Rhode Island-based Ocean State Job Lot acquires the 190,000-square-foot Fairless Hills Shopping Center for $23.6 million.

Fairless Hills Shopping Center has found a new owner in a Rhode Island-based discount retailer, writes Paul Schwedelson for the Philadelphia Business Journal.

Ocean State Job Lot acquired the 190,000-square-foot shopping center from New Jersey-based The Klein Group for $23.6 million as one of its major tenants is finalizing a bankruptcy process.

Ocean State Job Lot typically operates like an owner-operator. The company has expanded its real estate portfolio, acquiring over 7.5 million square feet across more than 70 shopping centers in states such as Pennsylvania and New Jersey.

Big Lots, which recently announced on the company website that all of its stores will be closing, occupies a space in the shopping center. The exact closure date is still unknown, but the company has stated it will happen soon.

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

The shopping center also includes Retro Fitness and Big Blue Swim School as tenants, along with a Wawa on a pad site that is part of the sale.

Read more about Fairless Hills Shopping Center in the Philadelphia Business Journal.