Baltimore, Md. — Klein Enterprises, a vertically integrated investor, developer and operator of diversified real estate holdings, has completed the redevelopment of the Valley Plaza shopping center in Hagerstown, Md.
Enhancements to the center include an all new-façade, new pylon signage, a resurfaced parking lot and lighting upgrades. Several new national retailers have signed leases with the shopping center, including the first Maryland locations for Boot Barn (opening Feb. 1, 2023) and Grocery Outlet (which opened in summer 2022).
The 190,900-square-foot shopping center is home to multiple retail and dining businesses, including McDonald’s, Mexicali Cantina, Roy Rogers and Tractor Supply that remained open throughout the redevelopment. Hobby Lobby relocated from Wesel Boulevard and opened at Valley Plaza in September 2022.
“This major redevelopment of Valley Plaza, with the relocation of Hobby Lobby, and the opening of the state’s first Boot Barn and Grocery Outlet, demonstrates location viability and premier exposure in the market,” says Devin Gerhart, director of asset management of Klein Enterprises.
“We are passionate about the western lifestyle and being involved in the local neighborhoods we serve. It is an honor for us to join and support the Hagerstown community,” says Mike Love, chief retail officer at Boot Barn. “It is our absolute pleasure to provide customers in Hagerstown with Boot Barn’s expansive selection of western and work boots and apparel. We are truly looking forward to meeting the community.”
Klein purchased the shopping center in July 2022 as part of a larger portfolio acquisition from Cedar Realty Trust that included nine grocery-anchored shopping centers spanning Maryland, Virginia and Pennsylvania. Valley Plaza is one of two purchased in the portfolio acquisition that are undergoing redevelopment.
Klein Enterprises is a 75-year-old, fourth-generation company with nearly 60 assets comprised of over 3.5 million square feet of commercial properties and over 2,000 Class A multifamily units. 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, visit www.kleinenterprises.com.
SOURCE: Klein Enterprises