Town Fair Tire Headquarters Sells for $7M
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.
