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Klein Enterprises acquires Virginia retail property
//February 4, 2022
Baltimore-based Klein Enterprises, a vertically integrated investor, developer and operator of diversified real estate holdings, announced Friday the acquisition of Towne Place at Greenbrier, a 76,500-square-foot retail portion of the Greenbrier mixed-use development in Chesapeake, Virginia.
An affiliate of Klein Enterprises purchased the property from Lingerfelt Commonwealth Partners and the deal was brokered by David Crotts of Institutional Property Advisors. Terms of the deal were not disclosed.
Located in the Greenbrier submarket of Chesapeake at 725 Eden Way North, the Towne Place at Greenbrier has served as a premier destination for shopping, dining and entertainment since 2007. The center, which is 97% leased, offers a mix of national and regional tenants including restaurants and health and beauty services, as well as a large gathering space for concerts and events.
Its 23 tenants include national names such as Jersey Mikes, Moe’s, Cox Communications, as well as nationally recognized fitness concepts such as Pure Barre and newly signed Stretch Labs. The property is shadow anchored by Target to the east and Dollar Tree’s global HQ campus directly to the west.
This transaction increases the company’s Virginia property portfolio to 14 assets, most of which were acquired in the last five years. Klein will manage the property, while Divaris Real Estate will handle leasing.
