Klein Enterprises grows with Virginia acquisition
Klein Enterprises has purchased a shopping center in Winchester, Va., as the family-owned firm looks to expand its holdings to other states.
The $15.9 million deal for the Pleasant Valley Shopping Center adds a second Virginia property to the company’s portfolio, which includes more than 3 million square feet of commercial and residential properties. The majority of those properties are in Maryland.
“We’re looking forward to continuing to expand outside the Baltimore area and acquiring Pleasant Valley is a definite step in the right direction,” CEO Michael Klein said.
The roughly 105,000-square-foot shopping center on South Pleasant Valley Road is fully leased and anchored by a Hobby Lobby. Dan Klein, president of Klein Enterprises, said the growth in the area made the site a good long term investment. Klein said the firm is looking at other opportunities too.
KLNB Retail brokered the deal with seller Pleasant Valley Shopping Center LLC.