Baltimore-based Klein Enterprises buys Southern Shores Marketplace

By on September 19, 2023

(Klein Enterprises)

Update: According to Dare County records, the sale price for Southern Shores Marketplace was just over $22 million.

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Klein Enterprises, a vertically integrated investor, developer and operator of diversified real estate holdings, announced on Sept. 19 the acquisition of the Southern Shores Marketplace located at 5539 N. Croatan Hwy., Southern Shores, N.C.

The grocery-anchored shopping center spans approximately 140,000 square feet and is strategically located on North Croatan Highway immediately over the Wright Memorial Bridge that serves as the main road into and out of North Carolina’s Outer Banks.

The Southern Shores Marketplace is anchored by a high-performing Food Lion (Klein’s seventh Food Lion anchored center in its portfolio) and is being delivered with brand new Marshalls, Rack Room Shoes, and Five Below leases that were executed as part of a significant redevelopment undertaken by Aston Enterprises.

Other tenants at the center include Starbucks, Verizon, CVS, Jersey Mikes, and a number of professional and medical-oriented tenants including OBX Optical and Coastal Rehabilitation.

An affiliate of Klein Enterprises purchased the shopping center from Charlotte, N.C.-based Aston Properties. The deal was structured as an off-market transaction and facilitated by Berkeley Capital Advisors, with financing provided by TD Bank.

“The acquisition of Southern Shores Marketplace achieves several important goals, including delivering stable cash flow with long-term leases from a blend of national and local tenants, along with manageable geographic expansion,” said Sean Garland, Klein’s chief investment officer.

Daniel Klein, president of Klein Enterprises commented, “We’re incredibly proud of our team’s efforts to close this transaction, particularly in light of the complexities of today’s financing and transaction environment. We continue to believe in the long-term health and viability of grocery-anchored retail, and we’re excited to establish our footprint in the rapidly growing North Carolina market.”

This is Klein’s 13th retail acquisition in the past two years, adding to an active transaction and development period for the growing real estate investment firm.

 


BIDDER PRE-QUALIFICATION REQUEST:

Barnhill Building Group has been selected as the Construction Manager @ Risk by the College of the Albemarle and is seeking to pre-qualify construction trade contractors to submit bids for the furnishing labor, materials, equipment, and tools for the new College of The Albemarle – Allied Health Sciences Simulation Lab (COA Health Sciences) located in Elizabeth City, NC. Please note: Only subcontractors who have been prequalified by Barnhill will be able to submit a Bid.

The project consists of the new construction of a 38,000-sf, 2-story expansion to the existing Owens Health Sciences Center and will house classrooms, labs, and a simulation lab. The site is just over just over 4.5 acres and is located on an active campus. This new construction will be a steel structure with a brick and metal panel veneer, curtainwall, and storefront glazing with a PVC roof membrane.

Principal trade and specialty contractors are solicited for the following Bid Packages:

BP0100: General Trades

BP0105: Final Cleaning

BP0390: Turnkey Concrete

BP0400: Turnkey Masonry

BP0500: Structural Steel & Misc. Steel

BP0740: Roofing

BP0750: Metal Panels

BP0790: Caulking / Caulking

BP0800: Turnkey Doors/Frames/Hardware

BP0840: Glass & Glazing

BP0925: Drywall

BP0960: Resilient Flooring

BP0980: Acoustical Ceilings

BP0990: Painting & Wallcovering

BP1005: Toilet Specialties / Accessories / Division 10

BP1010: Signage

BP1098: Demountable Partitions

BP1230: Finish Carpentry and Casework

BP1250: Window Treatment

BP1400: Elevators

BP2100: Fire Protection

BP2200: Plumbing

BP2300: HVAC

BP2600: Turnkey Electrical

BP3100: Turnkey Sitework

BP3290: Landscaping

Packages may be added and/or deleted at the discretion of the Construction Manager. Historically underutilized business firms are encouraged to complete participation submittals.

HUB/MWBE OUTREACH MEETING: Barnhill Building Group will be conducting a HUB/MWBE Informational Session. You are encouraged to attend the following session to learn more about project participation opportunities available to you. These seminars will help to: Learn about project and scope; Inform and train Minority/HUB contractors in preparation for bidding this project; Assist in registration on the State of North Carolina Vendor link; Stimulate opportunities for Networking with other firms. Location and time TBD. Please visit our planroom at https://app.buildingconnected.com/public/54da832ce3edb5050017438b for more information.

Interested contractors should submit their completed prequalification submittals, by July 22, 2024, to Meredith Terrell at mterrell@barnhillcontracting.com or hardcopies can be mailed to Barnhill Contracting Company PO Box 31765 Raleigh, NC 27622 (4325 Pleasant Valley Road, NC 27612).


 


Sussex Development is soliciting bids to turnkey supply and install FF&E for the new Tulls Creek Elementary School, 125 Campus Drive, Moyock, NC27929. This project is a new ground-up 2-story, Pre-K thru 5th grade school, approximately 118,000 square feet. Bid documents may be obtained through Christopher West Interiors LLC. Request bid documents via email to interiors@cwiusa.com. Pre-Bid RFIs will be accepted via email until Wednesday, July 31, 2024 at 5:00PM EST. Pricing proposals are due Wednesday, August 14, 2024 by 5:00PM EST. All bids and inquires to be sent to interiors@cwiusa.com. Certified NC Hub, MBE, WBE, DBE, SBE are highly encouraged to participate. Sussex Development is an EOE and maintains a drug-free workplace.


 



Comments

  • Mike Williams

    Why is this a story?

    Tuesday, Sep 19 @ 5:26 pm
  • Mark Jurkowitz | Outer Banks Voice

    Mike, because when the management of a major shopping center changes, it has potential impacts on everything from rents to parking to the makeup of the commercial tenants.

    Tuesday, Sep 19 @ 9:18 pm
  • Greg

    Hopefully the new owners will be less prone to constantly raise the rent. The reason for the long term vacancies there has been a campaign by the previous owners to raise the rent to levels that were hard on the tenants.

    Tuesday, Sep 19 @ 6:15 pm
  • Big Daddy

    cosmo’s been there a long time….am I missing something?

    Tuesday, Sep 19 @ 6:33 pm
  • Fast Eddie’s

    Bring back Fast Eddie’s! (LOL)

    Tuesday, Sep 19 @ 11:24 pm
  • Notanisland

    You said it Big Daddy. Long Live Cosmos!!!

    Wednesday, Sep 20 @ 10:50 am
  • pj

    let the carpetbagging continue

    Thursday, Sep 21 @ 8:16 am