Marcus & Millichap, in partnership with Northeast Retail, has successfully completed the sale of a portfolio of 31 net lease properties anchored by Town Fair Tire. The transaction was on behalf of the estate of Neil Mellen, founder and owner of the East Haven-based retail chain. The portfolio sold for $88,505,802.
The team responsible for this successful deal includes senior managing director James Koury and senior associate Alex Quinn from Marcus & Millichap along with Dan Plotkin from Northeast Retail. They represented the estate following Mellen’s passing in early 2024 and also secured Orion Buying Corp., an affiliate company under Miami-based Orion Real Estate Group as the buyer.
According to Quinn: “This impressive portfolio consists entirely of absolute net leases with Town Fair Tire – a leading retailer in tires and wheels across northeastern states.” All locations have remaining terms ranging up to 16 years with rent increases every five years backed by parent guarantees. These sites were part of Mellen’s personal holdings which explains their prime locations resulting in high sales volumes.
The properties are spread across Connecticut, Massachusetts (brokered by Thomas Shihadeh), New Hampshire (brokered by John Krueger), Maine (brokered by John Horowitz), New York (brokered Jeffrey R.Nick) Rhode Island(broker Thomas Shihadeh)and Vermont(broker Jeffrey R.Nick). In addition to this deal,the team also facilitated another transaction where they represented Orion Buying Corp.in selling three additional Town Fair Tire properties locatedin Billerica,Brockton,and Nashuafor $7 ,955 ,360 .
This recent sale marks yet another milestone achievement for both Marcus & MillichapandNortheastRetailas they continue to make significant strides within thereal estatemarket.
