Marcus & Millichap, in association with Northeast Retail, closed the sale of 31 net lease properties anchored by Town Fair Tire on behalf of the estate of the East Haven, CT-based retail chain’s founder. The portfolio sold for $88,505,802.

Senior managing director James Koury and senior associate Alex Quinn, in association with Dan Plotkin of Northeast Retail, represented the estate of Neil Mellen, who passed away in early 2024. Koury and Quinn also procured the buyer, Orion Buying Corp., an affiliate of Miami-based Orion Real Estate Group

“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.”

Part of a retail footprint spanning 199 stores, the properties are in Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island and Vermont. Thomas Shihadeh is the firm’s broker of record in Massachusetts, New Hampshire, Maine and Rhode Island. The firm’s brokers of record in Connecticut, New York and Vermont are John Krueger, John Horowitz and Jeffrey R. Nick, respectively.

Separately, Koury and Quinn represented Orion in the sale of three of the Town Fair Tire properties for $7,955,360. They’re located in Billerica and Brockton, MA and Nashua, NH.

Marcus & Millichap closed the $7.1-million sale of the Town Fair Tire Headquarters at 460 Coe Ave. in East Haven, CT. The portfolio included a 207,000-square-foot distribution center with 20,000 square feet of office space, and a 176-trailer position industrial outdoor storage (IOS) site. 

Harrison Klein, Jim Koury and Alex Quinn, investment specialists in Marcus & Millichap’s Boston office, marketed the property on behalf of the seller, Mellen East Haven Associates, LLC and procured the buyer. John Krueger is Marcus & Millichap’s broker of record in Connecticut.   

“This offering generated significant interest from the private buyer pool. Family offices, in particular, recognized the value in this long-term, below-market lease,” said Klein. “This sale is indicative of investors’ desire for quality distribution assets throughout New England.”  

The portfolio is leased to Town Fair Tire, a subsidiary of Mavis, on a long-term, absolute triple-net lease.

LM Real Estate Partners has acquired Premier Distribution Center, an almost 1.4 million-square-foot industrial facility in Charlotte, N.C., for $97 million. The firm financed the purchase with a $67 million loan originated by Voya Investment Management. 

Completed in 1966, the building served as a Continental Tire manufacturing facility. The asset underwent a complete transformation and modernization and is now a distribution facility with 24-foot clear heights.

The property previously changed hands in December 2019, when the joint venture purchased it for $60.8 million, or $44.48 per square foot, according to CommercialEdge information.

A joint venture between Somerset Properties and Waterfall Asset Management sold the property. Avison Young brokered the deal.

Chris Skibinski, Chris Loyd and Erik Foster led the Avison Young Investment Sales and Advisory team that brokered the deal.