Baltimore — Klein Enterprises 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, Maryland, and Yorktowne Plaza in Cockeysville, Maryland. The other seven centers in the portfolio include The Shoppes Arts District located in Hyattsville, Maryland; Oakland Mills located in Columbia, Maryland; 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; and Swede Square located in East Norriton, Pennsylvania.