Kramont Buying 4 Shopping Centers

Kramont Realty Trust, Plymouth Meeting, Pa., is purchasing four shopping center properties in the New York region through a joint venture with SSR Realty Investors.The real estate investment trust said it is also buying one retail property for its own account, through a combination of cash and Kramont shares. The joint venture is owned 80% by Tower, a Metropolitan Life Insurance Co. account that is being managed by SSR. All the joint venture properties, as well as Campus Plaza, the 160,646-square-foot retail property that Kramont is acquiring for itself, are located on Vestal Parkway (Route 434), an area that Kramont sees as having "extremely high barriers to entry." The four joint venture properties are the 278,017-square-foot Town Square Mall; the 167,332-square-foot Parkway Plaza; the 92,328-square-foot Shoppes at Vestal; and the 13,487-square-foot Pier I shopping Center. Kramont can be found online at http://www.kramont.com.