by Antoinette Martin, the New Jersey and Philadelphia editor for GlobeSt.com
The Fairless Hills Shopping Center here was acquired by The Klein Group of Florham Park, NJ, for $9.5 million.
The price equates to $50.13 per square foot for the 189,489-square-foot shopping center at 500 Lincoln Highway in the Bucks County community. The seller was Earle W. Kazis Associates, Inc., a real estate holding company based in New York City.
Fairless Hills Shopping Center is anchored by Pathmark Super Center and Big Lots. The property had been owned by the original developer since its construction in 1971 and was 100% leased at the time of sale. Tenants included Retro Fitness, Tuesday Morning and Family Dollar.
The property is located on the US-1 Business Route, less than three miles from the Oxford Valley Mall, the largest mall in Bucks County,
“Fairless Hills Shopping Center has tremendous upside in enhancing the aesthetics as well as the tenancy in the area, which is the second-largest retail submarket in the Philadelphia suburbs."
He said Fairless Hills Shopping Center is one of the oldest retail centers in the market. While many other “vintage shopping centers” in the area were re-developed over the last ten years, “this one was missed, creating much demand regionally for the value-add opportunity presented as it traded for the first time.”
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