Kramont acquired 100% of the 136,016-sf Christmas Tree Plaza in Orange, CT for $18.4 million in cash and debt. The property was 100% occupied at the time of sale. Anchors include a 55,000-sf Christmas Tree Shops store and a 22,080-sf AC Moore store. The acquisition price includes the assumption of approximately $11 million in non-recourse debt.
Kramont also acquired 100% of the 160,646-sf Campus Plaza in Vestal, NY, for $12.9 million in cash, stock and debt. That property was 94% occupied at the time of sale. Anchors include an 82,542-sf Olum's Furniture & Appliance Store as well as Staples, Applebee's and Eckerd Drugs. The acquisition price includes 185,018 common shares of beneficial interest in Kramont Realty Trust and the assumption of $7.8 million in non-recourse debt.
The other four properties, all 100% occupied and located on Vestal Parkway in Vestal, NY, were acquired for $67.2 million in a joint venture with Tower Fund, a commingled separate account available through group annuity contracts of Metropolitan Life Insurance Company and managed by SSR Realty Advisors. Kramont will administer the day-to-day affairs of the joint venture, which is owned 80% by Tower and 20% by Kramont. The properties acquired in the joint venture are as follows:
--Town Square Mall, a 279,60-sf (GLA) property featuring T.J. Maxx, OfficeMax, Loews Theaters, A.C. Moore and Dick's Sporting Goods. The mall includes a 210,363-sf Wal-Mart Supercenter and a 134,768-sf Sam's Club that are owned by the tenants;
--Parkway Plaza, a 167,332-sf property anchored by Kohl's, Sears Hardware and Bed Bath & Beyond. Circuit City and Target are also located at Parkway Plaza but own their own pad sites;
--Shoppes at Vestal, a 92,328-sf specialty center anchored by Michaels, Old Navy, HomeGoods, Famous Footwear, Dress Barn and Catherine's;
--Pier I Shopping Center, a 13,497-sf convenience center anchored by Pier I Imports, Starbucks and Montana Mills Bread.
In acquiring the properties, Kramont has increased the gross leasable area it owns, operates, manages or has under development by 7.3% to just under 12.5 million sf.
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