Armada Hoffler Finalizes the $215 Million Acquisition of The Interlock in Atlanta’s West Midtown
Tuesday, May 23rd, 2023
Armada Hoffler completed the previously announced $215 million addition to its greater Atlanta portfolio by closing the purchase of a Class A commercial mixed use development at The Interlock in West Midtown. In addition to serving as the general contractor of The Interlock, the Company was actively involved in the development in collaboration with SJC Ventures as a public-private partnership with Georgia Tech.
“We are thrilled to complete this transaction, which is immediately accretive, reinforcing our core focus on prime mixed-use real estate,” said Louis Haddad, President and CEO of Armada Hoffler. “From the inception of the project, Georgia Tech has spearheaded the economic development of the West Midtown neighborhood and we look forward to a long-term partnership with this great institution.”
Georgia Tech has long served as an economic catalyst for the successful redevelopment of West Midtown. Georgia Advanced Technology Ventures, a cooperative non-profit organization of Georgia Tech, further enhances The Interlock with its 50,000-square-foot anchor tenancy. The Interlock is home to the Institute’s Encore operation, which is an extension of their Advanced Technology Development Center (ATDC). Encore serves as post-incubation environment for graduate companies from the ATDC at Georgia Tech and other emerging tech companies and provides a platform for them to successfully scale.
“Tapping into world-class talent and resources only Georgia Tech can offer, Encore at The Interlock is a vibrant post-incubation community that further nurtures innovation and entrepreneurship in the heart of West Midtown Atlanta,” says David Bridges, Vice President of the Enterprise Innovation Institute at Georgia Tech.
Armada Hoffler’s ownership includes 311,000 square feet of commercial space and an 835-space garage. Located within a complementary mixed-use environment, The Interlock also features 349 apartment units and the 161-key Bellyard hotel, both of which were constructed by Armada Hoffler, as well as 41 townhomes. Its commercial space is currently 89% leased, with another 6% pending lease execution.