Six Retail Properties Trade for $98.5M

PLYMOUTH MEETING, PA-Six neighborhood retail centers with 849,420 sf of gross leasable area have traded hands for $98.5 million. The properties were sold in two separate transactions, both of which included Plymouth Meeting-based Kramont Realty Trust. In its largest deal to date, the shopping center REIT acquired sole ownership of two of the properties and joint ventured with Tower Fund on the other four properties.

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.