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Kramont Sells Two Assets for $9.2M

PLYMOUTH MEETING, PA-With the disposition of Century Village administration building in West Palm Beach, FL and Hillcrest Mall in Phillipsburg, NJ, the locally based trust realizes net proceeds of $8.9 million. In selling these non-core assets, Kramont narrows its focus.

By Marita Thomas | Updated on September 10, 2003

PLYMOUTH MEETING, PA-Locally based Kramont Realty Trust sells two non-core assets for an aggregate $9.2 million. It anticipates net proceeds of approximately $8.9 million.

Sinai Medical Center, based in West Palm Beach, FL, pays $1.45 million for the Century Village administration building there. Kramont’s proceeds from this sale are approximately $1.2 million.

In a separate transaction, two companies partner to buy Hillcrest Mall in Phillipsburg, NJ for $7.75 million. The new owners are Hopewell, NJ-based Hillcrest Associates LLC and Phillipsburg-based Hillcrest Medical Plaza LLC. Kramont’s proceeds are approximately $7.7 million.

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