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Armada Hoffler has sold Nexton Square in Summerville, S.C., and Market at The Mill Creek in Mount Pleasant, S.C., both retail assets in the Charleston area, for $82 million.

The blended cap rate was in the low 6 percent range, for a profit margin of more than 20 percent above the initial development costs, according to the company. The dispositions enabled Armada to repay the Nexton Square mortgage and gain nearly $60 million in cash.

Armada had purchased Nexton Square from RealtyLink for $18.5 million back in 2020, according to CommercialEdge data.