Kramont Sells Shopping Centers in Frederick, MD and Brookhaven, MS; Sales Aggregate $8.65 Million Generating Gain of $3.5 Million
Updated: Mon, Oct 15 4:21 PM EDT
PLYMOUTH MEETING, Pa. (BUSINESS WIRE) - Kramont Realty Trust (NYSE:KRT), a neighborhood and community shopping center real estate investment trust, today announced it has sold Hillcrest Plaza Shopping Center, Frederick, MD, and Brookway Village Shopping Center, Brookhaven, MS, to local developers for an aggregate of $8.65 million, generating a gain of approximately $3.5 million.
Hillcrest Plaza is anchored by a 42,500 square foot store that formerly housed a supermarket and was converted and leased as office space last year. "The center primarily houses a wide variety of small local merchants, limiting its appeal as a retail shopping destination and offering minimal revenue growth potential," Louis P. Meshon, Sr. president and chief executive officer, commented. "The small, 48,000 square foot Brookway Village center is geographically distant from our core holdings in the East and Southeast," he noted.
"These sales are in keeping with our program of prudent asset conversion -- reallocating capital, enhancing existing properties and the opportunistic acquisition of new centers that will help maximize profitability and increase shareholder value," Mr. Meshon, Sr., concluded.
Kramont Realty Trust is a self-administered, self managed equity real estate investment trust specializing in neighborhood and community shopping center acquisition, leasing, development and management. The company owns, operates, manages and has under development 86 properties encompassing approximately 11.5 million square feet of leasable space in 16 states.
Detailed information regarding Kramont Realty Trust and its properties can be found on its World Wide Web site at http://www.kramont.com.
