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GLEN BURNIE, MD-A joint venture between Katz Properties of New York and Klein Enterprises of Maryland has acquired the Burwood Village shopping center here for $13.5 million. The duo acquired the 90%-occupied grocery anchored center from an institutional advisor.

It is Katz’s first acquisition south of New York City, partner Daniel Katz tells GlobeSt.com–and its first with Klein Enterprises, which is based in Baltimore. The two companies are planning to make more investments along similar criteria–that is, grocery-anchored shopping centers in the DC area and outer lying suburbs. “Ideally we would like to invest between $50 million to $100 million over the next three years,” Katz says.

Grocery-anchored strip malls and shopping centers are performing better than retail in general; the category also happens to be Katz’s and Klein’s sweet spot. The Burwood Village is a 105,000-square-foot shopping center built in 1975, then renovated and expanded in 2004. Situated on 17.4 acres, it’s anchored by a 37,665-square-foot Food Lion, plus 16 other tenants, including CVS, Dollar General, Dunkin Donuts, and Nationwide Insurance. Burwood is located at 7061-7095 Baltimore Annapolis Blvd. between Interstates 695 and 97.

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