FAIRLESS HILLS, PA–The Fairless Hills Shopping Center here was acquired by The Klein Group of Florham Park, NJ, for $9.5 million after being marketed by CBRE Inc. for redevelopment.
CBRE Inc., which brokered the sale, said 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. CBRE represented the seller, Earle W. Kazis Associates, Inc., a real estate holding company based in New York City. The transaction was led by Brad Nathanson.
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,” said Nathanson.
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, the CBRE broker said, “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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