Ocean State Job Lot, a Rhode Island-based discount retailer, has purchased the Fairless Hills Shopping Center in a $23.6 million transaction, the Philadelphia Business Journal reported.
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The 189,400-square-foot shopping center along Lincoln Highway was previously owned by New Jersey-based The Klein Group.
Constructed in 1970 and renovated in 2001, the shopping center sits on 15 acres and features nearly 800 parking spaces. It is anchored by Funzilla, an indoor entertainment and birthday party venue for kids, and has a Retro Fitness, and other businesses. A Wawa with gas pumps sits in the corner of the property.
The shopping center also houses a Big Lots store, which is expected to close following the retailer’s recent bankruptcy filing.
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“Regarding the former Big Lots space, we are currently exploring options and hope to have an update to share in the coming weeks,” the Philadelphia Business Journal reported, quoting the new shopping center owner.
A Big Blue Swim School and a Grocery Outlet are both expected to open this year in the shopping center.
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The Klein Group had acquired the shopping center in 2014 for $9.5 million. At that time, Pathmark was shopping center’s main tenant.
Ocean State Job Lot also owns and operates a store in a shopping center in Warminster Township.
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