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I purchased a transition pack from Studioplanet. When I tried to import the prproj file of the transitions into the project panel I get "File format not supported." I made sure the frame size for the import file is the same as the frame size of the actual project. Any help to figure out the problem would be amazing!!
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Just off the top of my head, have you opened the .proproj file first to verify it is compatible with your version of Premiere? For example, while opening an older project will prompt you to update it to a new version compatible with your build of Premiere, importing an older project may not give you the same prompt, and instead might simply spit out the message you're getting.
So that would be my suggestion. Open the project by itself and if prompted to update the project, do so. Then import your newly created project file into an existing project.