Marcus & Millichap recently completed the sale of the Town Fair Tire Headquarters located at 460 Coe Ave. in East Haven, CT for a total of $7.1 million. The property consists of a 207,000-square-foot distribution center with an additional 20,000 square feet dedicated to office space and a large industrial outdoor storage (IOS) site with capacity for up to 176 trailers.
The transaction was facilitated by investment specialists Harrison Klein, Jim Koury and Alex Quinn from Marcus & Millichap’s Boston office who represented the seller Mellen East Haven Associates LLC and successfully procured the buyer. John Krueger served as Marcus & Millichap’s broker of record in Connecticut.
According to Klein, there was significant interest from private buyers during this offering process with family offices recognizing the value in this property due its long-term lease agreement at below-market rates. This sale is indicative of investors’ growing interest in quality distribution assets throughout New England.
Currently leased by Town Fair Tire – a subsidiary company owned by Mavis – on an absolute triple-net basis under a long-term agreement, this portfolio offers stability and potential for future growth opportunities.
