Kline Plaza, located south of Market Street and South 25th Street, was this area's first shopping center, and it was expanded and renovated in 1999. The 223,000-sf center is 95% occupied and anchored by a 60,000-sf Giant Food and a 25,000-sf AJ Wright store. The Pennsylvania Department of Health leases 48,000 sf at the center, including an 8,000-sf expansion, which is currently under construction.

Redevelopment of East Main Shopping Center in Spartanburg, SC begins immediately. Kramont sold an 11-acre parcel at the center for $3.5 million for construction of a 138,000-sf Lowe's Home Improvement store. This parcel formerly housed a Wal-Mart and several adjacent stores. Demolition of the Wal-Mart unit and construction of the Lowe's is projected for completion in fall 2005. Meanwhile Wal-Mart has relocated to a new Super Wal-Mart on property immediately adjacent to its former location at the center.

In conjunction with construction of the Lowe's unit, Kramont will reconfigure and expand the remaining retail spaces. These moves call for multiple tenant relocations and lease terminations. Among the existing tenants are Tractor Supply, Cato and It's Fashion, all of which will remain open during the redevelopment.

Meanwhile, Kramont inks a lease with Staples for more than 20,000 sf at its 250,000-sf Collegetown Shopping Center in Glassboro, NJ. Existing anchors are Acme Markets, Pep Boys and Kmart. "Our partnership with Staples continues to be of benefit to both companies," says Michael Moss, Kramont's VP and director of leasing. "Similarly, we have recently cultivated relationships and closed multiple deals with national and regional tenants, including Panera Bread, Supercuts, Five Below, Starbucks and EB Games."

With the acquisition of Kline Plaza and these concurrent transactions, Kramont operates, manages and has under development 92 properties encompassing approximately 12.2 million sf in 16 states.

Instant Insights /

Kramont Buys Kline Plaza Center for $17M

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