Marcus & Millichap, in partnership with Northeast Retail, recently completed the sale of a portfolio of 31 net lease properties anchored by Town Fair Tire. The properties were sold on behalf of the estate of Neil Mellen, founder and owner of the East Haven-based retail chain. The total sale price for this portfolio was $88,505,802.
The transaction was facilitated by senior managing director James Koury and senior associate Alex Quinn from Marcus & Millichap’s team. They worked alongside Dan Plotkin from Northeast Retail to represent the estate following Mellen’s passing in early 2024. Additionally, Koury and Quinn successfully procured Orion Buying Corp., an affiliate company under Miami-based Orion Real Estate Group as the buyer.
According to Quinn: “This portfolio consists entirely of absolute net leases with Town Fair Tire – a dominant retailer for tires and wheels in the Northeast region.” He also noted that all locations have remaining terms lasting up to 16 years with rent increases every five years backed by parent guarantees. As these sites were part of Mellen’s personal holdings before his passing, they are strategically located in prime areas with high sales volumes.
The properties included in this transaction are part of a larger retail footprint spanning across seven states including Connecticut Massachusetts New Hampshire Maine New York Rhode Island Vermont . In addition to Koury and Quinn representing Marcus & Millichap as brokers for Massachusetts New Hampshire Maine Rhode Island respectively Thomas Shihadeh is their broker-of-record while John Krueger John Horowitz Jeffrey R Nick serve as brokers-of-record for Connecticut New York Vermont .
In another deal related to this transaction ,KouryandQuinn representedOrioninthesaleofthreeTownFairTirepropertiesfor$7-955-360.ThesepropertiesarelocatedinBillericaandBrocktonMassachusettsaswellasNashuaNewHampshire.This recent acquisition further expands Orion’s portfolio in the Northeast region.
