Marcus & Millichap Inc.
12/09/2024 | Press release | Distributed by Public on 12/09/2024 18:20
Marcus & Millichap Brokers $7.1 Million Sale of Industrial Portfolio in Greater New Haven
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Marcus & Millichap Brokers $7.1 Million Sale of Industrial Portfolio in Greater New Haven
December 09, 2024
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EAST HAVEN, Conn., Dec. 9, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $7.1 million sale of the Town Fair Tire Headquarters in East Haven, Connecticut. The portfolio included a 207,000-square-foot distribution center, with 20,000-square-feet of office space, and a 176-trailer position industrial outdoor storage (IOS) site.
"This offering generated significant interest from the private buyer pool. Family offices, in particular, recognized the value in this long-term, below-market lease," said Harrison Klein, first vice president investments. "This sale is indicative of investors desire for quality distribution assets throughout New England."
Harrison Klein, Jim Koury and Alex Quinn, investment specialists in Marcus & Millichap's Boston office, exclusively marketed the property on behalf of the seller, Mellen East Haven Associates, LLC and procured the buyer. John Krueger is Marcus & Millichap's broker of record in Connecticut.
The portfolio consists of four parcels, including a warehouse and corporate office located at 460 Coe Ave., a freestanding call center, and a 176-trailer position industrial outdoor storage (IOS) site. Combined, the properties span 210,314 square feet on 38.5 acres. The portfolio is leased to Town Fair Tire, a subsidiary of Mavis, on a long-term, absolute triple-net lease.
"This offering generated significant interest from the private buyer pool. Family offices, in particular, recognized the value in this long-term, below-market lease," said Harrison Klein, first vice president investments. "This sale is indicative of investors desire for quality distribution assets throughout New England."
Harrison Klein, Jim Koury and Alex Quinn, investment specialists in Marcus & Millichap's Boston office, exclusively marketed the property on behalf of the seller, Mellen East Haven Associates, LLC and procured the buyer. John Krueger is Marcus & Millichap's broker of record in Connecticut.
The portfolio consists of four parcels, including a warehouse and corporate office located at 460 Coe Ave., a freestanding call center, and a 176-trailer position industrial outdoor storage (IOS) site. Combined, the properties span 210,314 square feet on 38.5 acres. The portfolio is leased to Town Fair Tire, a subsidiary of Mavis, on a long-term, absolute triple-net lease.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.