Sale of 11-Property Necessity-Anchored Retail Portfolio Closed by HFF

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Cavalier Portfolio, an 11-property necessity-anchored retail portfolio totaling more than one million square feet in the central and eastern portions of the United States.

HFF marketed the portfolio on behalf of the seller, a partnership between DDR Corp. and TIAA-CREF. Armada Hoffler Properties, Inc. purchased the portfolio.

The portfolio is comprised of dominant retail assets throughout the Carolinas, Virginia, Tennessee, Indiana and Texas, with the largest concentration of assets located in North Carolina. The portfolio boasts national retailers such as Harris Teeter, Kroger, Bed Bath & Beyond, Costco, Super Target, DSW, Ross Dress for Less, Total Wine & More, Five Below, GolfSmith, Petco, PetSmart, Office Depot and Staples.

The HFF team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid, managing director John Owendoff, and directors Amy Sands, Clinton Mitchell and Jordan Lex.

“The Cavalier Portfolio represented a unique opportunity to acquire 11 first-in-class, necessity-anchored retail assets that allowed the buyer to strategically acquire significant retail scale, specifically in the Southeast, and establish an immediate retail presence in dominant markets across the central and eastern United States,” Hamilton said.

About DDR Corp.

DDR is an owner and manager of 367 value-oriented shopping centers representing 115 million square feet in 38 states and Puerto Rico. The Company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com.

About TIAA-CREF

TIAA-CREF is a Fortune 100 financial services organization dedicated to helping its clients achieve financial well-being. It was founded nearly a century ago as the vision of one of history’s great philanthropists, Andrew Carnegie, to make a difference in the lives of teachers. Since then, TIAA-CREF has helped millions at academic, medical, research and cultural organizations retire with financial security. Today, it is a global asset manager with award-winning performance and $834 billion in assets under management. The firm’s investment model and long-term approach aim to benefit the million people and more than 16,000 institutions its serves.

About Armada Hoffler Properties, Inc.

Armada Hoffler Properties, Inc. (NYSE: AHH) is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic United States. The company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, an Indiana, North Carolina and Texas licensed real estate broker.

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