Klein Enterprises Acquires The Row At GreenGate In Richmond, VA

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Company to manage 100,000-square-foot retail center

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“We believe The Row at GreenGate is a best-in-class retail asset serving a growing, affluent customer base in the Richmond area — a region we’ve marked for continued investment,” said Daniel Klein, president of Klein Enterprises.

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

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 premier destination for upscale shopping, dining and specialty services since 2017. The shopping center, anchored by Lidl, is 94 percent leased with high-performing national and local tenants including Starbucks, Pure Barre, Purify, The Daily Kitchen & Bar, Red Salt Chophouse & Sushi, The Mellow Mushroom, and more.

“We believe The Row at GreenGate is a best-in-class retail asset serving a growing, affluent customer base in the Richmond area — a region we’ve marked for continued investment,” said Daniel Klein, president of Klein Enterprises. “This acquisition furthers our strategic expansion into the great state of Virginia, and we’re grateful for the opportunity to grow our footprint in suburban Richmond’s preeminent retail and commercial corridor.”

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 last 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.

About Klein Enterprises
Over four generations, Klein Enterprises has grown from a single department store to over 40 assets comprised of over 2.5 million square feet of commercial properties and approximately 2,500 Class A multifamily units, all while upholding a tradition of hard work and innovation instilled by the Klein family. Klein Enterprises, based in Baltimore, is actively expanding its portfolio and benefits from decades of expertise in acquisitions, development, management and leasing. For more information on Klein Enterprises’ portfolio holdings and investment strategy, please visit http://www.kleinenterprises.com

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