Marcus & Millichap (MMI) said late Monday it has brokered the sale of 31 net lease properties anchored by Town Fair Tire for $88.5 million to Orion Buying.
The deal was conducted in partnership with Northeast Retail, which along with Marcus & Millichap, represented the estate of Town Fair Tires' founder, Neil Mellen, the company said.
The properties, located in seven northeastern states, all have 16-year terms remaining, rent increases every five years and are backstopped with parent guarantees. the company said.
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