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Highlights
- Marcus & Millichap successfully sells $88.5 million net lease portfolio anchored by Town Fair Tire.
- Properties have 16 years remaining on long-term leases with rent increases every five years.
- Prime locations across seven northeastern states, providing strong revenue potential.
Marcus & Millichap (NYSE:MMI), a leading commercial real estate services firm, has announced the successful sale of a 31-property net lease portfolio for $88.5 million. The portfolio, which is anchored by Town Fair Tire locations, spans seven northeastern states and was sold from the estate of the company’s founder, Neil Mellen, to Orion Buying Corp. This transaction highlights Marcus & Millichap’s continued ability to facilitate significant commercial real estate deals across diverse property types.
The portfolio features a series of properties that are secured by identical absolute net leases, each with 16 years remaining on their terms. These long-term leases are structured with built-in rent increases every five years, offering built-in revenue growth for the new owner. Additionally, the leases are backed by parent guarantees, providing a strong level of security for the investor. The combination of long-term stability and revenue growth potential makes the properties an attractive addition to Orion Buying Corp.’s portfolio.
Located in prime markets across Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island, and Vermont, these properties benefit from high sales volumes and strong local demand. The presence of Town Fair Tire, a well-established and popular tire retailer, anchors each location, further bolstering the stability and desirability of the properties. The strategic locations of the properties within these high-traffic, high-demand markets further enhance the value of the portfolio.
This successful sale reflects Marcus & Millichap’s expertise in managing large-scale transactions and its commitment to delivering value for its clients. The deal underscores the growing demand for net lease properties, especially those with long-term stability and built-in growth through rent escalations. Investors are increasingly attracted to such properties, which offer reliable income streams and potential for long-term capital appreciation.
While the transaction represents a significant achievement for both Marcus & Millichap and Orion Buying Corp., it also highlights the continued strength of the northeastern real estate market, particularly for properties in prime locations with strong tenants. As commercial real estate continues to recover and evolve, the demand for well-located, net lease properties will likely remain robust.
