The commercial real estate brokerage Marcus & Millichap (NYSE:MMI), in association with Northeast Retail, announced the $88.5 million sale of a portfolio 31 net lease properties anchored by Town Fair Tire.
The properties are in Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island, and Vermont. Marcus & Millichap Senior Managing Director James Koury and Senior Associate Alex Quinn, in association with Dan Plotkin of Northeast Retail, exclusively represented the estate of Town Fair Tire’s founder, Neil Mellen. Koury and Quinn also procured the buyer, Orion Buying Corp.
“The portfolio consists of identical, absolute net leases with Town Fair Tire, the Northeast’s dominant retailer of tires and wheels,” said Quinn. “All locations have 16-year terms remaining, rent increases every five years and are backstopped with parent guarantees. Since the sites were sold from the founder’s personal portfolio, they tend to be in the best locations with the highest sales volumes.”
Photo: Town Fair Tire
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