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Armada Hoffler to sell its portion of Durham, NC, property

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Armada Hoffler to sell its portion of Durham, NC, property

Armada Hoffler Properties Inc. plans to sell its portion of the One City Center building that it co-developed in downtown Durham, N.C., the Triangle Business Journal reported.

The company is marketing the first five floors of the 27-story building and did not immediately respond to the publication's messages requesting information on why it is selling its portion.

The five floors span 152,815 square feet with four floors of class A office space and ground-floor retail space. The floors are 84% leased. Duke University occupies 36% of the space, and WeWork Cos. Inc. leases 41%.

Armada Hoffler was a minority partner in the construction of the $88 million project, which concluded in 2018. The diversified real estate investment trust paid almost $47 million to purchase the five floors in March, the publication noted.

The remainder of the property, comprising 139 residential condominiums and apartments, is owned by Austin Lawrence Partners, according to the Oct. 9 report.