Mitchell Brown, a spokesperson for Kramont Realty, tells GlobeSt.com that the firm bought the property from TA Associates, a Boston-based private equity firm, for nearly $19.8 million. The center was purchased with all cash and Kramont says the acquisition is expected to be immediately accretive.

Brown notes that the acquisition was a logical step for Kramont. "We are an East Coast-based company," he says. "This [purchase] made sense as it can be easily managed from our existing offices." Kramont's regional area offices are currently located in Rhode Island and Connecticut. While Brown could not be specific about other potential assets in the area, he says that Kramont is always looking for opportunities on the East Coast.

Perkins Farm is located just north of the Massachusetts Turnpike and Route 20, and is currently 99% occupied. Among its anchor tenants, which Kramont says are on long-term, triple-net leases, is Super Stop & Shop, which has occupied its 67,180 sf since May 1996 and is part of the more than 340-store chain of Stop & Shop grocery stores. AJ Wright leases 25,213 sf and has been open at this location since October 1998. The store is one of the retail chain's first.