Kramont officials report that Bally's conducted a partial opening of its new facility while build out continues, according to Michael Walker, vice president of leasing for the Plymouth Meeting, Pa.-based REIT. The Bally's lease, valued at more than $2.5 million, brings the complex to 95 percent occupancy. An additional lease is out on a 7,000-sf "out-lot building," he adds. If that deal closes, the complex, located near Route 1 and exit 33 of the Connecticut Turnpike, will be fully leased.

The complex is anchored by a 33,000-sf Marshalls discount department store and a 16-screen Entertainment Cinemas Multiplex that totals approximately 50,000 sf. Other major tenants at Stratford Square include Fashion Bug and Payless ShoeSource. McDonald's recently opened a restaurant in a freestanding out parcel. The fast food chain replaced a former Popeye's Chicken restaurant at the site.

"Stratford Square is a prime example of the evolutionary process constantly at work in shopping centers in response to changing economic conditions, consumer trends and demographic shifts," Louis P. Meshon, Sr., president and chief executive officer of Kramont, notes. "The new Bally Fitness Center occupies the site of a former twin-screen motion picture theater that closed some time ago, and the Entertainment Cinemas Multiplex replaced a Pathmark supermarket when the food retailer decided to leave the Connecticut market."