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PLYMOUTH MEETING, PA-Six neighborhood retail centers with 849,420 sf of gross leasable area have traded hands for $98.5 million. The properties were sold in two separate transactions, both of which included Plymouth Meeting-based Kramont Realty Trust. In its largest deal to date, the shopping center REIT acquired sole ownership of two of the properties and joint ventured with Tower Fund on the other four properties.

Kramont acquired 100% of the 136,016-sf Christmas Tree Plaza in Orange, CT for $18.4 million in cash and debt. The property was 100% occupied at the time of sale. Anchors include a 55,000-sf Christmas Tree Shops store and a 22,080-sf AC Moore store. The acquisition price includes the assumption of approximately $11 million in non-recourse debt.

Kramont also acquired 100% of the 160,646-sf Campus Plaza in Vestal, NY, for $12.9 million in cash, stock and debt. That property was 94% occupied at the time of sale. Anchors include an 82,542-sf Olum’s Furniture & Appliance Store as well as Staples, Applebee’s and Eckerd Drugs. The acquisition price includes 185,018 common shares of beneficial interest in Kramont Realty Trust and the assumption of $7.8 million in non-recourse debt.

The other four properties, all 100% occupied and located on Vestal Parkway in Vestal, NY, were acquired for $67.2 million in a joint venture with Tower Fund, a commingled separate account available through group annuity contracts of Metropolitan Life Insurance Company and managed by SSR Realty Advisors. Kramont will administer the day-to-day affairs of the joint venture, which is owned 80% by Tower and 20% by Kramont. The properties acquired in the joint venture are as follows:

–Town Square Mall, a 279,60-sf (GLA) property featuring T.J. Maxx, OfficeMax, Loews Theaters, A.C. Moore and Dick’s Sporting Goods. The mall includes a 210,363-sf Wal-Mart Supercenter and a 134,768-sf Sam’s Club that are owned by the tenants;

–Parkway Plaza, a 167,332-sf property anchored by Kohl’s, Sears Hardware and Bed Bath & Beyond. Circuit City and Target are also located at Parkway Plaza but own their own pad sites;

–Shoppes at Vestal, a 92,328-sf specialty center anchored by Michaels, Old Navy, HomeGoods, Famous Footwear, Dress Barn and Catherine’s;

–Pier I Shopping Center, a 13,497-sf convenience center anchored by Pier I Imports, Starbucks and Montana Mills Bread.

In acquiring the properties, Kramont has increased the gross leasable area it owns, operates, manages or has under development by 7.3% to just under 12.5 million sf.

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