Kramont Buys Four Properties for $13M

SPRINGFIELD, NJ-Kramont Realty Trust, a neighborhood and community shopping center REIT based in Plymouth Meeting, PA, has signed a definitive agreement to buy three properties and a 16-acre development site for an estimated $12.5 million in cash and shares of beneficial interest. The identity of the seller and other terms of the sale were not disclosed. The transaction is expected to be completed by the end of the year, pending due diligence.

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.