Pa. real estate trust to buy Anneslie Shopping Center

June 22, 1993|By Timothy J. Mullaney | Timothy J. Mullaney,Staff Writer

A suburban Philadelphia real estate investment trust said yesterday that it has agreed to buy the Anneslie Shopping Center, just north of the city-county line on York Road, and plans $1 million worth of renovations.

Kranzco Realty Trust said it has a contract to pay $6.5 million for the 175,000-square-foot center, whose anchor tenants are Caldor, Rite-Aid and McCrory's.

The center is the first Maryland acquisition for the trust, which went public last fall and now owns 26 properties, mostly strip shopping centers like Anneslie.

"We know all the tenants well," said Kranzco Chief Executive Norman M. Kranzdorf. "Almost every tenant there is a tenant of ours somewhere else."

He said no immediate changes in the tenant mix are planned, except that the company will attempt to lease a 35,000-square-foot third floor of the Caldor building, which would probably be marketed as office space. That space has been off the market, he said.

The rest of the center is fully leased.

All of the existing tenants are in solid financial condition except McCrory's, whose parent company is under the protection of the bankruptcy courts, he said.

The $1 million will be spent on sprucing up the center's exterior, Mr. Kranzdorf said, including a new facade and signs. "It needs some cosmetic changes, but it's solid," he said.

Mr. Kranzdorf is apparently familiar with the area.

Raised in Baltimore, a company he sold in about 1980 developed such Baltimore-area projects as the Reisterstown Road Plaza, as well as projects in Towson and Brooklyn Park.

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