Total price tag for the three properties was $12.5 million, plus $500,000 in pre-development cost reimbursements to the seller, who was not identified. The properties are being purchased with a combination of cash and shares of Kramont Realty Trust.
As reported earlier, the acquired properties include a 31,500-sf building in this Union County community that is currently 100% occupied by a ShopRite supermarket on a long-term, triple-net lease basis. The other local asset is a 14,000-sf office building that serves as the corporate headquarters for Village Super Market Inc., which similarly occupies its space under a long-term, triple-net lease. VSMI owns and operates several stores in the ShopRite supermarket cooperative chain.
In Somers Point, NJ, the acquisition package includes 24 acres cleared for development of up to 188,000 sf of retail space. The site currently includes a 54,250-sf ShopRite supermarket that will be replaced by a new store of nearly 81,000 sf, and the rest of the proposed shopping complex will be filled out by smaller tenants.
"These acquisitions are located in proven and rapidly growing markets," according to Kramont president/CEO Louis P. Meshon. "The existing ShopRite in Somers Point is one of the top grossing stores in the chain, with sales of more than $800 per sf."
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