A Rhode Island-based discount retailer, Ocean State Job Lot, has purchased the Fairless Hills Shopping Center in Bucks County for $23.6 million, even as one of its major tenants undergoes bankruptcy proceedings. The 190,000-square-foot shopping center at 500 Lincoln Highway was sold by The Klein Group, based in Florham Park, New Jersey, according to Bucks County property records. Ocean State Job Lot, an owner-operator, has expanded its portfolio to include over 7.5 million square feet across 70+ shopping centers in New England, New York, New Jersey, and Pennsylvania.

Big Lots, a national retailer and current tenant, has announced all its stores are closing, as listed on its website. Amid bankruptcy proceedings, Big Lots was acquired by Boston-based Gordon Brothers. As part of the restructuring, North Carolina-based Variety Wholesalers Inc. plans to take over between 200 and 400 Big Lots locations, according to Columbus Business First.

*Article courtesy of Philadelphia Business Journal

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