Built in 1987, Barn Plaza is owned by Plymouth Meeting, PA-based Kramont Realty Trust. It has 19 tenants, including a 35,700-sf Marshall's, an Eckerd Drug store, Rockaway Bedding and The Coffee Beanery. A 14-screen Regal Cinema, an Applebee's and Friendly's are located on an outparcel along the Route 611 location. The Kohl's lease will take Barn Plaza to 100% occupancy.
Terms and rental rate were not disclosed.
Meanwhile, an 85,899-sf Wal-Mart opens at another Kramont property, the 387,000-sf Bethlehem Square in Bethlehem, PA. Wal-Mart acquired the space once leased by Bradlees and vacant since fall 2000. This brings Bethlehem Square to 100% occupancy.
Again, terms and rental rate were not disclosed. In a statement, however, Louis P. Meshon, Sr., president and chief executive officer of Kramont, says Bethlehem Square currently has annual sales of $346 per sf, "well above the national average of $260 per sf.
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