Armada Hoffler Properties (NYSE: AHH
), serving as the majority partner in a joint venture, will develop a grocery-anchored shopping center, known as the Lightfoot Marketplace, on 18.5 acres in Williamsburg, VA.
The project is a redevelopment of the 230,000-square-foot Williamsburg Outlet Mall and will deliver in multiple phases, with the construction of phase one, totaling roughly 88,000 square feet, expected to commence in the third quarter of 2014 and wrap up in early 2016.
Harris Teeter is slated to serve as the anchor tenant after signing a 20-year lease for 53,000 square feet.
"This project exemplifies the development opportunities that result from deep and longstanding relationships with our partners," said Louis Haddad, CEO of AHH. "Our past and continued relationship with Harris Teeter helped lead us to this new and exciting development opportunity in the heart of our mid-Atlantic footprint."
Monty Spencer, Jim Carr and David Clarke of Mid Atlantic Commercial brokered the transaction on behalf of the seller.
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