The 75,376-SF grocery-anchored neighborhood center is nearly 100% occupied. Major tenants include a 50,000-SF A&P supermarket as well as a Blockbuster Video, Strawberries and local clothing retailer Eblens Casual.
"The Killingly center is a welcome addition to our property portfolio," says Louis P. Meshon Sr., president and CEO of Kramont. "It has an excellent location in a stable, economically strong region. It is adjacent to Interstate 395 and heavily traveled state highways, making it easily accessible from a wide trade area."
Meshon notes that Kramont has four other centers in Connecticut and one in Providence, RI, just 30 miles away, facilitating the management of Killingly at little additional expense. The deal is expected to close by the end of May is subject to the usual due diligence process.
Kramont is a self-administered, self-managed REIT specializing in neighborhood and community shopping center acquisition, leasing, development and management. The company has interests in 87 properties comprising 11.6 million sf in 16 states.
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