Baltimore-based developer acquires Virginia retail center

Klein Enterprises, an investor, developer and operator of diversified real estate holdings, Thursday announced the acquisition of The Row at GreenGate, a property spans nearly 100,000 square feet and serves as the retail portion of the GreenGate mixed-use community in Richmond, Virginia.

Terms of the deal were not disclosed.

An affiliate of Baltimore-based real estate developer Klein Enterprises purchased the property from Markel | Eagle in an off-market transaction.

Located in Richmond’s Short Pump submarket, The Row has served as a destination for upscale shopping, dining and specialty services since 2017. The shopping center, anchored by Lidl, is 94% leased with national and local tenants including Starbucks, Pure Barre, Purify, The Daily Kitchen & Bar, Red Salt Chophouse & Sushi, The Mellow Mushroom and more.

This will be Klein’s first acquisition since Almanac Realty Investors committed up to $200 million of capital to further the company’s growth strategy. The transaction increases the company’s Virginia property portfolio to 13 assets, most of which were acquired in the past four years. Klein will manage the property, while Colliers International will continue to handle leasing.

The Row is part of the larger GreenGate master-planned development — a 75-acre, new-urban community featuring a mix of retail, office space and 270 residential units. GreenGate is located near the corner of West Broad Street and North Gayton Road, less than a mile from the 1.4 million-square-foot Short Pump Town Center.

Colliers International represented the sellers in this transaction, while JLL served as the buyer’s representative.