Oskar Huber Signs Lease With Kramont Realty Trust for 51,000 Square Foot Furniture Store in Valley Fair Center, Devon, Pa; Ten Year Lease Valued at $6.2 Million

Business Wire, Sept 6, 2000

Business Editors

PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--Sept. 6, 2000

Kramont Realty Trust (NYSE:KRT), today announced the signing of a 10-year lease with Oskar Huber, Inc. for a 51,000 square foot furniture store at Valley Fair Shopping Center, Devon, PA.

The 10-year lease is valued at approximately $6.2 million. The space was formerly occupied by Filene's Basement which closed during the fourth quarter of 1999.

The Valley Fair facility, scheduled to open in Spring 2001, will be the fourth store for family-owned and operated Oskar Huber, Inc., which was established in 1927. The other outlets are in Southampton, PA, Cherry Hill and Ship Bottom, NJ.

"We are very pleased that this highly regarded home furnishings company has chosen the Valley Fair Shopping Center, located in one of Chester County's most affluent areas, as the next stage in their expansion program," Louis P. Meshon, Sr., president and chief executive officer of Kramont, commented. " We are confident that Oskar Huber will add shopping excitement to Valley Fair and generate increased consumer traffic," he added.

Valley Fair is a 113,000 square foot community shopping center that is home to such popular restaurants as Gators and McDonald's, and is connected to a 56,000 square foot SuperFresh, a 65,000 square foot Circuit City Superstore and a 30,000 square foot Barnes & Noble. Chuck E. Cheese will have its grand opening adjacent to the Oskar Huber store later this month.

Kramont Realty Trust is a self-administered, self-managed equity UPREIT specializing in neighborhood and community shopping center acquisitions, leasing, development and management. Kramont owns and operates 90 properties encompassing approximately 12 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.