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Kramont Sells Shopping Center in Frederick

FREDERICK, MD-Hillcrest Plaza, a 109,000-sf strip mall was sold sans a 2,200 sf freestanding fast-food restaurant. Along with this transaction, Kramont also sold an additional shopping center in Mississippi.

By Marlon Millner | Updated on October 17, 2001

FREDERICK, MD-Kramont Realty Trust has sold two strip malls, including one here. Kramont sold Hillcrest Plaza Shopping Center, roughly 106,500 sf, to a local, unnamed developer, along with Brookway Village Shopping Center in Brookhaven, MS, for an aggregate of $8.65 million. In a statement, Kramont says the deal would generate a gain of about $3.5 million.

A Kramont spokeswoman tells GlobeSt.com the Hillcrest Plaza sale did not include a freestanding Taco Bell restaurant, with about 2,200 sf. Kramont CEO Louis Meshon Sr. says Hillcrest mainly had small, local merchants, limiting the center’s retail appeal, and offering the company minimal revenue-growth potential. One major change at Hillcrest was that a supermarket had vacated the 42,000-sf anchor spot, and last year it was converted into office space, the spokeswoman says. Kramont, based in Plymouth Meeting, PA, is a real estate investment trust that specializes in neighborhood and community shopping centers. The REIT owns, manages or has under development, 86 properties, with about 11.5 million sf, in 16 states.

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