Henrico County retail property sells for $31M

A Baltimore-based real estate developer has purchased The Row at GreenGate, a retail property in the Short Pump area of Henrico County, for $31 million, Colliers International announced Thursday.

The 100,000-square-foot property at 12151 W. Broad St. was bought by DK Greengate LLC, an entity connected to Klein Enterprises, which increases its holdings in Virginia to 13 assets with the purchase. Harrison Hall and Peter Vick represented the seller, GreenGate Commercial, and JLL represented the buyer.

Anchored by Lidl, the shopping center is 94% leased and includes Starbucks, Pure Barre, Purify, The Daily Kitchen & Bar and other businesses as tenants. GreenGate is a multi-use, 75-acre community with 270 residential units and office space, near the corner of West Broad Street and North Gayton Road, about a mile from Short Pump Town Center.

Klein will manage the property, and Colliers will continue to handle leasing. In May, New York-based Almanac Realty Investors committed up to $200 million of capital in backing Klein’s expansion in the mid-Atlantic region.

“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,” Klein President Daniel Klein said in a statement. “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.”