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 secured a buyer for the property. John Krueger served as Marcus & Millichap’s broker of record in Connecticut.
According to Klein: “This offering generated significant interest from private buyers including family offices who recognized the value in this long-term lease that is currently below market rates.” He added that this sale reflects investors’ strong demand for high-quality distribution assets throughout New England.
The entire portfolio is fully leased on a long-term basis to Town Fair Tire – which is owned by Mavis – under an absolute triple-net lease agreement providing stable income potential for investors.
