Shopping center

Klein Enterprises Acquires Shopping Center Portfolio of Nine Properties in Mid-Atlantic

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

BALTIMORE — Klein Enterprises, a Baltimore-based investment and development firm, has purchased a portfolio of nine grocery-anchored malls in Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80% leased at the time of the sale. Cedar Realty Trust sold the portfolio at an undisclosed price as part of Cedar’s broader grocery-anchored portfolio asset acquisition 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 acquires seven stabilized malls 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, Virginia.
• General Booth Plaza located in Virginia Beach, Virginia.
• Kempsville Crossing located in Virginia Beach, Virginia.
• Oak Ridge Shopping Center located in Suffolk, Virginia.
• Swede Square located in East Norriton, Pennsylvania.