### Kempner Properties Acquires Shopping Center Portfolio in Connecticut and Rhode Island for $30.75 Million
Kempner Properties, a commercial real estate firm based in White Plains, NY, has acquired a portfolio of six shopping centers in Connecticut and Rhode Island for $30.75 million. The properties are anchored by Town Fair Tire.
The portfolio spans a total of 126,299 square feet and is 92% occupied. Town Fair Tire leases 40% of the space on triple net leases, while the remaining space is occupied by a mix of local, regional, and national tenants.
The properties were sold by the Estate of Neil Mellen, the founder of Town Fair Tire, who passed away in January 2024. Jeffrey Winokur of J H Winokur, Inc. represented the seller in the transaction.
“These properties are in prime, high-traffic regional locations,” said Douglas Kempner, managing partner of Kempner Properties. “We are excited about this acquisition and believe we’ve secured high-quality assets with a strong anchor and a well-balanced mix of tenants.”
The new ownership plans to make improvements to the properties, including parking lot upgrades and exterior enhancements at several locations.
