Columbus Village Entertainment Center
Virginia Beach, VA
At acquisition, the center was 100% occupied by Barnes & Noble in 28,420 SF and Transworld Entertainment (D/B/A as “f.y.e.”) in 31,395 SF. In 2013, management executed a lease amendment with f.y.e to downsize its store to 10,817 SF and Ulta Beauty & Salon and Five Below both signed 10-year leases to backfill f.y.e.’s surrendered space.
In 2015, the joint venture consummated an exchange of its fee interest in the property for operating partnership units of the publicly traded REIT, Armada Hoffler Properties Inc. (NYSE: AHH).