Marcus & Millichap Brokers $88.5M Sale of Net-Leased Retail Portfolio in Northeast

BOSTON — Marcus & Millichap has brokered the $88.5 million sale of a portfolio of 31 single-tenant retail properties that are located in various markets throughout the Northeast. The addresses of the standalone properties, which are all net leased to automotive services provider Town Fair Tire, were not disclosed, but they comprise locations in Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island and Vermont. Town Fair Tire has 16 years remaining on the leases at each location. James Koury and Alex Quinn of Marcus & Millichap, in conjunction with Dan Plotkin of Northeast Retail, represented the seller, the estate of Town Fair Tire founder Neil Mellen, in the transaction. Koury and Quinn also procured the buyer, Orion Buying Corp.