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Kramont Reduces Debt and Redevelops Four Properties

PHILADELPHIA-By year-end 2002, the Plymouth Meeting, PA-based retail REIT had

By Marita Thomas | Updated on March 23, 2003

PHILADELPHIA-Plymouth Meeting, PA-based Kramont Realty Trust told stockholders that it had successfully reduced mortgage debt by nearly $30 million in 2002 and initiated significant redevelopment at four PA properties that should increase earnings this year.

Prior to Ames Department Store’s liquidation at Bristol Commerce Park in Bristol, PA, Kramont executed a lease with Wal-Mart for the 118,000-sf Ames space. Wal-Mart will open there this July.

At 211,000-sf Barn Plaza in Doylestown, PA, the REIT recaptured underperforming supermarket space and negotiated a $2.6-million use-restriction fee from the unnamed tenant. In April, Kohl’s will open an 88,000-sf store there, which represents a 57% increase in supermarket space at the center.

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