Baltimore, MD-based Klein Enterprises has acquired of a portfolio of eight grocery-anchored shopping centers spanning MD and VA, plus one in PA. United Bank provided debt financing for the acquisition.

Klein purchased the portfolio from Cedar Realty Trust in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR.

The portfolio totals over 800,000 square feet and was approximately 80% leased at the time of closing.

• Yorktowne Plaza, Cockeysville, MD
• Valley Plaza, Hagerstown, MD
• The Shoppes Arts District, Hyattsville, MD
• Oakland Mills, Columbia, MD
• Elmhurst Square, Portsmouth, VA
• General Booth Plaza, Virginia Beach, VA
• Kempsville Crossing, Virginia Beach, VA
• Oak Ridge Shopping Center, Suffolk, VA
• Swede Square, East Norriton, PA

With this acquisition, the Klein portfolio value has increased by 10% and encompasses 3.5 million square feet of commercial space along with 2,000 multifamily apartments and 1,000 additional units in development.

Photo: The Shoppes Arts District