Ocean State Job Lot purchases Vermont shopping center

BENNINGTON, Vt. (AP) - A Vermont shopping center was auctioned off to a discount retailer.

Ocean State Job Lot plans to establish a store at the company’s newly acquired Bennington Square shopping center, the Bennington Banner reported Monday.

“That’s going to help revitalize that center. It’s going to generate traffic, it’s going to generate sales,” said Stuart Hurd, Bennington town manager.

The Bennington property has 24 acres of land with 150,000 square feet of rentable space and has an assessed value of $3.65 million.

The property was sold at a foreclosure auction for the opening bid of $750,000.

The property is 55% occupied with seven tenants, including a JCPenney, Staples and Burger King.

Chief financial officer, John Conforti, said in an email Friday that the company plans to make “a significant investment in the property.”