Town Fair Tire Portfolio Trades for $89M

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.

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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.”

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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.