Klein Enterprises Acquires Nine-Property Shopping Center Portfolio in Mid-Atlantic

The shopping center portfolio includes The Shoppes Arts District (pictured) in Hyattsville, Md. (Photo courtesy of Klein Enterprises)

BALTIMORE — Klein Enterprises, an investment and development firm based in Baltimore, has purchased a portfolio of nine grocery-anchored shopping centers in the Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80 percent leased at the time of sale. Cedar Realty Trust sold the portfolio for an undisclosed price in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR. United Bank provided an undisclosed amount of debt financing for the acquisition. As part of the transaction, Klein is acquiring seven stabilized shopping centers and two centers actively under redevelopment: Valley Plaza in Hagerstown, Md., and Yorktowne Plaza in Cockeysville, Md.

The other seven centers in the portfolio include:
• The Shoppes Arts District located in Hyattsville, Md.
• Oakland Mills located in Columbia, Md.
• Elmhurst Square located in Portsmouth, Va.
• General Booth Plaza located in Virginia Beach, Va.
• Kempsville Crossing located in Virginia Beach, Va.
• Oak Ridge Shopping Center located in Suffolk, Va.
• Swede Square located in East Norriton, Pa.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties