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August 13, 2024

Ocean State Job Lot buys two Bristol retail properties for $6M

COSTAR 325 Oakland St., Bristol
By Greg Bordonaro

Discount retailer Ocean State Job Lot has purchased two retail properties in Bristol for $6 million, city records show. 

The Rhode Island-based company closed on its purchase of 325 Oakland St. and 135 Farmington Ave. in late June. The properties contain a combined 90,100 square feet of space. 

In a statement to the HBJ Tuesday morning, Ocean State said the buildings are currently fully leased and the “purchase is a good investment for the company.”

The company added that it will evaluate “store relocation opportunities when and if a large enough space becomes available" in the recently purchased properties. 

Ocean State has an existing Bristol store at 685 Farmington Ave., according to its website. 

The seller of the properties was Virginia-based Wheeler Real Estate Investment Trust Inc., which disclosed the sale in a recent U.S. Securities and Exchange Commission filing. 

Wheeler Real Estate originally purchased the properties — which are part of the Oakland Commons — for $12.45 million in 2007, city records show. 

According to its website, the Ocean State Job Lot Real Estate Group owns more than 7.5 million square feet of real estate across 70-plus shopping centers throughout New England, New York, New Jersey, and Pennsylvania.


 

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