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.
Neither of the properties was encumbered. As a result of the sale, Kramont will record a gain of about $2 million in the third quarter.
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