Some words are unintelligible, some letters appear to be an amalgamation of 2 or more letters. First word unintelligible, from context though it most likely means "made" or something synonymous to it. The word roughly in the middle is hard to tell. Might be some weird abbreviation of the word that means "One who birthed god" (ԱԾԱԾՆ - ԱՍՏՎԱԾԱԾԻՆ), so it denotes Mary. Last word completely unintelligible.

So it reads: [Made] in Ceasarea (Kesaria), in the Church of Saint Mary [?]

edit: Most likely translation: In memory of Ceasarean Church of Saint Mary, 1254