Fairless Hills Shopping Center Sells for $23.6M: Report

LOWER BUCKS COUNTY, PA —With new businesses arriving, a popular Lower Bucks County shopping center has been sold for $23.6 million, according to reports.

Ocean State Job Lot —which has stores in Bucks and Montgomery counties —has purchased the 190,000-square-foot Fairless Hills Shopping Center at 500 Lincoln Highway, the Philadelphia Business Journal reported.

The sale comes while one of its tenants is closing its location as part of a bankruptcy process in which all Big Lots stores are expected to close across the nation.

“Regarding the former Big Lots space, we are currently exploring options and hope to have an update to share in the coming weeks,” Ocean State Job Lot said in a statement, the Business Journal reported.

The shopping center had been owned by The Klein Group, a Florham Park (N.J.) company that bills itself as an expert in real estate investments.

The shopping center recently opened a Big Blue Swim School, and Funzilla, an indoor entertainment center. A Grocery Outlet is also planned at the property.

The Philadelphia Business Journal reported that the Wawa near the shopping center —which is 87 percent occupied —is also included in the sale.

Big Blue Swim Club opened its second Bucks County location in the shopping centerin late September. Another one is located in Warminster.

Grocery Outlet recently announced plans to open its fourth store in Bucks County with a location at the shopping center. An opening date has yet to be announced.

Ocean State Job Lot has 11 Pennsylvania stores, including ones in Montgomeryville and Warminster.

Ocean State Job Lot's website says "our first preference is to own our our space" when considering a new location. The company has grown its real estate portfolio, acquiring more than 7.5 million square feet of real estate across more than 70 shopping centers throughout New England, New York, New Jersey, and Pennsylvania, the business journal reported.