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Kramont Realty Acquires 202,000-SF Mall

WORCESTER, MA-In the second mall deal in the area in a little over a week, Kramont Realty Trust purchases Perkins Farm Marketplace, a 203,308-sf community shopping center for nearly $19.8 million.

By Naomi Grossman | Updated on February 19, 2004

WORCESTER, MA-Kramont Realty Trust acquired Perkins Farm Marketplace, a 203,308-sf community shopping center. The purchase is the first asset in the state for the Plymouth Meeting, PA-based real estate investment trust.

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.

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