90,000-SF Mini-Mall Meets New Owner in $7M Trade

CAPITOL HEIGHTS, MD-Ownership of the Coral Hills Shopping Center has changed hands in a recent deal valued at approximately $7 million. Plymouth Meeting, PA-based Kramont Realty Trust sold the 86,000-sf retail property to Fairfax, VA’s Mid Atlantic Real Estate Investment Inc. “The sale of this center follows our systematic plan to refine our asset base and high-grade the Kramont portfolio,” explains Kramont president and CEO Louis P. Meshon Sr. The shopping center REIT will see $1.1 million in net proceeds after the assumption of a $5.2 million debt and other fees associated with completing the transaction.

Developed in 1988, the single-story Coral Hills Shopping Center occupies a spot in the 4800 block of Marlboro Pike, just off I-295 in the Prince George’s County community of Coral Hills. A Shoppers Food Warehouse grocery store serves as the property’s anchor. County records list the shopping center’s current assessed value at $5 million.