The acquired assets include a 31,500-sf Shop Rite supermarket on 2.75 acres and a fully occupied 14,000-sf office building in this Union County community, along with a 54,000-sf Shop Rite on 9.1 acres and an adjacent 16-acres approved for development in Somers Point, NJ. The latter community is located just south of Atlantic City in South Jersey.
"This acquisition meets all of the criteria we apply in evaluating properties, including being immediately accretive to funds from operations, located in major East Coast markets and housing retailers that provide products and services for everyday living," according to Louis P. Meshon, Sr., president and chief executive officer of Kramont Realty Trust. The company is the result of the June, 2000 merger of CV REIT Inc. and Kranzco, and is comprised of the accumulated assets of those companies as well as Drexel Realty and Montgomery Realty.
"Plans call for the addition of retail space on the Somers Point site, including the construction of a new 80,000-sf Shop Rite supermarket," Meshon continues. "This acquisition is a unique opportunity to build satellite space adjacent to a proven supermarket that generates sales of more than $800 per sf."
With these acquisitions, there are now 89 the properties occupying some 11.6 million sf currently owned, operated, managed or under construction by Kramont in 16 states. The company's centers are mainly neighborhood and community strips anchored by some combination of supermarket, discount and drug stores. The total value of the company's portfolio is estimated to be in the $800 million range, and most of its New Jersey properties are located in the southern part of the Garden State.
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