the objective to carry on to construct regarding the success of our flagship Town Center asset.”

Along with Bed Bath and past, the middle includes Regal Columbus videos 12 and a Schlotzsky’s.

A year ago, the organization purchased others half the center, which include Barnes & Noble, f.y.e., Ulta Beauty and Five Just below.

Divaris real-estate Inc. brokered the purchase both for parties and certainly will handle and lease it for Armada Hoffler. Chairman and CEO Gerald Divaris stated many of the tenants will probably be relocated within Town Center, dependent on just how it's built call at phases, similar to a jigsaw puzzle.

“Obviously we don’t wish place someone out-of business, ” he stated, talking about using the present tenants under consideration as far as project timing.

Divaris said the seller, Capitol Industries, had been initially in cinema company while the RC Theatres string. It bought the property from Divaris in the early 1990s and soon after sold the current cinema to Regal.

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