Kramont Inks Leases at 3 Properties for $4.6M

PHILADELPHIA-Plymouth Meeting, PA-based Kramont Realty Trust has inked leases in three locations. They total 11,267 sf and have an aggregate value of $4.6 million.

The Pennsylvania Liquor Control Board adds 4,691 sf to its existing 5,509 sf facility at Whitemarsh Shopping Center in Conshohocken, PA. This is a totally renovated space and the first PLCB store in the state to carry the new name and logo: Pennsylvania Wine & Spirits Premium Collection.

The 67,546-sf Whitemarsh center was renovated in 1997 and is anchored by a 38,500-sf Clemens Market.

A 3,926-sf Hooters restaurant will open at Park Hills Plaza in Altoona, PA. Park Hills is a 280,000-sf center in the heavily industrialized city, which is currently experiencing strong commercial and residential growth.

The center is anchored by a 52,000-sf Weis Market. Among the other tenants are Staples, Dunham’s Sports, Toys ‘R Us, and SuperPetz.

A 2,650-sf Cosi restaurant will open at the site of a former Friendly’s restaurant adjacent Kramont’s Plymouth Meeting headquarters. The REIT acquired the property in August for an undisclosed price.

The area is densely populated, and the property is near an entrance to the Pennsylvania Turnpike and regional shopping. Cosi expects to open in spring 2003.

Without discussing the terms of each lease, Louis P. Meshon, Sr., Kramont’s president and CEO, in a statement that, “leases for the three new stores represent significant base rent increases over the rents paid by the previous tenants.”