Klein Enterprises Gets $200M Capital Infusion to Expand in Mid-Atlantic
The money is to be used to aid Klein in continuing its strategic expansion on the East Coast.
Klein Enterprises has received a capital infusion commitment from Neuberger Berman private real estate investment arm Almanac Realty Investors that could reach $200 million.
The money is to be used to aid Klein in continuing its strategic expansion on the East Coast, most heavily in the Mid-Atlantic Region through acquisitions and development of multifamily, self-storage, industrial, flex/office, and retail assets.
Almanac, acquired by Neuberger Berman a year ago in January, has committed more than $6.1 billion in capital to 46 real estate companies, both public and private, throughout North America.
Eighty-plus year old Neuberger, manages close to $429 billion in client assets.
Based in the Mid-Atlantic, Baltimore-headquartered Klein possesses a diversified portfolio of assets including approximately 2,500 Class A multifamily units and over 2.5 million square feet of commercial properties.
“We believe now is the right time to establish a partnership based on the opportunities we see and where we are in our company’s trajectory,” said Klein President Daniel Klein.
An active buyer and seller of real estate, Klein sold its 50,000 square-foot Medical Office Building in Denton, MD to Chicago based Remedy Medical Properties Inc – one of the nation’s largest private owners and service providers for healthcare real estate. The building is fully leased to Shore Regional Health, a wholly-owned subsidiary of the University of Maryland Medical System.
It was the third disposition and eighth transaction for Klein Enterprises in preceding twelve months.
The period also included the joint sale by Klein Enterprises and St. John Properties, Inc. of 7152 Windsor Mill Road, a single-story, 58,000 square foot commercial building located in the Woodlawn section of Baltimore County for $8.5 million. The property is currently fully leased and occupied by Leidos.
Additionally, Klein Enterprises sold the SecurityStation Shopping Center at 1700 N. Rolling Road in Baltimore County with 33,000 square feet of retail space to a private buyer for just over $6 million.
A year ago January, Klein Enterprises bought 45745 Nokes Boulevard, a 95,000-square-foot office/flex property located in Sterling, Virginia. Nokes Boulevard was developed in 2001, and is currently 85 percent leased with long-term credit tenants including Innova Hospital, Eagle Bank, Raytheon, and independent medical offices.
The price and the seller were not announced.