Saturday, July 4, 2015

NJ investor pays near $10M for Bucks center

Fairless Hills bought by Klein Group

NJ investor pays near $10M for Bucks center

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Klein Group, Florham Park, NJ, has paid $9.5 million ($50.13/sq ft) for Fairless Hills Shopping Center, 500 Lincoln Highway, Falls Township, Bucks County, says broker Brad Nathanson of CBRE. His firm represented seller Earle W. Kazis Associates Inc., the New York firm that developed the nearly 190,000 sq ft center in 1971. Current tenants include Pathmark Super Center, Big Lots, Retro Fitness, Tuesday Morning, Family Dollar.

The mall "re-developers" who upgraded other local centers in recent years had "missed" Fairless Hills, giving new owner Klein the opportunity to upgrade, said Nathanson in a statement. 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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